Slickdeals is community-supported.ย  We may get paid by brands for deals, including promoted items.
Forum Thread

Where to Sell a used car

4,287 1,574 August 5, 2021 at 08:27 AM in Autos
Deal
Score 0
3,684 Views

Thread Details

Last Edited by alMac August 6, 2021 at 09:44 AM
0 Deal Score
3,684 Views
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!
Add a Comment
Report Reply

41 Comments

View Forum Thread

Your comment cannot be blank.

Sign up for a Slickdeals account to remove this ad.

Joined Jun 2010
L9: Master
> bubble2 4,287 Posts
1,574 Reputation
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.
Reply
Joined Jul 2005
killroy was here
> bubble2 12,166 Posts
1,384 Reputation
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.
Reply
Joined Jun 2010
L9: Master
> bubble2 4,287 Posts
1,574 Reputation
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!
Reply
Joined Oct 2010
L10: Grand Master
> bubble2 6,403 Posts
1,389 Reputation
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.
Reply
Joined Oct 2010
L10: Grand Master
> bubble2 6,403 Posts
1,389 Reputation
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.
Reply
Joined Mar 2007
Straight Cadillac Pimpin
> bubble2 2,021 Posts
637 Reputation
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.
Reply
Joined Oct 2011
L5: Journeyman
> bubble2 500 Posts
86 Reputation
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.
Reply

Sign up for a Slickdeals account to remove this ad.

Joined Jul 2005
killroy was here
> bubble2 12,166 Posts
1,384 Reputation
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
Reply
Joined Jun 2010
L9: Master
> bubble2 4,287 Posts
1,574 Reputation
Original Poster
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.
Reply
Last edited by alMac August 12, 2021 at 07:29 AM.
Joined Jan 2007
Free hugs!
> bubble2 16,512 Posts
854 Reputation
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...
Reply
Joined Mar 2009
L5: Journeyman
> bubble2 607 Posts
182 Reputation
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.
Reply
Joined Jun 2010
L9: Master
> bubble2 4,287 Posts
1,574 Reputation
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?
Reply
Joined Dec 2012
L5: Journeyman
> bubble2 690 Posts
513 Reputation
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....
Reply
Joined Jun 2005
L6: Laser Lotus
> bubble2 21,668 Posts
1,409 Reputation
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.
Reply

Sign up for a Slickdeals account to remove this ad.

Joined Jul 2005
killroy was here
> bubble2 12,166 Posts
1,384 Reputation
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.
Reply
Page 2 of 3
Start the Conversation
 
Link Copied

The link has been copied to the clipboard.