5 Things You Need to Know Before Selling Your Exotic Car

Selling an exotic car is unlike other used car sales. There are fewer qualified buyers, more scammers, and higher stakes. A simple misstep may cause you to miss out on tens of thousands in profits, or worse, put you at risk of losing your car to fraudsters. 

If you’re looking to sell your exotic car, it’s essential to know what you’re getting into. Don’t worry, we’re here to help. Learn the top 5 things you need to know before selling your exotic car, as well as the best sales method for a fast and lucrative sale. 

1. Beware of Scams

Used car marketplaces are a scammer’s playground, particularly when it comes to exotic cars. If you decide to sell your exotic car on a site like Craigslist or a specialized exotic car marketplace, keep an eye out for these common scams. 

Cashier’s Check Scams

In this car buying scam, a buyer will inquire about purchasing your exotic car site unseen. They’ll send a cashier’s check or money order for more than the purchase price, then ask that you pay them back the overpayment. If you send the money back, they’ll disappear and you’ll discover that the payment was fraudulent in the first place.  

In a worst-case scenario, you’ll have already transferred ownership of the car at this point, too. That means you’ve lost both your car and money. 

ACH Transfer fraud 

Again, a buyer will purchase your car without ever seeing it in person. They’ll pay you via ACH transfer and you’ll transfer ownership of the vehicle. Then, they’ll contact their bank and claim the transfer was fraudulent. Their bank will reverse the payment and you’ll lose the funds. 

Partial Payment Scam  

In this car selling scam, the exotic car sale looks legitimate until the very end. A buyer will meet in person, test drive your car, and agree upon a price. When it comes to payment, they’ll ask if they can pay you a portion now and the rest of the money at a later date. If you agree to it and hand over your car, they’ll disappear. The rest of the money will never arrive. 

Fake Shipping Companies

A buyer will contact you from another state or country. They’ll agree to purchase the car without ever seeing it. They’ll ask that you pay the car shipper to ship the car to them, then they’ll pay you back. After you pay upfront for the car shipment, they’ll disappear. The shipping company was a scam and there’s no interest in purchasing your car. 

Fake Car Reports 

This is a new car selling scam cropping up on used car marketplaces. Prospective buyers will ask you to purchase a car report from a specific car report website, which can cost upwards of $100. Once you send it, they’ll disappear. Behind the scenes, they’re running the car report website and pocketing the payment.

For a safe way to sell your exotic car, choose We Buy Exotics. We prioritize integrity and trustworthiness in every sale. Don’t take our word for it; check out our 1,000+ 5-star reviews on Google. 

2. Selling Privately is Time Consuming

Private car sales can result in a higher payout, but the process is anything but simple. First, there’s all the work it takes to get your listing together. Preparing your car for sale, establishing a price, taking photographs, compiling ownership documents, and crafting a listing all takes time. 

But once you’ve posted your exotic car for sale, the work has only just begun. You still need to: 

• Field inquiries: If you’re lucky, you’ll get a lot of inquiries. It’s up to you to sort out the scammers and unqualified buyers from the legitimate emails. 
• Follow-up with interested parties: Next, it’s time to vet buyers. Are they located in your area? Are they willing to pay a reasonable price? What timeline are they on? It can involve a lot of communication. 
• Coordinate test drives: Once you’ve found qualified buyers, it’s time to arrange test drives. That means coordinating busy schedules and spending your evenings and weekends meeting up with strangers who may or may not want to move forward. 
• Negotiate a sale: Finally, negotiations. They’re a process in themselves. You’ll go back and forth on pricing, terms, timing, and more until you’re finally in agreement. If you can’t get on the same page, you’re out of luck. Back to square one. 

It may take a month to sell a standard car, but exotic can take considerably longer. With higher price tags and increased maintenance needs, buyer pools for exotic cars are much smaller. Depending on your area, there may only be a handful of people even qualified to buy your car. That means a sale could take months. 

Want a fast sale for your exotic car? Sell to We Buy Exotics. We prioritize a quick and easy sale. If you’re motivated to sell, the process can take as little as 24-hours. 

3. Consignment Eats at Your Profits 

Exotic car consignment is an attractive offer for many, but it’s important to understand the true costs. When you use a consignor, you bring a middleman into the deal, and middlemen need to get paid, too. Consignors can take up to 15% of your exotic car sale, a considerable amount of your profits. That means a $100,000 sale only nets $85,000. You may also be hit with unexpected fees or other costs. 

There’s also the hidden cost of cosigning that few think about: time. Exotic car consignment isn’t a fast process. Each day your car sits with your cosigner, it runs the risk of depreciating further.

We Buy Exotics cuts out the middleman. There are no commission payments and no hidden fees. Our first offer is our best offer, and it all goes into your pocket. 

4. Dealerships Say They Pay Cash, But Don’t

Dealerships are known for their quick sales, but that doesn’t mean quick payment. They often claim to pay cash, but that really means a check, and it takes time to arrive. Depending on the dealership, it can take anywhere from 2 to 6 weeks for the funds from your exotic car sale to end up in your account. 

If you’re relying on those funds to make your next car purchase, that means you’ll have to go up to 6 weeks with no means of transportation. You may be paying for ride shares or catching rides from friends to simply get to work. 

Get an instant cash payment when you sell to us. No need to wait for a check to arrive or a payment to clear. As soon as your vehicle passes inspection, we’ll wire the funds directly to your account. 

5. Trade-ins are Rarely Rewarding

Dealerships are highly motivated to underpay you. They buy exotic cars for one single purpose: selling them at a profit. The less they pay for your exotic car, the more profit they’ll make. They typically pay 10% to 15% below market value for used exotic cars, but sometimes pay much less. 

We Buy Exotics provides competitive cash offers based on to-the-minute market conditions. Our team is composed of industry experts with 20+ years of experience each. We form valuations on car prices with extreme accuracy and pay what your exotic car is actually worth. 

Sell Your Exotic Car to We Buy Exotics 

Say goodbye to time consuming sales, middlemen, and scammers and hello to We Buy Exotics. We’re industry experts who specialize in vehicles over $100,000. Our sales process is straightforward, transparent, and, above all, fast. Join 10,000 customers across the United States and sell your exotic car to We Buy Exotics.