Selling Used Collector Car
Selling just about any type of product requires effort and planning. Unless you want to sell it ASAP to get rid of it from your garage, selling it at a fair market price will take some time. First of all, you’ll need to prepare the vehicle for the actual sale.
In order to do so, you must do any mechanical work that is necessary as well as cosmetic work to make the car look better. After you’ve got that covered, you must detail the car inside and out. If you have any spare parts that you will give to the buyer, gather all of them in one place. Next, get all the relevant records and paperwork that will be of interest to any potential customer. After that, take high quality photos of the interior, exterior and at the engine compartment.
The process continues by setting a target price for the car. To do so, you will have to go through the price tags of other cars that are similar to yours in order to find out the real market value of the vehicle that you plan on selling. In figuring out the price, you will have to ask yourself some questions:
a) Do I need to sell the car as soon as possible?
b) Is the market of collector cars rising, sinking or holding steady?
c) Is my car popular among collectors or buyers are not really interested in such a model?
d) What is the current market value for my car?
e) What is the condition of my car?
After you’ve answered yourself these questions, now is time to prepare and execute your marketing plan.
First of all, you’ll need to think about how you are going to sell the car. You need to choose one (or a combination) of the following selling methods:
a) dealer / broker;
b) live and online auctions;
c) print and online advertising;
d) car show or car corral.
When considering how you are going to market and advertise, think about where to advertise and which dealer/broker, website, car show, auction, etc. to choose from. You will have to prepare the suitable materials, like creating signs, writing ads and preparing an online description.
Now time has come to execute your marketing/advertising plan by placing ads, submitting online listings and signing dealer consignment or auction forms.
When choosing the media to offer you car the much needed exposure, take into consideration the following:
a) news – local, regional and national;
b) online – www.autotrader.com, www.hemmings.com as well as marquee-specific websites;
c) classified publications – AutoTrader, Hemmings Motor News, Old Cars Weekly, etc;
d) newsletters – specialty publications, local & national clubs;
e) magazines that have classified sections – Robb Report, Sports Car Market, Car Collector, etc. and club publications as well.
When you start writing your ad you need to keep it concise and clear and include the following basic information: year, make & model, exterior & interior color, engine size & type, mileage, original equipment condition, major options, price tag, phone number, e-mail address and the state where the car is located.
When taking photos, you should offer a wide variety of images that you will be posting online or even send to potential customers, here is what you should capture:
a) front three-quarter view;
b) rear three-quarter view;
f) engine compartment;
h) any significant flaws.
You also must mention the type of payment that you accept:
a) cash – in most cases you will be safe, but we highly recommend that you check the bills for counterfeits. You will find bill-checking pens at stationery stores;
b) personal / certified checks – you should hold the car right until the bank will confirm that the money have been transferred into your account. The certified checks do not offer more protection than a personal check so be very attentive;
c) bank or cashier’s check – you will be safe just as long as that check belongs from a real bank. We highly suggest that you make a phone call to the bank in order to verify that the check was issued or you can ask the bank to verify your funds. It would be best to deposit that check and let it clear, prior to handing out the vehicle;
d) electronic payment or wire transfer – transferring the funds directly from one financial institution to another would have to be one of the safest ways of payment. Before you release the collector car, get in touch with your bank to make sure that the funds have been transferred into your account.
Preparing and executing is very important in the process of selling used collector car but unfortunately many people tend to overlook this one. A regular bill of sale must include the following:
a) seller’s identification;
b) buyer’s identification;
c) proper identification of the vehicle;
d) the purchase price;
e) warranty statement;
f) signature & date.
As you can see, there are a lot of things that must be taken into consideration when selling a car, especially one that is so special. Since we are talking about a lot of money, there isn’t room for any mistakes as you won’t get a second chance. Prepare the car, develop a marketing plan, advertise it and then take care of the selling process being very attentive at all of the ramifications of this.
Post tags: Tags: classic cars, selling used collector car