I accepted a job offer overseas and I cant take my car. I am now trying to sell my car, I am not a car salesman so I am finding it difficult.
I am only getting offers for half of what I still owe on the car! I have a 2011 Mitsubishi Outlander Sport, FWD Automatic. Its a great car and I bought it new, still in good condition a few scratches and dings but nothing major. How could my car only be worth 1/3 of the original purchase price in 3 years? I have to leave in a week and have no idea on what to do with my car. Is there a miracle I conjure up to get what I owe on it at least? Help! I need a lot of help.
Your car is technically 4 model years old, Mitsubishi is in trouble and that does not help with value, and they do depreciate quickly.
If the vehicle is worth X dollars retail then you cannot expect to get anywhere near that on a direct sale to a dealer.
So how many miles on this thing and roughly what do you owe on it? What you owe and what the car is actually worth are not related to each other.
I think the best price you’ll get quickly is from a medium sized (50-100 cars) used car lot that is full of vehicles like yours (1-5 years old, very clean).
As usual, I agree with ok4450.
When people buy a car on credit, after a few years it is not unusual for the car to be worth less than is owed on it.
Then, when you factor in the reality that Mitsubishi is circling the drain in the US marketplace, you are going to have even faster depreciation than you would have with a vehicle made by a manufacturer that is in good shape financially.
I wish that I had a good suggestion for the OP, but unfortunately I don’t, and I think that she is likely to get a better price than she is currently being offered only if she is lucky enough to find a buyer who is unsophisticated and who is unaware of Mitsubishi’s precarious circumstances in The US.
You might try CarMax, they’ll give you a bid, no obligation. But the above are right, it’s a less-desirable vehicle because of Mitsu’s problems. If you owe more than it’s worth, you’ll have to make up the difference. In the future, get shorter loans (36 months).
You have to leave in a week. No way you’ll be able to sell it on Craigslist fast enough.
Like insightful said, shop it around to some used car lots and take the best offer. You’re going to have to bite the bullet and take a big loss, no way around it.
No miracles. Suck it up and move on.
2/3 depreciation over 4 years seems a little high, but not beyond reason. And w/the car make, not totally unexpected either. The reason most folks don’t encounter this problem is b/c, first they buy a better selling brand, one that sells a big volume of cars, and they keep the car longer than 4 years, or they trade it in on a new car at the 4-5 year point, at which point the dealership wheeler-dealer paperwork confuses the issue enough they don’t realize they are ponying up some extra dough to cover the amount over the loan they still owe. But you have neither of those options. Welcome to the world of car depreciation. On the plus side, the amount per day depreciating now is not nearly the amount you encountered the day you drove it off the lot new.
But all that’s water under the bridge. It’s not your fault and you can’t do anything about it even if it was. So what to do? For the best price, while you are still here, no harm done to advertise it yourself. Try not to let on you are in a hurray. That only brings on big bad shark behavior. Say you have plenty of time but there are other buyers interested, so if the buyer is remotely interested, they’ll be more likely make an offer straight away.
I expect you’ll still get no offers good enough though. So you need a back up plan. You need to find someone – a friend, co-worker, relative – anybody who will sell it for you after you have left. I had an uncle years ago that bought and sold cars like other people buy soda pop. It was sort of a hobby for him. Do you know anybody like that? Make it worth their while. Say you’ll give them everything they get beyond the loan amount. You net nothing, but at least you don’t have a cash contribution to make as a result of the sale. And the person who does the job for you might make some pretty good cash if he finds the right buyer.
We had a need to sell a vehicle in a hurry years ago. I went to the dealer that I bought the car from, explained the situation and had to write a check for the difference between the loan balance and what they would pay. We did what we had to do and never looked back.
“What you owe and what the car is actually worth are not related to each other.”
Words to live by @ok4450 … words to live by. Most all things are worth only what you can sell them for. What you think an item is worth and what it’s really worth are two completely different animals.
Most of the Mitsubishi lineup has had a lower resale value than the similar Honda/Toyota model. There’s been a perception that Mitsubishi’s don’t hold up as well in the long term and are harder to find parts for. Been going on for many years so it’s not just the companies near death status but that never helps things.
If you’re still upside-down on a 2011 car at this point, I’m afraid I need to point out that you financed too much and bought a car that you really couldn’t afford. When you return in the future and buy another car, it would be better to look for something priced more in line with your means.
How could it be worth 1/3 of what you owe ? It’s a Mitsubishi . Next car, buy from a larger more stable manufacturer, like GM. 
Selling a car to the right person takes time you don’t have. Is there a family member or friend you could trust to help sell the car after you move ? Offering them a % of the sales price might get you the money you want in a timely fashion, but not before you leave. I think it’s worth a try.
You can’t.
I once bought a running seven-year-old Ford Falcon from a foreign student who was headed home in a couple of days, never to return. I gave him $10. He was happy to get it. I gave it to my girlfriend the next semester. Both of them got away shortly afterwards.
Since you don’t have the title, selling it can be tricky and time consuming. Sell it back to a dealer and lick your wounds…You will probably need to have the cash balance ready to clear the loan…Otherwise, park the car and keep making the payments…
Where did you get the idea she doesn’t have the title?
"I am only getting offers for half of what I still owe on the car! "
Usually, the finance company or bank hold the title until the loan is paid off…
In Oklahoma we have title and on the title is a line showing who holds the lien ( bank or finance co ) After the loan is paid you can pay 10.00 and have a clear title but it is not necessary. Besides I think the OP has left the country.
The OP leaving the country has little impact on these threads which can take on a life of their own…
I think, the best option is to discuss the matter with your nearest car repair shops. They can offer you the best prices as well.
“discuss the matter with your nearest car repair shops. They can offer you the best prices as well.”
If you are directing that advice to the OP, then I think you are too late.
Based on what she stated in her original posting, it appears that she left The US over one week ago.