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Potentially Selling Tacoma, Questions about that process

Discussion in 'Texas' started by danbow, Jan 18, 2019.

  1. Jan 18, 2019 at 12:42 PM
    #1
    danbow

    danbow [OP] Well, known member

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    Hello!

    I'm considering selling my Tacoma (this is not the for-sale thread, just considering).

    I've never sold a vehicle before and have was wondering how that would work. I have the title, but I'm assuming that most people would need to get financing to buy it from me.

    Do you just meet them at the bank and sign it over then?

    What kind of problems should I keep an eye out for?

    Thanks!

    Background info: I've owned it since it was new in 2009. Was my first vehicle I actually bought, just drove a couple of hand-me downs into the ground. Prior vehicle the dealer offered me 600 bucks for trade in so I just gave it to my father-in-law to drive instead. Nothing wrong with the Tacoma, but my needs at 37 are not the same as they were at 27, will probably get a full-size.
     
  2. Jan 18, 2019 at 12:54 PM
    #2
    PackCon

    PackCon Well-Known Member

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    Why not see what you can get for a trade first?

    I like trades because they lower tax liability on the next purchase, which can make up for the lower offer you may get for the trade. You have to run the math to see if it works.

    You will sign the title over to them once you recieve the funds. Typically this is done at the bank where the purchaser will finance.

    However, typically a bank will not finance a car over 10 years old. You might be right on the nose.

    I only have dealt with people in cash or signed over a title for free.
     
    danbow [OP] likes this.
  3. Jan 18, 2019 at 1:15 PM
    #3
    danbow

    danbow [OP] Well, known member

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    Ok thanks, I'm also considering a trade-in, I'll have to calculate the tax savings to see if it would be worth it. I have not had a great experience trading in a car (my wife's RX350). They tried to deduct for brakes... I had done the brakes myself only a few months earlier, the tried to tell me they were worn out.
     
  4. Jan 18, 2019 at 2:02 PM
    #4
    LTG4087

    LTG4087 Well-Known Member

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    As already pointed out there are some tax advantages in most states (Texas does) when trading in against the sales price of your new vehicle. If you do go the private sales route, since it's a 2009, I would look very hard at getting a cash buyer. Buyer financing really complicates things. Then there is the Vehicle Transfer Notification which you should file and form U-130.

    Good info here
    https://www.txdmv.gov/motorists/buying-or-selling-a-vehicle
     
    PackCon, TACORIDER and danbow [OP] like this.
  5. Jan 18, 2019 at 2:53 PM
    #5
    danbow

    danbow [OP] Well, known member

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    Scratches and Dents
    Cash buyer would be my preferred route. Thanks for the info!
     
  6. Jan 18, 2019 at 5:07 PM
    #6
    04TRDV6

    04TRDV6 Well-Known Member

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    I like selling my vehicles to carmax. Never bought one there (I think they're high) but believe they give a pretty fair price for your vehicle. They'll give you a quote that's good for 7 days and in that time you can figure out if you want to take them up on it or sell it /trade it somewhere else. Of course, unless you buy a vehicle there you give up the tax advantage of a trade in.
     
  7. Jan 18, 2019 at 5:11 PM
    #7
    Pushincaskets

    Pushincaskets Well-Known Member

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    They give the worst possible value. You should review your history if you believe otherwise.
     
  8. Jan 18, 2019 at 5:51 PM
    #8
    04TRDV6

    04TRDV6 Well-Known Member

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    Not sure what you mean by "review your history"?

    My experience is that I get more from them than offered as trade-in from any other dealership I've been to. I drive in with my vehicle and leave with a check. They do all the paperwork. And I don't have to meet 5-10 tire kickers at the local Starbucks after work or on my weekends. Could probably get more selling to a private party but not worth the hassle to me.
     
    PackCon and TACORIDER like this.

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