Selling DH’s car advice

ElCy

I know very little about cars. I have to sell DH’s car and I will use money toward MC. It’s a 2016 Kia rio with low miles but body a little banged up in a few places. Should I pour money into it to fix up or sell as is?

harshedbuzz

I'd be inclined to sell as is given the age and make of the vehicle unless you have someone who would repair it for free.

This site allows you to compare values in both pristine and dementia-dented condition.

What's My Car Worth? Get Blue Book Used Car & Trade-In Values | Kelley Blue Book (kbb.com)

We sold dad's late model-- but seriously dinged up-- Taurus using 

We Buy Any Car® | Sell My Car | Free Online Valuation (webuyanycarusa.com)

They gave us twice what the dealer would have.

HB

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Ed1937

You have some excellent advice already. I think it's worth getting an estimate or two on getting it fixed. Used cars are selling for high prices, and low mileage means a lot. Research how much you should expect to get for the car with pre-body work, and post-body work. Then you can see if it's worth putting the money into it. Don't just settle on the first low offer, since used cars are gold today. It would also probably be worth getting it detail cleaned by a good car wash.

Judi57

I sold my husband's 2011 truck in June to Carvana.  They gave me a very good price because of the low mileage.  If you go to their website, they will give an estimate without having to set up an account.  

They also give you proof that the company bought the car.  Easy process.  It only took 15 minutes for them to pick up the car, sign the paperwork, and hand me a check.

Jo C.

What Victoria had to say is important.  When we were ever so much, much younger, we had a car for sale.  It was purchased by a fellow and we did not know enough to get all of the paperwork done.

So . . . one morning, about 5:00 am we were jarred awake by loud pounding on the front door; it was the Sheriff's Department come to arrest my husband for robbery and damage to other cars that were run into and damaged by what they thought was still "our" vehicle. EEEEK!!! Scared us silly and that is a huge understatement.

It did not take long for the situation to be explained and we were not the same race as  the robber, so no arrest. (PHEW!)  However, we were served with letters from insurance companies to recover monetary damages "our" car had done while the robber was fleeing; we were thought to be financially responsible.   We had to make some trips to the insurance companies, one was a big one in a far removed large downtown city.   We had to take the paperwork we had along with the police report; and MUCH to our relief, we were not held responsible for the damages. 

It was really awful as experiences go, but we sure did learn about proper paperwork.  So; do get the estimates and do your homework for selling, but do remember that when sold to do the paperwork. 

Good luck and best of wishes on getting a good price on the car,

J.

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Judi57

Victoria2020 wrote:

Judi57 wrote:

I sold my husband's 2011 truck in June to Carvana.  They gave me a very good price because of the low mileage.  If you go to there website, they will give an estimate without having to set up an account.  

They also give you proof that the company bought the car.  Easy process.  It only took 15 minutes for them to pick up the car, sign the paperwork, and hand me a check.

Judi-- Check with your State's DMV:

https://www.carvana.com/help/sell-or-trade/why-did-i-receive-notice-from-the-dmv

 

Yes, I turned in the tags and filled out their form the day after Carvana took the car.  Then let the insurance company know.  I have all the paperwork and copy of the DMV form in a file tucked away in the safe.

M1

ElCy, I'd just take it to CarMax. Straightforward process.  You can get a price online before you go if you want.  You won't get much for a six year old car--but they'll give you a fair price.

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Ed1937

ElCy, I hope you see this. I got an email telling about some cars that are worth more used than they were new. I know you said yours was a 2016, but this might give you incentive to really check out what your car might be worth. (The images are squashed, but you get the idea.)

 

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Home  Automotive

These 10 Cars Are Actually Worth More Used Than New

Dan StoutUpdated: Oct. 29, 2021

One post-pandemic surprise has been the spike in used car prices. In recent months, some used cars are even selling for more than when they were new!

 

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What Makes a Car Worth More Used Than New?

Traditionally, economic uncertainty and less travel means less demand for cars. But surprisingly, many vehicles from the last few model years are selling at a premium compared to their original prices. Various factors have pushed used car prices into stratospheric heights, including:

A microchip shortage: COVID-related factory closures reduced the number of microchips available to manufacturers. According to Kelley Blue Book, the average car uses more than 100 such chips.

Supply chain issues: Besides parts shortages, there are fewer delivery drivers. That means it’s harder to ship completed vehicles to dealerships.

Low new vehicle supplies: When the supply of a new model is essentially zero, prices for used models naturally rise.

Low older used car supplies: The Great Recession caused manufacturers to cut back on production between 2009 and 2011. That means that many vehicles that would be affordable and well-maintained aren’t on the market. That’s why more consumers are looking to new or late-model vehicles.

