Trade-in my current car or just sell it first?

[sdbmania]

I'm still not sure when my Leaf delivery date will change from pending, but I recently paid off my 08 prius and I'm not sure what I want to do with it. Obviously, I won't need it anymore and so I thought I'd sell it. I'd probably take it back to the carmax I bought it from a year and a half ago and see what they will give me. I'm thinking around $13k since I last checked kellybluebook.com. I'm leaning towards leasing the car since I don't make enough for the full tax benefit. I've never leased a car before so I was wondering if it makes much of a difference if I trade the prius in at the dealership or if I just sell it and get a check from carmax.

My original plan was to sell the car and keep the money in my savings account and just draw from it the lease payment each month. Is there any advantage to trading the car in instead?

 

[Randy]

In general, I think you'll get the highest price for your car if you sell it yourself. But that's also the most work. You have to deal with looky-loos, take offers (sometimes lowball) and deal with the buyer's payment, etc. And it may take a long time to sell, depending on the car and the price.

On the other side of the coin, however, you typically get the least for your car when you trade it in, since they have to fix it up, and then sell it/wholesale it out to make some $$$. But that's the most convenient for you...

I sold my car in Sept 2010 on eBay and it was sold in 10 days (the length of the auction). That was nice, and I didn't have to deal with people coming over to the house, etc. The buyer arranged transportation of my car to Florida from San Diego. I highly recommend eBay, and also recommend lots of photos and an honest description of what you are selling. I've sold 3 cars on eBay and always got higher than the blue book price for them (my cars are always in excellent condition).

RedRandy

 

[sdbmania]

Thanks for the suggestions. I've thought about ebay before, but I may consider it again, thanks.

 

[LEAFfan]

I also thought about ebay, but as a second to last resort. How much does ebay get for having it on there and how much do they get after it is sold? I found several FREE ad listers and as soon as gasoline went over $3.15, I sold it pretty fast. Now, we're a one-car family until May. If I had gambled that gas prices would stay high, I could have waited to late April, but there are no guarantees. It was listed from Sept.-Jan. on several ad sites without ONE serious buyer inquiry.

 

[evnow]

So, do you let people take the car for a drive or go with them ? What about the payment ?

I'm going to try selling on Craigslist.

 

[walterbays]

So, do you let people take the car for a drive or go with them ? What about the payment ?

http://editorial.autos.msn.com/article.aspx?cp-documentid=434850 Trade It or Sell It: How to Get Rid of Your Old Car
http://www.cartalk.com/content/features/Used-Car-Tips/testdrive.html Click and Clack's Tips for Selling Your Car
http://www.ehow.com/list_6370194_safety-tips-selling-used-car.html Safety Tips for Selling a Used Car
http://banking.about.com/od/securityandsafety/a/cashierscheckfd.htm Cashier's Check Fraud
http://www.fraud.org/tips/internet/fakecheck.htm Fake Check Scams
http://reviews.ebay.com/How-to-tell...FAKE-in-30-seconds_W0QQugidZ10000000003567893 How to tell if a CASHIER'S CHECK IS FAKE in 30 seconds!

 

[IBELEAF]

08 Prius, assuming in good condition, would be easy to sell yourself. Also, in general another advantage with trade in is you can get credit on sales tax towards a new car.

 

[LEAFer]

08 Prius, assuming in good condition, would be easy to sell yourself. Also, in general another advantage with trade in is you can get credit on sales tax towards a new car.

I don't think that works here in California, but someone else needs to check me on that.

 

[ERG4ALL]

I nearly always will trade my old car in for many of the reasons listed above. However there is one more reason that I do. That is liability. By trading in I have the car dealer standing before me and if they wholesale it out then there is one more legal entity standing in front of me. Like many people I get the oil and filters, etc. changed regularly but not at the dealer and usually don't fix something unless its broken. It is cheaper to do it yourself or at some of the quick lube places. If you sell it yourself it would be wise to have followed the recommended servicing intervals and have it done by the dealer. That way if something breaks on the car and someone is hurt as a result, you will have a better chance of protecting yourself if you have followed the servicing exactly as listed in the owner's manual.

 

[walterbays]

Quiz. What saves more gasoline, buying a new Leaf or selling a used Prius?

Say you drive 12,000 miles per year and get 40 MPG in your Prius. That's 300 gallons of gas saved by switching to your Leaf. But now suppose your Prius is bought by someone replacing an SUV or old sedan getting 15 MPG. They were burning 800 gallons per year and by buying your old car they're only using 300, saving 500 gallons per year. The effect of a Prius displacing a gas guzzler is bigger than that of a Leaf displacing a Prius.

OK, but now while we're all feeling smug about saving the planet twice over, let's not follow that old beat up gas guzzler to where it displaces a bicycle.

