J.J. McCorvey

speaker

619 appearances 13 recordings 1 series first heard May 2021 last heard Jul 2022

J.J. McCorvey’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Selling a Used Car? Here's What You Should Know. · 17 Aug 2021 podcast

One person I interviewed who had recently sold her 2005 Toyota Scion wanted $4,000 for it to at least break even on what she purchased it for a few years prior.

But when she got ready to sell it, she realized that the car needed a new clutch, and so she ended up knocking off $1,200 worth.

And so didn't end up making any money at all.

So you want to make sure that you have a good idea of what's needed.

If the car does need repairs, you want to get a range of quotes.

And so if you present the potential buyer with the range of quotes, you might come in out of pocket less money with those repairs or given the buyer option to visit different car shops that can fix the car for less money.

So we talked about repairs needed, obviously, but going a little deeper, you might need to think about how much you owe on your car payments.

So, yes, the market is hot right now and prices are up.

And so you could get more for your car if you sell it.

But if you sell it, would you make more from the sale that can cover what you have left on the car?

Or will it not actually make sense to sell it because what you owe on the loan is still more than what you get it for?

So that's something you want to check in to.

You want to call and make sure that you're up to date on the terms of your loan, how much you have left, when you were scheduled to pay it off.

On the other side, most states offer tax credits for vehicle trade-ins.

And so you may live in a state that...

has a sales tax that is favorable for you and how much you might make on the car.

So if you're in a state where you only pay sales tax on the difference of the trade-in and the percentage is fairly low or the dealership is located in a state where the sales tax is fairly low, you might stand to profit a little bit more.

So you definitely want to just kind of look into that as far as research goes.

So this was really interesting because apparently almost one third of new cars are leased, which I didn't know.

But it's helpful to check the terms of your vehicle lease before attempting to sell.

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