May 11, 2022 - Carmigo

How to Determine Equity in Your Car

May 11, 2022October 6, 2022 by andrewin Green Light, Tips & TricksLeave a Comment

May 11, 2022

How to Determine Equity in Your Car

How Much Money Can You Make if You Sell Your Car?

Do you ever wonder how much money you would make if you sold your car today? To know that, you’ll have to determine how much equity you have in your car. Your car’s value, and how much money you’d make if you sold it are two different things. Let’s start with a definition.

Equity: It’s the value of your ownership stake in an asset. More simply, how much you can get paid for something you own.

So let’s find out how to determine equity in your car.

What’s It Worth?

First things first, we need to find out how much your car is worth. This is easy enough to do on a number of websites, like Kelley Blue Book.

What Do You Owe on Your Car Note?

Your loan payoff amount could be higher than your loan balance depending on interest and early payoff penalties. Call the bank that holds your auto loan and they’ll be able to tell you exactly how much you’ll owe if you pay in full.

Since your lender is likely holding the title to your car until the loan is paid in full, you’ll need to pay this off immediately when selling your car.

Other Considerations?

Are there any other liens against your car? For instance, did you use your car to secure a personal loan from your bank or a cash-for-title loan? In the same way you checked your car note’s payoff amount, see how much it will cost you to pay off these loans. These will also have to be paid when you can sell.

How to Determine Equity in Your Car

Now for the math, but don’t worry. This is one of the easiest math problems you’ll ever have to do. Add up everything you owe, and subtract it from your estimated sale price like so:

Value – (Car Note + Lien) = Equity

If your car is worth more than you owe, congrats. You’ve got equity in your car, which means you’ll have money left over after the sale.

With a little bit of saving you may be able to sell your car and pay all your loans in full just in time to shop for a new one. Or you may want to wait until you’ve made a few more monthly payments.

Shameless Plug: Either way, when you’re ready to sell, we’ll make it easy.

A Shoe Store That Compliments Technology with Customer Service

May 11, 2022June 20, 2022 by andrewin Easy, Green LightLeave a Comment

May 11, 2022

A Shoe Store That Compliments Technology with Customer Service

What We’re Loving: Fleet Feet

This week we’re giving a big make-it-easy salute to Fleet Feet for running the extra mile (😉 ) to make life easier for its customers.

Buying Running Shoes Sucks

For runners, finding the right shoe is tough. No two feet are the same. Seriously, my feet are completely different widths and lengths (something I found out at Fleet Feet). And no two runners have the same stride or style.

Read any article about getting into running and you’ll hear the same thing: Finding the right shoes is critical. Well, that’s easier said than done.

Most runners don’t have the cash to buy more than one or two pairs of decent running shoes at a time, so testing them is difficult. And to make it harder, shoe companies are always changing their designs. And to their credit, shoe technology has come a long way.

Make It Easy

So when a couple of us walked into Fleet Feet recently to see what all the fuss was about, we were delighted to see how easy they made finding a new pair of shoes.

We love easy.

The stores are equipped with a neat little imaging tool that sort of looks like it could house a hologram on a spaceship. Customers stand on it, and it scans their feet, creating a 3D model. The model is rendered in an iPad app and analyzed. They even send it to your phone.

It is so rad that I don’t mind sharing mine here:

Anyway, they asked a few questions about our running routines and styles. They looked at our scans, and they pulled out a couple of shoes and insoles, each one a little more perfect than the last.

And the results are truly spectacular. We have two big runners on staff, both of which paid a visit to our local Fleet Feet recently. The difference has been night and day. Less pain, better recovery, longer runs.

We love it when a company compliments technology with a little hands-on customer service to make life easier. That’s our thing too.

Auction, Sell, or Trade, What’s Best for You?

May 11, 2022May 12, 2022 by andrewin Green Light, Tips & TricksLeave a Comment

May 11, 2022

Auction, Sell, or Trade, What’s Best for You?

When it’s time to sell your car, should you auction, sell, or trade?

Every seller is different, and every seller has different needs, so let us help you decide if you should auction, sell, or trade your car.

Auction

Pros

Real-Time Results
The most exciting part of an auction is watching the bids come in, each new bid higher than the last. The real-time nature of an auction also means you’ll get definitive results in a predetermined amount of time. No more guesswork about when you’ve found the right buyer, and you will see how much demand there is for your car right away.

Less Paperwork
Because an auction employs a third party to handle the sale (the auctioneer or auction platform), they’re also going to do some paperwork. And if you use Carmigo, we’ll handle all the paperwork — title, loan payoff, transportation logistics, and any other hassle.

Better/Fairer Price
Because auctions have multiple bidders making offers in real-time, the marketplace will typically provide a higher price and, at the very least, a fair price. We’ve written about the ins and outs of auctions on the blog, but basically, it’s because of a combination of a larger marketplace, a diverse set of needs, and the built-in competition.

Cons

Less Hands-On
Because a third party is handling the auction, they’ll be setting a lot of the terms of the sale. That doesn’t mean you don’t have any control (you’ll likely set the price and decide when or for how much your car sells).

Includes Fee
Auctions charge a fee for their service, but if you find the right one (ahem, Carmigo), you’ll only have to pay a flat fee of $350 after the sale.

Sell

Pros

You’re in Charge
This could be a con, depending on your comfort level with private sales. But when you sell your car on your own, you set the terms and control the sale. You’re in control.

Opportunity to match auction prices
Depending on your skills as a marketer and negotiator, you could attract just as many offers and sell for a price comparable to what you would get at an auction.

Cons

Strangers
Have you ever sold something on craigslist or Facebook Marketplace? There is typically a flood of demanding messages: “Will you take less?” “Is this available? Pls respond now?” “What’s your bottom price?” “Will you trade for a generator and a weight bench?”

Plus, they’ll want to come to your house and maybe even take it for a test drive. It’s uncomfortable, not fun, and many sellers feel unsafe in these situations. It makes sense when tens of thousands of dollars are at stake in many cases.

Bartering
The back and forth of bartering over something you’re selling online or otherwise is exhausting (or thrilling for some).

Time Consuming
Between making signs, posting ads, fielding messages, scheduling visits, bartering, and all the paperwork, selling your car privately takes a lot of time. And that’s even if it sells fast.

Dealership Trade-In

Pros

Immediate
We’re not going to lie, taking your car to the dealership and being able to part with your used car immediately can be a blessing. And that’s especially true if it’s a car you’ve wanted to rid yourself of for a while.

Credit Toward New Car
Getting a trade-in means you’ve got automatic money down on your new vehicle without additional transactions.

Convenient
Being able to drop your old car off and drive away in a new one is undeniably convenient. In some cases, it may even be worth the reduced value you’ll get in return for your car.

Cons

Less Money
Typically, dealerships can offer less money on a trade-in because they know how convenient it is. After all, you’re already on the lot. And it’s not like you can drive two cars home.

One Buyer, One Price
If you’re only getting one offer, chances are it’s not the best offer the marketplace has to offer. Honestly, it’s probably not even the average. Having one offers means your price is based on the needs of one dealership, not the larger marketplace.

Bartering
Spending time at a dealership means spending time in the back and forth. How often does the dealer have to “ask the big guy” if he can offer more before you second-guess your decision?