I would never consider selling a car after only having if for a short period of time. When I buy I usually keep the car for at least 15 years. Got to get my moneys worth.
Thanks for the comment. I tap out on a car at around 7 years, so yes you are very correct that there is more value to be had by keeping it closer to 15, but I tend to like new technology and a lot of changes take place in 7 years' time. I wish I had your discipline!
That's actually a pretty fare mark-up. Could you have received more money if you sold it privately on FB Market Place or Craig's List? Probably, but you would have worked for that extra money. No shows, tire kickers, broke people, the guy who calls you after six months demanding his money back because the trans went out, etc, etc.
Great video! I sold my 2021 4Runner to Carvana today based on your recommendation. I’m in upstate NY and drove it to their dealership at time of appointment and was done in 10 minutes. Similar situation, just saw 1 employee in the business. Didn’t haggle on price, he took a Quick Look and drive and check had already been printed in envelope, pulled it out and handed it to me and I was done.$38600, same as Carmax offer. Agree 100% about not selling private. You can’t tell if check is good til it clears 5 days later, at that point it’s no longer insured and you could be out the full amount!
Congratulations! and thanks for commenting. The whole Carvana process was a bit mysterious when I began which is what prompted me to document it as I went along. I'm glad it was helpful to you.
Thanks! It was an interesting experience. I thought it would be a straight forward topic, but Carvana made me jump through hoops. I'll be keeping my eye on the MINI to see how long is stays for sale...
Tried selling my car Pvt party. Total pain in the azz. Already sold some in the past. Nothing changed. Scams, stupid phone calls and no shows. Sold to carvana in one day and got a fair price for the car. Whatever they sold it for, good for them.
Thanks for the comment. I had not sold a car private party in over 20 years, and just didn't feel up to having my guard up on possible "difficulties" that I might not even be aware of. Going with a place like Carvana, at least I was prepared for the experience.
A $6400 markup is 30%, if Carvana gets their asking price, so I consider what they paid you to be a fair price. What surprised me is how fast they turned it around.
Thanks for your comments. I was a little surprised too, but I knew that I turned in a really clean car that should need little if any attention. I think they gave it a bath, and took photos and it was online for sale.
I was going to sell to Carvana because a friend did it like 7 years ago when they were new. Thankfully, I read everything. She changed her mind about the car and had her original car returned. Now on their site, it clearly states if you sell them a car and cancel, even after one day, they keep your car and pay you the price they agreed in writing to buy the car for, in 10-15 days. If your car is paid for, you may want to think twice about selling it because you're going to be stuck with a car note from them or somebody else. WTS: They do have some nice cars on their site.
Thanks for the comment. I was wondering if they periodically mark cars down that have been sitting in inventory as I don't know if/how one makes an offer to buy at anything other than the posted price since you're dealing with a website.
Trucks, insurance, labor, maintenance, and all the stuff that goes into their operations costs make the math no so simple. Gross profit and net profit are two completely different things. You can't just subtract purchase price from selling price and say, "thats the profit..."
Good points! I thought it was interesting to see from my sale to Carvana and the quick turnaround to their re-sale just what that number was. Thanks for commenting.
It's somehow fun to be able to see what they list and sell your turned in car for as they do it so quickly. I think most people don't follow up once they sell to Carvana, but as you have seen it's pretty easy to find it. If I recall, I got an e-mail advertising mine to me as I had been looking at other MINI cars on their site. To this day they still think I want to buy another MINI and I get an e-mail almost every day. Thanks for commenting.
Hi there as a female with no male help I am so grateful for this. May I ask you to do two videos 1. one is a good service that buys a person's car for parts only? 2. Teach we females how to compare leasing a car versus buying one Thank you for thinking of others by sharing your great knowledge.
Thank you for your comments. I appreciate your suggestions and think that I can do one of them justice, but the one on selling a car for parts is something I have no experience in. As for leasing vs. buying, I'll have a look at how I can best contribute to the conversation and frankly my help will probably be similar regardless of gender. Don't sell yourself short and remember that sometimes being female is a superpower - even when we're talking about the car business. So, I'll see what I can come up with, and in the meanwhile don't forget that there are many resources to help in evaluating leasing vs. buying.
