Thinking about selling your classic car? American Collectors, known for making collector insurance easy, would like to make selling your collector an easy and lucrative experience for you as well. Below are a few steps that will help guide you through the process.
Step One: Have the car inspected by a mechanic.
Knowing what the car needs mechanically will help you decide which items you may want to address prior to the selling your car. The less the buyer has to invest into your car after the purchase, the more he/she will be willing to give you for the sale.
Step Two: Come up with the right asking price for your car.
There are many factors that determine price: Condition, mileage, originality, factory options, and number produced can all impact the value of a vehicle.
- Be honest with yourself on the condition of your car. You will find it difficult to get an asking price of a number one show quality car if it’s really just in fair condition.
- Do your homework on the market value of your collector. It’s crucial to know what your car (or a car of like, kind and quality) is going for in the market. A good starting point would be to go online and do some quick research. There are many free websites like Conceptcarz.com that will show you what similar cars are selling for at auctions. Also consider talking to a classic car club- they can be a great source of knowledge on vehicle history and value.
- Choose a selling price that fits your car and your timeline. Consider how quickly you wish to sell your car when you are choosing a selling price. The more time you have to sell your car, the better your chances are of getting what you want for it. Fair warning though, go too high and you run the risk of potential buyers not even calling you because it’s so far off the price they had in mind. If you’re looking for a quick sell you may want leave out the wiggle room and price your car accordingly.
Step Three: Get the word out!
The formula is simple. The more you get the word out, the more potential buyers you will reach. Some things to consider:
- The quickest way to advertise your collector to a large audience is online. Some specialty websites will charge a monthly fee to advertise your car, or you could use a site like Craigslist or connect with people through an online classic car forum for free.
- When you’re posting an ad on the Internet, make sure you upload a few pictures of the car and include both the interior and engine. Cars in mint condition will draw more potential customers. On the flip side, if your collector needs work, this will save you from wasting time with buyers who see your car in person and decide that it needs too much work.
More ways to get the word out:
- Post an ad in your local newspaper or bulletin.
- Ask friends and family to spread the word for you.
- Contact classic car clubs. Members of theses car clubs may be interested in buying the car themselves or know of someone who is in the market.
Other helpful tips:
- When it comes to selling a classic car, the more original it is, the higher the resale value. Avoid using aftermarket parts if you plan to sell your classic car.
- Make sure a car’s title is transferable and correct- a critical detail sometimes overlooked. Sounds like a no brainer, but you would be surprised by how many sellers find out last minute that the title and the VIN number on the vehicle don’t match or that the title is marked as a “Salvage” which will negatively affect the sale.
- Put everything you have on the car in a bag such as extra keys, manuals, receipts of repairs, list of contacts, etc. It’s a nice gesture to the buyer and it demonstrates that you took good care of the car
And finally, if you had a good experience with American Collectors, refer the buyer to ACI. Showing them that you insured the car with a collector car company like American Collectors shows them that your car is truly a collector and not just any old car. Click here to learn more about our referral program