[DETRoadster]

And just like that, it's gone. Took the $43k from Carmax and ran. Very easy transaction and I'm very satisfied with the payout. I'd recommend them to anyone in a similar situation who wants to sell and doesn't want to deal with private party.

[________]

Originally Posted by DETRoadster

And just like that, it's gone. Took the $43k from Carmax and ran. Very easy transaction and I'm very satisfied with the payout. I'd recommend them to anyone in a similar situation who wants to sell and doesn't want to deal with private party.

Congrats man! Enjoy it in good health!

[DETRoadster]

Originally Posted by Onesie

Congrats man! Enjoy it in good health!

Thank you, sir! Still cant believe it's gone given how long I waited for the car (I was #2 in Seattle to take an M2 delivery back in December 2016). But I dont think i'll regret it ultimately. Other priorities in life right now.

[________]

Originally Posted by DETRoadster

Thank you, sir! Still cant believe it's gone given how long I waited for the car (I was #2 in Seattle to take an M2 delivery back in December 2016). But I dont think i'll regret it ultimately. Other priorities in life right now.

For sure! Good luck with the house project and keep us posted. I found super interesting to learn how much a house project costs! Been considering it since land/housing is so expensive here in the NW.

[DETRoadster]

Originally Posted by Onesie

For sure! Good luck with the house project and keep us posted. I found super interesting to learn how much a house project costs! Been considering it since land/housing is so expensive here in the NW.

I sure will!

[Bush Pilot]

Just sold a Mazda CX-5 that we paid $26.5k for in 2019 with 13k mi. for $30k private party. Simply do the transaction at your bank or theirs. The only verified funds are wire transfer or direct deposit. If the buyer has cash, meet at your bank and have your bank verify it's all real (by accepting it) prior to signing the bill of sale, title and handing over the keys. Only accept a cashier's check put in your hand by the bank representative.

For example, the buyer wants to give you a cashier's check. Response: OK. We'll meet at your financial institution and they can hand me a cashier's check. Keep in mind a buyer could buy a cashier's check from the financial institution and then hand you a fake one, so the cashier's check has to come directly to you from the bank.

In my case, the only person I had to put trust in was the buyer's bank and rep representative. I had to trust that they would indeed pay off my loan and that the cashier's check they handed me was good. That was an acceptable level of risk for me.

Private party sale is the only way to go. Those that don't go this route lose thousands of dollars. But I understand that some are afraid of the whole process so losing that money is OK with them.

[DETRoadster]

Originally Posted by Bush Pilot

Just sold a Mazda CX-5 that we paid $26.5k for in 2019 with 13k mi. for $30k private party. Simply do the transaction at your bank or theirs. The only verified funds are wire transfer or direct deposit. If the buyer has cash, meet at your bank and have your bank verify it's all real (by accepting it) prior to signing the bill of sale, title and handing over the keys. Only accept a cashier's check put in your hand by the bank representative.

For example, the buyer wants to give you a cashier's check. Response: OK. We'll meet at your financial institution and they can hand me a cashier's check. Keep in mind a buyer could buy a cashier's check from the financial institution and then hand you a fake one, so the cashier's check has to come directly to you from the bank.

In my case, the only person I had to put trust in was the buyer's bank and rep representative. I had to trust that they would indeed pay off my loan and that the cashier's check they handed me was good. That was an acceptable level of risk for me.

Private party sale is the only way to go. Those that don't go this route lose thousands of dollars. But I understand that some are afraid of the whole process so losing that money is OK with them.

All great points.

I guess I should count myself lucky in being able to trade a few thousand $ for convenience. Honestly though I'm not sure how much more $ I could have gotten private party for a 5 year old M2 with an accident on the Carfax. Not like someone is going to roll in with $50k. So maybe a few thousand more but I doubt I'd crest $45k. Oh well, it's all speculation at this point. Its done and gone. On to the next adventure!

[Germanauto]

Congrats on selling. I sold my last car a few months ago to the dealer I got my new car from. They actually beat the offer from Carmax by $2000. Carvana and others weren't even close. Shift was offering the most but I hadn't really heard about them and there weren't many reviews online, so I elected against it.

[DETRoadster]

Originally Posted by Germanauto

Congrats on selling. I sold my last car a few months ago to the dealer I got my new car from. They actually beat the offer from Carmax by $2000. Carvana and others weren't even close. Shift was offering the most but I hadn't really heard about them and there weren't many reviews online, so I elected against it.

