The Definitive Guide to Selling a Luxury Sports Car Without Being Scammed
Selling a luxury sports car is no different from selling any other kind of sports car. What makes them appear different is only the amount of money being exchanged. And whether you are a buyer or a seller, no one wants to get scammed. So here is a definitive guide to selling a luxury sports car that won’t land you in the middle of a scam or another uncomfortable situation.
Finding Your Audience
When you are advertising any luxury sports car, it’s probably not the best idea to advertise it in the classified section of the local newspaper. Truth be told, very few members of the luxury car buying audience are going to be perusing standard newspaper classified ads. They have no interest in being scammed by an unscrupulous seller either.
What will often happen to sellers of luxury sports cars who try to place an ad in the wrong venue is they end up wasting a lot of time. People respond to the ad and they have no true interest in purchasing the vehicle. They want to test drive it, look under the hood and that’s all. It’s nothing more than a once in a lifetime chance for many “potential” buyers. Meanwhile, you are wasting precious time and energy, the car is decreasing in value and you’re still in possession of the car.
When you’re finding your true audience, there are several ways to go about this. There are plenty of sites that are reputable when it comes to selling luxury cars, so do a little research to choose which site works best for you. This may prove to be the easiest option. Another method is through word of mouth within your trusted circle, providing that your circle includes people who would be interested in luxury sports cars.
Pricing Your Sports Car
Sometimes putting a price on your vehicle can be a little difficult. If you have put some money into the car, then you are certainly wanting to recover that money in addition to making a profit. There are several ways you can go about fairly pricing your vehicle. The first thing you should do, whether you are unsure of how to price your luxury car or not, is look at similar listings on the site of your choosing to see what comparable vehicles are being sold for. If your pricing is too far off from your competitors, you may find it more difficult to sell your car.
Alternatively, you can use the Kelley Blue Book value as a starting point. It is likely that your potential buyers will consult blue book value before making their purchase, so you don’t want to be unnecessarily far away from their price either. Of course there are exceptions to the pricing game. If the car is loaded with all the bells and whistles, then you certainly can up the price, or if a high quality restoration has been done. In this case, it may be a good idea to consult an appraiser, a trusted mechanic or another knowledgeable party.
When you know just what your vehicle is worth and the lowest amount of money you are willing to accept, it makes it more difficult for scammers to get you between their teeth. If at any point during the negotiations you begin to get a bad feeling, you are well within your rights to discontinue contact with the potential buyer.
Place Your Ad
There are a few things that will help your ad to stand out and invite more views, which just might shorten the length of time it takes to sell your high end luxury vehicle. One of the best things you can do to increase traffic to your listing is to have excellent pictures of the vehicle attached to the listing. Whenever possible, take pictures outside in order to get the best lighting. When taking pictures outside you want to pay close attention to reflection and glare. Different colors and paint finishes will photograph differently at certain times of the day. You also want to choose your background carefully. You may even want to consider getting professional shots done if it’s in your budget. And don’t forget to take pictures of the interior and any special features the car may have.
Although pictures are the most important in grabbing the attention of potential buyers, you also want to write a killer vehicle description. Use lots of vibrant action words and try to answer any questions you would want to know if you were thinking about buying a car. Be sure to include details like the current mileage, where it is located (near Albany, New York is a good example), and the best method of contact.
If you are uncomfortable with selling across state lines, then specify in your ad that you will only accept in person transactions. Things can get a little muddy when you try to conduct car sales through email and other electronic means.
You should also decide what forms of payment you are willing to accept. Cash is usually the safest options. Never, under any circumstances should you wire any money to your buyer. There is never a need to. If your buyer is making this request, that you give them money, other than making change for your transaction, you should immediately discontinue the sale.
Require that a money order or a check be drawn from a local institution. When you receive a money order, it should be for the exact amount of the sale. You also need to verify with the issuing institution that the money order is valid. Be sure to verify the identity of your buyer as well. If they are unwilling to show you ID and allow you to confirm their identity or the legitimacy of the issuing institution, it may be wise to back out of the sale. In your bill of sale, you can specify that checks and money orders must clear before you hand over the possession of the vehicle.
If your buyer wants to pay outside of business hours, you should hold off until you can verify the payment method and sufficient funds. Rushing at this stage of the sale can have disastrous outcomes, so be patient and cross every t and dot every i. And if you would like to avoid all of the verification and delays, you can always only accept cash. You can also purchase a counterfeit marker to ensure you’re not receiving fake bills.
Once you have finalized your sale and the payment is in order, you need to make sure that you are in compliance with the law. Consult your state’s department of motor vehicles to make sure that you are legally and properly selling your luxury sports car. You need to have a copy of the bill of sale for both you and the buyer. This can be notarized as well if you want to further reduce the likelihood of being scammed.
When you sign over the title, make sure you fill out all of the information correctly and accurately. You also need to remove your license plates from the vehicle. The buyer should have his own license plates or arranged for the transport of the car. You may be tempted to allow the buyer to drive off with your license plates, but don’t give in to the feeling. Should the buyer fail to return the tags to you, you are the one who will be penalized. The issuing state’s Department of Motor Vehicles or Motor Vehicle Administration will begin assessing fines against you. Any tickets that are received will be attached to your license plates and may result in many unnecessary legal woes.
Save yourself the trouble and follow good practices when you are attempting to sell a luxury sports car. And regardless of the type of car you are selling, luxury or economy, these tips can help you fall into the traps of unscrupulous buyers whose only goal is to scam you, leaving you in a lurch or otherwise uncomfortable and avoidable situation. Choosing a reputable venue or site to sell your sports car can drastically reduce your chances of being victimized but so can following your gut. Pair these two and following good selling practices just may make the difference between a great experience or a horrible tale of caution.