Sell my 2009 Prius privately or trade-in? I have extended warranty + prepaid service

Check the warranty language. If it's transferable you might be able to get a little something extra from the dealer for it, if not, you're outa luck in that respect. You'll almost certainly get more from a private sale than from the dealer, but it'll take longer and you'll probably have to haggle, especially now that oil and gas prices are dropping going into summer.

 

don't know what carmax is but KBB.com is good for looking up value.

private party value (what you can sell if for on Craigslist) $22,234.00

Dealer trade in value. $19,769.00

Looks like you taking a $2500 hit if you take it to a dealer compared to selling it privately. Just be safe on Craigslist and meet the buyers at a public place, not your home.

 

You are dreaming if you think a dealer is going to buy his car for anything close to $19769. I'm betting he's offered $15-16k max.
I just bought an '08 from a local dealer.... 15,210 miles on it, $18,000.
Current KBB is quite a bit above what you can expect out of a used car right now. Too many deals to be had...

For the OP.... I'de sell it outright myself. Shouldn't be hard to sell at all.

 

Yeah, I don't know, that's trade in, not selling outright to a dealer. I just bought a used Corolla on Craigslist 1 month ago and they were all selling over KBB.

I would at least start at KBB or a little more. You could just look on Craiglist and see what they are selling for and if they are moving quickly. Those Corollas in nice shape were moving very quickly.

 

There's only six '09 Prius "by owner" in the bay area right now, none at your mileage and trim level. I don't think $20K would be very hard looking at the other prices. It's not really that much harder than selling to a dealer.

Craigslist makes it so easy, you could have it sold in 1 week.

 

Selling it privately is going to be tougher, but more lucrative. Some used car dealers will give you an offer that is good for a few weeks - it might make sense to get a couple of offers so you have them - then you can list privately and see if you get a better offer. Best bet is to browse other cars for sale - the online car value sites are typically way off and you want to be sure to sure to set the price appropriately.

As for dealing with $ in a private sale - set it up so the transfer is done at a branch of the bank on which the payment is being made. You can do a walk around in the parking lot and then head inside to handle the finances. Once you know that the check is good then you can sign the paperwork in the bank lobby - all you need then is a ride home.

 

One point many people miss on trade-ins, and it may be state dependent, but in Colorado, you only pay sales taxes on the difference between the price for the new car and the trade-in value. This can be substantial, up in 9% depending on the city you live in. This is not true for a privately sold car. I still don't understand this, but it's the way it is set up. Strong dealer lobbying I suspect. It gives them a real edge.

I've had very good luck selling and buying privately. Both times I've done the deal at the seller/buyer's house. I insist on a bank check made out to me.

 

This does not come into play in this case as the poster is selling his car and not buying another (at least that is the way that I read it). In most places you do not pay tax on the value of a trade in - and it only applies when trading in and buying from the same dealer - say you sell to Carmax and then buy a new Toyota then you are out of luck.

this has been the case for decades - my guess it is more to do with paperwork in the pre-computer age and also to spur the sales of new cars and even perhaps things like farm veichles. I would not be surprised if this dated back to the Great Depression.

I'd be careful of even a bank check - they are being forged these days and many Internet scams use bank checks and money orders. They look legit and your bank accepts them and gives you quick access to the cash, only to pull it back once it is determined it is fake. By that point the buyer is long gone.

 

Most likely you will be selling to someone local so I'd recommend having handing over the car at the buyers bank.

 

Based on what I've read KBB is the average listing price and Edmunds is the average sellling price. That said, with oil/gas prices dropping people aren't as likely to pay what they paid a month or two ago when gas looked like it might make it to $5/gallon. For the transaction, I would go with a cashier's check made out with you present, and then finish everything up at the DMV/AAA. Everything is done that day and there's an easy paper trail.

 

I'm interested in this question of how to accept large payments safely too.
I think I would complete the transaction at the buyer's bank, but request a wire transfer on the spot rather than accept a bank cheque. It will cost OP ~ $15.

