If you have a classic car for sale you must be aware of the fact that for getting a good price for it, you need to invest a lot of time, money and effort into it. As they say in the United States, you need to pay money to earn money; this situation is very true regarding this topic.
First of all you need to gather as much info as you can about the car that you own and the manufacturer. A good library about the car will be seen as a significant bonus to potential customers. For this reason, it is recommended to spend some money on documents and books of your specific vehicle, if you don’t have them already. Another great idea would be to get a quality historical book from the company that made your vehicle.
Step two would be to research all the characteristics of the general market like the appeal for your car and all the rest of the factors that could affect your sale. For this reason, you should browse the Internet for museums, collectors, organizations and classified ads to figure out a typical price for a vehicle that is just like yours or very similar. Hire the services of a professional appraiser to evaluate your car. Another way to go regarding the process of finding out the value of your car would be to look up the “blue book” value by using one of the many available vehicle value guides.
Other important issues to think about are the possibility of hiring an escrow company who can verify the title and guarantee the payment. You also need to be prepared to share info about the car’s insurance and give the potential customer data regarding a transportation company (if applicable). Figure out your “asking price” and the lowest price you are willing to go. Think about whether or not you will pay for potential testing and validations requested by the customer.
Probably the most important aspect to take into consideration if you have a classic car for sale is the marketing campaign. You need to spend time studying the market and create a brief profile of the potential buyer – like sex, age, location, education, etc. Figure out if there are other ads that contain the same car you want to sell and make sure that the going prices are up to date and accurate. Get a couple of flyers for local advertising and make some signs to put them on the car’s windows. Another good way to advertise your car would be to make promotional packets with descriptions, pictures, location, issues and price and send them to various organizations and clubs. Photos are very crucial to any ad which means that you need to make high quality pictures of your car.
After you have accomplished all of the above, now it is time to prepare for the first visit and inspection. For this reason, get a flash light, rags, adjustable wrenches, screwdrivers, pliers and a tire gauge. Put down in writing any of the unapparent and significant problems the car has and how much money will it cost to fix them. To get a much clearer image about the condition of the car, hire a professional mechanic to do all the necessary tests on the car. To make the car more appealing, clean it thoroughly and polish it inside and out. Don’t forget to remove any of your personal belongings from the car.
Pretty soon you will be receiving calls regarding your ad. When the first potential buyer calls, set up a time and place for you to meet. You need to know that there are some buyers that want to take the car for a test drive, without you; this situation is a little bit risky and it is up to you to decide. Along with all the necessary info about the car, make sure that you take with you all the papers regarding the vehicle’s insurance, documents from the local mechanics, appraisers, and title insurance companies and so on. You must be prepared to accept or reject various forms of payment, like money orders, check, etc. The best and safest way to go is cash. Remember to figure out a minimum price for your classic car.
If the customer is willing to buy, never sign or release the title of the car until you have received all the money that you have asked for. Don’t forget to retain copies of all the pertinent documents as you might need them in the future. After the purchase is complete and if the car will remain in your property for a brief period of time, it is highly advisable to make dozens of pictures of the car and give them to the buyer to hold until he picks up the car in order to assure that there aren’t any questions regarding new damages. If he wants you to take the car off the market prior to committing to the purchase, ask him for a non-refundable substantial deposit, like 25% or so. You should ask 10% for holding the car 1-2 days, without taking it off the market.
If the potential buyer of the car leaves without making a firm commitment, make sure that you write down his phone number and give him a couple of pictures of the car. If he doesn’t return in 2-3 days, give him a call and ask if he is still willing to buy it. When calling him, he might want to renegotiate the price so be prepared for this.
If your classic car will be picked up by a transportation firm, you must ask the buyer to sign a document releasing you of all liability. During the loading process, take lots of pictures so that if anything happens to the car you will have evidence that it wasn’t your fault and you don’t have to pay for the damages that have occurred during the loading or transportation process.
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