Tips for Selling or Buying a Car Online
While the downturn in the auto market has brought challenges for those trying to get rid of a used car -- particularly fuel-inefficient vehicles -- the Web can broaden the market of buyers, who are finding great bargains online.
Summer months are particularly good for auto deals, as many dealers are trying to get inventory off the lots. (One recent eBay (EBAY) listing for an "exceptionally clean" 2004 Toyota (TM) 4Runner SUV says the reserve price is "thousands below the current book value" because the vehicle "must sell.")
Auto makers and dealerships are desperate to move cars off the lot, and grasping onto any opportunity to reach a broader audience. Lexus, GM (GM) and Chrysler recently teamed up with eBay Motors to launch a digital showroom of certified used vehicles to take advantage of the millions of users trolling the auction site for a new set of wheels.
As eBay CFO Robert Swan noted in a recent conference call, although lower selling prices are hurting eBay's sales volumes, "the good news is, buyers are getting better deals."There is one passenger vehicle sold every minute, a part or accessory sold every second on eBay, according to The Pocket Idiot's Guide to eBay Motors, providing liquidity and bargains in a tough economic climate. Consumers can take advantage of the opportunities without getting burned, by following a few tips. BUYERS 1. The closer, the better: While the Web opens up the horizons for sales across state borders and country borders alike, there are added risks the further you wander from home. You won't be able to see the car in person, test drive it, or have a trusted mechanic inspect it for you. While it's common to ship a vehicle cross country, there are also added risks that the item may be damaged in transit. Idiot's Guide warns against using overseas sellers, even if they offer free shipping.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV