Sell privately or trade in?

[6spdcoupe]

I know a private sale will always yield higher but it can also be a frustrating task as most already know. Carvanas price was decent but the dealership where I was considering trading in is substantially lower (they even contradict their own websites estimate! lol) so post up for sale, sell to Carvana or just suck it up and trade it in ?

I know a lot that I have into it has very limited market and I have no problem pulling things since I do it for a living but.. I'm also lazy when it comes to my own stuff.

Looking for a pretty well loaded G30 and the one I found (2018) is a really low mileage CPO so their pricing is on the higher side. It's also already had two owners (one dealer demo) at 7000miles. The problem is them sticking with their cost due to mileage but CPO is dictated by time not miles so I really don't get it..

Anyway it's a
2014 X5 50i M Sport 39,xxx miles Glacier Silver Metallic/Black Dakota

0J72852

Retrofitted:
Comfort Access
CarPlay/Android Auto (Bimmertech MMI Prime)
Front Camera
OEM BMW 6WB Digital Cluster
OEM BMW X5M/X6M console knee pad/bolsters
OEM BMW M Performance Carbon Fiber front lip/splitter
OEM BMW M Performance Carbon Fiber rear diffuser
OEM BMW X5M Gloss Black kidney grills
OEM BMW M50D Open lower side grill and trim


Audio:
Helix P SIX, GroundZero GZCA 1.5SPL-M1
Micro-Precision 5.28 tweeters, 5.8 midrange
ETON underseat woofers
Audiomobile EVO 10s in downfire enclosure

Performance:
AC Schnitzer exhaust
RaceChip GTS Black
RaceChip XLR throttle controller
X5M air filters (10/2020)
X5M NGK Iridium plugs (12/2020)
New coils (10/2020)
Liqui-Moly oil change (12/2020)


Misc Cosmetic:
Carbon fiber wrapped dash/door trim
IND Black front/rear roundels, X5 emblem
BMW X5M 611M staggered wheels/Continental DWS (06/20)


Misc:
Upgraded LED headlights
LED courtesy lights
Reflector delete/body matched reflectors
Compustar Remote Start with Drone
ThinkWare F770 front/rear dashcam system

Thoughts ?

[6spdcoupe]

I should have also asked, for the guys that have been shopping, bought or sold recently how is the pricing for these lately ? I haven't paid much attention to the market so I don't want to overshoot but I also don't want to bend over !

[RED_Y_]

Market is hot for used cars right now and trading this in with all the retrofits is going to be a big loss for you. You should definitely sell this private party. Dealer will never give you a penny for anything you added, so unless you want to part it all out and restore the car to the stock (which will still take time) I recommend going with private party sale here. Post it here.

[6spdcoupe]

Originally Posted by RED_Y_

Market is hot for used cars right now and trading this in with all the retrofits is going to be a big loss for you. You should definitely sell this private party. Dealer will never give you a penny for anything you added, so unless you want to part it all out and restore the car to the stock (which will still take time) I recommend going with private party sale here. Post it here.

I agree and definitely would part out the majority but I figured I may leave the wheels, lip and diffuser (primarily due to them being a PITA to remove and leaves holes). The rest I have absolutely no problem removing. I just figured it would give me a bit more latitude with the value being all OEM but seemingly not unless I take an hour drive there just for them to 'evaluate' further.

[mikado463]

sell it privately and if your dealer is any good he will provide you with a 'courtesy trade' so as to lessen your tax burden.

[tlow98]

Wow you did some serious upgrading to that thing!

[The Libertine]

I always go for the trade-in. First, you will lessen the tax burden. Second, either way, there is going to be a negotiation/haggle over price, and I prefer to avoid meeting with a bunch of random strangers coming to my house, sitting in my car, taking for a drive, etc. Third, and especially now, Dealers are more aggressive in what they are will to offer on trade. Fourth, and especially now, you have more leverage because Dealers need trade-ins on their lot! Good luck with your trade!

