Selling a Used Vehicle in Todays Market - Sale Pending Questions ?? -

[Zip-in-Z]

Been shopping around for a new SUV hoping G.M. would be announcing some major discounts/incentives considering they were shut down & recently opened up Detroit & the 2021's will be rolled out sometime in October.

Getting quotes from dealers they sure are hungry and prices for trading in my Acadia, you don't get much for trades, your basically paying them to take it off your hands.

Been advertising here since May 18th in the Vehicle BST as well Kijiji, had one semi serious fella from R/D but he decided to buy someone else's truck and a bunch of Kijiji low ball tire kickers bugging me.

I made sure my SUV was the lowest price of all the 2014 Acadia Denali's in Ab at $19,300. Mine's in great shape, well looked after, Dealers would be selling it for $20-24K, plus GST.

Not sure if it's the current market conditions or what, has anyone here had any luck selling a decent vehicle privately, any tips or tricks to share ?

Appreciate your thoughts.

Cheers

David



Link to my A/O ad .... lots of info/pic's but no P/M's.


http://www.outdoorsmenforum.ca/showthread.php?t=381739




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[fishtank]

If you are not in a hurry to sell just keep driving it. Until a buyer comes along I tend to do that with my stuff I will just keep it , a few occasions the price actually appreciated...

[kinwahkly]

I've been in the pre owned business for the past 30 years. Theres a huge adjustment in wholesale values now and comming. Auctions not fully running and US buyers holding tight so dealers wont pay up on trades unless mint condition. Just hang on as the market adjusts.

[Zip-in-Z]

Tks fella ... I'm in no rush to buy new, I'm sure the Major MFG's will be offering cash incentives to more inventory, but not getting much luck from the average person looking for a used vehicle. Was thinking to many people in Ab aren't working & it's our local economy but maybe not.

D.

[HyperMOA]

Just a thought to consider. Hertz just went bankrupt a couple weeks ago. That may soon flood the used car markets. Higher supply and lower COVID demand may make for an awful time to be selling. Just my thoughts.

[Peace Meal Farm]

Look for a broker. They purchase the vehicle from you and take the darn thing across the border to the US. The purchasers are buying with Greenbacks, so they're seeing savings of ~30% right now. It can be a great way to sell a medium-priced vehicle.

Ironically, the sale of Canadian used vehicles to US buyers depletes our own supply of used cars. It artificially keeps the cost of used vehicles high, and in turn makes new vehicles comparatively attractive to potential buyers.

Otherwise, in my experience anything over $10k is a pain to sell. That seems to be the most that folks tend to have 'on hand'. Much more that that and most people need to access financing, and given the current climate there aren't a ton of people lining up to take on more debt.

Good luck with your sale.

[bagwan]

Unfortunately brokers buying for the american market want low mileage vehicles. My wife no longer drives much and I sold her 2018 SUV to a local dealer. May have lost a few bucks but it was painless. They did not send it south.

[bat119]

Financing is a problem with private deals, big banks don't bother with small loans anymore unless you have a line of credit instead they go through car dealers to get higher interest rates.

[calgarychef]

Everything that’s for sale has a price it won’t sell at, as the price lowers it sells more readily. Pricepoint is important.

Without referring to your price as I don’t know if it’s good or not I’d say that buying at a dealership gives me a bit of safety against liens, stolen vehicles etc. I almost always buy used vehicles from individual sellers so I’m not advocating for the dealers. If I buy privately I want a much better deal than at a dealer otherwise there’s really no incentive.

[Zip-in-Z]

Appreciate the add'l comments, I believe starting with a fair & reasonable price is very important. Dealers are offering me between $15-17K as a trade, I know most private buyers expect to negotiate a reduced price, the tires on the vehicle have 20K or more life remaining, I'm prepared to drop my price another $1K for a set of new tires, maybe that's what it will take. But if I do that the buyer will still expect to negotiate a further reduction, then I may as well just trade it.

Over 500 views & no one has commented how long it took them to sell a vehicle over the past month or so and what they had to do to sell it?

Got a green meeting ... check in later.

D.

[Dean2]

If you aren't in a rush advertise it in the Autotrader here and in the states. I have found it to be consistently better than Kijiji, not near as many time wasters and low ballers. If you want to unload it fast take it to the auction as soon as the Canada U.S. border is re-opened.

[W921]

If I buy something I always think to myself,if I sent this thing to auction right now how much would I get? Thats what its worth.
My son thinks something is worth whatever someone might give him after months of dealing on the internet with people. He does sell a lot more stuff than me.

[Dean2]

With respect to how long it takes for things to sell. I have sold a boat, a bicycle and a vehicle in the last couple of months, the boat and bike just the other day. Lots of interest, all moved within 2-5 days of being put up for sale. There is lots of demand for boats, quads and other toys at all price points. The vehicle was only 10,000 so it moved fast, lots of calls, first guy that came to see it bought it.

[JB_AOL]

Honestly, in today's market, unless you have to sell, I'd pull it and wait. Everyone is looking for deals, so u won't get top dollar. Also, don't trade in.

There's a huge market correction coming with new cars and it'll jack the prices of used. But when that happens I'm not sure.

[HuyFishin]

Luckly I sold my 2012 to an american dealer before covid.

I had offers off 17g for my f150. Sold it to the USA for 21g and they listed it for 28g american LMAO

[HuyFishin]

Anyone that makes an offer before even looking at the vehicle I would just ignore them.

[1899b]

In the first two weeks of the pandemic lockdown, 500,000 people throughout the country asked for a mortgage deferral for the following month. It’s probably worse now. That right there is your current economic market.

[Smoky buck]

Originally Posted by 1899b

In the first two weeks of the pandemic lockdown, 500,000 people throughout the country asked for a mortgage deferral for the following month. It’s probably worse now. That right there is your current economic market.

And a lot of guys also taking wage cuts and cuts to their hours

[pinelakeperch]

Tough economy is probably the biggest one. Also, not a lot of people have $20k sitting around, and if they do, they're not using it to buy a $20k car. Additionally, buyers can likely get a lower rate (and some perceived peace of mind) buying a $20k car through a dealer.

[kevinhits]

Originally Posted by Zip-in-Z

Been shopping around for a new SUV hoping G.M. would be announcing some major discounts/incentives considering they were shut down & recently opened up Detroit & the 2021's will be rolled out sometime in October.

Getting quotes from dealers they sure are hungry and prices for trading in my Acadia, you don't get much for trades, your basically paying them to take it off your hands.

Been advertising here since May 18th in the Vehicle BST as well Kijiji, had one semi serious fella from R/D but he decided to buy someone else's truck and a bunch of Kijiji low ball tire kickers bugging me.

I made sure my SUV was the lowest price of all the 2014 Acadia Denali's in Ab at $19,300. Mine's in great shape, well looked after, Dealers would be selling it for $20-24K, plus GST.

Not sure if it's the current market conditions or what, has anyone here had any luck selling a decent vehicle privately, any tips or tricks to share ?

Appreciate your thoughts.

Cheers

David

Having the same issue selling my trailer as well...Zero hits since posting 2 weeks ago......I knew it was going to be tough based on all the camping restrictions...LOL



Link to my A/O ad .... lots of info/pic's but no P/M's.


http://www.outdoorsmenforum.ca/showthread.php?t=381739




[/URL]



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[Spidey]

Originally Posted by JB_AOL

Honestly, in today's market, unless you have to sell, I'd pull it and wait. Everyone is looking for deals, so u won't get top dollar. Also, don't trade in.

There's a huge market correction coming with new cars and it'll jack the prices of used. But when that happens I'm not sure.

What kind of new vehicle market correction are anticipating? It seems as though new vehicle pricing and 0% financing incentives would be moving the price of used vehicles downward.

[Ken07AOVette]

Selling an expensive higher-end vehicle is always difficult.

Anyone go into a dealer right now, get the best deal they have ever seen on a brand new vehicle with 3 months worth of payments made, buy at employee pricing or better, 0 percent interest and a bunch of extras thrown in over 60 - 84 months. Minimal payments and zero interest.

The American market is softening because or our dollar is climbing odd as that seems.

Anyone handing over $20g has the ability to go buy new.

Where is the incentive to buy used?

It has never been more difficult than right now.

(GM is still spelling DENIAL wrong lol)

[JB_AOL]

Originally Posted by Spidey

What kind of new vehicle market correction are anticipating? It seems as though new vehicle pricing and 0% financing incentives would be moving the price of used vehicles downward.

Once people can't make payments on their new vehicles, and have no choice but to buy a used vehicle (ie cheaper). Interest doesn't matter as it's just a couple extra payments on the back end.

Dealerships are severely hurting right now, my friend works at a local one, and they went from 110 employees down to 13, all because sales (both new and used) essentially dried up, and that was in March.

A correction is along time coming in automotive sales. Imho when a OEM has to put incentives out almost monthly, they know their vehicles are overpriced and just trying to make a sale. Yet the dealerships are bigger and fancier than ever.

[Dean2]

Originally Posted by JB_AOL

Once people can't make payments on their new vehicles, and have no choice but to buy a used vehicle (ie cheaper). Interest doesn't matter as it's just a couple extra payments on the back end.

Dealerships are severely hurting right now, my friend works at a local one, and they went from 110 employees down to 13, all because sales (both new and used) essentially dried up, and that was in March.

A correction is along time coming in automotive sales. Imho when a OEM has to put incentives out almost monthly, they know their vehicles are overpriced and just trying to make a sale. Yet the dealerships are bigger and fancier than ever.

Well it is certainly taking a long time for the deals to kick in. I bought a new 2020 Grand Cherokee in Jan this year. So far, I can't find a cash deal cheaper than what I got it for. With the huge dump in sales volume you have to think there is going to be some massive sales to move the inventory. They literally are running out of space to store them. I am at a loss to understand what the car companies are thinking. Perhaps they fear that with no demand, even very low prices or good terms won't make a difference right now and they are holding off till things open up more.

[The Elkster]

Today's vehicle market is all about financing for most people so if you aren't offering financing on anything other than a dirt cheap used car or pricing it very aggressively most buyers will likely go to dealers. Most people view dealers as "safer" as well so again if you aren't offering a steal of a deal they are likely to go with the perceived safer option.

With all the car plants down that'd help with inventory issues. Not as much pressure to clear out existing vehicles if new models aren't on the way. I'm sure volumes are way down but I'm betting dealers would rather lay off staff then sell any vehicle at a loss. Be interesting to see what the flood of rental cars will do to the market.

[JB_AOL]

Originally Posted by Dean2

Well it is certainly taking a long time for the deals to kick in. I bought a new 2020 Grand Cherokee in Jan this year. So far, I can't find a cash deal cheaper than what I got it for. With the huge dump in sales volume you have to think there is going to be some massive sales to move the inventory. They literally are running out of space to store them. I am at a loss to understand what the car companies are thinking. Perhaps they fear that with no demand, even very low prices or good terms won't make a difference right now and they are holding off till things open up more.

U can see it already just driving around, there used to be "new" inventory on the dealership front line almost weekly. I've driven to red deer twice in the past 6 weeks. Almost every dealership had the exact same cars on the front row. I'm a car guy so I recognize this stuff.

Have u actually tried to haggle a cash offer? But in this time with low sales volume they may be less willing to move on price. Specifically if your not financing (where they make their money). Basically if they one sell one car, need to make alot of money off it.

You'll see deeper price cuts in the fall when they are still sitting on this (last year's model year) autos.

Also when the gov't handouts end and the "temp" layoffs finish, you'll see alot of deals on next to new vehicles and used prices in the $10-20g range will go up.

[AB2506]

My daughter was trying to buy a 2019 Toyota RAV4 LE AWD. Unfortunately it sold before we got to Lethbridge to look at it. Then there seemed to a slug of the same color and model available. We were told it was likely rental vehicles that had been purchased at auction by various dealers.

Those cars would be great if you got one that was driven respectfully, but if they weren't you might have a lemon.

Went to Canyon Creek Toyota and found they had a number of 2019 RAV4 LE AWD and they were motivated to sell. It was a painless experience, perhaps the best of MY life. Robert Eaton is the best sales person I have dealt with ever.

The daughter loves her new RAV4.

[Erik]

The economy has just taken the biggest real (not nominal) wollop in the last century. In Alberta, this is compounded upon an existing recession and a preceding one with just a bleak recovery in between and almost no Federal help between them. The uncertainty of the future given recent events makes asset pricing of any sort a risky endeavour. People can't make out what a loaf of bread should be worth right now, let alone a big ticket item such as a car. Best of luck.

[AndrewM]

Originally Posted by Erik

The economy has just taken the biggest real (not nominal) wollop in the last century. In Alberta, this is compounded upon an existing recession and a preceding one with just a bleak recovery in between and almost no Federal help between them. The uncertainty of the future given recent events makes asset pricing of any sort a risky endeavour. People can't make out what a loaf of bread should be worth right now, let alone a big ticket item such as a car. Best of luck.

Yet atv’s, boats and camping units are selling like crazy. Suspect lots of people aren’t driving right now so not in a rush to grab a vehicle. Also most people live paycheck to paycheck so financing is their only route. They don’t care about the total payment, just how much they need to spend every couple weeks.

[pinelakeperch]

Originally Posted by AB2506

My daughter was trying to buy a 2019 Toyota RAV4 LE AWD. Unfortunately it sold before we got to Lethbridge to look at it. Then there seemed to a slug of the same color and model available. We were told it was likely rental vehicles that had been purchased at auction by various dealers.

Those cars would be great if you got one that was driven respectfully, but if they weren't you might have a lemon.

Went to Canyon Creek Toyota and found they had a number of 2019 RAV4 LE AWD and they were motivated to sell. It was a painless experience, perhaps the best of MY life. Robert Eaton is the best sales person I have dealt with ever.

The daughter loves her new RAV4.

It's purely anecdotal, but I bought an ex rental car that never gave me a single issue. It was a 2011 Volvo C30 R-Design. Bought in 2012 with 21k on it.

Rental companies still service their cars, and the cars still retain their factory warranties. I wouldn't hesitate to buy an ex rental car again.