las vegas business "cars for cash" - craigslist (2024)

FAQs

Who pays most for used cars? ›

Selling your car to an individual, also called a private-party sale, is typically where you can get the most money.

Spend What You Can Afford

However, under federal law, the dealer must tell the IRS of any cash amount that exceeds $10,000. This law requires your name, address, etc., on some paperwork. Just remember, most dealers prefer a cashier's check for any high-dollar amounts if you're planning to use some cash.

Through our research, we found the best junk car buyers where you can sell your car for the most money are Peddle, Carvana, and Copart. Crash Course: Peddle is currently the best place to junk a car for the most value. Junk cars typically sell for between $100 and $500.

A 2013 Brookings Institution study found that the Cash for Clunkers program resulted in a modest short-run stimulus effect (specifically, an increase in vehicle production, GDP, and job creation), but that "the implied cost per job created was much higher than alternative fiscal stimulus policies" and "these small ...

Private sales: Private buyers and marketplaces offer the highest profit potential but require extra effort for advertising, vetting buyers and paperwork. Dealerships: Traditional car dealerships are ideal for a hassle-free experience but typically make lower offers for vehicles and are less flexible than other buyers.

In our secret shopper comparisons, CarMax gave us the best value for our vehicle. While it's worth getting quotes from multiple sources, our team found that CarMax offers competitive rates for used cars.

Key findings. Carmax offered the highest prices for used cars among its competitors, nearly $1,000 more than both Carvana and Vroom. Between Carmax, Vroom, and Carvana, Carmax offered the highest amount for used vehicles 63% of the time.

Paying cash may hinder your chances of getting the best deal

"When dealers are negotiating the purchase price, they anticipate making money on the back end, via financing," Bill explains. "So if you tell them up front you're paying cash, the dealer knows he has no opportunity to make money off you from financing.

Dealers must report to IRS (using IRS/FinCEN Form 8300) the receipt of cash/cash equivalents in excess of $10,000 in a single transaction or two or more related transactions. By January 31 of the following year, dealers also must notify the customer in writing that a cash report was filed.

Will a dealer drop the price for cash? ›

A: Paying with cash doesn't automatically mean the dealer will give you a killer deal. If anything, the dealer would prefer you finance the car so it could make a little profit from securing the loan. That said, it does simplify the process.

Depositing a big amount of cash that is $10,000 or more means your bank or credit union will report it to the federal government. The $10,000 threshold was created as part of the Bank Secrecy Act, passed by Congress in 1970, and adjusted with the Patriot Act in 2002.

Law enforcement seeks to trace where the money came from, as well as where it is going. In addition, tax authorities have an interest as well. So, buying a vehicle and paying cash arguably could be a step in “disguising” ill-gotten funds.

Banks are required to report when customers deposit more than $10,000 in cash at once. A Currency Transaction Report must be filled out and sent to the IRS and FinCEN. The Bank Secrecy Act of 1970 and the Patriot Act of 2001 dictate that banks keep records of deposits over $10,000 to help prevent financial crime.

Does Carvana take cars that don't run? Carvana may not buy your car if it has been in a crash because they don't focus on buying cars that have been damaged in accidents. However, Carvana does buy cars with salvage or rebuilt titles, but usually, the car needs to be in working condition for them to consider buying it.

Is Peddle trustworthy? According to Peddle reviews, it's a legitimate car-buying company that has purchased more than 2 million vehicles from consumers. The company has an A+ rating, accreditation from the BBB and a 4.6-star rating on Trustpilot from more than 123,000 reviews.

Is Wheelzy Legitimate? Wheelzy.com is a legitimate company that buys cars of any age and condition. It has helped over 200,000 customers sell their old vehicles from their homes. Wheelzy covers a tow truck to pick your car up and provides payment at pickup.

Approximately 12-15 million vehicles reach the end of their useful life each year in just the United States alone.