Piston Slap: The Sonata's Ideal Coda?
Mark writes:
We will be buying a new car soon and that will leave us with an extra one. My experience selling a car myself makes me think we don’t really have the motivation to do it ourselves this time around.
The car is located in CT and is a White 2007 Hyundai Sonata SE with ~73k miles on it. The only option is the Sunroof. For whatever reason the side mirrors seem to attract having the outer housing broken, they are still functional but the housing rattles. I’ve replaced one, unpainted grey, and will be replacing the other shortly. There are no other issues with the car as I can tell. The emissions test is due next month, so I’ll have to have that done.
I need your advice on the easiest way to sell used car. Thanks.
Sajeev answers:
That’s pretty cut and dry: trade it at the dealership where you buy your new ride. Depending on your region’s tax code, the trade lets you avoid capital gains taxes when your car turns into a pile of cash. My only concern is when would-be buyers mention their trade in during the negotiation. And never discuss monthly payments: focus on the purchase price of the vehicle first. Which leads me to another point.
Consider getting an “offer letter” from another dealer, especially the big-box chains like Carmax. It’s a good number to fall back on after negotiating a sale price. If the selling dealer offers you almost nothing for your trade, it means they want to get some money back after making you a smokin’ deal on your new car.
At the end of the day, this quandary comes down to the level of convenience versus the amount of cash in hand. From your interest level and description of the Hyundai, my guess is that trading in the vehicle as-is, with no reconditioning is the best way to save money on taxes, repairs and save a ton of headaches.
Best and Brightest: share your stories for and against my position. That’s how we all learn!
Send your queries to sajeev@thetruthaboutcars.com. Spare no details and ask for a speedy resolution if you’re in a hurry.
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Sajeev, The advice to hide the trade and to never discuss monthly payments is obsolete. The salesperson will ask about a trade early on, and you'll be forced to either lie or obfuscate which will tell the salesperson plenty. People have been giving that advice for many, many years now, and dealerships are fully prepared to get the most out of customers following that now old, and tired advice. You do more of a disservice by suggesting to start with the price of the new car as if that will keep someone from getting hosed in a dealership. If you can't follow a deal working from any and all angles, you should not be buying from a dealership, but rather hire a service to buy the car for you.
I sold my former Outback on Craigslist. The buyer and I met at the local Washington auto licensing branch after he test drove the car a couple days before and we agreed on a price. He gave me cash, I counted it, and signed the title over to him and gave him the keys. Then my wife drove me to the bank and I deposited the cash. The whole procedure of selling the car took less than an hour (even with the wait at the auto licensing office). Extremely easy.