With personal budgets being squeezed these days, many people are re-evaluating what they truly need and what they can live without. A vehicle can become a major financial burden. Sometimes selling a van can be the best choice. To know for certain, you need to determine how much money you can actually make if you sell it.
A great place to start when estimating the worth of your van is the used van value calculator on the Kelley Blue Book: Vans. Often actual van sale prices will be somewhat lower than what is listed, though. If you can find sales of your make and model of vehicle on ebay.com or craigslist.org you will come to an even better estimate. Remember that craigslist.org will show only the asking price. The van may not have sold or the actual sale price may have been lower than what is shown on the site.
If you purchased your vehicle recently and you are still making payments then the company which lent money to you holds a lien on it. An existing lien means you do not actually own the van. You must obtain authorization before selling it. With permission from your lender you could find a buyer for the van, but the buyer would typically be required by the lender to qualify for a new loan.
If you can obtain permission and find a buyer who qualifies, this is preferable to “walking away” from a loan because you will be liable for a smaller amount of money. A lender often sells a vehicle at an auction for a much lower price than could be obtained from a private sale. In either case, the difference between the remaining loan amount and the sale price of the van is still your responsibility.
If you are planning to purchase a new vehicle to replace your van, you may benefit from looking beyond the standard trade-in offer most dealerships make. There are several government programs which offer hundreds to thousands of dollars as incentives to encourage destruction of vehicles with low gas mileage or that pollute heavily. These programs vary by region, but your state’s DMV website should have more details.
In the case that a van is on its last legs or even not running at all, you may still be able to wring the last drops of value from it. Some models are valuable as a source of used parts and can be sold for a reasonable amount. Others still retain some value in raw materials, if nothing else. Enter the required information into this online form to receive bids from around the country at Junk Yard Dog. (Choose any random part when required to do so. It does not apply to selling a car, but the system requires a choice be made before continuing)
To summarize:
• Check prices on kbb.com, craigslist.org and ebay.com
• If still making payments, you must get permission to sell, but it is worth trying
• A government program may offer money to destroy your van
• A scrapyards or junkyard may pay you something if all else fails
- Van Insurance Quote
- What Is My Car Worth To Sell?
- How Can I Sell My Car?
- How Much is My Car Worth?
- What Paperwork do I Need to Sell my Car?
