Selling a car to Carvana...

[RockCrusher]

Went online at CarMax. Wants me to bring the car in to the Springfield MO location. I'll try again in the morning when I can take some pictures. I didn't have any pics and it is dark so I can't take any now.

[eliphil]

That’s nuts I just got 2 quotes this week w my vin number

[RockCrusher]

Originally Posted by eliphil

That’s nuts I just got 2 quotes this week w my vin number

I tried to submit photos but when I was prompted to take a picture I could see no image. I pressed the shutter button anyhow and was prompted to set up the next shot.

But after I was not able to review the pictures -- not a good sign -- and after a bit I received a text that no pictures had been submitted.

[RockCrusher]

Well, doesn't look like I'm selling the 230ix. (BTW, the title reads: 230xi(!).)

Received a Carvana offer: $32,000.

After encountering a goofy acting CarMax web site I don't hold out much hope of an offer sans pics will be any better.

And I am not in the mood to drive 120 miles to the CarMax in Springfield MO to get a low offer then have to drive 120 miles home. Oh, and this goes for a family member who would convoy with me there and back.

As for insurance...

State Farm:
Both cars: $1423.31 (6 months)
M2: $841.87 (6 months)

AAA:
Both cars: $1387.00 (6 months)
M2: $878.00 (6 months)

Since I guess I'll be keeping the 230ix AAA insurance at a savings of $36 for 6 months is tempting but not enough savings to switch. The SF office is just down the street. The AAA office is about 5 miles away and on a busy thoroughfare with an always full parking lot.

[dizz81]

Yeah I did quotes with carmax and carvana on my 23 M550 with 14k miles. Carmax was 61k and Carvana was 57k. This was just two weeks ago.

Let carmax take the car for a hell of a deal but the money I am saving now each month due to much higher insurance rates, I'll recoup the loss in a couple of months.

Weirdly, I sold a lexus IS350 to carmax a few months ago and they gave me 10k more than what I owed. So maybe they just have a thing against BMW lol.

[BlkGS]

That seems like a pretty fair offer. That's a $41k starting MSRP car. It's used now, a couple years old, and a entry level version of an entry level car.

[eliphil]

Originally Posted by dizz81

Yeah I did quotes with carmax and carvana on my 23 M550 with 14k miles. Carmax was 61k and Carvana was 57k. This was just two weeks ago.

Let carmax take the car for a hell of a deal but the money I am saving now each month due to much higher insurance rates, I'll recoup the loss in a couple of months.

Weirdly, I sold a lexus IS350 to carmax a few months ago and they gave me 10k more than what I owed. So maybe they just have a thing against BMW lol.

maybe your right, I got a great deal on my Audi during covid from carmax but maybe thats because the used car market was so hot. It always comes down to supply and demand. I just went on carmax for my 22 M550 and the offer was shit.

[tturedraider]

Do you own the car free and clear or is it financed? If you own it outright why don’t you try to sell it yourself? It’s not that hard. You will definitely get a better price than selling it to a dealer, BMW, Carvana or otherwise.

[BlkGS]

Originally Posted by eliphil

maybe your right, I got a great deal on my Audi during covid from carmax but maybe thats because the used car market was so hot. It always comes down to supply and demand. I just went on carmax for my 22 M550 and the offer was shit.

CarMax and Carvana base their offers off their local inventory as well. So if someone just traded a luxury sedan or 5 in to them in your area, or even region, they'll reduce theor offer. If however they just sold all their luxury sedans in the area after just getting them and they have a quick turn rate, they'll offer you more.

[RockCrusher]

Originally Posted by BlkGS

That seems like a pretty fair offer. That's a $41k starting MSRP car. It's used now, a couple years old, and a entry level version of an entry level car.

Fair has nothing do with car prices/offers.

But the $32K offer is in my opinion a low ball offer.

The 230ix is a 2024 model bought Dec. 1 last year. Sticker was $49,100.

Car is 8 months old with less than 6500 miles on it. Has been treated to two oil/filter services. The 1st CBS service isn't due for over 2K miles or December this year.

Both Carvana and CarMax web sites were acting funny. Was told by reps from both companies due the web traffic -- (story time) all the people submitting requests for prices for their vehicles -- this accounted for the behavior I observed.

I was not able to submit pictures of the car to either site.

A less skeptical seller might accept that $32K offer as well, just the way it is. Turning my skepticism down a good amount, while the offer price might reflect actual market reality, I don't have to accept the offer.

