Are you looking to sell your old luxury car? There are many ways to go about selling your luxury car, and most require a certain degree of caution. Selling your car is not as easy as putting an ad on Craigslist and hoping for the best. You need to take precautions that ensure you don’t get scammed out of your money after you list your luxury car up for sale and connect with a bogus buyer.
Here are some tips that help ensure the transaction goes smoothly and make sure it’s a win-win for both you and the buyer.
1. Consider that it’s a niche market
Selling a car that is only suited for the super-rich can be difficult with many potential buyers unable to afford such an expensive purchase.
The sale of luxury cars tends to be clustered to the top, focusing on people with money and large displays of wealth.
Before listing the car, think about where your market usually taps for their car needs. For luxury vehicles, you can sell with Grays as they have a network of a million buyers around Australia and expert salespeople who can help get your car sold.
2. The selling price is not always final
Another thing to consider is that a luxury car may not always sell at the price you allocated for it. A buyer might be willing to shell out large sums for luxury, but that doesn’t mean you should sell it at full retail.
Listing the car for sale on a site with an online auction will often pit potential buyers and force them to bid against each other. This will usually cause the selling price to go up, and also makes it easier for more people to see the listing and demand of the product.
3. Get a valuation done
If you are planning on selling your luxury car privately, it is good practice to get a third-party valuation before going public with your sale. This way, you can sell the car at a price that is fair to both the buyer and yourself.
A valuation can be useful if there has been a depreciation in the value of a luxury car. A valuation may also be helpful if you are using a third-party car dealership as it can help ensure that offers for the vehicle match its real market value. By doing this, you develop trust and a budding relationship with your customer, which can be good for future business.
4. Make sure your car is clean before advertising it
A luxury car that is dirty looks like a low-quality, neglected vehicle which will not attract many buyers.
Depending on your budget and time availability, you can get a professional valet to clean your car for you. If you’re particularly skilled working around cars, you can always also do it yourself.
If done by a professional, make sure to get them to list everything that needs fixing or replacing so you’re aware of the entire state of your car’s condition. This can also help you get a proper valuation of it.
Some people also recommend making a video of the entire interior and exterior of the car. This is an excellent resource to use if you want to attract international buyers, as they are unlikely to travel to come to see your car in person.
5. Research the market before getting it valued or inspected
This is one of those tips that seems obvious but many people fail to do it.
Before getting a valuation or inspection for your luxury car, make sure you know what the price range for similar vehicles is. You should also have an idea of what causes a vehicle’s value to depreciate in Australia so that way you can properly inform any potential buyers why your car is priced as it is.
6. Be willing to negotiate
Negotiation is common practice in the second-hand market. However, it can work against your favour more often than not, so it’s good to be prepared for a discussion about it. When you’re selling through a dealership, they may be able to handle the negotiations for you and usually sell your luxury car at retail price.
If you’re selling privately, think about starting high but be willing to sell for less. Don’t be too strict with your sell price, it may not sell even if you’ve put it in all the listings you can find.
Although negotiating may seem off-putting, it can actually help sell your car by giving buyers bargaining power. This will often encourage them to engage in a discussion with you about making an offer as they’ll feel like they have some control over the process.
7. Be friendly with potential buyers
If you want to sell your luxury car quickly and painlessly, it’s important to develop a positive rapport with any potential buyers.
This can be done by giving them personalised information about the car that they can’t find online. Don’t just give them what they ask for, but go a bit further and tell them anything extra that you know about the car.
8. Give them extras for free
If you have accessories or other items that came with your luxury car, it’s possible to give them away for free when selling the vehicle. This will help potential buyers feel like they are getting a good deal and encourage them to make an offer as soon as possible.
If you have number plates, they will add credibility to the car, so it can be a good idea to give them away if you’re willing and able to do so.
9. Offer payment plans or buy now, pay later options
A layaway plan is an excellent option if you want your luxury car gone but don’t want to sell it at the lowest price possible.
By giving potential buyers this option, you are showing that you trust them and value your car. If done right, it can also help keep the transaction clear and organised by making all outstanding payments before final ownership is transferred.