As convenient as it gets
You wouldn't expect that selling a car could be as simple as buying something on Amazon, but an online car retailer has streamlined the entire process. You can get an estimate on the value of your car even without providing a license plate.
David Dean used Carvana last summer to sell his 2012 Volvo and was blown away with the speed and ease of the sale.
“I didn’t have to take pictures of my car, I didn’t have to give a history on maintenance, I didn’t have to pull receipts,” he says. “They gave me a price within, I think, two minutes.”
Carvana will pick your vehicle up and pay you on the spot. You don't even need to walk out your front door.
“They just scheduled somebody to come, and when they showed up, the whole thing took less than five minutes,” David says. “It was just a couple of taps and a couple of signatures on a tablet and off my car went, and the money went into my account.”
David, who is a COO at Credit Union Solutions Group, was so impressed with Carvana that he pursued a partnership between the two companies.
Skip the dealership
By selling your car online, you get to skip the trip to the dealership (and the awkward haggling) entirely.
With Carvana, you can get an offer within minutes of listing your car. The company even offered David more than the dealer he’d spoken to about trading in his Volvo.
“If it was a couple hundred bucks I may not have done it, but it was a couple thousand dollars, maybe even a little more, so it was worth it,” David says of the Carvana offer.
When David sold his car in the summer of 2020, COVID-19 had shut down much of the world. But the Carvana rep who arrived at his house wore a mask and practiced social distancing, making the whole process as safe as possible.
A modern alternative
While marketplace sites like Craigslist do let you list your car for sale, Carvana manages the whole process and promises a secure transaction.
In David’s case, the Carvana experience has convinced him to leave the dealership behind for good.
“I would definitely do it again,” he says. “In fact, I probably won’t do anything else again. I’m sold.”
Fine art as an investment
Stocks can be volatile, cryptos make big swings to either side, and even gold is not immune to the market’s ups and downs.
That’s why if you are looking for the ultimate hedge, it could be worthwhile to check out a real, but overlooked asset: fine art.
Contemporary artwork has outperformed the S&P 500 by a commanding 174% over the past 25 years, according to the Citi Global Art Market chart.
And it’s becoming a popular way to diversify because it’s a real physical asset with little correlation to the stock market.
On a scale of -1 to +1, with 0 representing no link at all, Citi found the correlation between contemporary art and the S&P 500 was just 0.12 during the past 25 years.
Earlier this year, Bank of America investment chief Michael Harnett singled out artwork as a sharp way to outperform over the next decade — due largely to the asset’s track record as an inflation hedge.
Investing in art by the likes of Banksy and Andy Warhol used to be an option only for the ultrarich. But with a new investing platform, you can invest in iconic artworks just like Jeff Bezos and Bill Gates do.