 

[malloryk]

Try selling it on your own first. Then if it's too much hassle, go with the trade-in (but get a quote from Carmax first, I think they'll probably give you a little bit better quote). I ended up selling my car on my own before I got my Leaf. I had an 04 Toyota Matrix though, you'll definitely do better with your 08 Prius. Kelly Blue Book tends to be a little on the high side so I would recommend you also get quotes from Edmunds and take a look at the comps (on ebay and craigslist) to see what other people are selling their cars for. Then price yours to sell and be realistic. I priced mine less than everyone else's but in a range that I thought was fair and appropriate for the condition of my car. I had never sold a car before so I was a little nervous about it but I ended up selling it 5 hours after I posted it on craigslist. I would try them first before ebay since it's free. Plus I got almost $2,000 more than what my Nissan and Toyota quoted me. Definitely worth it. Paid for my EVSE. Since I was by myself, I met with the guy who bought it in my bank's parking lot that's located in a business park and we met at about 5pm when it's pretty busy. It's a lot where you have to pull a ticket to get in and pay when you leave so I felt safer doing it that way. I let him and his wife take it for a little test drive around the lot while I sat in the back seat. And then when it came time to pay (he was paying me in cash), I had him come with me into the bank so I could a) make sure the cash wasn't counterfeit and b) deposit it right away. Good luck!

 

[ENIAC]

Last year I listed my car on autotrader. That was a waste of time. I received a couple of calls, but no serious offers. Then I decided to try Craigslist. It was free and the car sold in three days. The buyer was local so I didn't need to hassle with shipping or any other remote sales issues.

By the way the California DMV website had all the forms you need online. You can type all the required data into the fields and print it out for the buyer and also submit online to the DMV for registration transfer. It made the process very simple. In California you need to have a current smog test completed. You'll want to do that just before you list the vehicle and state you have completed that in your ad.

 

[Jimmydreams]

Nissan offered me $8K for my BMW. Carmax offered $9K. Sold it myself for $13K. KBB was $13-16K for my car, so I might have gotten around 15 if I used eBay, but the headaches were too huge. I consider myself relatively happy, especially since I was getting a lot of $10-11K lowball offers.

 

[gasmiser1]

Quiz. What saves more gasoline, buying a new Leaf or selling a used Prius?

-------------------------------
Don't forget about the reduced maintenance costs in an EV. That the icing on the cake for me.

 

[sdbmania]

Thanks for all the good advice everyone! I'm really considering privately selling it now.

In some ways, its weird to sell my prius for the leaf. I was planning on turning the prius into a plug-in hybrid. But, when I heard about the leaf I just couldn't resist. I've always wanted a pure electric car since I got to sit in one in 1999.

 

[LEAFfan]

If you sell it yourself it would be wise to have followed the recommended servicing intervals and have it done by the dealer. That way if something breaks on the car and someone is hurt as a result, you will have a better chance of protecting yourself if you have followed the servicing exactly as listed in the owner's manual.

Sorry, but there is no need for protection. This is the second car I've sold privately without any hassles whatsoever. When you make up the Bill of Sale, it always should say "no warranties and sold 'as is'." That's all the protection you need. It makes no difference where you have had the maintenance done. I've used EVIT (an auto tech school) for many years (saved me a buttload). For instance, I had all four shocks/struts replaced recently and the labor was ONLY $20! I had my A/C on my '90 Toyota converted to the new freon for only $83 (parts and labor)...Toyota wanted $1000! So I would like to see your sources for this so called 'liability' issue.

 

[Herm]

Dont just sign the title over, you actually want to get it officially transfered, pay the taxes etc at the appropriate state office, with the buyer next to you. You are still legally liable for that car until it gets transfered.. otherwise you may end up paying parking tickets, towing bills etc for a car you thought you sold months ago. It is this way in Florida, not sure about other states.

Part time dealers, mechanics like to keep titles in limbo like this so they dont have to pay the taxes yet.

 

[Herm]

So I would like to see your sources for this so called 'liability' issue.

I think it only applies if the car has an extended warranty.. it may have certain conditions that have to be met.. Hiunday was famous for doing this with their 10 year warranty, you better have had proof the service was done, and at a dealership.

BTW, extended warranties.. you never want to buy these from the dealers themselves.. buy them yourself directly from where they get them.. there are 4-5 reputable large companies that specialize on that in the US, with hundreds of different plans to cover your needs. Each plan will cover different things for different times and with different conditions, hassle free coverage that wont renege on you at the last moment.. and make sure the warranty is transferable if that is important to you. Check this website out:

http://www.carbuyingtips.com/warranty.htm

I think you would have to be crazy to buy a $30k car without a good extended warranty.

 

[DaveinOlyWA]

my plan; i have 2 Pris. i wanted to drive the Leaf around to see if it really could replace the Prius and it passed with flying colors. i am also one that does not qualify for full tax credit, so i leased.

now, i just sold my Zenn on craig's list. and it took about 6 weeks. but it was mostly just disconnect from buyers and the fact that my Zenn had a failing battery pack and i was not bashful in disclosing that. but it worked out.

so i am selling my Prius on Craigslist. as far as test driving.

get their drivers license first, send the info to someone u trust. i use text and ride with them. now i may be paranoid, but that is me.

as far as payment goes, i only take cash. now the Prius i am asking much more so hopefully i wont get paid in 20's and 10's like the Zenn guy paid. that was a WAD!!

but be up front, tell them cash only (i was hoping it would discourage scammers, but it didnt)

do not do checks or wire transfers, they are scams

best part is that when i sell my Prius, i will have enough to pay off lease and that way i could get the entire tax credit. payoff as of march 3rd is about 17,500. now, i am still not sure what i will do. i think i want to drive the Leaf around at least thru the summer before i decide.