Selling a BMW Privately in Perth

voteoften on 22/11/2016 - 13:05
Last edited 22/11/2016 - 14:46 by 1 other user

My old BMW needs to be replaced soon. I should have replaced it two years ago, but I stupidly lent a friend nearly all of my ready cash. I now have enough cash to buy a new (2 yr old ) car. My BMW is worth about $4000 $6000 I'm sure that if I use it as a trade in, the dealer will take at least $1000 off.

I don't know what precautions to take when I sell the car. I thought they had car sales where people would bring their cars in and potential buyers would check out the lot. Regardless of whether I do that, how do I protect t myself, particularly in a test drive situation? How do I know if their license is valid, etc? I'm worried about liability mostly.

Also, I could use ideas on how to set the price. I'm sure that the low value price takes into account the fact that the car isn't perfect. Should I discount it and say that's it or put it at the upper range and say that the price is negotiable. I have to imagine that a good percentage of people looking at this price range might be desperate people and possibly be more disposed to try to scam me.

Thanks for any advice.

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  dlf73 on 22/11/2016 - 13:20

  Head to http://www.redbook.com.au/ to get an idea what ball park the car is potentially worth, then taking into account any differences in km's, damage and faults, you should be able to work out a guestimate to start with.
  As for protection, ask for them to leave their keys/license when they test drive, or go with them. Ask Police what is best way to protect yourself, and most importantly, your insurance company.

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  Skramit on 22/11/2016 - 13:32

  Five rules for selling a car privately:

  1) Always photo the front and back of their license before hand. If you sniff anything not quite right i.e. an international license, a photo that doesn't match etc. Say thanks but no thanks, see ya!

  2) Always go with them on the test drive. No exceptions.

  3) Always go with them on the test drive. No exceptions.

  4) Always go with them on the test drive. No exceptions.

  5) Always go with them on the test drive. No exceptions.

  Also, I could use ideas on how to set the price. I'm sure that the low value price takes into account the fact that the car isn't perfect.

  In my experience, be honest but not TOO honest. Meaning, if it's got a couple of nicks and scratch like most older cars do, the buyer can see that for themselves when they inspect it in person. No need to list every little scratch on an old used car. It's expected for an old car.

  But if it has a serious issue with say a cracked window or problem with a particular gear or the engine, best to be honest about that so you don't waste yours and other peoples time inspecting a flawed car.

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    voteoften on 22/11/2016 - 20:24

    I'm a bit Leary about going off in a car with a stranger. I'll think about how to handle it.

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  JDM4LIFE on 22/11/2016 - 13:34

  +1

  If your car is worth $4k-$6k street value I estimate the dealer to offer 1-2k tops. You will always make more selling privately if you have the time and patience.

  how do I protect t myself, particularly in a test drive situation

  At the end of the day its your car. You could offer to drive yourself and if the other party is interested they can pay you a small deposit and then drive the car for
  liability reasons.

  How do I know if their license is valid

  Ask them upfront. Request to see their license.

  If you are still worried request to hold their licence and perhaps something of value during the test drive like their phone or car keys.

  I would just chuck it up on gumtree or carsales and see how it goes. If your not comfortable or aren't getting any bites just trade it in at the dealer.
  Hope that helps.

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  [Deactivated] on 22/11/2016 - 13:45

  +1

  Hey mate, I'm 24 and I've bought & sold about 7 cars since i've been 18, all private sales(get bored with cars quickly and make usually make profit). You can usually tell straight away if the potential buyers are genuine are not, and if they ask for a test drive, you can always drive the car yourself with them being passengers and advise them it's for insurance purposes. When the buyer comes, they always have a price in their mind that they will offer you, to stop time wasting, I always ask what were you hoping to get this car for, and I work on it from there.

  I've never had one person not negotiate on a price, so do not set it too low otherwise you'll be getting nothing but offers you wont like. What car do you have specifically? I can help you out with pricing if you like.

