The Ultimate How to Sell Your Exotic or Luxury Car Guide
If you’re looking to sell a luxury or high end exotic vehicle then be sure to check out this comprehensive guide we put together for you.
Luxury cars aren’t just fancier vehicles from getting from A to B. No, they’re a way of life. When you buy a luxury car, you buy all the pros and cons associated with one. The pros include the plush driving experience and the ability to stand out in traffic. The cons include getting the right value for it.
While the same could be said for any vehicle, exotic cars can be more difficult to sell. They’re rarer and their price tags mean that not everyone can afford them. This means that you’ll be dealing with a lesser number of buyers. But that doesn’t mean that you’ll be getting quality over quantity.
Plus, high-end car owners tend to replace their vehicles often with newer ones. Therefore, they need the best price they can get so they don’t have to add a significant amount for their next purchase. To sell your exotic for a good value means to follow the guide below.
The following set of guidance should clear things up. If it doesn’t, contact Sell Your Car OC and we’ll take your luxury vehicle of your hands for the best price!
Selling An Exotic Car Can Be a Bit of a Hassle
To sell your exotic car means to be aware of the type of buyers you’ll be getting. You need to understand what they’re looking for and how they tend to think. Anyone can sell their luxury car for a fraction of the price and that’s what happens when sellers get frustrated with their lack of progress.
Here are some aspects you need to consider:
Smaller Number Of Potential Buyers:
There’s a reason why exotic cars can be found on every petrolhead’s bedroom poster. They’re pricier than the average Japanese or Korean sedan. They’re also more expensive to maintain and aren’t as reliable. This is why insurance companies aren’t too keen on them and you can’t have it any other way.
Also, their fuel economies aren’t good because of larger engines, unless you have an EV. Green vehicles, which also include plug-in hybrids may attract more buyers. This is not only because they save fuel but it’s also because they’re good for the environment. Older, gas guzzling exotics are usually a big no-no.
But it doesn’t end there. As mentioned above, luxury carmakers come up with tons of new technologies and put them in the latest models. It is a common saying that if you want to look at what features will be available in your regular passenger cars in ten years, simply observe the Mercedes S-Class of today.
This is one of the reasons that exotic car owners change their vehicles so often – to get the latest quirks and features. Hence if your car is a couple of years old, buyers may shun it for something a little less ancient. So, while the brand name of a luxury car does sound impressive, owning one can be difficult.
But the desire to own an exotic car; be it for showing off or for the experience, can overcome a person’s financial capabilities. You can find someone who’d be able to arrange financing for your vehicle. But this is yet another challenge. The banks have much higher restrictions when financing expensive cars.
You’ll Need To Take Detailed Photos
We’ve established that the number of buyers for exotic cars is fewer. So, how do you attract that small section of people? By publishing a detailed advert of course. You need to come up with a reasonable set of photos of the car. But these should look professional i.e., at the right angles and high resolutions.
As with any other listing, you need to be completely honest. If there are any blemishes, dents, or scuffs on or in the car, you should either get them fixed. Or, you should show them in the pictures, and mention them. Make sure that the car has been washed and serviced properly before capturing pics.
This will save time for you and the potential buyer. Remember, the buyer in question is going to be paying more money for your exotic than for a regular car. This is why they should be aware of any faults or flaws in the vehicle before they message or visit you. Honesty is always the best policy.
Buyers May Want Detailed Service Records
This one also correlates to the higher price and maintenance needs of a luxury car. Any buyer will want their new exotic acquisition to be free of any faults. But unless one’s a mechanic or an automotive technician, this can be difficult to assess.
So, the only proof of maintenance for the laymen interested in your car are its service records. This not only shows if you’ve taken care of the vehicle or not. But it also alerts the buyer if there’s work to be done on the car.
If there are no service records, or if they aren’t pleasant to look at, the buyer will consider the car a red flag. At the end of the day, buying a used exotic car is a risk and this is why one must know beforehand if there are any costly repairs to be done.
If you do have an extensive record of maintenance and all the receipts, it can only strengthen your sale. You can get quote a higher price to the potential buyers based on the fact that you’ve kept a well-oiled machine. If you plan on selling your exotic later on, do keep this tip in mind.
Actually Selling Your Exotic Car Can Take Some Time
Unfortunately, all good things take time and this applies here as well. As indicated by the paragraphs above, you’ll have to be patient if you want to sell your luxury car for a good price. Reports indicate that the luxury car segment makes less than 19% of the total sales in the automotive industry.
Bring that over to the used car market, where most buyers aren’t qualified enough to judge your car for what it’s actually worth. The key is to be patient and provide a detailed advert for the vehicle. If it comes to low-ballers and time wasters, don’t fall into their traps and play the waiting game.
Different Ways to Sell Your Exotic or Luxury Vehicle
Now, you’re aware that selling an exotic might not be a piece of cake. So, let’s discuss the different ways you can sell your vehicle. Each method has its pros and cons regarding the aspects of buying and selling. It will be helpful for you to read the following passage before you decide which one’s the best for you.
