Trade-in vs. Private sell

Shaw · 11-01-2013, 12:28 PM

I know this might have been asked many times...
I am probably looking at purchasing the new X5 (replacing the X3).
My 2011 X3 28i's mileage has only 19,000km (12,000miles) on it...so a very attractive used car.
The dealer is suggesting a price that I think is $4-5k lower than market value. I know they offer wholesale auction prices...
I'm also aware of the tax saving incentives that I get by trade-in.
So typically the question is, does it make sense to sell the car private and get more money or do the trade-in. I've never sold a car private before so any thoughts from experienced folks here is much appreciated...

Raja Ventureshield · 11-01-2013, 12:35 PM

sell it private. sell it via craigslist or cars.com

F32 · 11-01-2013, 12:35 PM

Depends on how much your time is worth.

If the dealer is giving you $4-5K below market value, that's good. If you sell it privately, do you really think you'll get full market value? And if so, how long do you think it would take to find a buywer who's going to pay that perceived market value? You might sit on the car for months trying to sell it, dealing with multiple people jerking you off, only to sell it at maybe $1-2K above what the dealer is giving you.

KingOfJericho · 11-01-2013, 01:00 PM

Contrary to what F32 said, I've sold two cars in recent years on Craigslist. I got my asking price and sold both within 24hrs. It's definitely worth trying.

Raja Ventureshield · 11-01-2013, 01:25 PM

Quote:

Originally Posted by KingOfJericho

Contrary to what F32 said, I've sold two cars in recent years on Craigslist. I got my asking price and sold both within 24hrs. It's definitely worth trying.

+1 do it.

yousefnjr · 11-01-2013, 01:28 PM

Some small Independant dealers will offer good trade in value as well. A local one here is offering KBB + $500 for trades.

kyleb350 · 11-01-2013, 01:31 PM

I'm not sure what the sales tax is in Toronto (13%?) or what the trade-in offer is, so I'm just throwing out numbers. If your trade-in value is $30k and there is a 13% sales tax, that's a difference of $3,900. Your private sale would need to be THAT much more than your trade-in value to be worth selling privately.

Shaw · 11-01-2013, 01:45 PM

Quote:

Originally Posted by kyleb350

I'm not sure what the sales tax is in Toronto (13%?) or what the trade-in offer is, so I'm just throwing out numbers. If your trade-in value is $30k and there is a 13% sales tax, that's a difference of $3,900. Your private sale would need to be THAT much more than your trade-in value to be worth selling privately.

Good example...
Yes the tax is 13%...The dealer has given a range of $34,000-$35,000.
My car lists around $40,000-$41,000 on autotrader all those being high mileage used (35k +)...mine is only 19k...not sure how that plays into the game (having a less used car)...
I think it boils down to the same figure...doesn't it?!!

Billup · 11-01-2013, 01:45 PM

Its always worth a shot to try and sell it privately. You might find someone that is willing to pick it up rather quickly if its something they are really interested in.

For my last situation, I had my car listed for sale for $6k, started getting impatient, dropped the price to $5k, still had no hits, so I took it to the dealership for trade in, and they gave me $5,300. So ultimately I ended up getting more than what I even cared to get. Every situation is different, but you really won't know unless you try.

Billup · 11-01-2013, 01:52 PM

Quote:

Originally Posted by Shaw

Good example...
Yes the tax is 13%...The dealer has given a range of $34,000-$35,000.
My car lists around $40,000-$41,000 on autotrader all those being high mileage used (35k +)...mine is only 19k...not sure how that plays into the game (having a less used car)...
I think it boils down to the same figure...doesn't it?!!

Lower mileage, more desirable IMO, and will usually be a leading factor that pushes people to spend a little more, because they feel they are getting a better deal in the end (buying a less used car).

chumley · 11-01-2013, 02:30 PM

I said it another thread - Worry about the trade difference, not the amount they say they're giving you. Figure out a fair price for their car, yours and determine the difference you're willing to pay before walking. I've never had a situation ever where both parties were realistic and were still $4k apart with no budging on the dealer side.

Although tons of people do it, there's no way I'd even consider wasting my time on a private sale of a car worth as much as yours unless the savings after taxes, etc are considered was at least a couple thousand. I don't want to waste a month of weekends having people come to your house, know where you live or deal with meeting in a parking lot somewhere countless times.

