Accurately pricing for resale

Hi folks,

With a move to south Florida coming up in June 2021, I'm afraid my Tacoma just won't be practical enough to keep. Lots of highway driving down there. Anyway, I have never done a private sale before, and I'm just wondering if anyone has some tips or advice on how to accurately assess the value of my truck (beyond what KBB says). Some general details:

2012 4-door TRD Off-Road (black).
93,356miles
Leitner Designs Rack
DECKED Storage system
Tube steps
Pioneer AVH-2330NEX receiver w/ Sirius XM
Infinity speakers

KBB gives me 18-21k for trade in, 16k for cash offer estimates. Any insight the knowledgeable folks here have, though, would make me feel a lot better as I prepare to (sadly) part ways this winter or spring. I love this truck.

Thanks,
Mac

 

For reference, I bought a 2013 DCSB 4wd with 88,500 miles 6spd manual a few months ago and willingly paid $24,500 right in central MA.

 

Black 9 year old truck with 100k miles,ask 21k and go from there.

 

Which shows how much you're getting poked if you trade.

Because the cash offer number is not really the same as a private sale.

A private sale number is reasonable somewhere between the cash offer value and retail, depending on the market, the vehicle itself and if the potential buyers like the mods that have been done.

You want to do better than the cash offer for yourself, and the buyer wants to be under retail. Often about 1/2 way between trade in value and retail makes both parties happy.

 

Look for similar examples on Craigslist and see what they're asking

 

Thanks all for the input. I’ve had some inquiries on CL and FB, and it’s helping me understand the market value.

On a separate note, I’m curious why some people emphasize “cash” in their offer to buy. As in, “but I’m offering you CASH.” It’s a private sale— what else would it be? Bitcoin? Am I missing something? A cashiers check IS cash. I don’t imagine anyone plans on showing up with an actual duffel bag, so again, all things being equal isn’t a private sale a cash sale anyway?

 

The accessories and modifications don't add much if anything to value. Take it to the bank where you do business and ask them how much they would loan on the truck if someone were buying it. That should be your bottom dollar. Most people will ask at least 10% more than loan value. If you know someone that works at a used car lot they can give you some accurate info too.

YES, they do often mean CASH. As in a stack of bills. Depending on how your state taxes auto sales not having a paper trail for how much you paid can be an advantage to some people. But this isn't practical on vehicles costing more than $3K-$4K and certainly not over $10K.

If you try to withdraw or deposit over $9999 in the bank it involves some extra paper work, red flags in LE and most likely an interview in a few days from one of the alphabet agencies. Those laws were put in place 30+ years ago to prevent drug dealers from laundering large amounts of cash by purchasing expensive stuff and paying for it in cash.

 

Sell the removable stuff and you should still ask low 20’s for the truck.

 

I’m not a public accountant nor do I know all the tax laws.
But the “Cash” thing is usually used in in manner of “not reporting to a government agency”.

My understanding is that, if you sell your truck for LESS than the price you purchased it.
You don’t have to report it on your tax return.
https://www.cargurus.com/Cars/articles/how_do_taxes_work_on_private_car_sales

Again, I’m no tax expert. Ask you tax person, they should know.

The best thing to do is go to the bank and make sure the payment you receive legitimate BEFORE you release the truck to the buyer.

I would NOT take less just because it’s a CASH sale.

 

Thanks— yeah, I’m more interested in going to the bank with someone to have them issue a bank certified check than a wad of cash. I have no interest in skirting the law or shady dealings.

 

Cash means basically no issue with dealing with banks etc, not necessarily trying to avoid taxes or things mentioned above. Ie. You meet me at my bank and I withdraw 20k and have the bank give it to you and you hand me the title. And yes you can withdraw more than $9999 or deposit and have no issue. Ask how I know.

 

Here’s a better example. John says he’ll give you 22k but he needs to borrow it from the bank it will take a couple days to get approved hopefully or I’m standing I front you with 20k in $100 dollar bills guaranteed money, you pick. Once I walk away it’s gone.

 

Nah, I got the truck. You give me the 22k before John gets approved and it’s yours. Once I walk, trucks gone

 

Yes. But I have the cash. I’m always willing to walk. if you don’t need to sell or need the money then you can definitely wait. If you can wait awesome that’s where you wanna be for sure.

 

Gonna take me too long to check each bill with my counterfeit marker. Can’t you just PayPal me? I accept Bitcoin

 

Meet at your bank.

 

Test driving is a bit different these days, too. Today, I asked the potential buyer’s (grown) son to stay with me while his dad took it for a spin. With a very pregnant wife, I can’t be riding shotgun with a CL stranger next to me.

Afterward, his cash offer was kindly rejected...

 

Test driving is tricky. I usually confirm license and their current vehicle insurance. I also hold the cash and let them do their thing. If they don’t agree to this I walk.

In the event of them stealing your vehicle you can’t really make anyone from their party stay unwillingly as that would be kidnapping.

Not so much directed towards you just trying to help OP out and I thought I’d coattail on your experience.

 

Yeah, I asked to photo his license, but the insurance piece is a good idea. I also try to do some vetting before even scheduling a meet. If I don’t like the feel of the conversation via email, if they won’t share a phone number, etc., I shut it down.

 

Test driving can be a little bit of a "crap shoot", you kinda have to go with your gut. As has been mentioned, a strict statement qualifying your sale terms can help. I always let any potential buyer know that I will only accept a cashiers check drawn on a local financial institution, that we will meet at my bank (or theirs) to finalize the sale, sign over the title and confirm the payment (my bank will call theirs, to validate they in fact issued the check). Transaction has to take place during business hours. Buyers who understand and agree that the transaction will be finalized in a public place with confirmed payment, are less likely to attempt a "scam" on the front side of the sale.