[RED_Y_]

Originally Posted by The Libertine

I always go for the trade-in. First, you will lessen the tax burden. Second, either way, there is going to be a negotiation/haggle over price, and I prefer to avoid meeting with a bunch of random strangers coming to my house, sitting in my car, taking for a drive, etc. Third, and especially now, Dealers are more aggressive in what they are will to offer on trade. Fourth, and especially now, you have more leverage because Dealers need trade-ins on their lot! Good luck with your trade!

Not sure what "tax burden" your are talking about, state to state situation is different. In California you pay tax from the amount you state in the title slip, in Nevada there is no sales tax on private party deals (so more people like to do face to face). From my previous experience people who offer you $10K on $25K car will never show up this is all over the phone/messages so doesn't bother me. Sure, market is hot right now but no dealer will loose money on the car ever, buying or selling. I have my car as an example, my dealer is constantly bombarding me with phone calls, e-mail offers and in mail offers for last 6 months. I still owe about $5000 on the car to BMW, got low mileage for diesel version (73K miles) and few retrofits (6WB, knee pads, 611 rims, euro mirrors etc.) as well as car relatively well equipped. Best offer I got from dealer was $18000+ small credit toward new car (like $2000). Most interesting part is that I've seen similar car, very basic on the lot and they are asking $27500 for it. So I have to respectfully disagree on the trading the car in, you're loosing money on it in my opinion. I never ever seen reasonable offer for my car from dealer. Ever.

[MH20jy]

Originally Posted by RED_Y_

Not sure what "tax burden" your are talking about, state to state situation is different. In California you pay tax from the amount you state in the title slip, in Nevada there is no sales tax on private party deals (so more people like to do face to face). From my previous experience people who offer you $10K on $25K car will never show up this is all over the phone/messages so doesn't bother me. Sure, market is hot right now but no dealer will loose money on the car ever, buying or selling. I have my car as an example, my dealer is constantly bombarding me with phone calls, e-mail offers and in mail offers for last 6 months. I still owe about $5000 on the car to BMW, got low mileage for diesel version (73K miles) and few retrofits (6WB, knee pads, 611 rims, euro mirrors etc.) as well as car relatively well equipped. Best offer I got from dealer was $18000+ small credit toward new car (like $2000). Most interesting part is that I've seen similar car, very basic on the lot and they are asking $27500 for it. So I have to respectfully disagree on the trading the car in, you're loosing money on it in my opinion. I never ever seen reasonable offer for my car from dealer. Ever.

Pure math, if the delta you can get is more than the current sales tax from private sell, go for it otherwise it makes sense to do trade in.

[The Libertine]

Originally Posted by RED_Y_

Not sure what "tax burden" your are talking about, state to state situation is different. In California you pay tax from the amount you state in the title slip, in Nevada there is no sales tax on private party deals (so more people like to do face to face). From my previous experience people who offer you $10K on $25K car will never show up this is all over the phone/messages so doesn't bother me. Sure, market is hot right now but no dealer will loose money on the car ever, buying or selling. I have my car as an example, my dealer is constantly bombarding me with phone calls, e-mail offers and in mail offers for last 6 months. I still owe about $5000 on the car to BMW, got low mileage for diesel version (73K miles) and few retrofits (6WB, knee pads, 611 rims, euro mirrors etc.) as well as car relatively well equipped. Best offer I got from dealer was $18000+ small credit toward new car (like $2000). Most interesting part is that I've seen similar car, very basic on the lot and they are asking $27500 for it. So I have to respectfully disagree on the trading the car in, you're loosing money on it in my opinion. I never ever seen reasonable offer for my car from dealer. Ever.

That’s your experience. I’ve always been able to negotiate a solid offer from a dealer for a trade in - which is important for tax implications in my state. In Massachusetts, you can lower the tax you pay with a trade in.

[jmack123]

Originally Posted by MH20jy

Pure math, if the delta you can get is more than the current sales tax from private sell, go for it otherwise it makes sense to do trade in.

There is also the more qualitative consideration that trading in is generally less effort than selling privately.

[RED_Y_]

Originally Posted by jmack123

There is also the more qualitative consideration that trading in is generally less effort than selling privately.

How much effort really? Snap dozen of pictures and post them, use a burner google voice number so you don't have to post your personal one. Done.

