Selling a new-er car?

Call me weird, but I'm having thoughts about selling a car I just picked up about two months ago because its too nice for me. I thought I wanted a 13' GTI which is probably a great car, but I enjoy and spend more time in my rebuilt 94' integra and 68' fairlane. About two weeks into owning the car someone keyed the crap out of the quarter panel for me and I just don't want the hassle of owning something nice that other people won't bother to respect. I'd much rather have my older, less numb vehicles, that I won't even notice a new scratch on.

So, how do I sell a 2013 car that I have a loan on? Its not that I can't afford it, I just don't think I want to have it around. I'm just happier in an older car with more character.

Will you be able to get enough private party to pay off the loan? And I know exactly what you mean when you drive a new car you always worry about where you park, shopping carts..... when it's older you can relax a little bit.

Nitroracer wrote: Call me weird, but I'm having thoughts about selling a car I just picked up about two months ago because its too nice for me. I thought I wanted a 13' GTI which is probably a great car, but I enjoy and spend more time in my rebuilt 94' integra and 68' fairlane. About two weeks into owning the car someone keyed the crap out of the quarter panel for me and I just don't want the hassle of owning something nice that other people won't bother to respect. I'd much rather have my older, less numb vehicles, that I won't even notice a new scratch on. So, how do I sell a 2013 car that I have a loan on? Its not that I can't afford it, I just don't think I want to have it around. I'm just happier in an older car with more character.

Same way you'd sell any other car. Craigslist, Autotrader, eBay, etc. The only difference is that you'll have a lien on your title, so you'll have to get that signed off to transfer it. Best way to do it is, once you and the buyer agree on a price, have them meet you at your bank or wherever you have the loan and bring cash or a certified check. Use that money to pay off the loan and the bank will sign off on the title and the buyer can go on their way.

At least that's the way I've done it. You might want to check with your lender to see if there are any particulars about having to wait for a check to clear, etc.

I've done it once in the past (almost exactly 12 years ago) and it was a similar situation: bought a used '98 Audi wagon in July, owned it for a few months and decided I didn't trust it (long story) and wanted something with higher MPG, so I put it on Autotrader. I called the bank and got the pay-off amount and the buyer made out two checks, one to the bank and the remainder to me. The bank later sent me a small check for what was over the actual amount (the number they give is an estimate and usually a bit high). I was lucky in that the buyer had cash and thus didn't have to deal with a bank on his end (the car was $17K at the time).

In a nutshell - call the bank. This is something they do all the time and they'll tell you what to do.

nepa03focus wrote: Will you be able to get enough private party to pay off the loan? And I know exactly what you mean when you drive a new car you always worry about where you park, shopping carts..... when it's older you can relax a little bit.

This is why I park out in the middle of nowhere. Even when I've had older cars, I don't like my stuff getting torn up.

I would like to point out that your logic is a bit flawed IMO. If you do sell he car, you'll be out depreciation and wear/tear. If the cost to fix (or keep it fixed) over the span of time is cheaper than your losses at resale, you are actually ahead of the game.

Just need to do a mental recal; a car is a car, doesnt matter how new or old it is. Run the numbers.

No way in hell in this day and age I am dd'ing something without power windows/cruise/locks/ac!

Too true temp guy. You're kind of stuck with the car now unless you want to take a big hit. The cheapest way to get out of it is to have it get totaled.

Most newer cars that you sell within 2 years of ownership = you are going to get hosed on depreciation.

Better to keep it and sell at approx. 3 yr mark.

I sold mine to Carmax. It wasn't a great price but I needed to move fast, and it covered my loan. I can't remember what happened with the title so I guess they handled it?

I recently did this as well. I had financed through a small credit union, so I just called them and asked what to do. That was a good thing, since apparently mass is an electronic title state, and they needed 2 weeks or so to get a paper copy. The buyer financed, his bank cut a check (made out to me), I brought it to my bank and they gave me a check for the balance and the title with a lien release stamp on it. Oh, and I had to fill out an intent to sell form for the buyer's bank, so I couldn't just run away with the cash. All in all it was pretty simple.

the car looks cool !!

If you want to sell your car then you need to find the Actual value of that car in current market price. After finding that value you need to find the user who able to purchase this. Determining the value of vehicle before selling is best deal option.