I made a decent amount selling my 1 month old S90 to Carmax in Feb. Would be worth checking. Especially if you could get another PCO, rinse and repeat.
You’ll have to report that income.
Any one talk to Honda about the $350 turn in fee on vehicles sold to Vroom? Technically they should only be assessing that fee on vehicles returned to Honda after lease end unless they have it in multi-page contract terms.
Just resubmitted my wife’s Lexus to Carvana, came in $900 more than last month. Now it’s above the payoff, so going to dump it this week.
Vroom came in a couple grand under.
What’s the over/under on Carvana + Vroom going belly up before 2020?
Not according to WSJ - the used car trade is heating up
- By Adrienne Roberts
- 16 hours ago
Rising new-car prices are pushing more buyers to the used-car lot, where they are finding a growing selection of low-mileage vehicles that are only a few years old.
I used Vroom to price my (former) 2014 Grand Cherokee Overland. The price was fair to me, $1500 over Carmax. I then went to Texas Direct Auto, which is a giant Carmax/eBay retailer our of Houston. Turns out they merged with Vroom, so they just looked up the VIN, found out the price I was already quoted and said that’s the price. With so many people buying newish cars sight-unseen, I see this trend continuing.
“The transaction accelerates Vroom’s ability to become the market leader by combining Texas Direct Auto’s technology with Vroom’s distinctive platform,” Michael Farello, a Vroom director, said in a statement.
After Vroom opens up a 500,000-square-foot facility in Indianapolis next year (2016), the combined company will employ 500 people and will have refurbishment facilities in Dallas, Houston and Indianapolis. The combined entity will be based in New York.
I have a quick question. I have a 2015 charger lease is up in jan. Buyout 20600 vroom offered 21000. Is this a good offer to take? Not really sure how these things work or what to look out for
Yes take the deal. You make money and don’t have to worry about a disposition and or the wear and tear they can charge you for when you return the lease
do we have to pay tax on these buyout prices…i have a positive equity too. but if I had to pay tax it doesnt make sense
I think the odds are in favor of both Carvana and Vroom to make it through 2020.
Both companies have invested heavily in automotive data, supply chain management and stats experts to develop accurate short term used price forecasts. Poor VIN decoding and unknown content levels for VIN-level data is their Achilles heal when trying to price vehicles accurately. There is build data available for many brands but not all.
Their businesses rely heavily on a continual stream of new inventory into their channels so that is coming first and foremost from auctions where they (and other large dealer groups) are buying giant volumes of vehicles using proxy bids output from their statistical pricing models.
These models are the same ones that are used to price your vehicles that are submitted to them. They will only price as high as they need to in order to resell it in that same market or in another market at their desired net profit margin.
They also handle their own transportation so they have also invested a lot in supply chain management so that they can move the right vehicles to the right markets where their net margins are higher.
Most luxury leases on the new car side are so heavily subvented to hit those attractive payments which is often in the form of juiced up RVs. This is why few luxury vehicle priced through these guys will result in any positive equity.
What happened to Beepi? What caused them to fold?
My guess would be the name for one
Vroom and Carvana are way better, right
They sound more “car-ish” at least. Beepi sounds like the mix of beep and pee.
What does Vroom sound like to you?
I don’t think you pay taxes when you sell to Vroom! You get to picked the positive equity and use towards new car !
One thing to watch out for when you lease, your lease company may give them a different payoff than you. So you may need to do a two step transaction, where you buy the car first. In california you can do it without paying sales tax as long as you re-sell the car in 10 days.
One thing that seems to worry me, there’s a disclosure that they can rescind the sale once they get the vehicle and the seller would be responsible of picking it up from wherever it is at that time. What if the courier damages the car during transportation for example.
Just tested one brand new f sport from the dealer’s website. MSRP 62K VROOM offered me 40K. WTF.