I own the car. (Paid for it with a trade in and balance by check.)

I would save some money on insurance although the amount of savings is reduced as the cost to insure the M2 by itself goes up. When paired with the 230 it cost me $648/6 months. (The 230 costs $738/6 months.) The M2 by itself its premium goes up to $842/6 months.

But I would save about $97/month by not having to insure the 230.

I would save $85/month by giving up the 230's garage.

I would take the proceeds from the 230 sale and open a CD. And earn 5% (before taxes). For the sake of the discussion if I received $32,000 for the car that's $1600/year or $133/month.

In total I would turn $182/month in insurance/garage costs into $182/month savings. And turn the car from a depreciating asset into a (before tax) CD earning me $133/month.

Total to the good for me is then is $315/month. Or $3784/year.

Which I have to admit rather softens the blow of the $32K offer. In one year's time that would equal getting $35,784 for the car. Still less than I believe the offer should be but better than $32,000.

I can still see what the dealer might offer me for the car.

And ending up keeping the car is not that bad an outcome for me.

The last few days of driving the M2 as my daily driver kind of made the idea of keeping the 230 ok.

While the M2 is a nice drive having the 230 for errands and such means I can be more selective when I decide to drive the M2.

[dizz81]

Originally Posted by eliphil

maybe your right, I got a great deal on my Audi during covid from carmax but maybe thats because the used car market was so hot. It always comes down to supply and demand. I just went on carmax for my 22 M550 and the offer was shit.

Just had to check and see what they listed my car at after offering me 61k. Here it is at 65.9k

https://www.cargurus.com/Cars/invent...3/NONE/DEFAULT

So they didn't mark it up as high as I thought they would but then again after looking at similar cars right now on the market, the price of these cars have dropped quite a bit. I could not find one under 70k no matter what state I looked at. Now they're a dime a dozen in the 60's. lol

[Dégoûté]

Originally Posted by RockCrusher

Total to the good for me is then is $315/month. Or $3784/year.

So its only costing you ~$4k to have two cars? Seems worth it.

[VegasG42]

So as far as Carvana, they will factor in the amount of interest a particular vehicle generates when coming up with an offer.

In other words - if not many people are searching for a 230i , then obviously they know the market for that car is very limited.

Compared to something like a Toyota Corolla , where they likely see thousands of search queries every day for that car.

Another thing is to resubmit a request for a quote every few weeks. The offer will fluctuate by as much as thousands of dollars. Just depends on their current car market at that time.

I sold my Infiniti to Carvana about a year ago. Over the course of about 6 months, their offer fluctuated from as low as $10,900 all the way up to $14,300.

I ended up selling it to them for the $14k. I saw the car on their site about 3 weeks later and it immediately sold for $15,600.

So the offer is really based on demand. They knew they would sell my 6MT G37 Coupe immediately to some kid, and they did.

[BlkGS]

Originally Posted by dizz81

Just had to check and see what they listed my car at after offering me 61k. Here it is at 65.9k

https://www.cargurus.com/Cars/invent...3/NONE/DEFAULT

So they didn't mark it up as high as I thought they would but then again after looking at similar cars right now on the market, the price of these cars have dropped quite a bit. I could not find one under 70k no matter what state I looked at. Now they're a dime a dozen in the 60's. lol

That 65k price seems about right, even maybe a bit high. That's in the territory for what an X5 M50i would be, which is a bit more money and higher demand.

That said, yeah, the whole auto market is dropping. It's almost like our economy is not doing great and consumer confidence is really low. Honestly I think the only thing holding the used car market up is that new car prices keep getting more absurd.

[eliphil]

Originally Posted by dizz81

Just had to check and see what they listed my car at after offering me 61k. Here it is at 65.9k

https://www.cargurus.com/Cars/invent...3/NONE/DEFAULT

So they didn't mark it up as high as I thought they would but then again after looking at similar cars right now on the market, the price of these cars have dropped quite a bit. I could not find one under 70k no matter what state I looked at. Now they're a dime a dozen in the 60's. lol

The only constant in life is change…..

[RockCrusher]

Originally Posted by Dégoûté

So its only costing you ~$4k to have two cars? Seems worth it.

Yes, I could agree. But.... (See update!)

[RockCrusher]

Took car to local BMW dealer. Long story short dealer offered me $36,000 for the car. About the price I had calculated. Certainly better than the $32,000 Carvana offered me.

