Getting Rid of an Old Car - Options

[SRW1000]

Well, after 280K miles, we've decided to get rid of our 1998 Malibu.  The body and interior are both in pretty good shape, considering its age and the miles.  It needs new brakes, and a left rear spring.  For the past five years, our garage has been telling us that it has tiny head gasket and steering pump leaks.

Although we've gotten offers for it, we don't feel comfortable selling it to anyone we know or any private buyer (unless they could do the repair work themselves) do to liability reasons.  We did get an offer from Carmax, so we've got a minimum value that we know we can get for it.

At this point, the best option is probably a salvage yard.  Has anyone had any experience with them?  Any that you can recommend?  

Is there anything else that I should consider?

Scott

[Tom Snyder]

Have you considered donating it to own of those organizations that fixes them up and sells them to raise money for good causes?

The Ranch in the Falls does it (my son just donated a 1994 Cavalier with 200k miles on it to them), but there's also Bart Starr's Rawhide Boys Ranch and Volunteers of America, too. The tax deduction you get is equal to what they can sell it for.

[Dan the Man]

Tom's suggestion is good. That makes sense and helps our some worthwhile groups.

If for some reason they don't want it, usually a mechanic would be willing to buy it and piece it together for whatever or whoever. I know the mechanics that work with my girlfriend are always looking to snag up a car that needs work for cheap and then fix them and either drive them or resell them.

Good luck with the car.

[SRW1000]

Have you considered donating it to own of those organizations that fixes them up and sells them to raise money for good causes?

The Ranch in the Falls does it (my son just donated a 1994 Cavalier with 200k miles on it to them), but there's also Bart Starr's Rawhide Boys Ranch and Volunteers of America, too. The tax deduction you get is equal to what they can sell it for.

We did look into that.  The tax deduction part of it wouldn't apply for us, since we don't itemize.

We still might go this route, though.

Thanks,

Scott

[SRW1000]

If for some reason they don't want it, usually a mechanic would be willing to buy it and piece it together for whatever or whoever. I know the mechanics that work with my girlfriend are always looking to snag up a car that needs work for cheap and then fix them and either drive them or resell them.

We actually thought we'd be going this route, but the guy we had talked to last year wasn't interested in it anymore.

Do you know if these guys usually get cars via word of mouth, or are they prowling Craig's List and the classifieds?

Scott

[Dan the Man]

The guys are usually snagging up customer's cars that aren't worth much for trade-in value when they have a few costly things go wrong with them. Then they fix them for a fraction of the street cost and end up with an OK car. You would be suprised how much the parts mark-up is.

Craigslist is not a bad option. I don't know how much liability someone really ends up with (if any at all) by selling it even if there are a few bugs.

If you want, send me a PM with the car specifics and I will give it to her to see if any of the mechanics at work might be interested in it. She works at a major car dealer in the Falls.

[murdoc]

Well, after 280K miles, we've decided to get rid of our 1998 Malibu.  The body and interior are both in pretty good shape, considering its age and the miles.  It needs new brakes, and a left rear spring.  For the past five years, our garage has been telling us that it has tiny head gasket and steering pump leaks.

Although we've gotten offers for it, we don't feel comfortable selling it to anyone we know or any private buyer (unless they could do the repair work themselves) do to liability reasons.  We did get an offer from Carmax, so we've got a minimum value that we know we can get for it.

At this point, the best option is probably a salvage yard.  Has anyone had any experience with them?  Any that you can recommend?  

Is there anything else that I should consider?

Scott

I'm selling my car right now, and unless you specifically tell the buyer that the car has a warranty, there is no reason not to sell it to a private party.  Most people buying a private party sale know the car comes "as-is" and are not expecting a problem free car.  Just be up-front and honest with them and your sale should go smoothly.  You will get more (most likely) from a private party sale than a dealer trade in or even Carmax.  I found Carmax to be a joke honestly.  They offered me $3500 for my car a month ago, and I just sold it private party for $10,500.  I have a Bill of Sale document I can send you (Word format) if you'd like.  Just shoot me a PM with your email address.

Did you get an estimate on the amount of the repairs?  If you did, go to KBB.com (Kelly Blue Book) and look up the private party value for your car, and just subtract the repair amount from the asking price.  A 1998 Malibu is a pretty common car, so KBB values are usually spot on for that case.  Selling a rare car, or something that has a cult following KBB often works against you.

[SRW1000]

The guys are usually snagging up customer's cars that aren't worth much for trade-in value when they have a few costly things go wrong with them. Then they fix them for a fraction of the street cost and end up with an OK car. You would be suprised how much the parts mark-up is.

Craigslist is not a bad option. I don't know how much liability someone really ends up with (if any at all) by selling it even if there are a few bugs.

If you want, send me a PM with the car specifics and I will give it to her to see if any of the mechanics at work might be interested in it. She works at a major car dealer in the Falls.

Thanks, Dan.  PM sent.

Scott

[SRW1000]

I'm selling my car right now, and unless you specifically tell the buyer that the car has a warranty, there is no reason not to sell it to a private party.  Most people buying a private party sale know the car comes "as-is" and are not expecting a problem free car.  Just be up-front and honest with them and your sale should go smoothly.

I'm a little more concerned about someone being disappointed after the transaction (rightly or wrongly) and deciding to take things into their own hands, than I am about the legal aspect, but I will take you up on the bill of sale offer.  PM sent.

Did you get an estimate on the amount of the repairs?  If you did, go to KBB.com (Kelly Blue Book) and look up the private party value for your car, and just subtract the repair amount from the asking price.  A 1998 Malibu is a pretty common car, so KBB values are usually spot on for that case.  Selling a rare car, or something that has a cult following KBB often works against you.

We did do that, and that's the amount that I was hoping to get.  The bigger problem is the large amount of miles on the car.  I heard and read that Kelly values don't properly take excessive mileage into account.

Thanks again,

Scott