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    [Deactivated] on 22/11/2016 - 13:47

    +1

    Also, do not bother with redbook.. Buyers don't go on redbook and purchase the car based on it's value, they purchase the car based on the best value deal they can find. I find that redbook overvalues vehicles 99% of the time compared to carsales.

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  dp1 on 22/11/2016 - 13:45

  +2

  The other issue is getting rid of an old $4-6k BMW when you are competing with newer small Japanese (=reliable) cars for the same money. You could be waiting a long time for a buyer, a dealer will take it off your hands

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  [Deactivated] on 22/11/2016 - 16:32

  what BMW is it?

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  JimB on 22/11/2016 - 16:37

  Selling an old BMW for $4-6k and buying a 2yo BMW? Just trade it in to save the hassles over $1k, you gotta get a RWC etc.

  What BMW are you selling?

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  spackbace on 22/11/2016 - 17:40

  $4000 $6000 I'm sure that if I use it as a trade in, the dealer will take at least $1000 off.

  Lol no, if market value is $4-6k, a wholesaler will pay about $2k, and that's if there isn't anything to be done to the car. You really think they'd only leave themselves $1k profit margin?!

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  voteoften on 22/11/2016 - 20:24

  Thanks everyone.

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  tight-ass on 27/11/2016 - 21:51

  I sold my last car privately a couple of weeks ago (3rd vehicle I've sold privately to date), so here's my advice:

  • Price the car realistically. Compare your car to other cars of the same make/model on CarPoint based on price/km's/year. I generally price my car towards the cheaper end, therefore getting lots of interest, I sell it quicker and I therefore don't usually budge on price given it's priced so well. I did knock $500 off the sale as the car was due for a service and because the guy was paying cash.

  • Check your car insurance policy to confirm what age restrictions exist (if any) to ensure potential buyers are covered should they have a crash whilst test driving your car. My last policy didn't cover anyone under 25 years of age - it was an XR6T.

  • When someone comes to look at your car, leave them to look over your car (without the keys of course) and ask them for their drivers licence to head off inside to:

  1. take a picture of their licence - if they don't want to hand over their licence, I'm not interested in selling to them.
  2. confirm their licence is current - http://www.transport.wa.gov.au/licensing/drivers-licence-che…
  3. confirm their licence isn't under fines suspension - http://www.courts.dotag.wa.gov.au/_apps/fines/search.aspx

  • If they want to take the car for a test drive (and providing their drivers licence checks out), only hand them the keys once you're in the passenger seat - don't give them the keys when standing outside the car as they can easily jump in the drivers seat and lock the doors as you're walking around to get in. Same thing goes for when the test drive is over - get them to hand you the keys back before getting out of the car. If you don't feel comfortable for whatever reason, don't go for a test drive, or take a friend/family member with you.

  • Payment - Cash is king, followed by a bank transfer. Ideally if they're with the same bank as you they can do an electronic transfer and you'll get the funds instantly and the buyer can take the car straight away (once you've logged into your bank and confirmed the money is there. Alternatively if they are with another bank go into the branch with them when they transfer the money into your bank/account and get confirmation of the transfer direct from the teller. Bank cheques are not fool proof. I would avoid accepting them as they be cancelled even after you've received the money into your bank account - had it happen to my brother in-law.

  1. Fill out the transfer papers in advance with as much info as you can. Download them and fill them out electronically from the DoT website. Once you have all the buyers details fill in the blanks and print off. Give a copy to the buyer and then log onto the DoT website and transfer the vehicle instantly online with their DoT Direct service. You'll need to create an account first. Doing it online does away with either the buyer or selling actually needing to send in their copy of the paperwork. The copy you give the buyer just acts as a receipt/proof of sale essentially - http://www.transport.wa.gov.au/licensing/licensing.asp

  Selling privately really isn't too hard, just take the right precautions. It beats trading in your car at a dealers as they're in the business to make money….hence the stupidly low offers you'll get from them.

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  voteoften on 27/01/2017 - 09:10

  Thank you SO much for your help. I just sold my car this morning.

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  voteoften on 27/01/2017 - 09:11

  Thanks everyone for your help. Just sold my car this morning to the first potential buyer.