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My dad bought me a 2002 Jeep Liberty Sport for 4k at an auction. I wanna sell it and buy a new car by Christmas time. I'm sending it back to the auction. Do you think it'll get sold soon considering the fact that it's an SUV and jeeps are pretty popular? It's mileage isn't all that high.
If there is no minimum bid or reserve, it will sell at the first auction. If there is a high minimum bid or reserve, it may not sell at all. Some auction goers do not like minimum bids. With a minimum bid or reserve, it is just selling a car. You may as well put it in the paper and on craigs list for a fixed price.
Often I end up getting excited about the competition at an auction and end up paying more than I otherwise would have for an item. Winning is part of the fun. However if the same item had a high minimum bid, I would not bid on it at all, even if the minimum was below the price I might otherwise pay. I do not go to auctions to go shopping. I go for fun and to try to get a deal. If there is no possibility of a good deal, I am not interested. Sometimes I may get into the bidding and decide to just buy something that I want even if it is no longer a bargain, but I always start out anticipating a bargain.
Thus if you want to sell it, take a risk and put a very low or no minimum bid or reserve on the Jeep. Just make certain that the auction house gets enough people to have some competition.
What do you expect to get for it? Not knowing exactly what options it has or the mileage, I can just guess, but I would say you are going to be lucky to get around $3k for it at auction. I looked up recent auction sales on Liberty Sports and they were anywhere from $2k for a basic model to $5k for a decked out limited 4WD. This is the time of year to sell a vehicle like that, but I wouldn't get your hopes up of making a killing on it.
The rest is like Coldjensens said. If you set no reserve, it will sell because someone will bid on it. Of course doing that means you might not get what you want for it. Have you looked at trading it in at the dealer you want to buy the new car from? You might end up breaking even versus going to the auction once you count in the fees at the auction and the offset to your tax liability on the new car.
My dad's really the one in control of this right now. I'm too far away to have a say. I told my dad to consider trading but he felt that he'd get ripped off. There's no max or min bid on it.
My dad bought me a 2002 Jeep Liberty Sport for 4k at an auction. I wanna sell it and buy a new car by Christmas time. I'm sending it back to the auction. Do you think it'll get sold soon considering the fact that it's an SUV and jeeps are pretty popular? It's mileage isn't all that high.
What did your Dad have to say about you doing this?
You would be much better off selling the truck yourself. If he's worried about getting ripped off at a dealer he should be scared to death of auctions. Your truck has no reserve on it so it could sell for almost anything. I've been to small auto auctions where the bidding started at $100 and yes I have seen a few pretty decent cars sell for just a few hundred dollars.
I myself bought a 94 Trans Am for $1500 back around 2000. It was just about mint with 80K on the Odo. There were only a dozen people there and it was winter time. Trans Am's were not in demand.
Tell you dad to sell the car himself. He's really taking a risk with the auction.
Now. That being said... How long does it take to sell a car yourself. That depends on the asking price and the condition. I sold an older car with extremely low miles and in perfect condition last summer. My asking price was considerably higher than the norm as the car was basically a brand new 11 yrs old car. I took about 100 phone calls, showed the car about 20 times and did maybe 6 or 7 test drives. In the end I got exactly what I was asking and the car went to a great home just a mile from my house. The whole process took about 3 months.
A few years back when I sold that Trans Am I got from the auction I listed it just slightly above other cars I saw listed. The asking price was $6500 and the third or fourth guy that called came and looked at it and paid cash. Whole process took a week.
My dad bought me a 2002 Jeep Liberty Sport for 4k at an auction. I wanna sell it and buy a new car by Christmas time. I'm sending it back to the auction. Do you think it'll get sold soon considering the fact that it's an SUV and jeeps are pretty popular? It's mileage isn't all that high.
My dad's really the one in control of this right now. I'm too far away to have a say. I told my dad to consider trading but he felt that he'd get ripped off. There's no max or min bid on it.
You would be much better off selling the truck yourself. If he's worried about getting ripped off at a dealer he should be scared to death of auctions. Your truck has no reserve on it so it could sell for almost anything. I've been to small auto auctions where the bidding started at $100 and yes I have seen a few pretty decent cars sell for just a few hundred dollars.
I myself bought a 94 Trans Am for $1500 back around 2000. It was just about mint with 80K on the Odo. There were only a dozen people there and it was winter time. Trans Am's were not in demand.
Tell you dad to sell the car himself. He's really taking a risk with the auction.
Now. That being said... How long does it take to sell a car yourself. That depends on the asking price and the condition. I sold an older car with extremely low miles and in perfect condition last summer. My asking price was considerably higher than the norm as the car was basically a brand new 11 yrs old car. I took about 100 phone calls, showed the car about 20 times and did maybe 6 or 7 test drives. In the end I got exactly what I was asking and the car went to a great home just a mile from my house. The whole process took about 3 months.
A few years back when I sold that Trans Am I got from the auction I listed it just slightly above other cars I saw listed. The asking price was $6500 and the third or fourth guy that called came and looked at it and paid cash. Whole process took a week.
So there's a lot of hope for me? It'll be sold soon?
There's no way to predict how long it'll take to sell. It all depends if there is a buyer somewhere out there that wants a vehicle like yours and the price you're willing to accept for it. It could be a matter of hours or even several weeks.
There's no way to predict how long it'll take to sell. It all depends if there is a buyer somewhere out there that wants a vehicle like yours and the price you're willing to accept for it. It could be a matter of hours or even several weeks.
I'm just asking if it'll most likely be sold soon b/c it's an SUV and jeeps are common.
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