Cash for clunkers succeeded: To jump-start the automotive industry, the government-sponsored Cash for Clunkers program offered owners financial incentive to trade in older vehicles. It worked well enough to eat up a large chunk of the older car supply.

Dealers are paying more for trade-ins: Eager to add stock, dealerships began to pay more for used vehicles. But that meant sales prices also increased. According to Edmunds, the average trade-in value for used vehicles rose to $21,224 in June, an increase of more than 75 percent compared to June 2020.

The end result, according to Consumer Reports? Current used car prices are 42 percent higher than in the pre-pandemic first quarter of 2020.

We used data and listings from Edmunds.com to find 10 popular selling for more than when they were new. Car prices fluctuate with time, local market and trim package, so double-check prices near you before deciding to buy or sell.

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2021 Toyota Tacoma TRD Sport

Price new: $41,862.

Price used: $42,998.

Pickup trucks have been steady sellers over the past few years, and the popular Toyota Tacoma seemed like a natural pick to kick off this list.

We found listings of used models that look like they were purchased in one dealership, driven across town and listed for sale as used with a slight markup. With the continuing popularity of trucks, Tacomas are seeing similar price hikes nationwide.

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2021 Tesla Model 3 Standard Range Plus

Price new: $41,190.

Price used: $49,950.

The Tesla Model 3 has already been holding its value, but we found a used model listed in the Dallas area for a 21 percent premium.

Tesla is a hot brand. Electric vehicles are even more appealing because, in these times of reduced commutes, the hurdle of driving range is less of a factor. Any vehicle with a waiting list to buy new is always going to have a strong secondary market.

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2021 Toyota RAV4 Hybrid XSE

Price new: $38,781.

Price used: $44,998.

The second Toyota on our list, the RAV4 Hybrid is a popular vehicle that gets about 40 miles per gallon (mpg) in combined city/highway fuel economy.

During our research, we found used 2021 RAV4 Hybrid XSEs selling for $5,000 more than new models. While our numbers are for the XSE, the base LE package lets buyers get into a hybrid for only about $2,000 more than a standard RAV4.

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2020 Honda Civic Si

Price new: $24,602.

Price used: $31,998.

The venerable Honda Civic is also seeing a price jump in its used stock. The latest generation of Civic rolled out in 2016 to reclaim its popularity as one of America’s top-selling cars, a perch it continues to hold today.

In Ohio, where many Hondas are made, used Civics are selling for almost $32,000, up to $7,000 more than a new model.

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2020 Kia Rio

Price new: $16,566.

Price used: $20,590.

The chip shortage has hit affordable cars hard, as manufacturers opt to produce more of the higher-profit luxury models. So it’s no wonder a budget-friendly vehicle such as the Kia Rio made this list.

Selling in the Beverly Hills area, a used 2020 Kia Rio LX with about 5,000 miles goes for a $4,000 premium over new. The 2020 Rio features a redesigned engine and transmission, with some serious fuel efficiency (41 mpg highway) and Kia’s always impressive five-year, 60,000 mile warranty.

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2021 Kia Telluride SX

Price new: $50,648.

Price used: $53,999.

Edmunds’ top-rated SUV for two years, the Kia Telluride is also one of the hottest vehicles in resale value. Edmunds says you can expect to pay almost $900 over the manufacturer’s suggested retail price (MSRP) for the popular SX trim package on this mid-size three-row SUV.

So, it shouldn’t be a surprise we also found used Tellurides selling for even more than that. In the Seattle area alone, we found multiple Telluride SXs at $53,999, with 3,000 to almost 13,000 miles on them.

 

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2020 Honda Odyssey EX

Price new: $33,944.

Price used: $37,590.

Family vehicles are in the mix as well. In Pennsylvania, we found 2020 Honda Odysseys selling at a $3,600 premium over new. These used vehicles still have plenty of life, especially considering the reliable Honda craftsmanship and V6 engine. The EX also hits the value sweet spot, with safety and comfort features above the baseline without a dramatic jump in price.

MaryG123

Thank you to ElCy for this thread,  and to all of you who replied with good advice.  My DH finally agreed to sell his truck, and I got offers from Carfax, Carvana, and leads from Kelly BB.  We ended up selling it to a local dealer through a Kelly BB lead.  It was easy and we got more than expected, considering it’s ten years old, has 145,000 miles, and needs about $4000 of engine and electrical repairs. 

I hope your deal went as smoothly ElCy.

ImMaggieMae

Another questio. I know the person buying the car pays sales tax (at least in California), but what about the seller? Is the money you received from the sale of the car taxes income or something?

HaroldSundberg

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trm

For me, I sold the car to the dealership.  That way I knew all the paper work was down correctly.  Probably not the best price but it was the easiest and I knew all the paper work was done correctly.  You reach out any dealership.