If the invoice cost of a vehicle, for example, is $30,000, then the normal 5-percent profit would be $1,500 and the 25-percent sales commission on the sale would be $375. But if the dealer adds a $400 pack, the adjusted cost is $30,400 and assuming the sales price remains the same, the profit isn't $1,500, but $1,100.
You are not responsible for a car after you sell it unless you give the buyer a warranty or guarantee. Once the vehicle changes owners, the seller is no longer under any obligation to the buyer. If you sell a car “As Is” and it breaks down on the owner the very next day, it's the buyer's tough luck.
If you can sell your car, eliminate some of your debt with the proceeds from the sale, and can still afford to pay cash for a less expensive car, then it might be worth selling.
Selling your car to an individual, also called a private-party sale, is typically where you can get the most money.
60,000-70,000 miles: Most manufacturers' powertrain warranties expire in that range, and the second major maintenance is scheduled to occur. Selling before reaching those benchmarks will get you a better price for your car than selling afterward.
Most states have no lemon laws on used vehicles so it's all on the buyer if they buy a wreck. But, if you deliberately defraud someone, then they can sue and likely win.
Report Your Sale to the DMV
Your DMV might call this "Report Your Sale", "Notice of Sale", "Release of Liability", or "Cancel Registration".
Most of the time no, the person is not going to be responsible, but there are times specifically if they're your employer, if you're running an errand at their specific request behest or if you are a family member living with them, then they might be responsible.
MSRP stands for manufacturer's suggested retail price. Dealers are required to display the MSRP for new vehicles.
You can get vehicle discounts. Some vehicle dealerships offer premium discounts for company employees. This could help save you money on a vehicle for yourself or your family. You can work mostly indoors.
Request a secure form of payment like a cashier's check rather than cash or a personal check, which might bounce. If you're taking payment electronically, wait until the money is in your account to transfer the car title. Keep your car insured while it's yours.
Kaitlyn's Law. In the fall of 2001 the Governor of California signed into law Senate Bill 255, also known as Kaitlyn's Law. Named for Kaitlyn Russell, a six-month old who died after being left alone in a parked car for more than two hours, the law makes it illegal for a child to be left unattended in a motor vehicle.
This is called title jumping or title skipping and while it can end up saving the seller money, it is illegal in every state. In some states, such as California, Florida, and Texas, it is considered a felony and can result in jail time.
It's true that for things like taxes, it never hurts to keep the previous year's around, but this is not the same for vehicle registration. In other words, you can safely ditch your expired vehicle registration and keep only the current one.
The important thing to know that in California, as is the case in most states, sales between individuals (that is, non-dealers) are presumed to be “as is.” This means that both parties understand that the car is being sold despite its faults and the seller is not liable for any further repairs and they are relieved ...
No, but the law gives car buyers a few rights that act as protection. If you haven't fully disclosed the problems you know about, the buyer could sue you to recoup repair costs. Your car must be in merchantable condition – that is, what someone could reasonably expect a car in used condition to look like.
If the dealership is creating false or deceptive advertisements, you'll want to file your complaint with the Federal Trade Commission or FTC. However, for issues such as errors in your auto-loan or contract agreement, you'll want to file your complaint with the Consumer Financial Protection Bureau instead.
The most value is lost when cars surpass 60,000 miles, dropping by an average of 27% compared to their value at 50,000 miles. [1] This could be because the industry standard car warranty lasts for three years, or until a car reaches 60,000 miles, whichever is sooner.
While it's a good idea to consider the age of a vehicle and the number on its odometer, it's more important to look at how well the owner maintained the car. A 10-year-old car with 100,000 miles may have received more TLC than a 5-year-old model with 50,000 miles.