Selling a car?
Posted: June 16, 2009, 6:10 pm
So I'm just toying with the idea right now, but I was wondering what you need to know in order to sell your car as a private seller?
Suppose I put it up on AutoTrader (or whatever), and someone agrees to buy it. What then? Do I have to pay taxes on money I receive? Does the person have to pay Sales Tax? What if I still owe some money on my auto loan, I'd guess the bank has some sort of a lien on it, how does that come into play (do I have to pay off the loan first, or can I use money from the sale to pay that off?)
I've never done anything other than just trade cars in, but I think I've kept my Mountaineer in pretty good shape and I was thinking about seeing if I could sell it and just try to get into a little bit lower payment/better gas mileage than I currently have. Ultimately, I'd just drive it into the ground if no one bought it, so I figure it couldn't hurt to list it for sale.
Suppose I put it up on AutoTrader (or whatever), and someone agrees to buy it. What then? Do I have to pay taxes on money I receive? Does the person have to pay Sales Tax? What if I still owe some money on my auto loan, I'd guess the bank has some sort of a lien on it, how does that come into play (do I have to pay off the loan first, or can I use money from the sale to pay that off?)
I've never done anything other than just trade cars in, but I think I've kept my Mountaineer in pretty good shape and I was thinking about seeing if I could sell it and just try to get into a little bit lower payment/better gas mileage than I currently have. Ultimately, I'd just drive it into the ground if no one bought it, so I figure it couldn't hurt to list it for sale.