@@MyAutomobileObsession Hey often when we women walk into a dealership they see "sucker" running across our foreheads. You help us a great deal. I am so excited to see your lease v buy: I am subscribed and have notifications on. It was so awesome the way you presented an Informed (your long-term experience); and your fair objective (the good and the bad review) that lent great credibility to your info
@@RUAGoodNurse Thanks for your reply. Can you give a couple of highlights on what you might be looking for in a lease vs. buy video? It's a large topic and want to help you zero in on the areas where you are most looking to learn from. That may help me with a proper jumping off point.
@@MyAutomobileObsession Sure let me see if I can put together a cohesive highlight. Of course since my problem is not knowing about it, I don't know how great it will be. Will check in soon
Was there anything the dealer had to put into your car? Maybe they put new tires on it? Maybe they went through and did a quick tune up on it. You'd have to look at what they put into your car. Also they have a markup so then they can make money but it's usually an average because some cars need more money invested in them than others. I don't see the problem. They gave you a price and you took it. You can always negotiate.
Thanks for your comments. You're absolutely correct that I don't know what reconditioning took place and I have no disputes with Carvana selling my car for a profit. The only certainty was that I replaced tires about 4 months earlier (before deciding that I was going to sell). The main reason for making this video was frankly my fascination with the process and the quick turn around as Carvana bought my car on a Tuesday and had it up for sale the following Monday. Quite efficient!
@@MyAutomobileObsession I'm not sure if carvana and carmax operate in the same manner. But if you ever saw the video on vinwiki with Robert Pitts AKA rabbit. He talks about the tires and how CarMax would always put a brand new set of tires on every car. Sometimes removing perfectly good expensive tires to put on cheap new ones. If you haven't seen it, I definitely recommend it
You may be right, but it's hard to get them to increase an offer to buy. You can use Edmunds to get an idea as they sell them a little off of those numbers that may help you justify whether it's a good deal to sell or not. You can also get a quote from a competitor (like Carmax). If you're not in a hurry, you have time to confirm that you're getting a fair (and the best) price possible. Good luck!
I went to Carmax with my 13 year old Acura MDX AWD and they offered me $550 .. It was in great condition but had 320,000 miles , bought new - all highway miles. I decided to sell it out right as many people at my work offered to buy it for at least 2 and 3 thousand... as they know it was well taken care of by me for 13 years. I decided to sell it to my sister for one thousand as she needed a nice size SUV . After 7 years now she still owns the car and runs great. I currently have two automobiles now , a 2017 and a 2023 truck I bought last summer. If I was selling a car , I would get a price from Carmax and Carvana .. then call up different dealerships in my area to see if they could beat Carvana's price. If you got the KBB "trade in" price at Carvana then you did ok.
I'm sure you are telling the truth, the problem is that EVERYONE who is trying to sell a high mileage car claims 'HIGHWAY MILES!, 'METICULOUSLY MAINTAINED!"....almost always it's lies.
@@MrSloika well customers have to understand if you buy a used car .. you will have to allocate more money every year for maintaince .. such as belts, hoses, struts, tires, brakes , maybe transmission rebuilts .. but you are paying alot less than the new car. I drive alot and have always bought new and keep most of my cars will the end .. I change the oil regularly , new plugs, filters etc and they last and last.
Thanks for your comment. It can be hard to sell a 13 year old car mainly for the perception that it must be old and in poor condition, or that something expensive can go wrong at any point. If you think as a buyer looking at cars for sale, it might take a little extra time to match a buyer to a well maintained older car with 320,000 miles on it. I have heard that both CarMax and Carvana will give lowball offers for cars that they don't really want to buy, but it does feel a little insulting to receive an offer like that.
I feel you get robbed. When I sold my car, I compared Lexus dealers to carmax , carvana. I let them bid and compete and finally carmax bought mine for 32000$. after a couple of weeks it was listed for sale at 36000$. so they made 4000$. They fixed some dings and paint I guess maybe profit margin is 2500$. Carvana ripped u off and they would rip the buyer off again by charging very high interest rates, on top of the profit they made on you.
Thanks for your comment. Well, one of the reasons that I sold to Carvana was it was quick, (mostly) easy, and I didn't have to become involved with the subsequent owner. I gave them a car that was ready to sell, but it was also 8 years old and was coming up on scheduled maintenance that I preferred to let them sort. I don't think you make the max on selling your used car unless you do it privately by yourself and I live in a big town where the risks of fraud and scams make private party selling a big undertaking with a less certain outcome. So, I chose the path that I did, and chose not to fret about it. But you're right, I could have gotten more.
