AKA - Another "we need a car sub-forum but then again it wouldn't get any views" thread.
So we're in the market for selling our car, which sucks, and I found this company in a Facebook ad of all places. Anyone heard of this or have any experience? They started in CA and have expanded to the DC area where I currently live after a supposedly sizeable investment through Goldman Sachs.
The process appears to work like this... perhaps a more thorough review in the TIME article above.
Selling: - They give you an "instant" quote (mine came via phone call the next day though). - Quote includes an estimated minimum guaranteed amount and an amount that they estimate they would sell it for. - One of their "Enthusiasts" comes to you on your schedule to thoroughly inspect the vehicle. - Anything significant either reduces the min/max quotes, or they give you the option to get it repaired through them at supposedly affordable rates (damage, tires, brakes, CEL, etc.) - You sign the contract and they come get the car from you and handle everything else regarding the sale. If you're moving like we are, you can keep the car until close to the day you leave. - According to the rep, they only make their money by splitting anything over the minimum amount 50/50 - If it does not sell in 90 days, they pay you the minimum quote no matter if it sells or not.
Buying: - They post impeccable photos on the listings including close ups of all damage/wear and tear. - They bring cars to you to test drive on your own schedule... supposedly zero pressure since they are paid hourly. - If you buy it you have 7 days to return the car. (This is as far as I can tell from their site and the TIME article since I wouldn't be using it to buy)
So I am basically at step 0.5 of the selling process and have only been given the rough estimate over the phone. I am not sure if we will even sell the car, but as we get closer to the move I will at least have them do the full inspection and report back. As of right now, their estimates for my 2011 Jeep Compass with 43K miles was $8,100 minimum and they would plan on listing it at 10,500. KBB range is $7,897 to $9,064 ($8,481 trade in). Seems like I'd probably do just as good as trading it in, but for a ton less effort... plus we're not replacing it.
Anyone read about this or better yet, tried it? What do you think some of the cautions would be besides the obvious normal issues with buying and selling cars? It seems like they are at least giving the impression that they aren't pulling any shenanigans... that alone and the relatively close values, plus the Time=Money convenience seems like it's worth a shot. Thoughts?
stanolshefski said: If they offer guarantee less than what a dealer would pay, what use are they?
Good question. Maybe just our situation since we wouldn't be trading in... we'll take it to a Jeep Dealer and see what they think, and Car Max as well for some data points. I think that question plus at what dollar amount difference would it be worth ~5 hours of your time are the main ones.
You may want to check out vroom as well. We used it to sell our car . i was very sceptical.. , hubby dealt with it all. Turned out really easy and we got better $ than anywhere else we looked. ( Not sure he checked shift). Granted his car was not i would call fatwallet friendly. Niche market, harder to resell. Definitely weird concept to get used to. But it worked out good for us.
Wow I was completely unaware of any of these services. From a financial perspective it seems like there may be a pretty small convenience cost for the time savings, even if there is a problem that you can catch within 7 days.
diffeldoof said: - If it does not sell in 90 days, they pay you the minimum quote no matter if it sells or not.
If you keep the car or they have it? What happens if it acquires body damage or or real or imagined mechanical problems during that time? Their $8100 offer drops to $6000? Seems like a hassle way to sell your car. A 2011 with just 43,000 miles should be easy to sell on eBay or shop it at some Jeep dealers.
Carmax. Sold three cars to them and each time was a reasonable and quick way to handle disposition of vehicle. Each time they were about what I expected to get. Could have gotten a few hundred more on Craigslist but wasn't worth my time to handle typical Craigslist inquiries (e.g. no, I won't trade the Corolla for a mountain bike and 60" TV...not kidding)
Beepi/Shift/Carvana/Etc all look like good options to to check into, recommend Carmax quote since your vehicle is right in there wheelhouse...newer with low miles. Should get solid offer.
jarfykk said: Beepi/Shift/Carvana/Etc all look like good options to to check into, recommend Carmax quote since your vehicle is right in there wheelhouse...newer with low miles. Should get solid offer.
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