Let’s see how you can sell your exotic the right way
Selling To A Dealership Or Trading In
The first method to sell your luxury car (or any vehicle for that matter) is by taking it to the dealership. This is the traditional method and it’s considered one of the easiest ways to get the job done. You just go to an area with dealerships and take it to a local dealer. They’ll pay you for the car or you can trade it.
However, it’s not so simple with exotics as you might think. Not all dealerships buy luxury cars and many don’t understand them. But let’s say that you do find a dealer interested in your ride. Remember that luxury cars tend to depreciate more in value so expect a lot of lowballing.
The dealers always tend to pay the least amount for an easy profit. They’ll look for easy targets on your vehicle and they’ll call out every single flaw that they can find on it. Many dealers take advantage of sellers who aren’t aware of the market. Hence you should always be aware of all the insider terms and jargons when you go to a dealership.
Oftentimes, their offers might be so poor that you’ll go from dealership to dealership in the hopes of a better offer. Some dealerships are known for their terrible customer service and long waiting times. This means that you’ll lose the time and effort that you were meant to save.
This is why you should always check out the online reviews of the dealership in question. In the oldenolder days, dealerships were pretty much the only way to sell a vehicle. And while they’re still popular today, if you’dtoday if you’d like to quickly get the sale over with, you won’t necessarily get the right amount for the car.
Listing The Car Yourself – Private Party
The most common way to sell your luxury car is to post an ad online. There are countless websites that specifically deal with the purchases and sales of vehicles. Even the biggest marketplaces have special sections for automotive sales. This is the private party route, and it has many advantages.
The convenient part is that you don’t need to leave your home or office to post an ad (apart from taking the pics of course). All you have to do is click some well-detailed pictures of your exotic and upload them to the site. You must also add a listing mentioning the features of the vehicle.
A wonderful feature of posting an ad is how much control you have. You can easily post your demands and snub off anyone who cannotanyone cannot match the price. You can also deal with the buyers when you want to and sell the car to whoever you feel is worthy of it. This also means that you’re able to negotiate better.
But alas, it’s not perfect. Posting a listing takes time and you need the know-how, plus the right set of keywords. Also, you’ll have to post a bunch of ads along different websites in order to get a decent response. As mentioned above, this is because there are fewer potential buyers for exotics.
But what about the buyers who’ll reach out to you? They can be of many types and they can be quite the handful. You could get buyers who’d know nothing about the car or the used exotic car market. You could get lowballers and some entitled buyers.
There are also those who aren’t interested in the purchase. They’d just rather take your exotic car out for a joyride. You’ll encounter a number of time wasters. Plus, there’s always a chance that you’ll get a number of private parties at once and you could get overwhelmed by them.
Also, there are no background checks involved in the process. This is why you should only entertain the people who you don’t think are suspicious. A good practice is to meet the party at a spot away from your home or garage; somewhere equidistant to both of you.
Dealing With a Qualified Exotic or Luxury Buyer
If both of the ideas above aren’t your cup of tea or they just haven’t worked out, there’s another way to sell your exotic car. You can always look for qualified institutions that deal with luxury cars. If you’re situated in Orange County, then Sell Your Car OC will be a fantastic choice.
Going to the dealership is easy and dealing with a private party can get you a better offer. But this method brings to you the best of both worlds. Dealing with a luxury car buyer can benefit you greatly. Take Sell Your Car OC for example; we’ve got years of experience in purchasing exotic cars.
You’ll get a lucrative offer based on the study of the car and the luxury car market. Sell Your Car OC will also take the car off your hands within 24 hours. You’ll get paid on the very same day as well. This is the route that thousands of our customers have taken and they’ve loved the experience.
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What To Do Before You Sell Your Car
But before you can utilize one of the three methods mentioned above, you need to undertake a few steps. You need to have the right information regarding the sales of exotic cars. This means that you’ll need to observe the used car market for your high-end car. The payoff must be determined.
You should also understand the documentation and the paperwork involved while making a sale. Always make sure that you follow the right procedures while making the sale. When you’re about to post the advert for your car, you must do the following beforehand:
Find Out Your Current Payoff
Things become more complicated when you’ve financed the vehicle and haven’t exactly paid for it completely. You need to know how to transfer the title of a financed vehicle. This is when you must be aware of the payoff for your vehicle. So, what is a payoff?
This is an amount that you owe the bank or the financer. It contains the interest that you have to pay until you sell off the vehicle. Hence it is an extra amount that is dissimilar to the actual price you owe for the vehicle. But how should you find out about this?
Simply contact the company that loaned or leased you the vehicle in the first place. You can get a payoff letter and if the buyer meets you there, the transaction can be easier. The specific details of this process differ from state to state. You should look yours up or better yet, pay the loan before selling the vehicle.
Locate The DMV Forms You’ll Need To Submit
If you don’t have the payoff problem, then you can simply dive into the paperwork. These are a number of forms issued by the Department of Motor Vehicles, or the dreaded DMV. Selling the car means a transfer of ownership. This is why there are several forms that you must fill.
