Selling my car - 'Cash for Cars' companies

Forums › Transport (cars, bikes and boats) › Selling my car - 'Cash for Cars' companies - Anyone used them?

Benoire

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#275649 2-Sep-2020 11:00

I've got a 2009 BMW 550i in pretty good condition inside (and pretty much fully specced as far as I can tell from the VIN) however it has suffered paint degredation despite it being looked after... I now no longer use it for a daily runner, I ebike to work normally or work from home so its sitting on the driveway and effectively burning money on insurance and maintenance. I contacted Turners who gave a breif appraisal and said that they would be unwilling to buy it but it should sell private; however in the current environment I'm seeing a few older 550i's sitting on trademe for months without shifting. It was suggested that I have a look at the car cash companies as a comparison and see how much they would offer compared to a potential price on Trademe etc.

Has anyone used a cash paying companies for buying cars? I'm curious to know how low ball they go and whether people have found it worth the time especially for cars that are mechanically sound (I've spent ~5K getting the engine to a good state), good quality inside etc.?

If anyone else has shifted their cars recently, how was the responses to any private ads or trademe stuff? Sitting a long time or went quite quick.

Thanks,

Chris

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#2555497 2-Sep-2020 11:06

These types of companies generally buy cars to scrap so expect very low offers. Best bet is chuck it on Trademe / facebook and undercut similar cars if you want to shift it quickly

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kobiak

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#2555498 2-Sep-2020 11:07

it would be 40-50% less of what you could get selling privately. Again depending on the state of the car. turners already said no as they don't see quick turn around for the car.

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Benoire

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#2555501 2-Sep-2020 11:12

Yep that is what I took from them was that the market is slow moving and the car, while in a 'reasonably' good state, won't be a quick seller and will sit on their books for some time I feel... hence the question around the cash buyers as a method of getting rid given I don't need it and the longer it sits there the more of a liability it may become... Services are ~700NZD, repair work can be anything although the engine is good now so its general car wear amplified by BMW prices.... Turners did suggest they may offer $5K which would be in line with their private price appraisal.

thewabbit

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#2555511 2-Sep-2020 11:28

I'd say they'd probably give you a few $100 - that's it. The ones sitting on TM are probably overpriced, need to sell at the price the market is buying

gbwelly

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#2555566 2-Sep-2020 12:30

Gird your loins and put it on Trademe with a really really low start/reserve and no buy-now. I put my car on for $3k (s=r) and sold it for $12k. Gotta get a few people excited and frothy.

Nothing beats an auction to get a true measure of what something is actually worth.

Benoire

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#2555580 2-Sep-2020 12:49

Yeah thats likely to be the way forward, just wanted to understand the other options should it not sell... I hadn't planned on auction though.. is it buyer beware (not that there is anything bar the paint and it being an 11 year old BMW with a 4.8l V8 up front!) or normal trademe rules? I'd like to attempt to recover my costs this year on geting it ready to sell; cars are only worth what the market is willing and its a poor time and will be for some time so I either keep it and deal with the paint, running costs etc. and sell for potentially reduced maximum IF things improve or sell now and take a reduced amount compared to normal conditions but no longer have the costs... I'm fortunate that I'm not selling to cover a debt or that I can't afford it... its just not worth me keeping it now.

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gbwelly

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#2555709 2-Sep-2020 15:00

Benoire:

I hadn't planned on auction though.. is it buyer beware

You will get to experience the joy of dealing with the average trademe shopper. You will have people asking you to put up a buy now for the same amount as your start price, asking to come and inspect -some may actually even show up when they say they will, you will have people asking for an AA inspection, you will have people offering swaps for a jetski and 2 dozen beers. In the end it will sell to a lurker who hasn't asked a single question.

But yes, it's buyer beware.

Benoire

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#2555726 2-Sep-2020 15:21

heh I've sold many a thing including a 1997 Subaru Legacy RSB before so I've seen some of the stuff you mention.

If done via auction, I presume it still carries the same things that a classified does such as test drives, aa checks etc. but they still have to bid as normal?

gbwelly

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#2555802 2-Sep-2020 16:57

Benoire:

test drives, aa checks etc. but they still have to bid as normal?

That's how I did it the last couple of times, give people plenty of time to jack up a viewing, offered to ship it on a car carrier if they wanted, then it all kicks off on the last day with bidding. Twice I've sold to someone sight unseen -to be fair I've bought in this manner too via auction.

Benoire

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#2555808 2-Sep-2020 17:06

Thank you :-)

Well lets get the fun times rolling!

Batman

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#2555831 2-Sep-2020 17:44

you won't believe it but i have both bought and sold cars (plural) sight unseen

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Benoire

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#2555836 2-Sep-2020 17:54

Batman:

you won't believe it but i have both bought and sold cars (plural) sight unseen

What was the deciding factors in you doing this? Quality of the advert? Good Photos? Accurate description? Service History? Price?

Curious to know as that may help me in setting the advert up. I'm not expecting anywhere near top value due to C19 and the paint; the paint is actually easy to fix but C19 isn't and the economic aspects... so I'm being realistic in terms of what I may get for it... most likely more than $5K but less than $10K... total loss of ~31K over 5 years including about $10K on maintenance and servicing over that time.

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#2555843 2-Sep-2020 18:23

buying

- specific car model

- price

- got a friend to check it out and report

- willing to take a risk

Batman

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#2555844 2-Sep-2020 18:24

selling - i always take high quality pictures with spectacular sunset background and the car well polished

one guy relied on AA report

one guy relied on dealer inspection report

one guy was happy with my service history

mudguard

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#2555845 2-Sep-2020 18:26

Batman:
buying

- specific car model

- price

- got a friend to check it out and report

- willing to take a risk

I did that with my Civic project car. I'd left notes in the letterbox for about a year. The guy returned from overseas and called with a price. I came with cash and a battery!

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