Privately Selling a Vehicle Advice

[Kee_Chain]

Hello Everyone, I hope you are doing well,

I am in the process of selling my Model Y since I am ordering the X. This will be my first time selling my car this expensive privately. From the past, I have always told the buyer to have financing ready in a form of payment such as a cashier's check or hard cash. If they decide to give me a regular check, I will not sign the title until the check is cleared and in my account. However, this was applied to selling cars around $3000-$6000 in the past. In my case I am planning on sell the MY for around $62,000. Since this is a big amount, any tips on the most secure and safe way to sell my car privately?

Thank you for your time.

 

[FrozenCanuck]

I'm in the exact same situation. Last car I sold was about $6k, and was 13 years old. Now I'm selling a Model S that I figure is worth closer to $50k Canadian and I have no clue what the process should look like. I figure it either has to be a certified cheque, or more safe than this, a wire transfer directly to the bank account.

Safety check must be done too, right?

And what sort of buyer / seller agreement are you using?

 

[Poprex911]

Sold my last car for $24k ended up having them meet me at the bank gave them the option of Cashier check, Wire transfer, Cash.

If its a cashier check just meet at the bank that issued it (bank brand not the exact bank that issued the cashier check) they can verify if its a legit cashier check.

If its wire transfer then your good

If its cash do not take it in hand meet them at your bank and have them hand the cash to the cashier for deposit.

 

[daniel]

Sold my last car for $24k ended up having them meet me at the bank gave them the option of Cashier check, Wire transfer, Cash.

If its a cashier check just meet at the bank that issued it (bank brand not the exact bank that issued the cashier check) they can verify if its a legit cashier check.

If its wire transfer then your good

If its cash do not take it in hand meet them at your bank and have them hand the cash to the cashier for deposit.

Excellent advice!

 

[ayavner]

There are bound to be escrow services as well - I have bought and sold 2 airplanes for less than this amount and used a service. Peace of mind, and usually the buyer is willing to split the cost.

 

[skiwhmts]

I just sold two almost new cars so the price was high. I told people right up front to provide full name address email, professional information etc so I could check them out and make sure I was dealing with a legit buyer. I gave them the same. So I ended up working with professional people I could check out. I also ruled out out of state sales as its too difficult and risky. It took a bit longer but made it is safer in my opinion. Both parties are protected that way. I think I sold it thru Craiglist but am not sure because I also used other services.

 

[blodg1]

There are bound to be escrow services as well - I have bought and sold 2 airplanes for less than this amount and used a service. Peace of mind, and usually the buyer is willing to split the cost.

This is how Tred.com is supposed to work according to what I've read. Seems like a good idea.

 

[EVer Hopeful]

...or just sell it to Carmax/Carvana/Vroom etc

 

[daniel]

...or just sell it to Carmax/Carvana/Vroom etc

When I was trying to sell my Roadster I took it to Carmax for an offer. They offered me next to nothing, explaining that it would be so hard for them to sell that they'd just put it on a commercial auction.

Maybe a regular car would do better. But I came away thinking that Carmax is for when you just want to get rid of a car and don't care if you get anywhere near the real value for it. No hassle, no buyer coming back to you complaining about defects, etc. No worries about getting a bad check.

(I ended up selling the Roadster to an electric-car dealer out east. It was a low-ball offer but after a year of trying, and I was moving, it was the best I was likely to get. No hassle. He overnighted me a check right away and arranged for the car to be picked up at his expense.)

 

[EVer Hopeful]

I got an offer for the Prius that was $2,000 over what I paid for it - a year after I took possession of it. That was from one of those three

You might be surprised at what they offer - and you can do it all online

 

[ATPMSD]

Meeting as the bank is a good idea, but you can also do this:

1. Have the buyer provide you with a copy of their Driver’s License so you can check them out. Give them the car’s VIN so they can check out your car.
2. Get the name of the Bank and branch, then look up the Bank’s phone number. Call the Bank and let them know you will be calling to verify a check issued by them. Do this in advance to ensure you can get hold of them in a timely manner when you need too.
3. The check from the buyer must be issued by the Bank, not a personal check of course.
4. Insist the sale take place during normal banking hours. When the buyer is satisfied with the car call the Bank to confirm the check is good. If so, sign the Title and shake hands.

 

[daniel]

I got an offer for the Prius that was $2,000 over what I paid for it - a year after I took possession of it. That was from one of those three

You might be surprised at what they offer - and you can do it all online

The Prius has been in high demand from the start. In the early days some dealerships were charging thousands over MSRP. When I had mine I regularly got offers from car dealers wanting to buy mine. The Roadster was another matter entirely. Carmax and their ilk want popular cars. If you have a popular car you can easily sell it privately. A dealer (including Carmax) will give you less, but in return you don't have the hassle of the buyer returning later with complaints.