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Where to Sell a used car

4,287 1,574 August 5, 2021 at 08:27 AM in Autos
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Last Edited by alMac August 6, 2021 at 09:44 AM
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Hello -

Can you suggest possible best ways to sell an excellent 2017 Mercedes Benz GLC - where I would get better price and somewhat safer transaction? The car is in excellent condition and has less mileage.

I suppose this could be a generic how and best ways to sell used car as well.

P.S. Posting here, but if there is a better forum, please move this thread to it. Thanks!
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Joined Jun 2010
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> bubble2 4,287 Posts
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Original Poster
alMac
08-10-2021 at 10:27 AM.
08-10-2021 at 10:27 AM.
Quote from swantz1984 :
Used FB before. I think it depends on area and quality of customers.
Its just the bank transaction is tricky and when you know for sure the money has been deposited and cannot be retrieved back. I am thinking going to a bank and do the physical transaction is way to go.
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Joined Jul 2005
killroy was here
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dayv
08-10-2021 at 11:07 AM.
08-10-2021 at 11:07 AM.
Quote from alMac :
Its just the bank transaction is tricky and when you know for sure the money has been deposited and cannot be retrieved back. I am thinking going to a bank and do the physical transaction is way to go.
this is probably the way to go. go to the bank with them to get the cashier check and then deposit it and sign the title over. i have a feeling going/meeting at bank filters out some of the scammers.
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Joined Jun 2010
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> bubble2 4,287 Posts
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Original Poster
alMac
08-10-2021 at 11:13 AM.
08-10-2021 at 11:13 AM.
Quote from dayv :
this is probably the way to go. go to the bank with them to get the cashier check and then deposit it and sign the title over. i have a feeling going/meeting at bank filters out some of the scammers.
Thanks!
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YanksIn2009
08-10-2021 at 01:21 PM.
08-10-2021 at 01:21 PM.
Quote from alMac :
Likely true use case. Blockchain comes in handy where each transaction gets validated.
To each his own...would not get near that crypto stuff with a ten foot pole.
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Joined Oct 2010
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YanksIn2009
08-10-2021 at 01:41 PM.
08-10-2021 at 01:41 PM.
Quote from dayv :
this is probably the way to go. go to the bank with them to get the cashier check and then deposit it and sign the title over. i have a feeling going/meeting at bank filters out some of the scammers.

Some sure...You are still susceptible to having a scammer switch the check after receiving it from the teller\bank officer via some slight of hand or misdirection. Unless the teller hands the seller the check directly, you are not guaranteed to be safe from a determined fraudster imo. And just because you are in a good neighborhood and think your neighborhoods\people in your community are not crooks does not make it 100% so.
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Joined Mar 2007
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swantz1984
08-11-2021 at 04:50 AM.
08-11-2021 at 04:50 AM.
Quote from alMac :
Its just the bank transaction is tricky and when you know for sure the money has been deposited and cannot be retrieved back. I am thinking going to a bank and do the physical transaction is way to go.
Just do cash. If you are nervous about the amount of cash meet at the police station.
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prawinready
08-12-2021 at 04:20 AM.
08-12-2021 at 04:20 AM.
Just cash only and take the buyer to the bank , deposit in your account to check to for authentic bills . then sign off title.
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dayv
08-12-2021 at 06:55 AM.
08-12-2021 at 06:55 AM.
i love how people are saying cash only. as if getting your hands on roughly 30k in cash, counting it and depositing it is easy.

he's not selling some hoopdee
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alMac
08-12-2021 at 07:17 AM.
08-12-2021 at 07:17 AM.
Don't think cash is feasible for the large transaction - think cashier's check is the probably way to go; even then the check has to be drawn in the bank. On the other hand dealers and other online sites offers are okay so far.

They have huge mark-up when buying and then selling these used cars.
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Last edited by alMac August 12, 2021 at 07:29 AM.
Joined Jan 2007
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uniquename
08-12-2021 at 12:59 PM.
08-12-2021 at 12:59 PM.
Quote from dayv :
i love how people are saying cash only. as if getting your hands on roughly 30k in cash, counting it and depositing it is easy.

he's not selling some hoopdee
That, and the IRS implications for buyer and seller on a cash transaction of that amount...
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scottee
08-14-2021 at 11:47 AM.
08-14-2021 at 11:47 AM.
Bought a car private sale recently, where the seller was wary of being scammed by a cashier's check, because it happened to him before.

After looking at the car at his house, we went to my bank together to do the transaction there. I offered, I'm fine doing either cash or cashier's check, whichever he preferred. I said if he's fine walking out of the bank with all that cash, I'm happy to do it. After thinking about it, he decided cashier's check. I had him next to me as I got the check from the teller, handed it to him and then we completed the paperwork. He felt safe and it all went smoothly.
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Original Poster
alMac
08-16-2021 at 09:56 AM.
08-16-2021 at 09:56 AM.
Quote from scottee :
Bought a car private sale recently, where the seller was wary of being scammed by a cashier's check, because it happened to him before.

After looking at the car at his house, we went to my bank together to do the transaction there. I offered, I'm fine doing either cash or cashier's check, whichever he preferred. I said if he's fine walking out of the bank with all that cash, I'm happy to do it. After thinking about it, he decided cashier's check. I had him next to me as I got the check from the teller, handed it to him and then we completed the paperwork. He felt safe and it all went smoothly.
Thanks for sharing. Seems like that's the safest way to do it if the buyer agrees to it.

I wonder from the seller does this sale need to be reported to IRS?
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pokerfreak07
08-16-2021 at 11:35 AM.
08-16-2021 at 11:35 AM.
Quote from alMac :
Thanks for sharing. Seems like that's the safest way to do it if the buyer agrees to it.

I wonder from the seller does this sale need to be reported to IRS?
I dont think so, unless you made money on reselling it....
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shhaggy
08-16-2021 at 11:39 AM.
08-16-2021 at 11:39 AM.
If you have any plans to get a replacement car, I would suggest trying to trade it in. They may not be the highest offer specifically, but sometimes the trade is structured to lower the price of the new car, saving you some sales tax. Also, if the car is 3 years old and low-mileage, there's a good chance they'll want it for a CPO, meaning they can slap a warranty on it and sell it for even more. They'll pay you marginally more for that.

Best way to sell a car will always be on your own to another private party, like via a newspaper listing, craigslist, or even just putting a sign on it and parking it in high traffic areas (some municipalities restrict your ability to do this, check local laws). But it's also risky. For a car that will fetch $35k+ easily, it's just 'safer' to sell it to a known entity like a dealer.

I suspect Carvana won't be your best offer but they do make it easy.
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dayv
08-17-2021 at 04:24 AM.
08-17-2021 at 04:24 AM.
Quote from alMac :
Thanks for sharing. Seems like that's the safest way to do it if the buyer agrees to it.

I wonder from the seller does this sale need to be reported to IRS?
IRS no since it isn't a business more a capitol gain. you most likely have to report it to the state though. my state has a form you fill out as the seller. i think they do it to make sure when the car is registered sales taxes are collected or the right amount.
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