Questions and Answers About CarBuyCo

Company Buys Used Cars Directly from Consumers

Leslie Vander Baan, vice president, CarBuyCo.

CarBuyCo.com is a newish website for people looking to sell their used cars. It makes a lot of sense if you have a used car you want to sell but don't want to go through the hassle of used car trade-ins with a dealer. It also makes sense if you're trying to sell a used car for someone else (like an estate sale).

CarBuyCo.com is also going to make sense if you're trying to get rid of a salvage titled used car.

Normally they are a pain to sell but CarBuyCo says they're willing to take care of the hassle for you.

Finally, another value to CarBuyCo.com is as a price comparison to what others are offering you for your used car. Of course, when it comes to selling a used car yourself, you have to take into account things like what your time is worth. Sure, a used car valuation site like Edmunds.com might say you can get more for your used car, but if it's only a few hundred dollars, is it worth the problems associated with selling a used car?

Leslie Vander Baan, vice president, CarBuyCo, did a question-and-answer with About.com to explain more about what the company has to offer for people interested in selling a used car.

Q. Let's start at the beginning. What is CarBuyCo.com, what are your roots, and how does it help a used car seller?

A. The founders of CarBuyCo were in the car business and recognized a need to help a consumer not only receive an estimated value but also understand what amount they could also sell their car for with less stress and hassle.

Beginning locally in the Charlotte area, they saw a way, using technology, to improve the process and scale it to a national level. The website, CarBuyCo.com, is the easiest way for consumers to access this service.

The challenge : Many people don't want to invest the time and effort necessary to show a vehicle and negotiate a competitive price or manage the pressure of selling to a dealer as part of a new car purchase.

The opportunity : Consumers want a guaranteed sale-on their schedule-and technology allows experts to quickly price vehicles wherever our sellers are in the country.

The solution : CarBuyCo was started to help make the process as fast and easy as possible for consumers. With our three-step process, it's incredibly quick to go from seeing a quote to saying goodbye to your vehicle:

  1. A consumer calls or visits the CarBuyCo website, and shares details about their car (make, model, year, mileage, any physical or mechanical flaws, etc.)
  2. A CarBuyCo buyer contacts you with a quote and makes an agreement to purchase the car wherever is most convenient for the seller.
  3. The offer is finalized with a quick in-person inspection at your convenience from one of our buyers (or with a virtual inspection using Facetime), we hand you a check and take the car off your hands.

It's great to watch people who have been frustrated with selling their cars to individuals or dealers in the past see how easy the process can be. Whether it's a busy mom who doesn't want the hassle of meeting up with strangers, an on-the-go professional who has a short window to sell a vehicle before their next business trip, or a recent college graduate who needs to unload their car before they move to the big city, CarBuyCo offers a fast, easy, guaranteed solution.

Q. Once one of your experts makes a guaranteed purchase offer, how long does a consumer have to decide to take the deal?

Our initial offers last for seven days, but sellers can update them easily at any time. When a CarBuyCo buyer visits the seller, if a vehicle checks out as described, they receive the full value of the offer. Once our buyers are on-site, sellers finalize the deal 98 percent of the time.

Q. You bill yourself as a national company. Are you available in every state? Or will Alaska and Hawaii have to wait a while to see CarBuyCo.com?

A. Yes! We can purchase cars wherever sellers are in the U.S. (or in Canada through CarBuyCo Canada). This includes Hawaii and Alaska in addition to the lower 48 states.

Q. How many used cars has CarBuyCo.com purchased since being established?

CarBuyCo purchases hundreds of cars every month and has purchased thousands of cars since our inception.

Q. Part of your spiel is you will pay a used car seller $100 if a dealer beats your price. Isn't this risky? Don't some dealers inflate trade-in values to help a customer complete a deal?

A. CarBuyCo has shifted our incentives: Now we offer a $50 gift card as a thank you when we buy a car as a result of your referral.

Q. Will CarBuyCo.com work with a seller who still has an outstanding balance on a used car or does the used car need to be owned outright?

A. CarBuyCo is a great solution for those who still have a lien on their vehicle. Many of the vehicles we purchase have existing leans. Our team members handle paying the balance of any loans and passing the difference back to the seller. This is one of the many roadblocks in selling a car that we can help our customers easily overcome.

Q. Once your representative hands over the check, does CarBuyCo.com take immediate possession of the used car? Is a tow truck standing buy to take the car away from the owner?

A. We'll take possession of the vehicle as quickly as possible, usually at the time of close or within 24 hours.

Q. Strange question - but does CarBuyCo.com only buy functioning used cars? Along those lines, would it buy a used car with a salvage title?

A. CarBuyCo purchases both running and non-running vehicles. We will also purchase cars with a salvage title. The seller of the vehicle needs to share these details about their vehicle up front during the valuation process.

Q. Are there any used cars you won't buy? If so, why?

A. While we love them, we don't generally purchase classic cars-it's a unique market with significant fluctuations in pricing, so we leave it to the experts in that field.

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Griffin, Keith. "Questions and Answers About CarBuyCo." ThoughtCo, Jul. 30, 2013, thoughtco.com/questions-and-answers-about-carbuyco-3308498. Griffin, Keith. (2013, July 30). Questions and Answers About CarBuyCo. Retrieved from https://www.thoughtco.com/questions-and-answers-about-carbuyco-3308498 Griffin, Keith. "Questions and Answers About CarBuyCo." ThoughtCo. https://www.thoughtco.com/questions-and-answers-about-carbuyco-3308498 (accessed October 20, 2017).