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Originally Posted by Amano
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)
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Yes, you should net a nice chunk more selling it an individual. What do you ballpark estimate your car is worth? I'd figure you're giving away at least 15 to 20% if you sell it to a reseller.
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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)
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I think 3 weeks would be pushing it. It could happen, but probably not. You're looking for someone that has a lot of cash (or cash equivalent) handy and those people have a lot of choices.
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****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?
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Diminished value us the difference between what it would have sold for and what it will sell for. You'll never really know an exact answer to that. It's too late to worry about that now, just get the best deal you can for your car.
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****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?
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If it's really $200 - $300 you're only talking about 1 or 2% of the value of the car. I'd do it for sure if I was going for a private sale and not do it if I'm taking it to a dealer.
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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?
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Cash is king. Cashier's checks drawn on a bank you can call on the phone and verify at purchase time are good too. Electronic transfers are okay if your buyer is willing to do it.
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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?
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No and no (AFAIK).
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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.
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That's probably true but you should disclose everything anyway. It's the right thing to do.