How to sell a car for a fair price

I bought a new car a little more than a year ago, and I am still making payments on it. But with the economy continuing to deteriorate, there is a potential I could lose my job at some point in the next few months, so I am starting to give some thought to what my car might be worth if I decided to sell it in the second-hand market.


Does anyone know the best way to sell a car for a fair price in HK? Not being daft, I realize that the car will have lost value as soon as I took title. But at the same time, I don't want to let it go for a song.


I need to decide whether I could get *any* money out of it, or whether I would be better off just handing it back to the finance company.


Thanks for any thoughts you may have.

You can test the waters with an ad here http://hongkong.asiaxpat.com/classifieds/

I thinking in buying a car to replace my existing one. If interested in testing the water, what sort of car and price you are looking at?

It's a 2007 Mercedes E230, and I bought the 4-year maintenance plan, so the original retail price was $572k. I financed it for $470k. As of December, there will still be $390k left on the loan.


I just renewed the insurance on it, and HSBC insurance estimates the car to be now worth $480k. This is not taking into account the value of maintenance agreement.


Of course I can sell the car if I pay off the loan, so at the very minimum a buyer would have to pay me enough cash to pay off the loan. But if the only way to sell the car in the second-hand market is to accept a low-ball offer then of course it doesn't make economic sense.


Mercedes-Benz Finance wouldn't be happy for me to simply "give back" the car, but if that's what I decide to do, they won't have any choice. I can stop paying and they can repossess the car. If I don't have the money, I don't have it. They can even sue me, but you can't get blood from a stone. Times are tough.