JJB236

I need your help, gentlemen. I'm running an ad to sell my 01 996 28k miles for $36k, hopefully... Started at $41k and been lowering it. It's been a month since the ad's been running, and I'm giving this a total of 90 days. I'm gettng a few inquiries but no one came to see the car.

Let's say someone wants it for $36k cash and hands me a cashier's check. Then, do I just sign over my certificate of title and that's the end of that? What if he is getting a loan, what will change?

Can't wait to get 997 C4, and I need to sell my 996 before though. Thanks.

helispud

The last time I was considering a private sale the people at my bank said that you shouldn't trust that a cashiers check is good. They recommended that you and the seller go to either your bank and make sure the money has been transferred to you, or to the buyer's bank to pick up his cashiers check. Only after you are absolutely sure you have the funds should you sign the title over.

If the buyer is getting a loan it should have nothing to do with you. Although it may be possible that funds may come directly from the lender. Once again don't sign the title over till you know the money is good.

Best of Luck, Hope to see you with a 997 soon!

Ucube

No need for hand-delivered cashier's check; ask the buyer to use wire transfer. Once your bank confirms the transfer, then sign over the title. If the buyer's getting a loan, then his lienholder will fund his account and send your bank a wire. Good luck.

JJB236

What about all the related fees? DMV fees, documentation fees, etc? What forms are the obligation of the buyer, other than the certificate of title?

Do I pay all the related 3rd party fees from the selling price or are those the obligation of the buyer, just like the dealer negotiates on selling price but ends up adding registration fees, etc to the selling price?

Leader

When selling a car from private party to private party - a confirmed wire transfer of funds from the buyer's bank into your account is the safest way to insure the transaction.

It is the buyer's responsibility to pay the sales tax (8.25% in Los Angeles), the licensing fees (for plates), and for a title transfer. All of these things can be done with a trip to AAA, which is much faster than going to a DMV office.

In some private sale transactions, it's customary for the seller to pay for the Smog Certificate on the car, if one is needed. Not all transactions require one, and I believe your 2001 would be exempt. Check with a smog station just to be sure.

Putt-Putt

3 sales I was involved in:

1 - sold a car to a local guy. Paid with credit union check, from a local branch. I had my bank call the credit union while he was present, under bank cameras. It all checked out. Got copies of his drivers lic (with picture).

2 - bought 89K c2s in Chicago. Flew out there, test drove the car. Went with seller to Porsche Fin Svc's where I paid most of his lease. He paid the rest. Went to his bank and signed contract under the cameras. He felt confident, and I drove the car to dependable auto shippers.

3 - Sold same Porsche to private party for 73k. Didn't know the buyer. Got check and did not let him fly in to drive the car away until the check cleared his bank (not my bank.. HIS bank).

There's always a small element of trust in each transaction. But, you can take steps to minimize risk.

Leader

I was helping my adult daughter sell her Lexus ES-300 a few years ago. It was a Sunday and a nice couple test-drove the car and said they wanted it at our price ($14k).

The guy then proceeded to count out 140 $100-bills. I took the money, had my daughter sign the title over to him, and they drove away with the car.

As they disappeared down the road, my daughter turned to me and said, "Dad? How do we know those aren't counterfeit $100-bills?"

Of course, we didn't know. But, on Monday morning my bank assured me they were legit U.S. currency...every single one of 'em.

In retrospect this was not a smart move on my part, but the couple looked "right" to me and I gave them the benefit of the doubt.

I did ask him why he was walking around with that much cash on him. He replied, "It's Sunday. We wanted to buy a car today and close the deal today. Cash works on Sunday. Banks don't."

I wouldn't recommend taking cash in a car transaction. Pretty risky.

BGA23

It is also a good idea to either copy or take down the info from the buyer's driver's license. So if there is a problem you have a way to either contact them or their info to report to the police. But just as cashier's checks can be forged a driver's license can be fake so if something with the deal doesn't feel right, walk away from it.

jhbrennan

Same thing happened to my Dad in Carlsbad - I asked him if he knew who's money he was laundering.

richc

I sold one of my BMW cycles last weekend - fellow showed up with 120 of those $100 bills. He'd never ridden one of these bikes, the agreement we'd made prior to his arriving was he'd "buy" the bike before test riding it. I got the money, we executed a bill of sale and he rode off on his test ride. If he didn't like the bike, I would "buy" it back from him when he returned assuming he didn't crash.
We'd been discussing this sale for about 2 months, waiting for enough snow to melt that riding a bike would be possible - I was comfortable with him giving me cash.
When I get contacted by one of those Nigerian buyers, I always request they pay me in Krispy Kreme donuts - I know they're real.

JJB236

Got a bite from the ad. A woman from Arizona wants the 2001 996 tip. I placed the ad at $37,500. She offered me $32K in cash. KBB trade-in value in excellent condition is $32,150, private-party value of $37,235, and retail value of $42,630.

I'm thinking about counter-offering at $34K. Am I being greedy here? Even though it's a 2001, the plus is the low mileage. I need to get this 996 sold before I can get the 997. Suggestions?

sandwedge

What kind of pricing power do you have here? I.E....how many similarly priced 996 tips can the Arizona woman choose between in the west/southwest? I think you need to know this in order to bargain successfully.

Putt-Putt

Can't tell you what to do, but I would thank her and not counter. "Thank you, but.. no." Then sit tight. Last two sports cars I sold, the first month is crickets. The second month, a few lame low ballers. The third month, good offers (sold). The fourth month, better offers than I sold for.

Buyers track ads and wait for sellers to become impatient. Then, they lose to car to a smart buyer that knows they need to strike while the iron is hot.

Leader

You might want to consider answering two questions for yourself: (1) What's the lowest price I will accept for my car? & (2) How long am I willing to wait before selling?

With honest answers to those two questions, all offers are clarified. If someone offers you less than you want before the date you need to sell, tell them, "I'm not ready to lower my price just yet, but I'll write down your offer and call you if I can't get my price in the next few weeks."

If the person wanted your car bad enough to make an offer, they might rethink their 'low' offer when they consider that someone else may buy the car for a little more.

richc

First, decide what you will take for the car.
Then I would counter her offer - if nothing else, it keeps the dialogue going and you're more likely to sell the car with an active buyer than one you brush off. Come back a bit below $34k, getting closer to her offer can't hurt.