Getting rid of Stingray, any advice?

[Steve Dallas]

So, I have 32,000 miles on the thing. It's in great shape overall, and most of those miles came on the highway on cruise control (3-7 over). I have taken it to the track twice, so it's not pristine. I have no problems with having had a lot of fun driving it.

Here's the problem. The reason I want to get rid of it is to get a new Z06. I really didn't think I'd do this, however the pull of the Z06 is very strong...it's enticing me and calling my name.

My current Z51 is fully paid for. I'm really trying to decide whether to use it as trade in, or try to sell it privately. I can get more for it privately, however I've never sold a car of this value for cash before, so I want to make sure all the I's are dotted and T's crossed to make sure someone buying it isn't trying to scam me somehow.

Should I hold out for someone trying to buy it with a cashiers check (verified at bank before transferring title). Are there other better ways to sell the car privately?

Typically I've traded in, in the past. Trade in value is about 2k less. I'm not sure how long it would take to sell the car privately. I can afford to hang on to it for a while, however insurance adds up quick and if it took more than 2-3 months to sell, I'm not sure it'd be worth it. Not sure how quickly these are selling privately right now.

[ChrisBlair]

You MUST have a local Corvette club- not an online forum, but an actual club. Contact them.

[KaBoom1701]

What's your asking price for the car?

[GoldCartridgeGamer]

Check to see what CarMax would give you. They've always done really well. Or talk to a dealer about a trade to see. Selling a car privately is a daunting task.

[ssrs2lt]

Awesome dilemma ��! Trade it in you should get a good price but only if! I'm currently in San Antonio so if you need me to provide my assessment via driving it let me know hahaha

[SS Blinder]

Look up your local DMV website. It should direct you to the forms needed for private sell of a vehicle. Get all these forms in duplicate, one for you for your records, and the other for the buyer. It is not difficult to sell to private party. Just meet at the local bank of the buyer during daylight hours. Bring someone with you in another car (serves as a witness and a ride home should you sell). I have sold 2 vehicles as private before and all went well. Buyers like to see all records, keys, and sticker window if you have it. A real buyer will be willing to meet you at a local bank, public area no problem. Hell, some buyers would be willing to fly in and drive out with a vehicle. Just be safe about it. GLWS

[Mydivorcegift]

I will have my Nigerian benefactor transfer the money. Please DM bank info.

[Sir Nuke]

Steve, as already mentioned, you can go down to the local DMV or the Local Courthouse and get the required forms you will need....other than that, and to be safe. ALWAYS require either CASH or a Cashiers Check from a Local Bank. I personally would even prefer to do the transaction AT THAT BANK.....way better safe than sorry.

[CamaroIOM12]

Remember if you trade it in you don't have to pay taxes on the trade in value. With your car that would equate to a decent amount.

[pyroguy]

Definitely private party sale. Have the transaction completed at your bank if you are concerned about a large amount of cash. I doubt many people will have that kind of cash on them though, it would likely be a cashier's/banker's check which will be easy to verify if you are completing the transaction at your bank.

[ForcFed93]

Originally Posted by CamaroIOM12

Remember if you trade it in you don't have to pay taxes on the trade in value. With your car that would equate to a decent amount.

Depending on your state laws, this may be big.

For example, if I sold a $50k car out right via private party, I'd have to pay sales tax on the full amount of the new purchase. At $75k, that would be $6600 (local 8.8% sales tax).

Total out of pocket expense for the new car would be $81,600.

If I traded that same car for $48k, I only pay sales tax on the difference ($27k). Sales tax would be $2376. Total out of pocket for the new vehicle $77,376. With the +$2k hit on trade value, it would be like paying $79,376.

That's still a $2,224 plus you wouldn't have to hassle with tire kickers.

It'd be a no-brainer for me.

[Steve Dallas]

Thanks for the information. The tax information was very helpful. I may just end up trading in because of that. Because of the value of the car, I felt less people have that kind of cash on hand...and wondered if people would do loans that way, and if i'd need to deal with any of that.

Put in the order for the Z06 a few moments ago. Now I wait...

[kalimus]

In many states that sales tax for automobiles is an itemized deduction as well. Something else to keep in mind

[Angrybird 12]

Originally Posted by ForcFed93

Depending on your state laws, this may be big.

For example, if I sold a $50k car out right via private party, I'd have to pay sales tax on the full amount of the new purchase. At $75k, that would be $6600 (local 8.8% sales tax).

Total out of pocket expense for the new car would be $81,600.

If I traded that same car for $48k, I only pay sales tax on the difference ($27k). Sales tax would be $2376. Total out of pocket for the new vehicle $77,376. With the +$2k hit on trade value, it would be like paying $79,376.

That's still a $2,224 plus you wouldn't have to hassle with tire kickers.

It'd be a no-brainer for me.

Here on a private party sale the buyer pays the sales tax when he registers the car. Not the seller. Same goes for the dealer, he may charge the tax up front but he is also registering the car for you. Here when you trade you do only pay sales tax on the difference between trade in and what you are buying. State laws vary so you do need to check first.
You need to figure how much you would have to sell outright to a private party to at least break even on the taxes you would have to pay if you buy one from the dealer without a trade. Also you need to figure a what trade in you need to get to break even. Then decide which would be best for you to do.