I have a 2002 toyota 5 speed manual - camry SE. I’m wanting to sell it, but it has damage in the back on the drivers side. I got a quote from for $1100 to completely fix it. That’s all the damage it has and it’s in really good running condition. I had the appraisal from car max. I’m trying to get a car that I can buy out right and not have payments (around $5,000 to $7,000). I owe a little under $9,000 for my current car. It was priced at around $12,900 (kelly blue book) without the damage.
My question is would I make out better if I sell the vehicle to a dealer and do a trade-in with the damage.
Or should I spend the money to fix it, knowing I want to get another car where I would have little to no payments.
Or should I sell it on my own and should I do that with or without the damage.
Thanks I know this is probably a very basic question, but I am really stuck as in what to do, since I don’t have a lot of money.
first off; get a couple of estimates for the damage.
second; why do you want to get another car, when you own this one? can you get enough $$ from the payoff to buy another car that is dependable (you hope!)?
you mention kelly blue book. have you priced the car for “private party sale” value lately? is that price going to cover your loan and give you enough $$ to buy the next car with no loan? (and that is assuming you will get the full value, (and this is not even considering whether you deduct for the repair)
as far as the repair goes, yes you will get more money for the car if it is without dent. the car will sell alot faster with the dent repaired. BUT… fixing the dent may not be more cost effective than discounting the price of the car by $1100, (or whatever the cost of the repair is)
wait a minute…
you owe 9000.
damages 1100.
equals 10100.
car is worth ___ 12900.
minus owed amt 10100.
available $$ ___ 2800.
how can you buy a 5000 to 7000 with 2800 in cash and have NO payments???
you are still short $$ why do you want to get rid of the car? sometimes your desire to “get out” of a car is going to cost you more $$ than it is worth.
He may have some cash in savings too…
I sold a damaged truck once. It was a pickup that was hit head on in a snow storm, but the truck still ran and drove fine. I took the insurance money (they totaled it), bought the truck back for $500.00, got an estimate to fix it, subtracted the estimate from the KBB value of the truck w/o damage and that was my selling price. Sold it in a week for my asking price.
So I think you logic is just fine; subtract the estimate from KBB value. Worked for me:) I think private sale is your best bet though.
Sorry, I mean “she”
If you trade the vehicle you will get bottom dollar for the vehicle. The vehicle is essentially a hassle for the dealer and they want to be compensated. Its highly doubtful they will fix it but rather sell it off at auction or a place that sells/fixes damaged vehicles.
Unless you have already spent the $1100 at least you collected in insurance money(you must have insurance since financed) I would go to a few body shops and see what they can do.You’ll come out more ahead that way.
sorry i wasn’t clear. I probably will only get about $2800 from the sale (i hope) extra to have to use towards another car. Then I’d have to take out a smaller loan ($3 to 4k) that I could easily pay off rather than the 9,000 loan that I owe on it now. I’m just trying to get out of my payments quicker and looking for the best solution.
Thanks Loafer I think I will try that first. I just wasn’t sure people actually did that and got a good price. If I post the car with the estimate for the damage and show the subtracted price, maybe I’ll get a taker.
I’m trying to move cross country to cali and wanted to get an suv because I could carry more stuff w/o having to rent a truck. Plus a 5 speed on the hills of cali, not really looking forward to that. LOL
You’re also making a huge assumption that your car is going to sell for far more than you owe on it based on a KBB book value which is often not real worldish.
If you want to know what the real value is check eBay for comparable year/mileage/conditon vehicles and see what they bring.