Thought it Was Easy to Sell Your Car? Try Selling it to a Canadian

IStock_000013048926XSmall You know the story...sell a car, buy a car, buy a car, sell a car. Easy as pie, right? Well, have you ever tried to sell your car to someone living in Canada? I did, and what an experience it was. Let's just say both sides have to really want to complete the transaction. Here's the chronology of events and some color commentary.

  1. We decided to sell my wife's car, which apparently is very rare. It's a 2000 C43 AMG and not very many were imported to the U.S. Mileage very low for a 10 year old car, 79,500.

  2. I wrote a blog about the car several months ago on a Mercedes Benz website. Someone read my blog and contacted me asking if I would like to sell it. Good timing. His phone number indicated he was in Toronto, which is a fabulous city if you've never been.

  3. He asked for a bunch of pictures, which I gladly sent.

  4. He asked for the VIN number so he could check which year the car was put into service. No problem. Now it gets tricky.

  5. Apparently not every car is allowed into Canada permanently. It has to be on their approved list of cars. And a 1999 version of my car was not allowed in. Thankfully it was manufactured late enough in 1999 that it was considered a 2000 model.

  6. Next, the car had to have one particular feature that would prove to be the deal killer if it were missing. Anti-lock brakes, nope. Air bags, nope. Emissions system, nope. Snow tires, nope. The car had to have the "tether system", which is what you would use to secure a child seat. Thankfully my car had it, which was news to me.

  7. Price negotiated, no problem.

  8. Pick up date, no problem other than he wanted it really quick. So, I told him as long as I had clear funds before he picked it up then we'd be fine.

  9. He wanted to send me a guaranteed check, which is a reasonable request. Problem is my bank wanted 6-8 weeks and $120 to process a guaranteed check drawn on a Canadian bank so that idea was no good.

  10. Next we looked at wiring the funds. I thought about it and giving a complete stranger in a different country my bank account info just wasn't appealing. Looks like we were stuck with Paypal for the deposit.

  11. Then he wanted to come down on a day I was out of town on business. He had a non-refundable ticket so we were stuck. So, I asked a buddy of mine (who is an avid member of the NRA) to facilitate the transaction. No issues.

  12. So he flies down, hands my buddy a wad of cash and takes off Northbound. I live in Atlanta, he lives in Toronto. And, he needed to get the boarder 3 days after the title and bill of sale arrived at the boarder. And he needed to get there during normal business hours, which I assume he did.

Here's where the story ends. He now has a car that in about a month I'll start regretting selling. Sellers remorse. At least the Labatt's Blue will go down colder now that I know my old car is enjoying cooler weather.

John Ulzheimer – Credit scoring and credit reporting expert and author, John is the President of Consumer Education for Credit.com. Formerly with Equifax and Fair Isaac, John shares his unique insight of the inner workings of credit scoring models and the credit reporting industry on CreditBloggers.com.

Using Game Theory to Buy a Car

Here's an interesting approach to buying a car, created by Bruce Bueno de Mesquita, a professor of politics at New York University and a Senior Fellow at the Hoover Institution at Stanford University. The professor says he has used his method "to buy eight or nine cars in the past, saving myself thousands of dollars."

It works like this: He first decides on a make, model, and trim. The he gets on the phone and calls every dealer in his area and gives them the following spiel:

“At 5pm today, I want to buy a car (Mazda, Ford, Fiat, or whatever). I am calling every dealership within a 50-mile radius of my home and I am telling each of them what I am telling you. That is, I will come in at 5pm today with a cheque to buy a car from the dealer who offers me the best price.”
A few dealers tell him to take a hike, and that just means his technique really works. Most dealers will give him a quote on the phone, because they don't want to lose a sale. He writes the price next to each dealer on his list, and when he's done, he heads over to the dealership with the best deal.

The author of this article in The Irish Times put Professor Bueno de Mesquita's technique to the test, and saved €2,450 off the opening price on a used car.

I've written about buying cars on CreditBloggers in the past: See Car Dealers' Tricks -- and How to Dodge Them. My favorite method is to use a car broker, who basically does what Professor Bueno de Mesquita recommends. I pay him a few hundred dollars for the service, which is well worth it for me.

By the way, Credit.com offers a wealth of information about buying a car and about auto loans through Credit.com's partner company.

Mark Frauenfelder – Editor-in-chief of MAKE magazine and the founder of the popular Boing Boing weblog, Mark was an editor at Wired from 1993-1998 and is the founding editor of Wired Online.

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