Dealer will call me when the check arrives there. Should be Wednesday.

I have removed the 230ix from my insurance policy. I visit the insurance office again Monday when a person is there who can tell me the new premium (should be $841 which is what I was quoted the other day).

I can pay the premium and I want to as the coverage expires on the M2 August 10.

I went to the Bentonville Department of Finance and Administration (DFA) and had the 230ix removed from my property tax assessment. Next week I'll go back and get a release of liability. The DFA office was packed even at 4pm. First of the month. And the Rogers DFA office is closed due to storm damage -- tornadoes -- that hit May 29. The Bentonville DFA is catching the majority of the people who would have used the Rogers office.

Garage comes off the new lease which kicks in Oct 7. That saves me $85/month.

Insurance costs drop $97/month.

And there is property tax savings. Too lazy to get up and check my property tax records but guess it will be $500/year or $41/month.

Total month to month savings is $223.00.

The money in a CD will earn 5% (5.19%APY) or $1800/year or $150/month.

So about a $373/month turnaround in my financial situation.

While I'm not living on the edge and could easily afford to keep the 230ix it just feels better to be saving/earning money rather than spending it.

With 230ix the M2 spends far too much time in the garage.

Now the 230ix is gone the M2 will get used more often.

[lakecottage]

Just purchased a BMW this week. I was offered just under $10,000 for my car. Checked with Carvana and was offered $14,200 (sell or trade). Told BMW dealer I was going to sell to Carvana. Dealer said he would go to $13,000 which would let me leave the car with them (BMW dealer 120 miles away). I'm lazy so I did. Carvana saved me $3,000 which would have been $4,200 if I had not been lazy. Got BMW two days ago.

[Westside Guy]

Originally Posted by lakecottage

Just purchased a BMW this week. I was offered just under $10,000 for my car. Checked with Carvana and was offered $14,200 (sell or trade). Told BMW dealer I was going to sell to Carvana. Dealer said he would go to $13,000 which would let me leave the car with them (BMW dealer 120 miles away). I'm lazy so I did. Carvana saved me $3,000 which would have been $4,200 if I had not been lazy. Got BMW two days ago.

Was there any sales tax savings that you would factor in by trading it in with the BMW dealer that you were buying a new car from?

[RockCrusher]

Originally Posted by Westside Guy

Was there any sales tax savings that you would factor in by trading it in with the BMW dealer that you were buying a new car from?

In Arkansas even if one sells a car rather than trading it in one has 60 days to apply the amount the car sold for against the purchase price of a new car and thus recognize a sales tax savings.

[MisanoblueZ4]

Originally Posted by RockCrusher

Took car to local BMW dealer. Long story short dealer offered me $36,000 for the car. About the price I had calculated. Certainly better than the $32,000 Carvana offered me.

Dealer will call me when the check arrives there. Should be Wednesday.

I have removed the 230ix from my insurance policy. I visit the insurance office again Monday when a person is there who can tell me the new premium (should be $841 which is what I was quoted the other day).

I can pay the premium and I want to as the coverage expires on the M2 August 10.

I went to the Bentonville Department of Finance and Administration (DFA) and had the 230ix removed from my property tax assessment. Next week I'll go back and get a release of liability. The DFA office was packed even at 4pm. First of the month. And the Rogers DFA office is closed due to storm damage — tornadoes — that hit May 29. The Bentonville DFA is catching the majority of the people who would have used the Rogers office.

Garage comes off the new lease which kicks in Oct 7. That saves me $85/month.

Insurance costs drop $97/month.

And there is property tax savings. Too lazy to get up and check my property tax records but guess it will be $500/year or $41/month.

Total month to month savings is $223.00.

The money in a CD will earn 5% (5.19%APY) or $1800/year or $150/month.

So about a $373/month turnaround in my financial situation.

While I'm not living on the edge and could easily afford to keep the 230ix it just feels better to be saving/earning money rather than spending it.

With 230ix the M2 spends far [...]

Don’t forgot you will be taxed on those CD earnings, won’t get to keep all of that earned money.

[RockCrusher]

Originally Posted by MisanoblueZ4

Don’t forgot you will be taxed on those CD earnings, won’t get to keep all of that earned money.

Yeah, I know. I think I added -- somewhere -- before taxes.

But if not yeah, CD interest whatever it is, proves to be, is before taxes.