How hard is it to sell a used car? (Or long Lexus dilemma if you dare)

[Blissful_in_TX]

I have a 2001 Toyota Camry that I bought towards the end of 2000…..nine years of loyal service and under 60,000 miles. I hadn’t really considered getting a new car, but DH has been bringing it up b/c of the safety features in newer cars and since I’m carting around the little ones. Okay, so after some research we think the Lexus ES350 would be a good, reliable, safe car. Still not sold, but considering it. DH found an out-of-town 2008 Lexus ES350 with less than 5,000 miles (early lease return). We had a 3rd party inspect it, and it’s in immaculate condition.

So then we compare it to a new 2010 Lexus – same style. They would trade in my Camry for $5,000, and that would put the 2010 Lexus $5,000 more than the 2008 used Lexus. I hope I said that right ….basically the price difference between those 2 cars would be what I could sell my Camry for.

The pros of the 2010 (besides obviously being 2 years newer and would benefit down the road when I sell/trade is) is a some sort of backing up sensor that will tell you if you’re about to hit something (DH says you have press a button first). AND I wouldn’t have to worry about selling my Camry since it’d be a trade-in. The 2008 has chrome wheels that are an extra $2,000, not a big deal to me. But it’s still $5000 or so saved (depending what I sell my Camry for). And what if I kept that car for 10 years and then passed it on to DS? Or would that still be too nice a car for a 16 year old?

Or should I hang on to my Camry a while longer until the new Lexus prices go down? Neither party will budge on the price and there are no new 2009s left in our area.

Obviously I’ve thought about this so much I can’t tell up from down anymore, so any thoughts would be appreciated.

[tbb113]

Amy - you will get more money for your Camry if you sell it privately but you will have the hassle of selling it. 2008 vs 2010...have you checked out the difference in insurance costs?

And at least around here a 16 year old would take any car offered to them (assuming they fit in the car...mine turned down an old Civic since he literally barely fit in the car )

[MaryMac]

I would also suggest trying to sell your Camry by yourself. We just listed a car last week, on Craigslist, and sold it in three days for $2,500 more that we would get in trade-in. We were so surprised at how many calls we received in those three days considering it was an all-wheel drive vehicle.
Can't give you any advise on the purchase, but do know that you'll do better if you sell your car vs. trade-in.

[hollysmom]

Advertise it as a 'Dave Ramsey" car on Craigslist, etc.- that will get it some traffic. You could also sell it on EBay. Low mileage dependable cars will bring big money.

SSM

[blazedog]

You will of course get more money if you sell it yourself than in a trade-in as all things being equal the dealer is paying wholesale. Of course you shouldn't expect to get as much as a dealer would get either. As I recall edmunds.com and bluebook.com give a good idea of what cars will bring in a private sale.

One really should completely separate the negotiation on the price of the car from the financing and the trade-in because it's a way dealers can "play" around with the actual "price" of the car -- which should be your sole consideration.

As to whether to do a private sale or not, it really depends on whether the differential between the trade in price and probably private selling price is worth it to you in terms of hassle -- and also in terms of there being some amount of risk since you are inviting people into your house and car to view an expensive item. My father used to sell cars rather than trade them in and generally (as other people have written) it's relatively easy to sell highly rated cars like a Lexus or Honda because they are in demand.

[leightx]

I don't think you have anything at all to lose by listing the car on Craigslist, and getting buyers to meet you at the grocery store or some other public location. It's free, you should find an interested buyer within the first few hours (if not, your price is probably too high), and you'll get more than you would from the dealer. We've sold 2 cars this way, and wouldn't dream of trading a car in anymore. There's no point in taking a $1-2K loss just because you don't want to hassle of meeting a potential buyer. Go to Edmunds and figure out the value of your car, and then list it for that (or a few hundred less) on Craigslist. You should be able to find a buyer within a day or two, at most.

I'd sell the Camry myself and then get the 2010 Lexus. My guess is your DH is wrong about the back-up sensor. We've had those in our last 2 vehicles (Ford Expedition and Infiniti FX35), and they work automatically when the car is in reverse. Unless by button, he means Reverse.

[Blissful_in_TX]

Thanks all, it looks like selling it myself is the way to go.

After hemming and hawing, I decided to go with the 2008. There are a couple things I preferred about that one, and in the end it is several thousands in $ difference. Though the other obviously had it's advantages; it was a tough decision. I'm super excited!

Now to get busy on cleaning all the kids stuff out the Camry. I've had that car before I even knew DH!

[hollysmom]

DRop some $$ and have it detailed. It is like 'staging' your house.

SSM

[Cafe Latte]

autotrader.com is a good place to sell a car as well. We've sold one in a couple of days on that site in the past. I don't think it was expensive to post it, but it's a also good place to see what the same car is selling for in your area, both private and by dealers. Good luck.

[krhm]

Originally Posted by hollysmom

DRop some $$ and have it detailed. It is like 'staging' your house.

SSM

I agree with this, especially if you have kids, because that car can be messy! It can make a huge difference on the sale. We've sold cars ourselves before and while it can be a bit of hassle, the extra money made was always worth it.

[luv2cook]

Sounds like you have your mind made up. Prices on Lexus rarely drop. If you have a backup camera, that means you have navigation, if I am not mistaken? Toyota makes a great car (Lexus). You can't go wrong. But if the price difference for the 2008 and 2010 isn't that much payment wise, I would have gone for the newer one...