If I buy a car in cash, how easy is it to sell later on?

[Santogold]

I'm going buy a car in cash (will be around 1.75million baht). In 2-3 years I want to sell it. Assuming the buyer doesn't have the full amount of money to pay me in cash...

 

1. Does he have to arrange financing through a bank/finance company?
2. Does the bank/finance company pay me the full amount?
3. Is this process a pretty easy thing for the buyer to do?

 

Edited July 12, 2018 by Santogold

[jackdd]

1. Yes, alternatively he could rob a bank

2. Yes

3. Depends on how credit worthy he is, but in general it's not difficult for Thais to get a loan in Thailand

[Ks45672]

If its priced to sell it will sell 

Worst case scenario the dealer would buy it back but you won't have trouble selling it on classifieds

[catman20]

4 hours ago, Ks45672 said:

If its priced to sell it will sell 

Worst case scenario the dealer would buy it back but you won't have trouble selling it on classifieds

depends on the price he wants for the car. i have sold many cars here in the classified adds and never to a farang its always been thai dealers who buy. i have lost lots of money here on cars i find unless you sell the car to someone you know you have to almost give them away, no one here seems to have any money.

[thailand49]

It is pretty much the same as if you were selling in your own country.

[catman20]

3 minutes ago, thailand49 said:

It is pretty much the same as if you were selling in your own country.

the only difference here is no one seems to have any money 555

[thailand49]

3 minutes ago, catman20 said:

the only difference here is no one seems to have any money 555

That would be the same as anywhere.  You put a vehicle on the market for a particular price he is buying at 1.7 million new and in two years it most likely still be a million over, it is all relative, so in Thailand, you narrow the buyers down, if the feeling no one has any money here suggest he shouldn't buy but try to lease the vehicle for two years first by doing it through a business or doing it under a Thai name? This would also be the same in his own country it is all relative and thought must be applied before moving forward.  Believe it I get it.

[Dazinoz]

41 minutes ago, catman20 said:

the only difference here is no one seems to have any money 555

Seems to be the case for anything you want to sell. Everyone wants everything for just about free. Used to buy/sell a lot in Oz on ebay. Here can hardly sell anything for a decent price.

Edited July 13, 2018 by Dazinoz

[Henryford]

Difficult to sell here i think. Even if you advertise at a fair price all you get is a bunch of jokers offering 50%.

[LukKrueng]

10 hours ago, Santogold said:

I'm going buy a car in cash (will be around 1.75million baht). In 2-3 years I want to sell it. Assuming the buyer doesn't have the full amount of money to pay me in cash...

pay cash or by installment - the selling process is the same. You can't pass your car loan to someone else. You have to clear the loan before you can sell the car, and the buyer would have to apply for a new loan if he can't pay fully in cash.

as for selling options and price, that depends on the brand/model of the car. Generality speaking, Ford for example has very bad second hand market and tends to lose a lot of it's value. Toyota/Honda on the other hand tend to have a good market and high price. Few years ago I sold a two and a half years old Honda for about 80% of it's original value. I bought a Ford and was thinking to sell it after 1 year. best offer I got then was about 50-60% of it's original value. I sold it few years later (just under 6 years on the road) for about 30% of what I paid for it new...

[1FinickyOne]

28 minutes ago, Dazinoz said:

Seems to be the case for anything you want to sell. Everyone wants everything for just about free. Used to buy/sell a lot in Oz on ebay. Here can hardly sell anything for a decent price.

Yes Daz -- different culture... you might note that there are no 2nd hand type stores or flea markets... Thai do not place much value on 2nd hand... if it has value, they will either give it away to family or sell it to family... if it is junk, they might try and sell it... 

[Greenside]

16 minutes ago, LukKrueng said:

pay cash or by installment - the selling process is the same. You can't pass your car loan to someone else. You have to clear the loan before you can sell the car, and the buyer would have to apply for a new loan if he can't pay fully in cash.

as for selling options and price, that depends on the brand/model of the car. Generality speaking, Ford for example has very bad second hand market and tends to lose a lot of it's value. Toyota/Honda on the other hand tend to have a good market and high price. Few years ago I sold a two and a half years old Honda for about 80% of it's original value. I bought a Ford and was thinking to sell it after 1 year. best offer I got then was about 50-60% of it's original value. I sold it few years later (just under 6 years on the road) for about 30% of what I paid for it new...

That's a little misleading, at least in the case of Thanachart bank.  My wife bought her car from someone who was about two years into a 72 month finance agreement with them and she simply assumed the balance of the loan.  The bank had to approve her credit and used the switch to insist a year's insurance was done through them, but other than that and a small fee which the seller paid it was pretty seamless.  Not as daunting as having to apply from scratch, anyway.

[jackdd]

21 minutes ago, kenk24 said:

Yes Daz -- different culture... you might note that there are no 2nd hand type stores or flea markets... Thai do not place much value on 2nd hand... if it has value, they will either give it away to family or sell it to family... if it is junk, they might try and sell it... 

Here are no flea markets as we have them in the west, but on nearly every market that caters to Thais you can find second hand shoes and clothes being sold.

 

The problem which somebody might experience when trying to sell a car in the upper price range comes from the importance of status symbols here in Thailand. Thai people like to spend a high percentage of their income for these status symbols, and a Thai who has 1 million+ on the bank account (and would be able to buy such a car paying cash) would most likely want a brand new car, this is just a way better status symbol than a second hand car.

 

Reminds me of when i enquired about buying a new Honda Africa Twin at Honda Big Wing and told them i want to pay cash. They seemed surprised that somebody wants to pay cash, probably a rare occurance there. I told them that i'm not rich enough to use finance, but they didn't get the joke.

Edited July 13, 2018 by jackdd

[miamiman123]

Cognitive dissonance is a term that applies to many sellers here...especially those selling cars or homes, condos, land etc. 

Two conflicting values on price theory makes it difficult to sell since what I paid for the item several years ago is not the price you should expect today, except in the rare case of an extremely rare and scare car etc.

That belief exists here to a much greater degree than in other places and other people.

Every wonder why all those cars are for sale on all those lots? And why do you think the lights are all on in all those unsold vacant condos along Asoke at night?

It ain’t easy mate!

Edited July 13, 2018 by miamiman123
Spelling

[Dazinoz]

37 minutes ago, kenk24 said:

Yes Daz -- different culture... you might note that there are no 2nd hand type stores or flea markets... Thai do not place much value on 2nd hand... if it has value, they will either give it away to family or sell it to family... if it is junk, they might try and sell it... 

I can understand that, but the strange thing is that most of the buyers or potential buyers  I have had who offer extremely low prices are farang.

[wombat]

2 hours ago, Henryford said:

Difficult to sell here i think. Even if you advertise at a fair price all you get is a bunch of jokers offering 50%.

it doesn't matter what it is, its only worth what someone will pay...if its for sale its for sale.

 

[Dazinoz]

47 minutes ago, wombat said:

it doesn't matter what it is, its only worth what someone will pay...if its for sale its for sale.

 

Sorry but don't agree. If its for sale and I don't get offered at least my minimum price its not for sale to them.

Edited July 13, 2018 by Dazinoz

[Just Weird]

15 hours ago, Santogold said:

• Does he have to arrange financing through a bank/finance company?
• Does the bank/finance company pay me the full amount?
• Is this process a pretty easy thing for the buyer to do?

The buyer can arrange his financing anywhere he wants.

 

The bank or finance company will not pay you directly unless you are an agent (dealer) of the bank or finance company as the loan is applied for by the buyer .  The buyer gets the money from the bank and gives it to you.

 

It's as easy as asking the bank or financing company for a personal loan.

[steve73]

3 hours ago, wombat said:

it doesn't matter what it is, its only worth what someone will pay...if its for sale its for sale.

 

One of the big problems here is that there are too many secondhand things being offered for sale at ridiculous prices...."just in case someone with more money than sense" can be tempted.  Sellers see these prices and think that's what things are actually selling for. The net result is that almost everything is overpriced but little actually sells, and serious buyers often feel the need to offer 30-40% (or more) less to make it a reasonable deal.  Serious sellers will take what's on offer! 

[Lacessit]

8 hours ago, kenk24 said:

Yes Daz -- different culture... you might note that there are no 2nd hand type stores or flea markets... Thai do not place much value on 2nd hand... if it has value, they will either give it away to family or sell it to family... if it is junk, they might try and sell it... 

You're kidding, right? There are second-hand clothing stores all over Chiang Mai. My GF spends 4 - 5 hours in them with her friends. Comes back crowing over the bargains she has found. One of her friends sends packing cases full of clothes back to her village in Issan.

When I took my GF to Australia, she saw all the St. Vincent de Paul, Salvation Army and Lions secondhand stores. She thought she had died and gone to heaven.

 

[Ks45672]

I've never had a problem selling a vehicle 

But I ignore the spam who offer 50% and some sob story

 

Saying that, most Thais prefer new and you can hardly blame them because of the lack of consumer protection and odometers maybe reset , service history might not have been carried out and the car may have been in unreported accidents etc and fixed up on the cheap or damaged in the floods... 

