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Smart Shopper Questions About Private Sale Transactions
236 messages, Last post on Nov 20, 2009 at 5:18 PM
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Replying to: cccompson (May 18, 2008 7:24 am) Here in MI the secretary of state people will sometimes decide on their own that something's fishy and assess a higher price. The law says that use tax is calculated on the "sale price or retail price, whichever is higher." This made the newspaper some years back when they decided some lady was scamming them with the price of a used RV. It got to be a bit of a mess because the lady apparently was a pillar of the community and hadn't lied at all, and the "retail price" was taken straight out of one of the more idiotic price guides. I'm all for this law, but in my version, if they don't like the price, they should assess the car... and then give the buyer the option of turning the car over to the state in exchange for, say, 90% of the assessed value. I'd be all over that ;-> -Mathias |
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Replying to: cccompson (May 18, 2008 7:24 am) The state is looking to get their piece of the pie. |
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Here's one that just happened- My kid had just picked up a screaming deal on Craigslist-(2004 Cavalier-3300 bucks) his old car (a 2000 Cavalier) was worse for the wear of 8 years of so-so maintenance and typical Midwest rust on top and underneath. After trying to get decent money for the car- decided to dump it back on Craigs for 800. 1/2 later phone is ringing off the hook- knew I priced it too low but wanted it gone. Young kid and boss show up 2 hours later- drive the car - like it- grind 25 bucks off of me and agree to take it a few days later. Kid is "desperate for the car" No wheels. Day comes and kid doesn't have ride because he's watching his little baby- we drop car off- Few hours later - car is listed on Craigslist for 1500.00 more. Moral of the story. Be happy its out of my life and feel sorry for whoever paid the 2 grand for it. They were screwed. And don't take to much stock in what a buyer tells you.
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Replying to: 2doorpost (Sep 13, 2008 6:09 am) Well, nobody said they actually got what they were asking for it. But, yeah, the probably made a few bucks if they had patience.
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Replying to: qbrozen (Sep 15, 2008 8:18 am)
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Replying to: 2doorpost (Sep 15, 2008 8:21 am) |
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Replying to: 2doorpost (Sep 15, 2008 8:21 am) You told the buyer the needed repairs. You wouldn't have gotten sued. Even if you hadn't told of needed repairs, old cars are sold "as is". I try to sell my cars at a price high enough to bring top dollar, and low enough to generate enough calls to have it sold within a week or two.
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Replying to: jipster (Sep 16, 2008 10:54 am) If you "misrepresent" the car, even if you advertise it AS IS, there are circumstances where you could be sued. For instance, if there's a VIN # issue (even if you didn't know about it), or if you said the car only had two owners but later the records show 12 owners, (and believed it) or if there's provable fraud, blah blah.
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Replying to: Mr_Shiftright (Sep 17, 2008 9:06 am) Three months later( I think) the transmission went bad and the seller ended up in Small Claims Court. The miserable judge made him pay for half the cost of a rebuild!
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