08-19-2013, 08:47 PM | #23 |
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This is true. In fact the best offer I got last year was from an overseas buyer. There are some guys I know who have sold their cars to overseas buyers.
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08-19-2013, 08:51 PM | #24 | |
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First you sign a bill of sale and have it notarized. This is a legal contract which commits you to delivering the car once the buyer delivers the funds. Second you ask the guy to wire you the money to your bank account. My bank Charles Schwab can create a temporary receiving wire account for the transaction so I don't need to give away my real bank account information. This is what I did. Once the funds are received into the account you deliver the car and sign over the title (I think you just sign the back of the title and maybe a title transfer form). There is a slight risk if the buyer wants to pay with Cashier's cheque. In this case you should do the transaction in a bank branch so they can validate the cashiers check before you sign over the title.
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08-19-2013, 11:03 PM | #25 | |
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Thanks for the information How do you deal with people wanting to test drive the car? I would think that some people just want to take it for a ride without being serious. |
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08-19-2013, 11:07 PM | #26 | |
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In fact every single enquiry I had was from out of state. The guy who bought it hired a professional vehicle appraiser locally to drive it. I was fine with that. And that was the only guy who drove it the entire time I was selling it. Then he bought it sight unseen based on the feedback of the appraiser and had it shipped back to his house in TX.
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08-19-2013, 11:16 PM | #27 | |
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08-19-2013, 11:18 PM | #28 | ||
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08-20-2013, 10:58 AM | #29 |
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If you have a good relationship with your dealer you might be able to run the private sale thru them. Meaning you have someone willing to buy your car privately, but you then 'sell' your car to the dealership you're buying the new car from with the stipulation that they then sell your old car for the agreed upon price to the new buyer. The advantages for the buyer of your car is that they can then use the dealerships financing and warranty resources, and for you you get to keep the trade in tax advantage.
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08-20-2013, 11:08 AM | #30 |
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My M5 had an MSRP of 93k and bought it for 86K in october and just recently sold it with 5k miles to a nissan dealer for a '14 GTR. They gave me 83k for the M5 which was pretty surprising.
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08-20-2013, 01:40 PM | #32 |
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Actually they say they lost money on the GTR. I bought it 1k below invoice, but there is probably manufacturer kick back and stuff like that. I doubt they lost money on the GTR. The M5 on the other hand, it will be a tough sell to make money on it. Just couldnt pass up the deal
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08-20-2013, 02:09 PM | #33 | |
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At a non bmw dealer they do one of two things. Call a local dealer to get a buy rate on it. In essence they will sell the car to the other BMW dealer after your transaction is done at the price they quoted you. A lot of dealers do not want to hold on to high end model of makes they do not sell. In the case of the M5 a lot of dealers know they are sitting on stagnant inventory so they feel the buy rate is much lower, say 75. The second is if the dealer wants to keep the car they will just look up the manheim auction price (called the MMR in the industry). That currently is 84K which is an average of auction sales of that model. That is one of the reasons they want the vin so much to plug it into manheim to get the exact model match (the other obviously is to check history,etc). So if they want to keep the car, which is seems they wanted to with yours, they often low ball a grand or two from the MMR. Two BMW dealers recently offered me 52 and 53 for my loaded A7 (b&o, innovation, etc) because they got those quotes from the MMR which is 54. Its crap though because the aution prices do not include the auction fee of transportation so the dealers really do low ball. |
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08-20-2013, 04:16 PM | #34 |
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$80k on a $200k car after 1.5 year of ownership and 13k kilometers on the clock. Looks like they all become around "$80k" no matter if you bought it for $100k or $300k
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