What if they want an inspection? You plan on spending a day at the shop of their choice babysitting the car? Test drives, joy rides, etc. Not to mention the endless scams on payments. Do you take a cashiers check? cash only? try to go to their bank on a weekend? I'm sure most scammers have thought of more angles than I have.

Hell, I traded my last car at the dealer and still had the new owner somehow track me down and call me about 5x regarding the car's history, service, etc. Can't imagine if you sold to someone face to face.

M_Six · 11-01-2013, 02:59 PM

I just traded in my X5 and Z4. I considered selling the Z4 privately, but I own one of the few in this area. (We live in a small town.) I was concerned about people wanting to "test drive" my Z4 because they'd never been in one and just wanted to see what it was like. That may not be as much of an issue with an X3, though.

As it turned out, the dealer gave me more than I expected for the 2 cars and I was able to write a check to cover the difference for my 2012 C300, so it all worked out well.

Shaw · 11-01-2013, 03:05 PM

Quote:

Originally Posted by M_Six

I just traded in my X5 and Z4. I considered selling the Z4 privately, but I own one of the few in this area. (We live in a small town.) I was concerned about people wanting to "test drive" my Z4 because they'd never been in one and just wanted to see what it was like. That may not be as much of an issue with an X3, though.

As it turned out, the dealer gave me more than I expected for the 2 cars and I was able to write a check to cover the difference for my 2012 C300, so it all worked out well.

lol....you traded both your bimmers for a MB and you are on BMW forum...

Thanks for the tip though...

Shaw · 11-01-2013, 03:06 PM

Quote:

Originally Posted by chumley

I said it another thread - Worry about the trade difference, not the amount they say they're giving you. Figure out a fair price for their car, yours and determine the difference you're willing to pay before walking. I've never had a situation ever where both parties were realistic and were still $4k apart with no budging on the dealer side.

Although tons of people do it, there's no way I'd even consider wasting my time on a private sale of a car worth as much as yours unless the savings after taxes, etc are considered was at least a couple thousand. I don't want to waste a month of weekends having people come to your house, know where you live or deal with meeting in a parking lot somewhere countless times.

What if they want an inspection? You plan on spending a day at the shop of their choice babysitting the car? Test drives, joy rides, etc. Not to mention the endless scams on payments. Do you take a cashiers check? cash only? try to go to their bank on a weekend? I'm sure most scammers have thought of more angles than I have.

Hell, I traded my last car at the dealer and still had the new owner somehow track me down and call me about 5x regarding the car's history, service, etc. Can't imagine if you sold to someone face to face.

yes... your comment pretty much explains reality.

M_Six · 11-01-2013, 07:07 PM

Quote:

Originally Posted by Shaw

lol....you traded both your bimmers for a MB and you are on BMW forum...

Thanks for the tip though...

Yep. Not thrilled with the newer BMW styling. After 5 consecutive BMWs (6 total) I've jumped ship. This is still a good forum, though. The MB forums are dead. The OT forum here is a hoot and the Photography forum is full of good people.

Shaw · 11-01-2013, 07:09 PM

Quote:

Originally Posted by M_Six

Yep. Not thrilled with the newer BMW styling. After 5 consecutive BMWs (6 total) I've jumped ship. This is still a good forum, though. The MB forums are dead. The OT forum here is a hoot and the Photography forum is full of good people.

cheers...I hope you change back to bimmer again...
hey are you happy with your benz?

M_Six · 11-01-2013, 07:43 PM

More or less. It's very comfy, moves well, looks great, has lots of toys. But the fit and finish (or at least the fit) could do with some improvement. Got an annoying dashboard rattle I need to track down.

E39lolz · 11-01-2013, 08:08 PM

If you're going to sell the car on your own, be as detailed about it as possible. I sold a few cars on Craigslist and sold them within a few days. Putting down every detail and supplying pics will weed out stupid questions and people. Try it for a few days and if everyone is a flaker, make the trip to the stealer and trade it in. Unfortunately I traded in my last BMW, a e39 M5 and got a lousy $6k for it, however, it was no garage queen and began to have random problems that I just didn't want to deal with it anymore.