Where can you get these forms? The easier thing to do is to get them online. If you’re more old fashioned, you can get them from the DMV or the AAA office. Regardless, most of this paperwork can be submitted online to the local DMV’s website. Make sure you fill out everything in question.
Bill Of Sale
The bill of sale is an important piece of paper that has details of the transaction between you and the buyer. Now, this isn’t an official or mandatory document like the ones from the DMV. But it is a courtesy and a sign of good faith between you and the buyer.
The document usually has the terms of the sale on it. This can include the car’s price, the odometer reading and the vehicle’s description as well. The date of delivery along with the signatures of both the buyer and the seller are a must.
The main reason for the bill of sale is the release from liability. Let’s say that the buyer causes an accident or commits a crime using the car that you sold to them. This bill will be the proof of your innocence as it will show that you have nothing to do with the vehicle anymore.
It is better to discuss things with the buyer beforehand. If they agree to sign the bill, then it’s all good. Otherwise, you should consider this as one of the red flags regarding sales. It is then recommended that you don’t make the sale.
As Is Document
This is another document that is required to take the car’s responsibility off your hands. The As-is document basically states that you’ve sold the car to the buyer in this condition. From here on onwards, its repairs and maintenance are in the buyer’s hands.
It’s basically the buyer accepting responsibility for the car’s future repairs. It also means that you’re not including any sort of buyback clauses or coverage for the vehicle. Whatever happens to the car now is in the buyer’s hands. This is one of the most important docs out there and can save you from trouble.
Final Steps After You’ve Sold Your Car
So, you’ve sold the car and it’s off your hands, or is it? You’re definitely not done yet. There are some procedures that the seller must take care of even after their high-end car is no longer in possession. These are usually related to the DMV and the bank or lenders (if the latter is applicable).
You need to clear any remaining amounts with the bank if the loan hasn’t been paid off. You must also complete the DMV paperwork. The sale is completed after these steps have been taken. They’re also important as far as liability is concerned. Always ensure that the sale is completed.
After you’ve gotten rid of the car, you must do the following:
Make Your Pay-off
We’ve already discussed the payoff. It is the amount that you must pay to the lender; usually the bank. You should be well-versed with the value of the high-end car in question. You can find out about this by looking it up online. Kelley Blue Book is a great site for this kind of data.
You can ask the lender for a payoff letter which will contain all of the details. If you’re unsure of when you’ll be selling the car, remember that the payoff amount changes daily. So, make sure that you decide quickly and don’t have to pay for anything extra.
On the payment of the payoff, the title is received. Be sure to ask them in advance of any penalties and the processing time so nothing get’s delayed. You can officially transfer the vehicle’s title to its new owner and they’ll have to deal with whatever comes next from the lender.
Send In the Requirement Documents
In some cases, you might need some more paperwork. Your financers can ask for some extra documents so pay attention to them. Collect these papers and then send them to the lenders as soon as possible before they ask for anything else. The more you delay, the more difficult the sale can become.
Complete the Transfer with the DMV
Even if you don’t have any remaining balance with the bank, you still need to deal with the DMV. This means that you need to collect, fill out, and submit every single document that they ask for. You can visit the website of your local DMV to find out about this dreaded paperwork.
There will be a list of forms, certificates and affidavits that must be taken care of. You should download the ones that you find. You need to print them out, fill out all the details and then take photocopies of them as per the system’s instructions. Submit them after checking out which ones are mandatory.
There are some documents that are only required in special cases. Make sure to read the terms properly and see if anything out of the blue applies to you. Remember, the vehicle’s ownership won’t be transferred until you can satisfy the DMV.
Remove Your Car from Your Insurance
The insurance on a high-end car is an expensiveis expensive business and you need to get rid of it immediately. As soon as the car is sold, you should cancel the insurance. We cannot stress this enough as if you don’t take this step, the buyer can easily drive under your insurance without having to register their own.
This is because insurance policies are connected to the car. The buyer driving the car means that you’ve given them permission to drive. In the case of any accidents, your insurance will be in effect. You’ll also continue paying premiums until the deed is done. This is why you must get rid of the old policies.
But this isn’t necessary if you buy another car. In this case, they’ll just transfer the policy to your new vehicle. To do so, simply make a call to your company’s agent. They’ll take care of everything and in less progressive insurance companies, you might have to visit them yourselves.
If you ever forget to transfer the insurance, do explain to the policymakers of the confusion. You might be able to settle with them. Also, beware of double insurance as the buyer might register with another insurer while your policy is still active.
So What's The Best Way To Sell Your Car?
In conclusion, high-end car sales can be quite the hassle. You have less buyers, and the ones that you get are very picky. They require proof of maintenance and if you post an advert, they need only the finest pictures and details of the car.
There are also several methods of selling a high-end exotic car. Dealerships are quick for purchases but they can pay you pennies for your fine ride. You’re also better off not taking the private party route because of how time consuming it is.
You’ll also be drowning in paperwork related to the DMV, as they’ll complete the transfer of ownership. You might also deal with the insurance company and the lender if necessary. This is why you should contact a reputed luxury buyer like Sell Your Car OC.
- Give you a good price
- Pay you in 24hrs
- Take care of all your paperwork