Need tips on selling a used car
I'm trying to sell my 1999 BMW M3 (below average mileage) in about 3 weeks before I make a cross country drive. It's all paid for, and I own the title. It's been in one major accident back in February. (reported to the DMV, but for some reason Carfax doesn't have it in their report). Car was completely fixed, insurance paid for it. I have a bunch of questions because I have zero experience doing this. I live in California, and plan to sell within the state.
(Edit: I've ***'ed the more important questions that I'm particularly interested in getting answers for)
1) First, I'd welcome any general tips on selling used cars, or websites or other resources with these kinds of tips.
2) I'm considering selling to either a high-end wholesaler, or to a private party. Is it really worth the time and effort to sell to a private party? will I really get a lot more for the car (especially in light of questions #4, and $5)
3) Is 3 weeks a reasonable amount of time to get a decent price when selling to a private party? (ie. placing an ad, looking for buyers, etc)
****4) Insurance paid a lot to get the car fixed after the accident. However, I understand that with any accident, there is an inherently diminished value. How can I find out what that diminished value is?
****5) I have a fist-sized scratch (with a very minor dent), due to another car hitting it in a parking lot. Mostly, it's just the gel coat that scraped off, with about a pinhead-sized hole in the paint. It will cost about 200-300 (total cost, out of my pocket) to fix. Would it be worth fixing it before I show it to potential buyers? Will the perceived value of a car decrease significantly with the scratch?
6) I'm concerned about getting a dupe check when it comes down to payment. What things can I negotiate for to protect myself when it comes down to payment? Would it be practical to look into an escrow?
7) Do I have to pay taxes/fees as a seller (again, I'm in California)? And does the money earned from this sale count as taxable income?
8) What are the disclosure laws in California regarding accidents? Someone told me that since I am personally not a licensed car-seller, I am not bound by the state's disclosure laws, meaning that I don't have to offer information about my accident; I just have to answer truthfully if the buyer asks.
Thanks in advance for everyone's help!
Last edited by Amano; 07-28-2005 at 11:41 AM..
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