I may have to sell my car.... help me.

M

MspNewB

Member
Well, I find out on monday if I've lost my job. If I did, I'll more than likely have to sell my car. This is what I have:

2003 MSP, black mica (I guess that's in my sig)
It's in pristine condition, totally stock.
4500 miles.

Here are my questions:
1) how much can I expect to ask/get for it?
2) how does one go about selling a car they still owe money on?
3) is the warranty transferrable?

Okay, please take mercy on me and forgive my newbie-ness. I really need to know if anyone can help.

Thanks :)
 
MspNewB said:
Well, I find out on monday if I've lost my job. If I did, I'll more than likely have to sell my car. This is what I have:

2003 MSP, black mica (I guess that's in my sig)
It's in pristine condition, totally stock.
4500 miles.

Here are my questions:
1) how much can I expect to ask/get for it?

Probably less then you owe on it.

2) how does one go about selling a car they still owe money on?

Put an add in the paper, on the internet, etc...

3) is the warranty transferrable?

The Warranty is for the car, not the person who owens the car, it will stay with the car until it expires

Okay, please take mercy on me and forgive my newbie-ness. I really need to know if anyone can help.

Thanks :)
Click to expand...

No biggie.
 
probably less than you owe on it...
Click to expand...

Okay... thanks for the info, but that doesn't really help. I owe around 14k on the car. Could someone help with a reasonable asking price?

Also, I know how to advertise the sale of the car, but what are the legalities involved with the sale... Do I just sell it and pay it off? Do I need to let my lien holder know I'm selling it, etc....

Thanks
 
Last edited:
MspNewB said:
Okay... thanks for the info, but that doesn't really help. I owe around 14k on the car. Could someone help with a reasonable asking price?

Also, I know how to advertise the sale of the car, but what are the legalities involved with the sale... Do I just sell it and pay it off? Do I need to let my lien holder know I'm selling it, etc....

Thanks
Click to expand...

When you find someone who wants to buy the car, they give you the money, you pay off the loan, the bank or institution sends you the title, you sign the title over to the new buyer, they put the title in their name.

If the new buyer goes through a bank, then that bank sends the money to your bank or institution and they transfer the title over to the new bank. Since you are just the registered owner, and not the legal owner, in that case you wouldn't need to sign anything.

That's the basics, there may be slightly different steps, depending on your bank, or state laws.
 
A 2003 ES with all the options 'could' sell for 13900ish. Trade in is about 12000.

I think a safe bet for the Mazdaspeed is 15000-17000 asking price. Probably 13-14 trade in value.

Ask 17500, see how the market responds. Then go as low as you need to sell the thing w/out losing your shirt too badly. With new cars, the only way to not get blasted is to pay at or near invoice. Preferably less (with incentives and such). That way the price of your car is close to trade in value or whole sale.

I suspect most Mazdaspeed buyers had to pay much more than invoice and as such will take a pretty good hit if they have to sell quick.

Good luck!
 
MspNewB said:
Yes. They don't even list the MSP for a private party sale.
Click to expand...

If I had to sell my MSP right now, I would ask $18,500 obo. Then go no lower then $17k. Just don't let a prospective buyer know the reason you are selling the car is because of a job loss.
 
I just bought my 03 MSP a week ago and paid a bit over 17k if that helps. I am sure you will get 16k or more out of the car. Then if you only owe 14k you will come out better then you started.

Have the buyer cut you a cashier's check then you pay off your loan and get the title. Then transfer to the buyer's bank
 
yeah, if you only owe $14k then you're sitting pretty. If I remember right Mazda was offering $1500 cash back on the remaining 03's which means they'd cost $18,500 new but not sure if that's still going on.......you should be able to get in the $17k's no problem if you sell to a private party......if you go to a dealer or CarMax you'll take it in the poop chute in a big way. List it at AutoTrader.com right away too cuz that's where you'll get the most exposure.

But let's just hope you get to keep your job AND your baby....good luck bro!
 
BremertonMSP said:
If I had to sell my MSP right now, I would ask $18,500 obo. Then go no lower then $17k.
Click to expand...

Finally. A reasonable answer.

There are only HUNDREDS of THOUSANDS of Proteges in circulation in the US. This car is NOT a Protege ES, a Protege 5, etc.

His car only has 4500 miles and is STOCK. The stock aspect alone should bring PLENTY of private-party buyers to the table - and not at 13-14K as some suggest.

There may be a rebate, but wait until the stock is gone. Watch too what happens if the PCM flash turns out to be a power improvement as well. Suddenly, the car will become VERY hot as a "cheap" pocket-rocket - if it isn't already.

If you happen to lose your job (hope you don't) - start at $18K and work down. It won't be long before people who WANT the car won't be able to find them brand new. :)

Better yet - do a search on this forum and find out where dealers CAN'T keep the car on the lot and are selling them for sticker - rebate. That will help you get the maximum private-party price for your car. Your home market probably won't do that.
 
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bought my MSP a month ago with 6,000miles on it for $15000.
just FYI
 
Most purchase contracts allow for a certain number of deffered payments. You just need to contact the lender. Many lenders would prefer forgiving you several months of payments in lieu of you allowing the car to be repossesed (not that you would allow that, just an example). The economy is sluggish at best and they will work with you to keep the account. Of course it still accrues interest during this period of time, but you just have to decide whether you want to keep the car or not.

Britt
 
Yeah listen to Britt.

I work in the travel industry and when Sept 11 occured and I did'nt know what was gonna happen with my job situation I called Mazda American Credit (I had a p5 at the time). They were will to let me miss 2 payments and waive the late fees and all that other BS.
 
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