It doesn’t matter if you are selling rocking chairs or cars… selling anything does require some effort and planning on your part. As opposed to selling your vehicle quickly just to make room in your garage to selling it for fair market value might take a little more time. Here are some basic steps to selling your vehicle.
Classic Cars come in many different styles, types and shapes that to be successful at selling them it’s necessary to tailor your approach to the particular vehicle. The bottom line here is that you want to get top dollar for your vehicle.
Step 1: Prepare the car to be sold
Preparing your car to be sold is self-explanatory.
You need to make sure that your vehicle is in top mechanical order. Clean it thoroughly and put it someplace that is highly visible. You can sell a vehicle without doing these things, but they almost always pay off. The similar you make it for the buyer to say yes, the faster you will sell it, and the more money you will get for it.
The more valuable your car and the better it’s condition the more obvious small defects will be when a buyer comes to inspect it. Make sure to carefully detail it. If need be let a professional detailer do it. If you are selling a parts car, this is not necessary.
The one exception is if it is an all original vehicle. It needs to look original, especially if you have had it stored for a long period, or if it is in exceptionally good original condition or has very low mileage. Some collectors would rather do the heavy cleaning themselves, but you might want to remove the worst of the dirt and heavy grime to make it easier to properly evaluate the vehicle.
Once you have made the vehicle as presentable as possible, it’s time to photograph it so you have pictures to use in ads, auctions or to send to potential buyers. This is also a good time to gather all of the paperwork and documents for the car such as, ownership documents, old receipts and photos that you have accumulated over the years so they can be inspected by the purchaser.
Step 2: Pricing Your Vehicle
An important step is to set your price. Pricing and valuing are not the same.
The value of any vehicle refers to the market’s view of what a similar model is worth. When pricing your vehicle you need to take into account what similar vehicles have sold for, as well as many other factors, including:
Do you need to sell it quickly? Is the market for classic cars rising, sinking or holding steady? Is your vehicle currently a must have collectible or not. What is the current market value? What is the honest overall condition of your vehicle?
If you are in a hurry to sell and have a car that is not a market darling or if it is in rough condition, it is generally best to price it close to market value, but be prepared to take market or less to make a quick deal. If it is one of the hot sellers, you can get away with pricing it 10 to 20% higher than market.
Some research and a little common sense on the current market will go a long way in helping you price your vehicle more effectively. Check auction results and price guides for similar cars. If you are unsure, you might want to hire a professional appraiser who specializes in classic cars. When you finally set your asking price make sure you also know the lowest price that you can accept for your vehicle.
Steps 3 and 4: Prepare and Execute the Marketing Plan
Consigning your vehicle to a broker or dealer is simple. You either grant an exclusive or a non-exclusive right to sell your car to the broker or dealer of your choice. The cost varies but usually it is negotiable. A dealer is a licensed establishment with a permanent location or showroom that is open to the public. Brokers may or may not have a showroom, but tend to meke connections between sellers and buyers based on their knowledge of the market and who wants to buy and sell at the moment. Both can make the selling process easier.
For most, advertising a car for sale means classified ads. Classified ads can be broken into two categories, print and online. They are both good ways to sell. In most cases online advertising can reach a much wider audience. The idea is to attract potential buyers to your car not to actually sell the car with the ad. Selling it is your job when you meet with potential buyers.
Sometimes there is a temptation to advertise your vehicle in a local newspaper, but any perceived convenience is overshadowed by a small number of potential buyers. A national ad will greatly increase the potential for you to get top dollar for your car.
The internet accounts for a large portion of the marketplace for any product. Most print media offer an online version. If you don’t see it, ask them about it. Many offer package deals for both print and online.
Just like advertising, auctions are now split into two, live and online. Both can be effective.
Online auctions are the new kids on the block for selling cars. An online auction allows you to reach a wide audience of potential buyers and is less costly than actually sending your car to a live auction. Auction houses generally earn their reputations for selling specific types of cars. For example you are not going to send your Model A Ford to an auction house that specializes in selling muscle cars it just doesn’t make sense. Do your homework and find the one that fits your needs
Word of mouth is another option to consider when selling your car. Classic car collecting is a tight knit community and then interconnections between its members can be3 very useful. When you tell friends and other collectors they tend to tell their friends and other collectors.
Taking your vehicle to car shows and car corrals is a great way to get it in front of those potential buyers. I hope this has been helpful and good luck with selling your vehicle. Once again my friends Happy Motoring…