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lindagray

SKIP THE SUPERCAR DEALERS AND SELL YOUR RIDE PRIVATE PARTY

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You know how much your car is worth and you want to make the profit for yourself. Selling your supercar privately seems like the perfect option. Unfortunately, unless you’ve been brokering supercar sales your whole life, you’re likely to lose more money than you stand to gain.

Here are 3 main complications you’ll encounter while selling your supercar private party:

The average private party sale takes about 2-3 months
And the whole time, you’ll be making your car payment and paying your insurance. Supercars are not cheap to insure. The Bugatti Veyron, for example, can cost as much as $50 large to insure annually. Plus, if you have a payoff, you’re going to have to keep making that payment. Not to mention that your car is losing about $1,500 in estimated value each month.
So, that means you’re losing several grand in the time it might take you to make a sale. Even supercar dealers run on small margins, so you’re not likely to make back every penny lost during the sale cycle.

 

If your buyer can’t purchase the supercar outright, you’re in trouble
Banks do not want to facilitate payoffs between individual buyers. You need the cash before you can transfer the title. But the buyer needs the title before their bank will even talk about a loan. See the problem?
Plus, it’s extremely difficult to sell a car with a payoff. In many cases, you’ll find a qualified buyer only to figure out that it’s impossible to facilitate the sale.

 

Frankly, you’re probably overestimating the value of your car
The Kelley Blue Book ICO is probably lower than you’d hoped your car is worth. Really, you want to make the retail value for your car. Problem is, you’re emotionally attached to your supercar, so you probably are overestimating its value.

 

The true value of your car lies somewhere in the middle between the ICO and retail value. It takes market research and plain old experience to be able to accurately estimate the highest value at which your car will actually sell. And, if this is your first time selling a supercar, you aren’t likely to price it right.

ibuylc.com

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