Private Sell vs Dealership Trade-In

[Julez]

Private Sell vs Dealership Trade-In

Hey Community. I am new to the private sell of a vehicle and know I will not get close to what I want out of my truck based off KBB (private v dealership).

I just turned 50k in miles on my ‘21 loaded HC (pictured) excellent condition and WELL maintained. I’m curious if others who’ve decided to go private instead of trade-in was it a $’s decision or was it something else? Also, is KBB pretty accurate? Has anyone done an outright sell to Carmax?

TIA!

 

[CCPLuvr]

One thing to weigh is the tax benefit of trading your vehicle to a dealer vs the additional recouped from a private sale. If you can make enough privately to cover the tax reduction then it makes sense in my mind.

 

[tom3]

Dealer lots are full right now. Find what you want on a lot, do the research on your trade in and come up with a deal you're good with. We usually give the sales guy an out the door offer. If not real close, walk and go the private sale route. You'd be surprised how they will make numbers work. Your HC is a desirable machine, could do well either way.

 

[noob]

Problem I've found with private sale of a nice car is no one has the "cash" to actually buy it. At a dealer, it's easy to just use their financing department and get into a car. But listing it locally, you will get a dozen calls on, "do you finance" "can you hold it for a couple months while I get my money together" etc.

 

[todayusay]

we sold three vehicles (yukon and two tahoes) to dealers over the past few years. last one was fall of 22.

got prices from carvana, givemethevin, carmax (they were competitive but closest one is 3hrs away), kbb (which really isn't kbb - they have dealers in your area that are associated with KBB that'll give you an offer) and then several larger dealerships. just a matter of plugging in the info online for all of them and bam - an offer. the dealership route was the same process....just find a few dealers in your area that you'd think would be competitive and they should have a place on their website where you can enter your vehicle's info. 20 mins of your time and you'll have 5+ offers

sold all three to different dealers, one was a large KIA dealer that had a high end used lot - came out of the KBB quote, one was the local ford store (stopped by and talked with them) and the other ended up being a large pre-owned dealer.

on our recent purchases we just traded this past year - did compare with several online quotes and just used them as comps for the trade in values (....said if they'll match this offer we'll do the deal type of thing).

the sales tax credit allowance when trading is probably going to eat up any profit when not trading....unless your state allows for private sales to also offset a purchase. not sure how many states allow this, but would be worth a couple mins searching online to see if your state does

here's my state's guidelines...

Sales Tax Credit for Sale of a Used Vehicle – Arkansas Department of Finance and Administration

NOTICE:Some internet browsers have a built in PDF viewer that may not be compatible with our forms. Adobe Reader may be required for your browser or you may need to download the form to complete it properly. Act 1232 of 1997 as amended by Act 277 of 2021 provides for a sales and use tax […]

www.dfa.arkansas.gov

 

[ReaperHWK]

I always private sell my vehicles. Takes time but 90% of the time you’ll make out with more $$. I’ve sold around 5 vehicles private; never traded always give you a crap offer.

The biggest thing as a seller is you need to have the title in hand; buyers don’t want to mess with liens. A

Also for payment the best and safest way I’ve done it is to go to the buyers bank with them with the title. Have the bank teller withdraw the funds from there account while you wait and get the cashiers check directly from the teller. Than you can sign over the title.

 

[Joseph Garcia]

Try the private sale first. Cash or certified bank check ONLY.

If the private sale does not work out, you can always take it to a dealer as a trade-in.

 

[ReaperHWK]

Try the private sale first. Cash or certified bank check ONLY.

If the private sale does not work out, you can always take it to a dealer as a trade-in.

Certified checks can be forged and also cash is a problem when you’re dealing with 80k vehicles……. No way I want that much money on me or in my possession.

I still will only take bank check directly from the bank teller OR a wire transfer that is initiated at the bank with me there.

 

[Stbentoak]

Certified checks can be forged and also cash is a problem when you’re dealing with 80k vehicles……. No way I want that much money on me or in my possession.

I still will only take bank check directly from the bank teller OR a wire transfer that is initiated at the bank with me there.

If I sell private party, I take the check along with the buyer to my bank. I have a bank officer call their bank, confirm the check is real, and that it is valid for the amount. Until all those are confirmed..... No title is exchanged.