Even though we knew we were becoming a one car family, I started off the car-selling process by talking with a couple of car dealerships about what they would give me as trade-in value. The highest figure that I was quoted was $9,000 and the lowest was $7,500.
I thought that if I spent a little money, (replacing the windshield, getting some paintless dent removal, and getting the car detailed), I could get quite a bit more than $9,000. We spent just south of $500 getting the car ready to sell and paid an additional $100 to park it on a park & sell lot at a busy intersection. So, if I could get more than $9,600 I’d be ahead of the game versus a trade-in scenario. I put a price of $12,795 (wanting $12,000) on the window and prayed for the best.
Our Mazda 5 is not at all common in our town and the nearest Mazda dealership is over an hour away. A search on AutoTrader.com yielded a total of only three used 2007 Mazda 5’s for sale within a 100 mile radius. It was definitely going to take a certain type of buyer to make the deal work.
I got a cash offer of $10,500 two days after we parked it on the lot, which I turned down without much thought. Five days after I put the car on the lot, I got a call about a test drive. It was a couple who had previously owned a Mazda 5 and currently owned a Mazda CX-9. They were very brand loyal to Mazda and were looking specifically for a Mazda 5. Cha-Ching! The test drive was nothing short of other-worldly as the wife kept talking about how much she liked her previous Mazda 5 and how this one had features she wished were on her other one. The husband wasn’t saying a whole lot, but I imagine on the inside he was wishing she would quit showing her cards so they would have a little more negotiating power. After the test drive they said that they needed to talk it over and would get back with me. The next day, he called and opened the conversation by saying “Man, my wife really wants your car.” I told him to make me an offer and he offered $12,000!! I know some of you are thinking that he would’ve met me in the middle, but I had prayed about getting 12k and when he offered it, I took it. The car was on the lot less than a week and we had it sold for $12,000!! 33% more than offered for trade-in and 25% more than trade-in offer + costs! God is good!
There is one thing that I have learned from this process that I hope to apply going forward. If I can help it, I will never again trade-in a car. I know that the used car selling process is not always this easy and sometimes takes much more patience, but 25% more than trade-in + costs…that’s a no-brainer! Plus, you tend to get distracted by the excitement of the new car and your old clunker becomes worth much less in your eyes as you test drive the new ride with all the bells and whistles. Then, there’s the fact that the dealership gets to work both sides of the deal…the buying of your old car and the selling of their new car. I cringe to think how much money I’ve left on the table over the years by trading in my vehicles for a new one. I know that there is the convenience factor, but I am no longer going to be willing to let go of a couple of thousand for convenience sake. Doesn’t sound very convenient to me!
Speaking of inconvenience…. with the sale of the Mazda we are officially a one car family now. We’ve been living life with one car for two weeks now with no big issues. I’ll keep you posted!
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