The problem, other than outright forgery, is that often the cheque purchaser has the right to cancel the cheque.

 

A bank check is a check from the bank's account. You can verify it by calling the bank if you has suspicion of forgery. It can't be cancelled. There might be a clause that if it hasn't been cashed within 90 days, you can then get the money transferred back to your account.

I figure if I can close the deal at the person's house, I know were they live. The person I bought my new car from and the person I sold my old truck to both obviously were on the up and up. If I suspected something strange, I just won't accept the offer.

 

Carmax has to make money, and they make a LOT of money. I took 3 cars in for quotes and they were bout 5-6 thousand below kbb or edmunds. (I think they are a scam, tried to convince me two of my cars had been repainted and in accidents which I had the cars since they were new)

IE: 2009 MDX Sport they offered me $28k, I sold it for $32k in 6 hours after listing it on AutoTrader. I could have got more (going rate was $34-$36) but I wanted a quick sale.

You will take a $2-6K hit trading it in or selling it to carmax.

Sell it to a private party. It isn't that big of a deal, meet at a bank, make sure the funds are good, sign over the title and complete the DMV Release of liability (this can be done instantly online and protects the seller) Thats it. Go get a new ride.

 

Read more: ​

How to Cancel a Cashier's Check | eHow.com​

http://www.ehow.com/how_7557760_cancel-cashiers-check.html#ixzz1wz05gadg​

"

On occasions, people choose to cancel cashier's checks because they no longer wish to use the check for the intended purpose or because they lose it. Most states follow guidelines for canceling cashier's checks as laid out in the Uniform Commercial Code. The UCC provides guidelines for bank transactions but states do not have to base laws upon it."​

I don't know if any method is 100% secure, but taking the buyer to their own local bank to have a cashier's check (aka bank check) made out on the spot sounds like a good way to go about things. I keep reading advice to call the local bank where the check originated to verify it is not a forgery if one cannot show up at the bank, but I do not know how easy the call is.

 

Most all banks require a 90 day waiting period to cancel the bank check. If you don't cash it in 90 days, well, I suppose you're out of luck.

ehow is a bit of a poor reference. Try this one: http://lawdigitalcommons.bc.edu/cgi/viewcontent.cgi?article=1589&context=bclr&sei-redir=1&referer=http%3A%2F%2Fwww.google.com%2Furl%3Fsa%3Dt%26rct%3Dj%26q%3Ducc%2520bank%2520check%2520cancel%26source%3Dweb%26cd%3D7%26ved%3D0CGIQFjAG%26url%3Dhttp%253A%252F%252Flawdigitalcommons.bc.edu%252Fcgi%252Fviewcontent.cgi%253Farticle%253D1589%2526context%253Dbclr%26ei%3DAYHPT8mTJorm2QXu5aSiDQ%26usg%3DAFQjCNGdm0GLn1ruxZ4_acCf65NmffkfjQ#search=%22ucc%20bank%20check%20cancel%22

Boston College Law Review. "In considering the precise nature of a cashier's check, courts have noted that a cashier's checks are the functional equivalent of cash." Basically, yes, a bank could put a stop payment on the check, but then you can take the bank to court and you would likely win. But check's do get lost, so they usually allow you to cancel them, but make you wait a good amount of time to make sure it doesn't get deposited. Some banks will make you pay to take out a bond in case someone cashes it at a later date to cover them.

I certainly didn't call the bank to verify the check, but I did the deal at the buyer's house, so I knew exactly where to go. I knew where he worked. There was no mystery what was going on. If you suspect something strange, then you probably shouldn't do the deal anyway. Another legitimate buyer will come along.


It is safe to assume a legitimate bank check is as good as cash. Otherwise you are going to have a very hard time taking a large sum of money for payment of things, including the closing of your house. And you are protected against the loss of the check, but it will cost you and take time to recover it. But it's better than cash that way.