Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Selling a car since I no longer drive it

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  • Selling a car since I no longer drive it

    I am on ssdi and receiving alimony from a soon to be ex-husband. That is my only source(s) of income. I have a genetic disorder that leads to many health problems. Down the line I will likely have to file for bk. I have some credit card debt and medical debt. Medical expenses are continuing for a while longer. I need to get through the spring with my medical stuff before (hopefully) the medical will start to calm down. My student loans are due to be discharged for disability reasons in about 15 months, so I will probably leave them for that discharge -- they are already approved on a disability basis.

    Due to health reasons, I don't drive much anymore. I would like to sell my car to a friend who needs a car since I don't but I could use the money. The car needs bodywork, but I saw no point in getting it fixed since I drive so little. NADA value on it with age and mileage is about $2300 with a "rough" category. Do I take off the cost of body work and mechanical work it needs from that value? It has interior issues, torn seats and console cover, some stains etc PLUS the body work. We were thinking about having him pay me several payments over time to equal around $2000, but I don't want anything to happen that could cause problems.

    I am in Texas, if that helps. I can exempt the car if I keep it, but I don't need to keep it and it barely gets driven. Having a car also means I have to pay insurance. All of that adds up.

  • #2
    Below are definitions of condition from the NADA website. If you are using rough value, then the types of things you are taking about is already being taken into account. In fact, unless the mechanical work needed is "significant" and cause the car to not be in "reasonable running condition", it may be that you should be using average condition.

    Whatever value you use, be sure to keep documentation to support the value. Take detailed photos and get written repair estimates. You could go to a CarMax and ask them for an appraisal. But, since they appraise at what they are willing to pay, their value may be lower than what you would receive in a sale to a private party.

    Vehicle Condition:
    There are a number of cosmetic, mechanical and maintenance factors that go into determining the condition of a used vehicle. These are the major factors that the NADA Used Car Guide, now J.D. Power Valuation Services' Analysts believe distinguish a vehicle’s condition in the following categories:

    Significant mechanical defects requiring repairs in order to restore reasonable running condition; paint, body and wheel surfaces have considerable damage to their finish, which may include dull, faded or oxidized paint, small to medium size dents, frame damage, rust, or obvious signs of previous repairs; interior reflects above average wear, with inoperable equipment, damaged or missing trim, and heavily soiled /permanent imperfections on the headliner, carpet, and upholstery; may have a branded title; vehicle will need substantial reconditioning and repair to be made ready for resale; some existing damage may be difficult to restore.

    Mechanically sound but may require some repairs/servicing to pass all necessary inspections; paint, body and wheel surfaces have moderate imperfections and an average finish which can be improved with restorative repair; interior reflects some soiling and wear in relation to vehicle age, with all equipment operable or requiring minimal effort to make operable; clean title history; vehicle will need a fair degree of reconditioning to be made ready for resale.

    No mechanical defects and passes all necessary inspections with ease; paint, body and wheels may have minor surface scratching with a high gloss finish; interior reflects minimal soiling and wear, with all equipment in complete working order; vehicle has a clean title history; vehicle will need minimal reconditioning to be made ready for resale.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


    • #3
      Passenger side is damaged significantly on both doors from a sideswipe accident, front hood and bumper are crushed in and need total replacement, the exhaust system makes a lot of strange noises due to the front end work needing repairs. It's probably somewhere between those two descriptions. When I had the passenger side work quoted out a year or two ago, it was $4500 and the front work needed was $2400 or so. That didn't include the exhaust issues, as those had not appeared yet but would have been found when they started the work, no doubt. It has an oil leak that keeps reoccurring even after supposedly getting that fixed. The leather is torn, the radio doesn't work right about 50% of the time, the navigation system doesn't work, it's starting to have a weird issue with the ac and the electrical system is acting strangely for the last several months. There's some kind of glitch in it.

      Clean trade-in value on it is $4100 through NADA and average is $3325. I am thinking it should be priced somewhere between average and rough. Or alternately, get an appraisal somewhere for trade in value or even a private party appraisal.


      • #4
        Another thing -- I could exempt the entire vehicle if I don't sell it due to Texas exemptions. Does that change the likelihood of problems down the line if I do sell it?


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