For many people, owning a luxury car can be a life’s dream. And while they are definitely in demand, they can be difficult to sell if you’re a private seller.
There’s a few reasons for this. Luxury cars tend to depreciate more quickly and more significantly than budget vehicles. While this can make them more affordable on the second-hand market, it can also mean that owners tend to overvalue their cars to try to recoup their losses.
Additionally, whether fair or not, many luxury brands, like Alpha Romeo or Range Rover, have a reputation for being unreliable. Buying second-hand from a private seller can mean that the vehicle doesn’t come with a warranty, which may be off putting for buyers.
Luxury vehicles also tend to cost much more to fix than standard cars. For example, Mercedes-Benz spare parts generally cost significantly more than spare parts for a Toyota or Hyundai. The potential cost of repairs can also keep many people away from the second hand market.
So, if you’re thinking about selling your luxury vehicle, you need to know how to get around inevitable roadblocks. To help you out, here are five tips for selling a luxury car.
- Know the value of your car
You can’t get a great price on a vehicle without knowing it’s real value. So, before you start posting your car online, it’s important to do some research.
There are plenty of free online car valuation tools that will help you work out the ballpark value of your car. While these will give you a general figure, it’s also worth getting online seeing what similar models in similar condition are selling for. If your particular model is in low demand, or there are a lot of them available, then you might not be able to get the price you want.
Setting the right price and knowing how much your car is worth will allow you to confidently negotiate a price that works for you and the buyer. Not knowing the value of your car could mean you end up losing money if you list the price too low, or you have trouble selling it if you list the price too high.
- Know where to sell it
Another thing to consider is where you sell your vehicle. You can go to a dealership or try to sell the car yourself.
Although it will likely be easier and quicker to sell to a car dealer, chances are you won’t get the best price for your car. Dealers can also be quite picky about the second-hand luxury cars they buy, as some of them may be quite difficult to on-sell. If your car isn’t a high-demand model and isn’t in the best condition, you may even struggle to find a dealer willing to take it off your hands.
The alternative is trying to sell your car privately. Generally speaking, you stand a good chance of getting a better price by selling your car privately. Remember that it’s important to carefully consider where you want to advertise your car. Reputable sites like carsales.com.au or autotrader.com.au get a lot of traffic, but they also mean that your car will be surrounded by hundreds of thousands of other listings.
One of the downsides of selling privately is that it is time consuming. You will have to handle all the communications, organise inspections and test drives and generally deal with time-wasters.
- Make sure the car looks good
When you think of luxury, you think of a sleek interior with clean chrome accents and leather seats. When you’re selling your luxury car, make sure that these features are clean and highlighted.
Deep vacuuming and shampooing your carpets will give it a fresh smell and a clean look. When it comes to maintaining and cleaning leather upholstery, make sure you use the appropriate tools and products. Using strong cleaners might damage your sensitive leather seats. Of course, there’s also the exterior of the car. Make sure to repair any scratches on the paint job.
If this is too much for you to handle, you can always hire professional car detailers who will clean your vehicle from top to bottom. Not only will they deep clean your vehicle, they will also apply the appropriate sealants to ensure that the interior and exterior are protected from further damage.
Investing in cleaning and detailing jobs can help you sell your luxury vehicle for a lot more money.
- Make sure the car is in good working order
Before trying to sell your car, you should get a comprehensive service from a specialist mechanic. Get your mechanic to thoroughly document the current condition of the vehicle, including any work that may need to be carried out down the road. In most cases, a buyer will get their own mechanic to do a pre-purchase inspection, but it can build up buyer confidence if you already have an inspection report that they can compare theirs to.
Once the mechanic has completed the service and inspection, you should know if there are any mechanical problems that need to be addressed before you try to sell the car. This can be a tricky one to work out. In some cases, the money you spend on repairs may not be recouped in the purchase price. However, not carrying out necessary repairs may lead to difficulty selling the car. It’s worth discussing any repairs with your mechanic before you decide what to do.
Once the car is serviced, repaired and ready to sell, you need to gather up the documentation for its complete service history. This will show any buyers that the car has been properly maintained and looked after.
Your service history will let potential buyers know that the car has been looked after, well maintained and properly repaired with the appropriate parts.
- Take good photos
Chances are, most of your potential buyers will be seeing your car for the first time through a computer or phone screen. As a result, it’s important to take good ad photos.
Make sure you’re taking photos during the day to ensure that all the details can be seen. Photos taken during nighttime or a rainy day will not give an accurate representation of the condition of your car.
Remember, you want to put your car in the best light possible without being deceiving. So, it’s also a good idea to take close-up photos of areas that have minor damages.
Take photos of your car on all angles. This includes a three-quarter view, a side view, a rear view, interior shorts and any necessary close ups. In general, take as many photos as you can.
Now, you’re ready to sell your car. Consider the points we’ve listed above and you’ll be pocketing luxury profits in no time. Keep in mind that, in Australia, selling a luxury car is subject to luxury car tax. See official government pages for more information.