So what are the top 3 ways a smart person gets rid of their current car before obtaining a new one?
To find this answer, we will use a hypothetical 2010 Honda Accord LX with 85,000 miles with a TrueCar Market price of $11k.
Path #1: Sell through private party (direct)
The most money you’ll get is from doing the work yourself to list and sell via private party. This is where you can expect to get the $11k market value + or – 5%.
>Best sites to sell private party: Craigslist.org, Cars.com, Autotrader.com, 5 Miles app
But alas….most people are too lazy to sell private party and/or to research how to even do it correctly. Therefore that leads us to…
Path #2: Sell through private party (indirect)
There are new services coming online every year that are bridging the gap between your laziness and their know how. These sites are set up to do the heavy lifting of selling private party, for a fee of course.
> Best site hands down is http://www.shift.com.
For instance, on a Honda Accord with a market value of $11k, you will get a Shift guaranteed quote for $9,500. Though the guaranteed quote of $9,500 is what you will make from the car regardless of what it ends up being sold to someone for, Shift will attempt to sell it at that $11k market and split the difference with you for how much over the guaranteed price that they can sell it for.
You can check out reviews on how this generally works here: https://www.yelp.com/biz/shift-los-angeles-2
Note that Shift.com is currently available in Los Angeles, Orange County, Sacramento, San Diego, San Francisco & Washington, D.C.
Side-note: for buyers of cars through Shift.com, you have 5 days or 200 miles to return it with no questions asked too. (But never buy a car from the same place you sold yours to.)
Path #3: CarMax
> Know that your local CarMax should always be a last result. Where a trade in offer may give you $4,500, CarMax buys at wholesoale and will give you about $6,500 for your Honda Accord.
You should also know the two golden rules of CarMax: 1. there are locations with appraisers who are more generous than others. For instance, in California, the Burbank CarMax gives much higher purchase quotes than the LAX location. 2. You are never ever to buy a regular car from Car Max. They are overpriced AF. Which of course they are, they’re paying you more than a typical dealer, so they’re going to inflate the car price on the back end as well.
But what you never ever ever want to do is trade in your car at any dealership for a new one. Wrote a song about it, like to hear it hear it go: https://thisiswhyubroke.wordpress.com/2012/01/02/the-lost-decade/
**Bonus option**: don’t sell it at all and use it to generate income from Turo.com. For those who are interested in giving Turo a spin, use my code to receive $25 for a free car rental: https://turo.com/referral?code=833269rcY47f
Learn more about cars in general by reading the book: