Tuesday, September 27, 2011

How to sell a 2010 Honda that is not perfect?

I've got a hybrid Honda for which I'm paying the bank more than I can afford on the car loan. The car has been involved in one accident but was totally repaired, but it also has a cigarette burn on the driver's seat. Should I try to sell it as a private party, or take it to someplace like CarMax to sell it? I've got to find a car under $3000.00 and get rid of the car payment. THANKS!|||Just a quick mention... keep in mind that unless you put down a huge chunk when you bought it, you'll be upside-down on the car to the tune of thousands of dollars. You'll need that money in the bank to cover whatever the difference is between what you sell it for and what you owe.





CarMax isn't some magic place that gives folks thousands of dollars over book value on cars. They do about the same as other dealers. Private party will always be your best bet, but you MUST be realistic on the value. If you owe $20K on a now-used 2010 car, and folks can buy a new one for $20K, why would they buy yours when it's been in an accident and has damage to the interior?





Good luck, but realistically this might be harder than you think.





**EDIT -- To comment on the first poster... having someone "take over the payments" does NOT relieve the seller of liability on the car. The car must stay registered and insured in the seller's name until it's paid in full and a transfer of ownership takes place. Plus, keep in mind that doing this goes against the agreement signed between the buyer and the lender. Seriously, search this forum for a few pages, look for those questions that ask "made agreement to have so-and-so take over payments, they quit paying, we can't find car, help!!!" They're everywhere. Folks look at this as a magic way of getting out of a car payment, when it is anything but.|||Well just sell it like any other car, any way you can. you can sell it by having somebody LEGALLY take over the payments and pay you about 1/3 to 1/2 of what you have payed off and just cut your losses. put it on Ebay, craigslist, in the newspapers, or go to wherever you financed your car and try to refinance it so that you have lower payments each month. a good car for under $3000 should be easy to come across.|||private party will bring you more money

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