My father is considering selling his car -- he still owes $9k on it. It's a Caddy--should he try the dealer?

Question

My father is considering selling his car -- he still owes $9k on it. It's a Caddy--should he try the dealer?

Answer 1

Why not trade it?

Answer 2

Is the car worth more than the $9K that he owes? If so, he can sell it through classified ads, autotrader magazine, eBay Motors web site, or by simply putting a "for sale" sign in the window. CarMax also buys cars and some dealers will buy good late model cars for their used car lot.

Your father would have to pay off his $9K loan to get the title to give to his buyer. Anything left over would be profit, or a down payment on a new car.

However, if the car is worth less than $9K, he could sell, but would have to come up with the extra money to pay off the loan to get the title to give to the buyer.