Selling Car - What's the cleanest, most transparent way of selling a Car belonging to an estate (in my role as executor)

Pinoy adventure said:
I would of though that if a family member did buy it they might get it slightly cheaper than buying on the open market which could put the executor in a tight spot if a member of the family or a person receiving a part of the sale of the car kicked up a fuss over the slightly cheaper car.
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Well if that's the case then the executor can't sell the car to a dealer at below market value they have to sell it on the open market??
 
Unless the executor has "skin in the game" it is a significant investment in their time to achieve what may possibly be a marginal benefit overall for the estate. Now a solicitor who is tasked as the executor can bill for their time and effort which may in fact be detrimental to the estate overall.

A dealer will only offer a "trade price".
Remember they are a business and must make a profit on the transaction.

So in theory the only lot to the executor is the open market. But some degree of pragmatism is probably needed in most cases.
 
If there is a beneficiary who is interested in buying the car, they already own a percentage of it, so that percentage gets discounted off the open market price. They get no additional discount because they are "family".

Do a quick survey of the market for make/model/year/spec/mileage/condition, dismiss the highest and lowest priced cars from the survey, get the mean price of the remaining cars and that's the base price. Discount that price by the beneficiaries' ownership, e.g. 10 beneficiaries, 10% discount to the purchaser, and that valuation is deducted from the purchaser's eventual share of the estate. No money changes hands, the car-purchaser gets less when the estate is settled.
 
A dealer will want €1,500-€2000 profit.

Ring a couple and get a feeling from them if you want a quick sale. Start with the place it was bought from.

Don't be surprised if they buy at 18k and price it at 22k as they need haggling room.

But done deal is not bad for this price bracket. The tyre kickers are in the lower price bracket.

I sold a 2018 Sorrento a few months ago within a week on DD for a very good price.
 
mathepac said:
If there is a beneficiary who is interested in buying the car, they already own a percentage of it, so that percentage gets discounted off the open market price. They get no additional discount because they are "family".

Do a quick survey of the market for make/model/year/spec/mileage/condition, dismiss the highest and lowest priced cars from the survey, get the mean price of the remaining cars and that's the base price. Discount that price by the beneficiaries' ownership, e.g. 10 beneficiaries, 10% discount to the purchaser, and that valuation is deducted from the purchaser's eventual share of the estate. No money changes hands, the car-purchaser gets less when the estate is settled.
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I would of thought that if my mom or dad was the executor that they would not charge me the higher end of the sale price of the car,leaving aside the percentage off if I was too inherited any % of the car.
 
mathepac said:
They can't. It conflicts with their roles(s) as executor( s ) and reduces the funds available to other beneficiaries and leaves them open to being sued.
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At what point would at executor be leaving themselves open too be sued at in the sale of a car too a family member ??

If car is worth 20k,and executor sold car for 18k too garage would that be reasonable grounds for Sueing the executor ?
 
The OP hasn't specified it, but there may be disagreement/suspicion between the heirs. As executor he needs to act defensively and secure a price that can be justified on paper, even if it's not the theoretically best price out there.

In his shoes I would get three garage quotes and sell to the best of them. There is most likely a better price available through a private sale, but this would leave him open to accusations of corruption which he will be keen to avoid.
 
NoRegretsCoyote said:
If he wants clean and transparent he probably doesn't want to sell to one heir and be seeking permission from the rest of them.
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But will they still not have to get consent from the beneficiaries if selling to a dealer at a trade price rather then full market price??
Most wills probably only have a couple of beneficiaries so would it be that hard or time consuming to ask them

I've never been an Executor and probably won't ever be as I think it's a thankless and stressful job
But I have been a beneficiary and been involved in the distribution of an estate and after the big items are sorted you're left with the persons personal items like house contents, jewellery etc etc and these are usually divided up among the beneficiaries and other family members and friends for one reason or another and this is usually done with the consent of the beneficiaries and with little regard to the value of these items
 
Cervelo said:
I would have thought that the Executor could sell a car at a reduced price if they have the consent from the beneficiaries of the will
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The executor has full executive powers and does not need the permission of any of the beneficiaries for any course of action s/he might take, provided such action is in line with (a) the wishes of the decedent and (b) his / her duties and responsibilities as executor.

It'd be nice to have the agreement of the beneficiaries, but that's it, it's a "nice to have".

I have been executor, now can we move on from this notion of mythical "family discounts".
 
Just an update guys, and thanks for everyones advice, I went with zucar, the price the gave was ball park or better than other dealers, a very efficient and seamless process. I would recommend them. I could have gotten a small bit better on done deal but then again I mightn't and be happy to take any price in a couple of months!
 
Glad my advice worked out for you and your experience mirrors my own, fast, transparent and efficient if you are ok with the price they offer.

I have no affiliation other than as a satisfied client.
 
Good man, out of curiosity I'm going to send off details of my own motor to Zucar and see what they offer. I have a fair idea what it's worth.
 
Bear in mind also that a dealer will have incorporate VAT into the selling price which will reduce the profit. A private buyer has no such concerns.
 
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