Do I Keep My Car or Trade It In? Kelley Blue Book

To your personal information, so be prudent throughout the vehicle sale process and on the lookout for scams. Finally, if all the titleholders can’t be present, you might be able to bring specific paperwork depending on your state that will allow CarMax to buy the car. We recommend calling CarMax ahead of time if this situation applies to you. As we mentioned above, CarMax differs from other car-selling sites because it requires you to visit a physical location to finish the deal. CarMax has 244 locations nationwide, but there are no locations in Montana, North Dakota, South Dakota or Wyoming. If you don’t like the vehicle, you can return it within 30 days with their money back guarantee and either choose a new one or search elsewhere.

How long does a CarMax selling offer last?

If your vehicle is regularly stored in a garage, it can be smart to have it professionally detailed. The alternative is to wash and wax the vehicle yourself.

Buyers faced with a car with no logbook may worry that the seller has taken out a ‘logbook loan’. This involves borrowing money using your car as security, handing the logbook over to the lender as security until the loan is repaid. These can be checked against the car to make sure the logbook is for that particular vehicle. Americans spend a lot on their cars — common repairs average between $500 and $600, according to AAA — so those scams can be expensive. Survey respondents with luxury car s who reported scams lost an average of $1,275, while those with less pricey cars lost $764 on average. Repair costs – If the warranty on your current car has expired and you fear the costs of impending repairs, replacing it with a vehicle with warranty coverage makes some sense.

Our team has experience selling a car to CarMax in person and we found the process was quick and easy after a short wait in the waiting area. Instead of getting an online offer, you can also just stop by your local CarMax to get one on the spot. You don’t need to bring anything besides your vehicle for an offer. But if you want to sell it that day, you’ll need some more information, which we cover below.

How to Prepare Your Car For Sale

As mentioned, check your state’s rules on the title transfer. When a potential buyer wants to take a test drive, always accompany the person, regardless of what kind of collateral they offer. The potential buyer may also want to bring someone else along. Plan a test drive that’s short and sticks to populated areas. If your buyer wants more time, let the person ask you for it.

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A network of trusted dealers will bid on your car and you can choose the best price. If you want to sell your car through carwow, you will need your V5C document. An SUV owner in Florida says he took his sport-utility vehicle to a repair shop a few years ago and paid $1,150 to have two new catalytic converters installed. When the engine light stayed on after the car was serviced, he took it to a local car dealership’s service department and learned that the new parts had never been installed. He says it appeared that the repair shop had simply spray-painted the old parts to look new. If you really want to be thorough and plan on selling the car to a private party, your first step should be to take your car to a mechanic for a full inspection. This will usually cost between $150 and $250 – but make sure they spend at least an hour on the vehicle.

Now is the time to find the best ways to sell a car! The pandemic has created a shortage of cars in the United States, and used cars are in high demand. Discuss with the potential buyer their plans and yours, and be honest about your limitations. When both parties are comfortable, it paves the way for a successful sale. If you originally bought the car from a dealer, remove any contract or completed credit application from your glove compartment or owner’s manual. You wouldn’t want this information to fall into the wrong hands as it may contain your social security number and any previous addresses. Before handing over any service records to a potential buyer, block out any sensitive and personal information.

A car’s depreciation rate, especially for the first several years, is the best gauge for keeping your ride or trading it in. At a point, some automobiles might begin to appreciate again, as in our 1969 Camaro example earlier. However, in nearly every case, if you keep a car long enough, it will depreciate to its scrap value. In other words, keep a car long enough, and its only value will be to a junkyard.

Our team received CarMax offers of $12,000 for a 2016 Chevy Equinox and $11,400 for a 2017 Kia Sportage. Below, you can see how these offers compare to each vehicle’s KBB trade value. You can make an appointment by calling the location nearest to you, but an appointment isn’t necessary.

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