Same with me on shift vs. the others. However, when I really read up on the process it goes like this:

1) Shift makes an online offer based on your inputs
2) Shift comes out and inspects your car and may cancel or lower their offer.
3) Shift takes your car away and spends 2 to 3 days inspecting it with a technician. They may cancel or lower their offer.
4) Shift wires you the money in about a week.

At every point it seemed there was ample opportunity for their online offer to be whittled down and in step 3 you cant just walk away because they have your car hostage. Imagine how that convo goes "Yeah, you lowered my offer by $4k and are now below XYZ's offer. No thanks, I want my car back" and then some Shift jackass get to drive YOUR car back to you at their leisure. Meanwhile you've wasted so much time that your backup offers through Carmax or others have expired. yeah, no thanks.

[Germanauto]

Originally Posted by DETRoadster

Same with me on shift vs. the others. However, when I really read up on the process it goes like this:

1) Shift makes an online offer based on your inputs
2) Shift comes out and inspects your car and may cancel or lower their offer.
3) Shift takes your car away and spends 2 to 3 days inspecting it with a technician. They may cancel or lower their offer.
4) Shift wires you the money in about a week.

At every point it seemed there was ample opportunity for their online offer to be whittled down and in step 3 you cant just walk away because they have your car hostage. Imagine how that convo goes "Yeah, you lowered my offer by $4k and are now below XYZ's offer. No thanks, I want my car back" and then some Shift jackass get to drive YOUR car back to you at their leisure. Meanwhile you've wasted so much time that your backup offers through Carmax or others have expired. yeah, no thanks.

Thanks for the clarity. So they sound like potential crooks lol. It may work outfor some people, but I'm glad I didn't go that route. My wheels had a lot of flaws to their finish along with some curb rash.

[Bush Pilot]

Originally Posted by DETRoadster

All great points.

I guess I should count myself lucky in being able to trade a few thousand $ for convenience. Honestly though I'm not sure how much more $ I could have gotten private party for a 5 year old M2 with an accident on the Carfax. Not like someone is going to roll in with $50k. So maybe a few thousand more but I doubt I'd crest $45k. Oh well, it's all speculation at this point. Its done and gone. On to the next adventure!

I hear you on the price and your suspicion may be correct. That said, when a dealer buys your car, they pay a price where they can resell it for more....unless they're simply making money on the financing only and that may be the case with CARMAX. In other words they may be willing to lose or break even on the resell because they're going to make money on the financing.

[DETRoadster]

Originally Posted by Bush Pilot

I hear you on the price and your suspicion may be correct. That said, when a dealer buys your car, they pay a price where they can resell it for more....unless they're simply making money on the financing only and that may be the case with CARMAX. In other words they may be willing to lose or break even on the resell because they're going to make money on the financing.

Could be. I'm betting it pops up on Carmax in the high $40s, maybe even low $50s. Just like I refuse to do private party sale on a transaction of this size, I think there's also a lot of folks out there who will pay a little more to get a car from a dealer instead of private party. So while I might have been able to sell the M for mid 40s if I was willing to deal with all the private party BS, a place like Carmax with their 30 day no hassle returns, financing, assured safe transactions, etc. can also command a higher sale price.

[DETRoadster]

Thought I'd close out my thread here with "what happened" to my M2 after I sold it on Carmax, in case anyone is interested. As I posted earlier they offered my $43k for my 2016 M2. It was ready for 4 new tires, annual service, and had 1 accident on the Cafax. After I sold it I checked Carmax every day until finally, 35 days later, it popped back up for sale at a Carmax about 50 miles from the one I sold it at. It was offered up for $48k and change and in the description mentioned it had 4 new tires. it was online for 11 days before it disappeared, presumably to a new owner.

Overall I'm pretty damn happy with the deal. They charged 5k over what they bought it off of me for and had to invest in at least a new set of tires, some transport costs, buy/sell paperwork, title change, etc. They made money but I dont feel like I got duped.

[nakamuru]

Originally Posted by DETRoadster

Thought I'd close out my thread here with "what happened" to my M2 after I sold it on Carmax, in case anyone is interested. As I posted earlier they offered my $43k for my 2016 M2. It was ready for 4 new tires, annual service, and had 1 accident on the Cafax. After I sold it I checked Carmax every day until finally, 35 days later, it popped back up for sale at a Carmax about 50 miles from the one I sold it at. It was offered up for $48k and change and in the description mentioned it had 4 new tires. it was online for 11 days before it disappeared, presumably to a new owner.

