Need some brotherly advice

[tolson37]

Keep it and move on. Use it for family trips n vacations etc.


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[Fabian43]

Sounds like its pretty unanimous. I was coming to the same conclusion and all of your feedback is confirming that I was thinking straight. Carmax for $32K would be easiest and safest sell but I might try putting it on autotrader, maybe I could get a few more grand selling it there. Nevertheless getting rid of it is the way to go. Much appreciated guys.

[nsxtasy]

Originally Posted by Fabian43

Sounds like its pretty unanimous. I was coming to the same conclusion and all of your feedback is confirming that I was thinking straight. Carmax for $32K would be easiest and safest sell but I might try putting it on autotrader, maybe I could get a few more grand selling it there. Nevertheless getting rid of it is the way to go. Much appreciated guys.

You have to pay to list on Autotrader, and I rather doubt you could get all that much more selling it there. If you want to try selling it yourself without paying Autotrader fees, put it up for sale here on mdxers.org and on craigslist, neither of which charges anything. Of course, if you want to try Autotrader you can, but you'll be out those fees even if you don't sell it.

Don't take long, you'll be paying those $280 monthly payments in the meantime. If it were my car, I wouldn't wait more than a couple of weeks for an internet buyer to come through. The advantage of Carmax is that you can sell it immediately, and not have to deal with the delays and risks of selling to a private party.

[symmetrical]

Not to pry, but how did you manage $280 payments on a $30k loan???

[kghjr]

Originally Posted by Fabian43

Here are the 2 options I'm considering:

1. Sell the MDX and have her use the Prius as everyday car. Carmax offering $32K (owe $30K) put $6K down so I would lose about 4 grand. Local Toyota dealer wouldn't match $32K. Selling it will get rid of a $280 payment.
Or
2. Keep MDX, use it on weekends, low miles means it will last us many more years and hang onto my $6K down.

Reading your own comments, sell it tomorrow and consider yourself ahead. In six months you will be patting yourself on the back for a brilliant decision, rather than looking at the rarely used hulk, that you don't really like, wasting space in the garage.

[wasjr]

Originally Posted by symmetrical

Not to pry, but how did you manage $280 payments on a $30k loan???

That was also my first thought. I assumed it was a typo.

Does Carmax have a Prius? If you trade with them you will have a sales tax savings to help offset the loss. I have no clue what a Prius costs, but the entire sales tax may be offset.

As to selling it yourself, Craigslist is a way to go. We just got my wife a new car and I listed the Volvo on Craigslist. We were lowballed on the trade at $4,000, and I am selling it for $11,000 on Monday. One thing to watch out for on Craigslist, your first inquiry will probably be from a scammer wanting to buy it sight unseen through a PayPal transaction.

[skinny2]

Originally Posted by wasjr

That was also my first thought. I assumed it was a typo.

Does Carmax have a Prius? If you trade with them you will have a sales tax savings to help offset the loss. I have no clue what a Prius costs, but the entire sales tax may be offset.

As to selling it yourself, Craigslist is a way to go. We just got my wife a new car and I listed the Volvo on Craigslist. We were lowballed on the trade at $4,000, and I am selling it for $11,000 on Monday. One thing to watch out for on Craigslist, your first inquiry will probably be from a scammer wanting to buy it sight unseen through a PayPal transaction.

I've bought and sold a lot of vehicles over the years. Sub-$20k you can sell something yourself with a little patience and the right price. As the price climbs the market shrinks quickly...people are looking to trade, need financing, etc. Besides, the tax savings on something over $20k quickly makes up the extra you might get selling it yourself. Outside of classic or collectible cars, I generally don't bother trying to sell anything that expensive.

As for the Carmax offer....personally I think it's ALL the money and would jump on it. '13 models are highly discounted as well and the discounts will continue to rise as we get closer to the release of the '14. Carmax doesn't have a ton of room....they'll likely list this for $35k which puts them within spitting distance of a new one. Most people want to save more than $2k on a used car!

[Fabian43]

^ "besides the tax savings on something over 20K quickly makes up the extra you might get selling it yourself".
What do you mean by this?

I called local carmax and here in CA whether I sell or trade my X into them I would still have to pay the sales tax on a purchased vehicle from them.

Reason my payment is $280 is because its a lease.

[tolson37]

Why not put the miles on the mdx and get reimbursed on the mdx. What kind of deal are you getting with the company? You probably already locked in your position with another car purchase before getting rid of your x??


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[Fabian43]

Wife is getting 57 cents per mile, anticipate 2K miles a month. Also will receive $400 a quarter for maintenance.

[skinny2]

Originally Posted by Fabian43

^ "besides the tax savings on something over 20K quickly makes up the extra you might get selling it yourself".
What do you mean by this?

I called local carmax and here in CA whether I sell or trade my X into them I would still have to pay the sales tax on a purchased vehicle from them.

Reason my payment is $280 is because its a lease.

That comment wasn't necessarily directed at your situation, but in theory when comparing trade/sell. Most states allow you a sales tax credit when trading vehicles so the savings can add up on a higher dollar vehicle.

Trading a lease is quite different and also varies state-to-state, but generally there's not much sales tax offset (if any). It can also be very difficult to private sale a lease vehicle as well. Typically you would have to buy out the lease (and pay the full sales tax on the transaction) in order to get the vehicle in your name and then sell it. Much easier to have a dealer buy it because you can avoid the sales tax/title issue.

[wasjr]

A lease complicates your decision somewhat. Have you received a payoff number on the lease so you are sure that your net loss is the 4k? The payoff will probably be your remaining payments plus the residual plus any fees that might apply. Also, since your miles driven are increasing to 2,000 per month, a factor in your decision should be the overage charge under the lease for excess miles if you keep the MDX. You need to estimate that number in your calculations.

California is one of the few states that do not reduce the purchase price of a car by the value of the trade-in before computing sales tax.

[Fabian43]

Gonna make the move. Found a 2010 Prius that I'm gonna look at today. If all goes well will sell MDX to Carmax. Little sad to see X go but will probably buy another one in few years. I love the idea of my wife's company basically paying the Prius payment for us. It's like having a company car but only we get to keep the car.

[Fabian43]

I want to thank everyone for their advice. Last night wife and I traded in our MDX for a fully loaded 2010 Prius with only 16K miles. It was convenient too because to my surprise John Elway Toyota matched Carmax's $32K offer.
If anyone is intersted I now have Acura factory cargo mat and Weathertec black complete set of digifit mats for sale. The Weathertec set is all 3 rows of mats. The Weathertec mats are only a month old and the cargo mat only 6 months old. I'll probably list them here on mdxers.org before throwing them on eBay.

[tk76]

Congrats on the new car.