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      11-01-2013, 12:28 PM   #1
Shaw
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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
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sell it private. sell it via craigslist or cars.com
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      11-01-2013, 12:35 PM   #3
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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
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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.
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      11-01-2013, 01:25 PM   #5
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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.
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      11-01-2013, 01:28 PM   #6
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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
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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   #8
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Originally Posted by kyleb350 View Post
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?!!
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      11-01-2013, 01:45 PM   #9
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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, 01:52 PM   #10
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Quote:
Originally Posted by Shaw View Post
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).
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      11-01-2013, 02:30 PM   #11
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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.
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      11-01-2013, 02:59 PM   #12
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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.
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      11-01-2013, 03:05 PM   #13
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Quote:
Originally Posted by M_Six View Post
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...
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      11-01-2013, 03:06 PM   #14
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Quote:
Originally Posted by chumley View Post
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.
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      11-01-2013, 07:07 PM   #15
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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.
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      11-01-2013, 07:09 PM   #16
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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?
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      11-01-2013, 07:43 PM   #17
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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.
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      11-01-2013, 08:08 PM   #18
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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
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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
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I used kijiji.
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      11-02-2013, 04:40 PM   #21
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I used kijiji.
so the price you offer on Kijiji...is it including taxes or the buyer pays that tax?
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      11-02-2013, 08:39 PM   #22
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There is no tax on private sales.
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