Overall I'm pretty damn happy with the deal. They charged 5k over what they bought it off of me for and had to invest in at least a new set of tires, some transport costs, buy/sell paperwork, title change, etc. They made money but I dont feel like I got duped.

i read all the post and it's nice to read from beginning to the end. I'm in Seattle to and gonna sell my 2019 x3 which was paid when i got it in 2019 and get a x5. Did you ever contact elliott bay or bmw seattle for offer? I will ask the sites you checked and see the rates too. I'm not gonna go private party too especially with so many craziness in Seattle going nowadays. One question is, the used car market is quite high and wondering when the price hike started. Are we still in this price hike? Considering you sold your car about month or two ago. I do remember 6-8 months was probably it's highest but not sure if used cars went down or still same?

[DanG]

Originally Posted by nakamuru

i read all the post and it's nice to read from beginning to the end. I'm in Seattle to and gonna sell my 2019 x3 which was paid when i got it in 2019 and get a x5. Did you ever contact elliott bay or bmw seattle for offer? I will ask the sites you checked and see the rates too. I'm not gonna go private party too especially with so many craziness in Seattle going nowadays. One question is, the used car market is quite high and wondering when the price hike started. Are we still in this price hike? Considering you sold your car about month or two ago. I do remember 6-8 months was probably it's highest but not sure if used cars went down or still same?

Used car prices haven’t gone down. Now is an excellent time to sell.

Remember that if you trade it in on a new car you only pay sales tax on the difference in price. So you have to get at least 10% over the dealer trade in to make it worth while to sell to anyone else.

[nakamuru]

Originally Posted by DanG

Used car prices haven’t gone down. Now is an excellent time to sell.

Remember that if you trade it in on a new car you only pay sales tax on the difference in price. So you have to get at least 10% over the dealer trade in to make it worth while to sell to anyone else.

Hey DanG i remember you , you helped a lot when i got this car and knew nothing about bmws and seattle dealer you reccomended (they are good and not sure if new bellevue dealer is good now since they moved).

If i end up selling the car and not ise as trade it do i pay irs also? So if i sell it at carvana or something what percentage do i need to report to irs via turbotax?

[nakamuru]

Originally Posted by DanG

Used car prices haven’t gone down. Now is an excellent time to sell.

Remember that if you trade it in on a new car you only pay sales tax on the difference in price. So you have to get at least 10% over the dealer trade in to make it worth while to sell to anyone else.

So do you know when the used price market started to heat up? You mentioned it hasnt gone down so around 6-8 months ago its about the same? I was contemplating selling the x3 6-8 months ago but forgot about it lol

[DETRoadster]

Originally Posted by nakamuru

i read all the post and it's nice to read from beginning to the end. I'm in Seattle to and gonna sell my 2019 x3 which was paid when i got it in 2019 and get a x5. Did you ever contact elliott bay or bmw seattle for offer? I will ask the sites you checked and see the rates too. I'm not gonna go private party too especially with so many craziness in Seattle going nowadays. One question is, the used car market is quite high and wondering when the price hike started. Are we still in this price hike? Considering you sold your car about month or two ago. I do remember 6-8 months was probably it's highest but not sure if used cars went down or still same?

So I did reach out to Seattle BMW and they never returned my call. I considered Elliot Bay but honestly I'm not sure how fast their inventory moves. Carmax gave me what I felt was a very reasonable offer and I just kinda wanted the deal done. Maybe Elliot Bay could have squeezed out another grand or two? But the firm offer, cash in my hand now, ultimately won out.

[Westside Guy]

Originally Posted by TuanBaker

It's still a good idea to detail your car and make sure it looks presentable for sale, even if you're selling to a dealer.

Would you go out on a first date and not shower and comb your hair?

[DETRoadster]

Originally Posted by TuanBaker

It's still a good idea to detail your car and make sure it looks presentable for sale, even if you're selling to a dealer.

Originally Posted by Westside Guy

Would you go out on a first date and not shower and comb your hair?

Wash the exterior, vacuum the interior, clean the windows, wipe down the wheels = Yes. Do this.

Spend 8 hours meticulously "detailing" the car or hundreds of dollars to have it professionally done = No. Waste of time and money if the target buyer is a dealer.

[Almuliman]

Originally Posted by DanG

Used car prices haven’t gone down. [...]

Carvana would beg to differ.

[DanG]

Originally Posted by Almuliman

Carvana would beg to differ.

LOl. Take a quote from a year ago and disagree. The used car market has changed from a year ago but my answer was correct then.

New car prices have also gone down from a year ago.