Under The Hood
Behind The Wheel: Guide To Selling Exotic and Luxury Cars
If you’re a car aficionado like us, the quest to seek out a new ride is never-ending. There’s a new exotic on the market; or a collectible car you’ve always wanted has just come up for sale. When the stars align and you find the perfect example of the vehicle you have been looking for, there's no better feeling than the first drive home. But the question always lingers: how do I sell my exotic or luxury car?
The ordeal of selling luxury, classic, exotic, or collectible cars is unlike selling your typical everyday car. It can be overwhelming. Selling exotic cars such as Porsche 911, Ferraris, Lamborghinis can be a challenging experience if not done the right way. Expect to deal with tire kickers, lowball offers and tending to numerous questions from prospective buyers. Indeed, finding the right buyer can be daunting. The timeline tends to be lengthy, and the process isn’t quite as smooth as the ride.
At Swap Motors, every exotic/luxury car owner we dealt with wished they didn’t wait so long to try us out. We understand the value of uniqueness, options, and condition. Our offers can be cashed the same day.
This article outlines the important things to consider when you sell your exotic car to get the best possible price while experiencing a less cumbersome process.
Know your car 101
How well do you know your car? Spec/edition/trim level? How many previous owners? Service/accident history? Added factory options or packages? Any AM components? What’s special about it? These are only some of the questions you’re expected to be asked by potential buyers. The more you know, the better! Gaining fundamental knowledge about your exotic and gathering necessary information is key. It’s one of the things that boosts your sale process, adds value, and gives potential buyers an opportunity to learn more about your car.
Condition is everything. When selling an exotic vehicle, condition (aside from the asking price) drives the interest from potential buyers. Exotic collectors and enthusiasts prefer a vehicle that is well-maintained, and don’t mind paying a bit of a premium for something that is extra clean with documented history as well as service. It’s worth getting thorough detailing done on the car and additionally, conducting a maintenance assessment may not be a bad idea if you haven’t had it checked in a while. (PPI, PRE-PURCHASE INSPECTION).
Pictures and details
The old adage “a picture is worth a thousand words” is still relevant and true when selling a car, even more so in the case of exotic and/or luxury cars. The best thing about pictures is, it doesn’t take a lot of effort to get it right. All you need is a decent smartphone with a camera and copious amounts of sunlight. Position your car in a spacious area that is well-lit and take pictures from multiple angles. Capture some shots at eye level for front-back-sides, and we (highly) recommend at least one picture that captures the three quarters angle. Capture the interiors to showcase the seats, options, panel, steering wheel etc. A few more shots to show the engine and trunk, and you’re all set. Having the original window sticker, to showcase its optional features, as well as pictures of all keys, manuals and records, helps paint a positive image in any buyer's mind.
Another key factor when selling a car is determining what it’s worth. KBB Value provides a good baseline for most makes and models; however, it may or may not offer accurate value for exotics, luxury and supercars. This is due to the limited data of previously sold listings in the open market. Fewer or no comps for your exotic and luxury car makes it a challenge to come up with a price. It’s worth researching the values on several automotive marketplaces, classifieds, forums, local dealer listings etc., to assess the minimum and maximum ranges.
Once you’re all set and ready to sell your exotic, it’s time to figure out which route you want to take. Some of the options you could consider:
- Private party sale (automotive marketplace, social media, classifieds, forums)
- Selling to a dealer
Selling your ZR1, GT3 or any exotic model for that matter to a private party is the most favorable method to get the best price. However, it’s also the option that has the longer time-to-sell factor and is somewhat not the most secure way if you’re transacting with total strangers. Be prepared to entertain offers. Always meet in a public place with proper lighting for safety when conducting test-drives. Do not entertain any requests from buyers that seem unreasonable or risky.
Paperwork and more
Have the paperwork and documentation pertaining to your car ready. Potential buyers, especially ones dealing in exotics and supercars, are more likely to request proof of the car’s history, maintenance, service records, manuals, list of upgrades/customization etc. Keeping a binder with all of the vehicle paperwork adds strong credibility to your sale, enhancing your buyers’ experience.
Closing the deal
When closing the deal as a private party, the paperwork and legal formalities tend to be complex, and any mistake can cost you time and money. Each state has its own framework in facilitating private party transactions and applicable use tax and paperwork required. If you’re transacting with an out of state buyer, make sure you understand the process for both the states. Besides essential documents such as bill of sale, transfer of ownership forms, expect to fill out additional paperwork, in addition to possibility of visiting the DMV to transfer the title and registration. If you have a lien on the title, work with your lender to ensure that you follow the necessary steps. In regard to receiving payment, make sure that the buyer has sufficient funds to make the payment and consider opting for a trusted escrow service that protects both the parties.
Want to skip the tiresome process and just sell for a fair price?
At Swap Motors, we make the process easier, so you don’t have to undergo the hassle of selling your exotic. Through our Instant Cash Offer, we buy supercars, exotic and luxury vehicles directly from the vehicle owners all over the United States.
We are a cash buyer for 911 GT3, GT4, G-wagon, Ferrari, Lamborghini, Land Rover Range Rover HSE and Sport, EVs, Hummers among others. We work with private sellers to offer the comfort and convenience of transacting in a secure environment. We typically close the deal the same day and get you paid on the spot. Our process involves a quick 15-minute assessment of your car to make sure you get the most for your one of a kind ride!
Get started here -- to get an instant offer and sell your car today!