Best way to sell a new(ish) car on Long Island??? (Accord: 2013, lease)
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Let me start by saying I've bought and sold about 10 cars in my life, so I'm not new to this by any means. I know how to play the game, but my current situation has me a bit intimidated.
I have an 11-month-old 2013 Honda Accord EX-L (sedan) with Navigation. The car has less than 8,000 miles and is pristine. This car was $30,000 (plus taxes, warranty, etc.). While it makes zero financial sense to sell a car so soon after purchasing it, my needs have changed in the last year and I'd like to sell it if possible.
Here are my two concerns/challenges: the price I'll be asking, and the lien on the car.
For the price, Kelley Blue Book shows $26,600 as the price for a private sale, and $23,800 for the trade-in value. While I've sold several cars to private parties over the years, they've always been older and thus far less expensive - It's not terribly difficult to find a buyer with $5K-$8K in the bank. Clearly I'd much rather sell to a private party, but I imagine it will be fairly difficult to find a buyer with $26K lying around. I'm sure most people would sooner go to a dealership, spend the $30K on a new one, and finance it (like I did).
As for the lien, I financed the bulk of the purchase price through a bank. As such, the title (which says there's a lien on it) cannot be transferred to a new owner until the lien is satisfied. This creates a bit of red tape to get through which I imagine would be a turn-off to some buyers.
So, considering the relatively high asking price (for a used car) of around $26K, and the fact that there's a lien on it which will need to be satisfied, what is the best way to sell this car while getting the most possible money out of it? I doubt going to a dealer to trade it in would net me the amount of money I'm hoping for, but it's definitely the most convenient. However, I anticipate that if I try to sell it privately it will just sit. I've heard that CarMax is pretty good, but still a bit on the cheap side, since they have to re-sell it after all (also, their closest location is almost 2 hours away from LI). Does anyone know of any other options? Are there any dealers on LI that have a reputation for paying more for trade-ins than others? Tips? Advice?
I think you already know the answer....you're gonna have to bite the bullet and sell it to a dealership and then satisfy the lien if you don't get enough to do so. I cant imagine myself personally buying a used car, paying $25,000+ in cash for it, and then having to wait for you to satisfy the lien so I can take possession. For that amount of money, if I had the cash, I'd buy a brand new car with a brand new warranty. I also don't think anyone with that kind of cash lying around is looking to buy a Honda. Not that there's anything wrong with Honda's, I have one myself.
Try competitor-brand dealerships, and dealers that keep large used-car inventories. Late model Hondas are very desirable used cars, so you may get more than the KBB trade-in value from a dealer who's trying to win you over to a different brand. I got a great trade-in value on a Honda CR-V last year by going to a competitor - I'll DM you the details.
I think you already know the answer....you're gonna have to bite the bullet and sell it to a dealership and then satisfy the lien if you don't get enough to do so. I cant imagine myself personally buying a used car, paying $25,000+ in cash for it, and then having to wait for you to satisfy the lien so I can take possession. For that amount of money, if I had the cash, I'd buy a brand new car with a brand new warranty. I also don't think anyone with that kind of cash lying around is looking to buy a Honda. Not that there's anything wrong with Honda's, I have one myself.
I agree. I'm concerned that people with that much cash to spend on a car are either looking for new, or something higher end.
Just to be clear though, selling a car with a lien on it doesn't mean the buyer will have to "wait" for the lien to be satisfied to take ownership. The buyer and I would simply work together with the bank to immediately satisfy the lien. The bank then provides the necessary paperwork for the buyer to take to the DMV in order to put the car in his/her name. I don't remember the exact details, but I've done it once before and it was actually quite easy for myself and the buyer. It's just a little intimidating at first if you're unfamiliar with the process.
I don't know what the balance on the lien is, but why don't you transfer it to the would-be-owner, rather than paying it off?
Do you mean for the new owner to assume the financing? The buyer would have to get approved through the financing company to just assume the loan (Great credit, income, etc...)
I just recently paid off my car, and at the same time decided to lease another vehicle. When paying off the car I asked my bank how soon I would get my lien release info. They told me in NY it can take weeks to get that, so going to a bank quite possibly could take you a bit of time before you could still transfer it to the new owner. Just be sure with your bank.
I just recently paid off my car, and at the same time decided to lease another vehicle. When paying off the car I asked my bank how soon I would get my lien release info. They told me in NY it can take weeks to get that, so going to a bank quite possibly could take you a bit of time before you could still transfer it to the new owner. Just be sure with your bank.
You're correct, but if I'm not mistaken, the bank provides you with temporary paperwork to allow the buyer to put the car in his/her name while waiting for the official title in the mail. Like I said, I don't remember the exact details, but I have done this once before and the buyer was able to take immediate ownership of the car.
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