Thanks for the question. No, not a dealer and no license. I'm only making videos as a part time to document things relating to mostly buying and sometimes selling cars.
Thanks for your comment and compliment (or at least that's how I'm accepting it!). I always felt the same about where to find a good used car - because they do exist. However, I was never able to find a suitable answer. Happenstance was the only case in which I sold a car privately. On three occasions over the years I have sold cars to friends who knew how well I kept my cars and were interested when I mentioned that I was planning to sell/trade, so it worked out because there was mutual trust.
I was originally planning on keeping the MINI for a few months while I settled into the Grenadier and wanted to be sure that it was all I was hoping it would be. Also, I'm not a big fan of trading cars as dealers can be tougher to work with when numbers keep moving around in the deal. I try to keep the sale transaction separate. Thanks for commenting!
I think they make the majority of their profit on vehicle financing? And prey on people with poor or no credit. They will pay anything for a shiny car from a dealer they can complain to. Good job
Thanks for the comment - I don't disagree with you. I wasn't planning to make this video, but Carvana had my car turned around faster than I was able to sell it to them, so I thought it would be interesting to share and compare what I got to what they want for it. I know I can be a bit wordy...
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I would never consider selling a car after only having if for a short period of time. When I buy I usually keep the car for at least 15 years. Got to get my moneys worth.
Thanks for the comment. I tap out on a car at around 7 years, so yes you are very correct that there is more value to be had by keeping it closer to 15, but I tend to like new technology and a lot of changes take place in 7 years' time. I wish I had your discipline!
That's actually a pretty fare mark-up. Could you have received more money if you sold it privately on FB Market Place or Craig's List? Probably, but you would have worked for that extra money. No shows, tire kickers, broke people, the guy who calls you after six months demanding his money back because the trans went out, etc, etc.
Thanks for the comment. That was my feeling exactly.
Great video! I sold my 2021 4Runner to Carvana today based on your recommendation. I’m in upstate NY and drove it to their dealership at time of appointment and was done in 10 minutes. Similar situation, just saw 1 employee in the business. Didn’t haggle on price, he took a Quick Look and drive and check had already been printed in envelope, pulled it out and handed it to me and I was done.$38600, same as Carmax offer.
Agree 100% about not selling private. You can’t tell if check is good til it clears 5 days later, at that point it’s no longer insured and you could be out the full amount!
Congratulations! and thanks for commenting. The whole Carvana process was a bit mysterious when I began which is what prompted me to document it as I went along. I'm glad it was helpful to you.
This car should sell quickly. The only issue is peoples debt. High debts and the interest rate will be higher. Its a great looking car.
Thanks! It was an interesting experience. I thought it would be a straight forward topic, but Carvana made me jump through hoops. I'll be keeping my eye on the MINI to see how long is stays for sale...
Tried selling my car Pvt party. Total pain in the azz. Already sold some in the past. Nothing changed. Scams, stupid phone calls and no shows. Sold to carvana in one day and got a fair price for the car. Whatever they sold it for, good for them.
Yup. Selling a car yourself literally attracts every dim-bulb and creep in a 50 mile radius.
Thanks for the comment. I had not sold a car private party in over 20 years, and just didn't feel up to having my guard up on possible "difficulties" that I might not even be aware of. Going with a place like Carvana, at least I was prepared for the experience.
A $6400 markup is 30%, if Carvana gets their asking price, so I consider what they paid you to be a fair price. What surprised me is how fast they turned it around.
Thanks for your comments. I was a little surprised too, but I knew that I turned in a really clean car that should need little if any attention. I think they gave it a bath, and took photos and it was online for sale.
I was going to sell to Carvana because a friend did it like 7 years ago when they were new. Thankfully, I read everything. She changed her mind about the car and had her original car returned. Now on their site, it clearly states if you sell them a car and cancel, even after one day, they keep your car and pay you the price they agreed in writing to buy the car for, in 10-15 days. If your car is paid for, you may want to think twice about selling it because you're going to be stuck with a car note from them or somebody else. WTS: They do have some nice cars on their site.
Good points! Thanks for commenting.
With the way America has changed for the worst I would never sell private party.
Sad but true. Thanks for commenting.
What Carvana is asking and what they ultimately sell it for, is often a different thing.