[jmack123]

Originally Posted by RED_Y_

How much effort really? Snap dozen of pictures and post them, use a burner google voice number so you don't have to post your personal one. Done.

Given the amount of people who opt for trade-ins in favor of private sale due to convenience, clearly it is more significant than you make it seem to be. You also didn't mention the part about having to meet strangers and sit in the car with them while they drive your car (i.e. entrust your life to them). You make it seem simple at face value, but the Devil's in the details.

[The Libertine]

Originally Posted by jmack123

Given the amount of people who opt for trade-ins in favor of private sale due to convenience, clearly it is more significant than you make it seem to be. You also didn't mention the part about having to meet strangers and sit in the car with them while they drive your car (i.e. entrust your life to them). You make it seem simple at face value, but the Devil's in the details.

No kidding, right?! Especially, now, with COVID numbers going up again, would not want to meet with a bunch of strangers, let alone have them sit in and drive my car. No thanks.

[yoon_209]

Go back to stock and sell to carvana. They pay top dollar and you will make back all ur money selling the parts

[Silververtu]

Check what your car is worth on cargurus. It's pretty close to current market price.

I traded in my 2015 X5 50i M sport with 84k miles last week. The dealer gave me more than what I expected. With the tax going to the new car, I got more than what cargurus/carmax/carvana gave me.

Hope this helps.

[skoold2003]

Originally Posted by 6spdcoupe

I know a private sale will always yield higher but it can also be a frustrating task as most already know. Carvanas price was decent but the dealership where I was considering trading in is substantially lower (they even contradict their own websites estimate! lol) so post up for sale, sell to Carvana or just suck it up and trade it in ?

I know a lot that I have into it has very limited market and I have no problem pulling things since I do it for a living but.. I'm also lazy when it comes to my own stuff.

Looking for a pretty well loaded G30 and the one I found (2018) is a really low mileage CPO so their pricing is on the higher side. It's also already had two owners (one dealer demo) at 7000miles. The problem is them sticking with their cost due to mileage but CPO is dictated by time not miles so I really don't get it..

Anyway it's a
2014 X5 50i M Sport 39,xxx miles Glacier Silver Metallic/Black Dakota

0J72852

Retrofitted:
Comfort Access
CarPlay/Android Auto (Bimmertech MMI Prime)
Front Camera
OEM BMW 6WB Digital Cluster
OEM BMW X5M/X6M console knee pad/bolsters
OEM BMW M Performance Carbon Fiber front lip/splitter
OEM BMW M Performance Carbon Fiber rear diffuser
OEM BMW X5M Gloss Black kidney grills
OEM BMW M50D Open lower side grill and trim


Audio:
Helix P SIX, GroundZero GZCA 1.5SPL-M1
Micro-Precision 5.28 tweeters, 5.8 midrange
ETON underseat woofers
Audiomobile EVO 10s in downfire enclosure

Performance:
AC Schnitzer exhaust
RaceChip GTS Black
RaceChip XLR throttle controller
X5M air filters (10/2020)
X5M NGK Iridium plugs (12/2020)
New coils (10/2020)
Liqui-Moly oil change (12/2020)


Misc Cosmetic:
Carbon fiber wrapped dash/door trim
IND Black front/rear roundels, X5 emblem
BMW X5M 611M staggered wheels/Continental DWS (06/20)


Misc:
Upgraded LED headlights
LED courtesy lights
Reflector delete/body matched reflectors
Compustar Remote Start with Drone
ThinkWare F770 front/rear dashcam system

Thoughts ?

All this back and forth is silly. The bottom line is you'll ALWAYS come out behind selling to a dealer. The other fact is that selling it yourself is more of a hassle. You just have to decide whether you want to deal with the hassle for the few grand you'll lose at the dealer.

Also, I have a friend looking for a ride like yours so I'll see if he's interested.

[stocktree]

Well how much did carvana and the dealer offer you??

[eddahlen]

Always do private if you can!

[stocktree]

I did carmax on my 2014 x5 last week and I got offered 14k. Lol

[Infamous039]

Let me know if you decide to sell the wheels, I live near you and would be interested!