Automotive

Got to get rid of my wife's car. Where to start?

  • Last Updated:
  • Oct 17th, 2014 3:06 pm
[OP]
Member
Jan 27, 2008
402 posts
125 upvotes
GTA

Got to get rid of my wife's car. Where to start?

Hey guys. I need your help again.

We are down sizing and we need to get rid of her 2012 Hyundai Elantra Limited. She financed the car and it's still got about 40 months and $12000 to go. Would it be better to pay the remaining balance and put it on Kijiji or go thru Finance Buster? Suggestion would be appreciated.

According to VMR, value of the car is 14450(wholesale) & 17275 (retail). The car is in great condition, first owner, no accident, maintenance up to date. How much could we sell it for on Kijiji?

+ Edited, it's got 42000km currently and I'm in GTA.
16 replies
Deal Addict
Mar 28, 2007
2996 posts
416 upvotes
Quick search on auto trader will answer your question:
http://bit.ly/1zbRjH2

Keep in mind that the price above is at a dealership. So if you sell privately you got to shave off a couple grand to make it attractive.
Positive Investing!
Deal Expert
User avatar
Feb 9, 2003
17811 posts
2440 upvotes
Langley
Pay the loan to clear the title, clean it up, and put it on craigslist.
Sr. Member
User avatar
Mar 23, 2009
792 posts
136 upvotes
Halifax
josb0513 wrote:
Oct 15th, 2014 8:05 pm
Hey guys. I need your help again.

We are down sizing and we need to get rid of her 2012 Hyundai Elantra Limited. She financed the car and it's still got about 40 months and $12000 to go. Would it be better to pay the remaining balance and put it on Kijiji or go thru Finance Buster? Suggestion would be appreciated.

According to VMR, value of the car is 14450(wholesale) & 17275 (retail). The car is in great condition, first owner, no accident, maintenance up to date. How much could we sell it for on Kijiji?
well good news is it's pretty good on gas. I would post it on kijiji and finance busters at the same time, clean it up include all maintenance items in your ads. Price it somewhere between wholesale and retail $15,999??? One thing to consider is the incentives on the 2012's at the time and the incentives on the 2014's now as they both play a factor into your selling price.

GLWS
Deal Addict
User avatar
Jun 23, 2009
1082 posts
57 upvotes
YUL
The price seems a little high to me tbh. I'd post to lease take over sites and Kijiji as a finance takeover.
FOR SALE:
Always looking to sell USD for CDN at XE.com's rates.
Deal Addict
Jun 26, 2009
3032 posts
1804 upvotes
GTA
You need to include more info : where is the car located and how many km on odometer. It makes a big difference if you are trying to sell the car on the cliff in Nova Scotia vs place like GTA.
[OP]
Member
Jan 27, 2008
402 posts
125 upvotes
GTA
+ Edited, it's got 42000km currently and I'm in GTA.
Banned
Apr 15, 2006
4572 posts
124 upvotes
Chatham
Post it for sale first b4 paying the loan. Once you got a buyer with sale agreement (with deposit), pay the loan and deliver the car.
[OP]
Member
Jan 27, 2008
402 posts
125 upvotes
GTA
Thanks. I will try posting on the kijiji first then pay the loan off in full once I secure an agreement. Do you know how long it would take for me to own the title from the bank and get that tranferred to the buyer?
Deal Addict
User avatar
Aug 5, 2003
2230 posts
203 upvotes
North York
josb0513 wrote:
Oct 16th, 2014 9:04 am
Thanks. I will try posting on the kijiji first then pay the loan off in full once I secure an agreement.
No buyer worth their salt will touch a car with a lien against it. You'll need to pay it off first (or hope for a stupid buyer).
Banned
User avatar
Jun 2, 2009
2738 posts
166 upvotes
Toronto
How is it possible that the car is worth 3-4k MORE than she paid for it? thats pretty lucky, typically doesn't happen
Deal Addict
Oct 13, 2009
1495 posts
798 upvotes
Ottawa
HeavenLeigh wrote:
Oct 17th, 2014 1:04 pm
How is it possible that the car is worth 3-4k MORE than she paid for it? thats pretty lucky, typically doesn't happen
never did OP state what was paid for the car only that 12K remains on the loan.
Deal Addict
User avatar
Mar 7, 2007
2497 posts
721 upvotes
HeavenLeigh wrote:
Oct 17th, 2014 1:04 pm
How is it possible that the car is worth 3-4k MORE than she paid for it? thats pretty lucky, typically doesn't happen
The car has equity.

The OP own a car that is worth more than the loan, therefore it has equity.
If you owe more on something than it's worth, it is called being "upside-down".
Banned
User avatar
Jun 2, 2009
2738 posts
166 upvotes
Toronto
motomondo wrote:
Oct 17th, 2014 1:35 pm
The car has equity.

The OP own a car that is worth more than the loan, therefore it has equity.
If you owe more on something than it's worth, it is called being "upside-down".
I know that, HOWEVER ALL cars depreciate in value from the time its driven off the lot, so its not often you see a car worth more than the payments left on it.
Sr. Member
Dec 2, 2009
541 posts
157 upvotes
Ottawa
HeavenLeigh wrote:
Oct 17th, 2014 1:40 pm
I know that, HOWEVER ALL cars depreciate in value from the time its driven off the lot, so its not often you see a car worth more than the payments left on it.
something called a down payment

Top