Thanks for the comment. I was wondering if they periodically mark cars down that have been sitting in inventory as I don't know if/how one makes an offer to buy at anything other than the posted price since you're dealing with a website.
@@MyAutomobileObsession they do mark them down after they get a few cobwebs on them. but it isn't much, like 500 at time
I feel like that was a fair deal. They have to make money and not dealing with BS is worth it sometimes.
Thanks for the comment. That's how I was feeling about it. No regrets.
Trucks, insurance, labor, maintenance, and all the stuff that goes into their operations costs make the math no so simple. Gross profit and net profit are two completely different things. You can't just subtract purchase price from selling price and say, "thats the profit..."
Good points! I thought it was interesting to see from my sale to Carvana and the quick turnaround to their re-sale just what that number was. Thanks for commenting.
I sold my car to Carvana and they sold it 2 weeks later for $2000 more than they paid me so it was a 2k profit less expenses for them...
It's somehow fun to be able to see what they list and sell your turned in car for as they do it so quickly. I think most people don't follow up once they sell to Carvana, but as you have seen it's pretty easy to find it. If I recall, I got an e-mail advertising mine to me as I had been looking at other MINI cars on their site. To this day they still think I want to buy another MINI and I get an e-mail almost every day. Thanks for commenting.
Hi there as a female with no male help I am so grateful for this. May I ask you to do two videos
1. one is a good service that buys a person's car for parts only?
2. Teach we females how to compare leasing a car versus buying one
Thank you for thinking of others by sharing your great knowledge.
Thank you for your comments. I appreciate your suggestions and think that I can do one of them justice, but the one on selling a car for parts is something I have no experience in. As for leasing vs. buying, I'll have a look at how I can best contribute to the conversation and frankly my help will probably be similar regardless of gender. Don't sell yourself short and remember that sometimes being female is a superpower - even when we're talking about the car business. So, I'll see what I can come up with, and in the meanwhile don't forget that there are many resources to help in evaluating leasing vs. buying.
@@MyAutomobileObsession Hey often when we women walk into a dealership they see "sucker" running across our foreheads. You help us a great deal. I am so excited to see your lease v buy: I am subscribed and have notifications on. It was so awesome the way you presented an Informed (your long-term experience); and your fair objective (the good and the bad review) that lent great credibility to your info
@@RUAGoodNurse Thanks for your reply. Can you give a couple of highlights on what you might be looking for in a lease vs. buy video? It's a large topic and want to help you zero in on the areas where you are most looking to learn from. That may help me with a proper jumping off point.
@@MyAutomobileObsession Sure let me see if I can put together a cohesive highlight. Of course since my problem is not knowing about it, I don't know how great it will be. Will check in soon
Look at thier overhead cost if you factor that in they probably net 3000.- 3500. A unit
Good point! Thanks for contributing.
Was there anything the dealer had to put into your car? Maybe they put new tires on it? Maybe they went through and did a quick tune up on it. You'd have to look at what they put into your car. Also they have a markup so then they can make money but it's usually an average because some cars need more money invested in them than others. I don't see the problem. They gave you a price and you took it.
You can always negotiate.
Thanks for your comments. You're absolutely correct that I don't know what reconditioning took place and I have no disputes with Carvana selling my car for a profit. The only certainty was that I replaced tires about 4 months earlier (before deciding that I was going to sell). The main reason for making this video was frankly my fascination with the process and the quick turn around as Carvana bought my car on a Tuesday and had it up for sale the following Monday. Quite efficient!
@@MyAutomobileObsession I'm not sure if carvana and carmax operate in the same manner. But if you ever saw the video on vinwiki with Robert Pitts AKA rabbit. He talks about the tires and how CarMax would always put a brand new set of tires on every car. Sometimes removing perfectly good expensive tires to put on cheap new ones. If you haven't seen it, I definitely recommend it
I am getting a quote of 10k for my car. I now wonder how much they will sell it for. Prolly 15-17k. I should try to get 11-12k from them really!
You may be right, but it's hard to get them to increase an offer to buy. You can use Edmunds to get an idea as they sell them a little off of those numbers that may help you justify whether it's a good deal to sell or not. You can also get a quote from a competitor (like Carmax). If you're not in a hurry, you have time to confirm that you're getting a fair (and the best) price possible. Good luck!