Twix · 11-01-2013, 09:27 PM

Sell it privately. I sold my truck in under 72 hours using kijiji. Quick, painless and no taxes to be paid. Well worth the 5mins it took to snap a few pics and put them on kijiji

dtwyim · 11-01-2013, 09:54 PM

I used kijiji.

Shaw · 11-02-2013, 04:40 PM

Quote:

Originally Posted by dtwyim

I used kijiji.

so the price you offer on Kijiji...is it including taxes or the buyer pays that tax?

Twix · 11-02-2013, 08:39 PM

There is no tax on private sales.

11-01-2013, 12:28 PM	#1
Shaw Lieutenant Colonel 305 Rep 1,803 Posts Drives: 2016 X5 35d \| 2019 X3 30i Join Date: May 2011 Location: Toronto iTrader: (0) Garage List 2016 BMW X5 35d xDr ... [0.00]	Trade-in vs. Private sell I know this might have been asked many times... I am probably looking at purchasing the new X5 (replacing the X3). My 2011 X3 28i's mileage has only 19,000km (12,000miles) on it...so a very attractive used car. The dealer is suggesting a price that I think is $4-5k lower than market value. I know they offer wholesale auction prices... I'm also aware of the tax saving incentives that I get by trade-in. So typically the question is, does it make sense to sell the car private and get more money or do the trade-in. I've never sold a car private before so any thoughts from experienced folks here is much appreciated...
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11-01-2013, 12:35 PM	#2
Raja Ventureshield Major General 288 Rep 5,686 Posts Drives: BMW M3 coupe Join Date: May 2007 Location: Northern VA iTrader: (6)	sell it private. sell it via craigslist or cars.com __________________ ************************************* Un4gettable 435i Extended Test drive thread: http://www.f30post.com/forums/showthread.php?t=881491
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11-01-2013, 12:35 PM	#3
F32 Banned 20 Rep 688 Posts Drives: BMW Join Date: Jul 2013 Location: SF iTrader: (0)	Depends on how much your time is worth. If the dealer is giving you $4-5K below market value, that's good. If you sell it privately, do you really think you'll get full market value? And if so, how long do you think it would take to find a buywer who's going to pay that perceived market value? You might sit on the car for months trying to sell it, dealing with multiple people jerking you off, only to sell it at maybe $1-2K above what the dealer is giving you.
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11-01-2013, 01:00 PM	#4
KingOfJericho Major General 2452 Rep 7,341 Posts Drives: Yes Join Date: Aug 2007 Location: CT iTrader: (1) Garage List 2010 135i Coupe [5.26]	Contrary to what F32 said, I've sold two cars in recent years on Craigslist. I got my asking price and sold both within 24hrs. It's definitely worth trying. __________________ The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of Bimmerpost. 2018 Jeep Grand Cherokee High Altitude Hemi \| 2010 S4 Sold \| 2010 BMW 135i Retired \| 2006 Lotus Exige Sold
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11-01-2013, 01:28 PM	#6
yousefnjr salty cowboys fan 6155 Rep 3,402 Posts Drives: ‘06 Z4MR, ‘20 X7, ‘22 M4x Join Date: Dec 2012 Location: Bay Area, CA iTrader: (2)	Some small Independant dealers will offer good trade in value as well. A local one here is offering KBB + $500 for trades.
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11-01-2013, 01:31 PM	#7
kyleb350 Brigadier General 424 Rep 4,709 Posts Drives: '21 X3MC Join Date: Jun 2008 Location: Milwaukee iTrader: (6)	I'm not sure what the sales tax is in Toronto (13%?) or what the trade-in offer is, so I'm just throwing out numbers. If your trade-in value is $30k and there is a 13% sales tax, that's a difference of $3,900. Your private sale would need to be THAT much more than your trade-in value to be worth selling privately.
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11-01-2013, 01:45 PM	#9
Billup Banned 472 Rep 928 Posts Drives: Your mum crazy. Join Date: Jun 2013 Location: Baconopolos Island iTrader: (0)	Its always worth a shot to try and sell it privately. You might find someone that is willing to pick it up rather quickly if its something they are really interested in. For my last situation, I had my car listed for sale for $6k, started getting impatient, dropped the price to $5k, still had no hits, so I took it to the dealership for trade in, and they gave me $5,300. So ultimately I ended up getting more than what I even cared to get. Every situation is different, but you really won't know unless you try.
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11-01-2013, 02:30 PM	#11
