Submitted by spoolinup t3_11c7ho2 in personalfinance
She bought a two door convertible. We can afford the car, but it’s not practical anymore for what we will need going forward.
We’d really just like to unwind it somehow, and she will take my SUV, and i’m perfectly content finding a 5k used car for me.
Her car was 60k, we’ve paid 12k all in. Car is worth 48-50.
Did you get a loan for it? I'm not sure what your question is
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it is financed. i guess i’m just trying to figure out what the best options are for getting rid of a financed vehicle that worst case we may be a bit on the wrong side of.
The easiest way is to sell it to a dealer like CarMax. You can be done same day, start to finish. That’s also what’ll get you the least money.
If you want to get as much as possible for it, you’ll need to sell it yourself, which can be a pain, especially since it’s financed and the buyer will likely need a loan. Coordination with both lenders will be required, probably an escrow service too.
Getting an estimate at CarMax is a must, particularly if OP does a trade in.
Last new car I bought, by going to CarMax first I was able to take the estimate and get an extra $1000 on trade in from the new car dealer. Added bonus of not having to deal with the sales tax paperwork.
Try selling a 50k car right now. Yeah. It's negative equity.
You need to sell it as soon as possible. The price is going to drop like a stone. Every day you hold the car you'll be losing money.
Not where I am, there’s a massive car shortage and people are buying up most things on the market!
Just remember, the days of a Carvana throwing a huge check at every car is over.
If the car is "worth" $50k, I bet a dealership offer you less than $40k. So you'll have to cough up the difference to satisfy the loan.
Might be worth your time to sell it yourself if you can get an extra $10k. Your not really out anything if you try to sell and no one buys, you can always take it to a dealer.
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Can you explain "unexpectedly pregnant"? My neighbor wants to know.
Not in the USA.
You can definitely get more than what CarMax will give you, but it requires a little work. There are different websites/firms (Google "sell my car online") that will get you more than Carmax and Carvana. I very recently worked with Give Me The Vin and AlphaBid and both got me around $1500 more than Carvana (which was $4K more than CarMax).
Fair enough. But OP hasn’t said where they are based.
Unless they live in a very rare place (like the US virgin islands or something) prices are dropping quickly. People typically state unique circumstances if there are vastly different from the normal persons situation. So in this case, it seem reasonable to assume this person is way underwater on this car loan.
Sorry I wasn’t clear, from their post I’m not sure if they’re in the US. They might well be, they probably are. But I don’t think it’s clear.
CheesecakeExpress t1_ja21sh0 wrote
Lucky for you it’s not in negative equity. If a private sale is too much hassle use one of those online car buying sites? Not sure what ones are local to you, mine is motorway.com. They’re really straightforward