I went to Carmax with my 13 year old Acura MDX AWD and they offered me $550 .. It was in great condition but had 320,000 miles , bought new - all highway miles. I decided to sell it out right as many people at my work offered to buy it for at least 2 and 3 thousand... as they know it was well taken care of by me for 13 years. I decided to sell it to my sister for one thousand as she needed a nice size SUV . After 7 years now she still owns the car and runs great. I currently have two automobiles now , a 2017 and a 2023 truck I bought last summer. If I was selling a car , I would get a price from Carmax and Carvana .. then call up different dealerships in my area to see if they could beat Carvana's price. If you got the KBB "trade in" price at Carvana then you did ok.
I'm sure you are telling the truth, the problem is that EVERYONE who is trying to sell a high mileage car claims 'HIGHWAY MILES!, 'METICULOUSLY MAINTAINED!"....almost always it's lies.
@@MrSloika well customers have to understand if you buy a used car .. you will have to allocate more money every year for maintaince .. such as belts, hoses, struts, tires, brakes , maybe transmission rebuilts .. but you are paying alot less than the new car. I drive alot and have always bought new and keep most of my cars will the end .. I change the oil regularly , new plugs, filters etc and they last and last.
Thanks for your comment. It can be hard to sell a 13 year old car mainly for the perception that it must be old and in poor condition, or that something expensive can go wrong at any point. If you think as a buyer looking at cars for sale, it might take a little extra time to match a buyer to a well maintained older car with 320,000 miles on it. I have heard that both CarMax and Carvana will give lowball offers for cars that they don't really want to buy, but it does feel a little insulting to receive an offer like that.
I feel you get robbed. When I sold my car, I compared Lexus dealers to carmax , carvana. I let them bid and compete and finally carmax bought mine for 32000$. after a couple of weeks it was listed for sale at 36000$. so they made 4000$. They fixed some dings and paint I guess maybe profit margin is 2500$. Carvana ripped u off and they would rip the buyer off again by charging very high interest rates, on top of the profit they made on you.
Thanks for your comment. Well, one of the reasons that I sold to Carvana was it was quick, (mostly) easy, and I didn't have to become involved with the subsequent owner. I gave them a car that was ready to sell, but it was also 8 years old and was coming up on scheduled maintenance that I preferred to let them sort. I don't think you make the max on selling your used car unless you do it privately by yourself and I live in a big town where the risks of fraud and scams make private party selling a big undertaking with a less certain outcome. So, I chose the path that I did, and chose not to fret about it. But you're right, I could have gotten more.
Do yo have a dealer license of sorts if so which one, and do you make a good living doing this, and do you only sell to other dealers?
Thanks for the question. No, not a dealer and no license. I'm only making videos as a part time to document things relating to mostly buying and sometimes selling cars.
As someone that would have paid all cash for your car, how do I find regular people like you that normally would not consider selling private party?
Thanks for your comment and compliment (or at least that's how I'm accepting it!). I always felt the same about where to find a good used car - because they do exist. However, I was never able to find a suitable answer. Happenstance was the only case in which I sold a car privately. On three occasions over the years I have sold cars to friends who knew how well I kept my cars and were interested when I mentioned that I was planning to sell/trade, so it worked out because there was mutual trust.
Since you have already sold your car to Carvana, Is it safe to say that Trading it in with Ineos was a no deal?
I was originally planning on keeping the MINI for a few months while I settled into the Grenadier and wanted to be sure that it was all I was hoping it would be. Also, I'm not a big fan of trading cars as dealers can be tougher to work with when numbers keep moving around in the deal. I try to keep the sale transaction separate. Thanks for commenting!
I think they make the majority of their profit on vehicle financing? And prey on people with poor or no credit. They will pay anything for a shiny car from a dealer they can complain to. Good job
Thanks for the comment. It's a good point that car dealers focus on less obvious ways to profit and I think you might be 100% on target.
Seems this could have been a 2 minute video
Thanks for your comment. It probably should have been. I can be a bit wordy...
This video is a nothingburger. Is it noteworthy that Carvana flips cars for a profit? Does any private seller have the marketing presence of Carvana?
Thanks for the comment - I don't disagree with you. I wasn't planning to make this video, but Carvana had my car turned around faster than I was able to sell it to them, so I thought it would be interesting to share and compare what I got to what they want for it. I know I can be a bit wordy...