chumley Captain 50 Rep 776 Posts Drives: 2009 335 Join Date: May 2009 Location: Naples, FL iTrader: (1)	I said it another thread - Worry about the trade difference, not the amount they say they're giving you. Figure out a fair price for their car, yours and determine the difference you're willing to pay before walking. I've never had a situation ever where both parties were realistic and were still $4k apart with no budging on the dealer side. Although tons of people do it, there's no way I'd even consider wasting my time on a private sale of a car worth as much as yours unless the savings after taxes, etc are considered was at least a couple thousand. I don't want to waste a month of weekends having people come to your house, know where you live or deal with meeting in a parking lot somewhere countless times. What if they want an inspection? You plan on spending a day at the shop of their choice babysitting the car? Test drives, joy rides, etc. Not to mention the endless scams on payments. Do you take a cashiers check? cash only? try to go to their bank on a weekend? I'm sure most scammers have thought of more angles than I have. Hell, I traded my last car at the dealer and still had the new owner somehow track me down and call me about 5x regarding the car's history, service, etc. Can't imagine if you sold to someone face to face. __________________ MHD flash, DCI, BMW PE, ETS FMIC, Powerflex, SWS8xi's, VMR 803's in Solar Rain, LUX V4
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11-01-2013, 02:59 PM	#12
M_Six Free Thinker 16788 Rep 7,454 Posts Drives: 2016 MB GLC300 4matic Join Date: Jan 2009 Location: Foothills of Mt Level iTrader: (0)	I just traded in my X5 and Z4. I considered selling the Z4 privately, but I own one of the few in this area. (We live in a small town.) I was concerned about people wanting to "test drive" my Z4 because they'd never been in one and just wanted to see what it was like. That may not be as much of an issue with an X3, though. As it turned out, the dealer gave me more than I expected for the 2 cars and I was able to write a check to cover the difference for my 2012 C300, so it all worked out well. __________________ Mark markj.pics "There is no shame in dropping fruit in your glass." -UncleWede
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11-01-2013, 07:43 PM	#17
M_Six Free Thinker 16788 Rep 7,454 Posts Drives: 2016 MB GLC300 4matic Join Date: Jan 2009 Location: Foothills of Mt Level iTrader: (0)	More or less. It's very comfy, moves well, looks great, has lots of toys. But the fit and finish (or at least the fit) could do with some improvement. Got an annoying dashboard rattle I need to track down. __________________ Mark markj.pics "There is no shame in dropping fruit in your glass." -UncleWede
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11-01-2013, 08:08 PM	#18
E39lolz Private 11 Rep 87 Posts Drives: '13 x1 xDrive35i, '13 Mustang Join Date: Apr 2013 Location: Miami, FL iTrader: (0)	If you're going to sell the car on your own, be as detailed about it as possible. I sold a few cars on Craigslist and sold them within a few days. Putting down every detail and supplying pics will weed out stupid questions and people. Try it for a few days and if everyone is a flaker, make the trip to the stealer and trade it in. Unfortunately I traded in my last BMW, a e39 M5 and got a lousy $6k for it, however, it was no garage queen and began to have random problems that I just didn't want to deal with it anymore.
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11-01-2013, 09:27 PM	#19
Twix Lieutenant Colonel 653 Rep 1,922 Posts Drives: 2011 e91 Join Date: Jan 2013 Location: Calgary, AB, Canada iTrader: (0) Garage List 2011 BMW 328i xDriv ... [0.00] 2002 Land Rover Dis ... [0.00]	Sell it privately. I sold my truck in under 72 hours using kijiji. Quick, painless and no taxes to be paid. Well worth the 5mins it took to snap a few pics and put them on kijiji
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11-01-2013, 09:54 PM	#20
dtwyim Captain 52 Rep 874 Posts Drives: BMW no more Join Date: Oct 2010 Location: Canada iTrader: (0)	I used kijiji.
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11-02-2013, 08:39 PM	#22
Twix Lieutenant Colonel 653 Rep 1,922 Posts Drives: 2011 e91 Join Date: Jan 2013 Location: Calgary, AB, Canada iTrader: (0) Garage List 2011 BMW 328i xDriv ... [0.00] 2002 Land Rover Dis ... [0.00]	There is no tax on private sales.
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