[KKr]

it will be easier to sell a car that is popular with Thai people.
For a 1,75 million car, there are not so many buyers I think, even second hand. 
 

Edited July 13, 2018 by KKr

[Santogold]

15 minutes ago, KKr said:

it will be easier to sell a car that is popular with Thai people.
For a 1,75 million car, there are not so many buyers I think, even second hand. 
 

In case it matters, the car is a BMW.

[1FinickyOne]

21 hours ago, jackdd said:

Here are no flea markets as we have them in the west, but on nearly every market that caters to Thais you can find second hand shoes and clothes being sold.

 

The problem which somebody might experience when trying to sell a car in the upper price range comes from the importance of status symbols here in Thailand. Thai people like to spend a high percentage of their income for these status symbols, and a Thai who has 1 million+ on the bank account (and would be able to buy such a car paying cash) would most likely want a brand new car, this is just a way better status symbol than a second hand car.

 

Reminds me of when i enquired about buying a new Honda Africa Twin at Honda Big Wing and told them i want to pay cash. They seemed surprised that somebody wants to pay cash, probably a rare occurance there. I told them that i'm not rich enough to use finance, but they didn't get the joke.

Clothes are readily visible, inexpensive and don't have engines that can have costly problems... yes, agreed, there is a vivid 2nd hand clothing market. 

 

Status is important here and in the West - - oddly, used car prices can be quite high, but then car prices in general are high...  but in addition to being a status symbol, new cars are likely to be more reliable, have warrantees, and generally clean and tip top as opposed to the unknowns of used. 

 

I like your joke. I paid cash too, though there was no surprise, they surely prefer credit terms... 

[1FinickyOne]

21 hours ago, Dazinoz said:

I can understand that, but the strange thing is that most of the buyers or potential buyers  I have had who offer extremely low prices are farang.

No surprise there though? I did get a pretty good price on a Toyota from the dealer I bought from and it was not a trade in, a straight sale. 

 

I am having the same issue on the other side. I am house shopping and though there is tons of inventory on the market, I don't see much willingness to sell and prices can seem high. For a buyers market, I struggle to see a buyers advantage other than loads to sort through. 

[Dazinoz]

24 minutes ago, kenk24 said:

I am having the same issue on the other side. I am house shopping and though there is tons of inventory on the market, I don't see much willingness to sell and prices can seem high. For a buyers market, I struggle to see a buyers advantage other than loads to sort through. 

When I am trying to sell something, and to figure a starting price, I look at how much I paid, how much is it today, how long have I had it, what condition it is and try to set a fair price for both me and buyer based on those conditions. I have been just trying to sell some baby stuff. One was an electronic breast pump. Babies mum used it less than a month. I advertised for just above 50% of new price and people still want it for 50% of that price.

[1FinickyOne]

5 minutes ago, Dazinoz said:

When I am trying to sell something, and to figure a starting price, I look at how much I paid, how much is it today, how long have I had it, what condition it is and try to set a fair price for both me and buyer based on those conditions. I have been just trying to sell some baby stuff. One was an electronic breast pump. Babies mum used it less than a month. I advertised for just above 50% of new price and people still want it for 50% of that price.

An electric breast pump? USED? It is difficult to imagine anyone wanting it at any price... I am not familiar with the device, but it sounds a little 'used underwear' to me... but if there is a demand, go for it... I would take any offer..

[Dazinoz]

10 minutes ago, kenk24 said:

An electric breast pump? USED? It is difficult to imagine anyone wanting it at any price... I am not familiar with the device, but it sounds a little 'used underwear' to me... but if there is a demand, go for it... I would take any offer..

VERY different to underwear. Can easily be cleaned and sanitised. But I forget that someone has to find a "bad" in every post.

 

Edited July 14, 2018 by Dazinoz

[Henryford]

23 hours ago, Dazinoz said:

I can understand that, but the strange thing is that most of the buyers or potential buyers  I have had who offer extremely low prices are farang.

Yes i think there must be quite a few dosser farangs who think they can make a living by buying stuff at low prices then selling for more.

[1FinickyOne]

2 hours ago, Dazinoz said:

VERY different to underwear. Can easily be cleaned and sanitised. But I forget that someone has to find a "bad" in every post.

 

nothing "BAD" intended - check my other posts... but selling a used breast pump... have you checked the 2nd hand market for such items.. mostly, I find that people tend to greatly over value 2nd hand stuff... I highly doubt that even 1% of people looking for a breast pump are looking 2nd hand - - - did you?