View Single Post
Old 07-28-2005, 11:01 AM   #1 (permalink)
Amano
Insane
 
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..
Amano is offline  
 

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360