I need to sell my supercar: How to sell quickly without getting ripped off
Bugatti. Lamborghini. Porsche. Ferrari. McLaren. Bentley. There’s a reason these names elicit intense emotion from car enthusiasts like you. These cars are more than just a means from A to B. They’re a lifestyle and, quite honestly, a work of art. ??They’re expensive—owning a supercar is a privilege enjoyed by a lucky few. Supercars are rare. They perform. They cost a fortune to buy. And a second fortune to insure and maintain. Plenty of people want a supercar, but few can afford them. No wonder selling a supercar is more akin to selling a mansion than a vehicle. If you’re selling your supercar, you need to know the value of your supercar, screen potential buyers and, often, you need to transfer the funds through an Escrow account.
Whatever reason you need to sell your car—you have your eye on a new ride, you’re going through a divorce or you just need to liquidate your assets for retirement—you have three options: sell your car private party, trade in to a dealership or sell to an experienced supercar broker like I Buy Luxury Cars. Let’s explore your options.
The easy route: Selling to a supercar dealer
Let’s say you own a Ferrari 360, but want to buy a Lamborghini Gallardo. If you go to the Lamborghini dealership with your supercar expecting to get a great trade-in rate, you’re asking to be disappointed.
See, the Lamborghini dealership doesn’t want your Ferrari. In some cases, the dealership is not able to showcase your Ferrari on their floor due to franchising agreements. And even if they could, they specialize in selling Lamborghinis—they know the market rate, they know how to sell their cars. So, they’ll give you a low-ball offer hoping for one of two things: you’ll reject it and move on, or they’ll get your car at such a low price that they can make a tidy profit off of it. Sound familiar?
Skip the supercar dealers and sell your ride private party
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.
Sell your car to a supercar broker for an easier process and a better offer
So you’ve tried private party, and it was more involved than you thought it’d be. Or you got low-balled by a dealership. You don’t have the time to wait around while your car loses value. You want to sell your car for its fair market value, and you want to sell it today.
At I Buy Luxury Cars, we’ve been perfected a seller-focused car buying process. In 24 hours and 3 simple steps, the value of your car could be sitting safe and secure in your bank account.
- Submit your car’s information.
Just send a couple photos and your VIN through our secure web form.
- Review our offer
Our professional Appraisal Team will get back to you with an offer. This offer comes from market research, input from every industry valuation book including the Kelley Blue Book value of your car and, of course, decades of experience buying and selling high-end cars. We guarantee at least the KBB ICO and sometimes even offer more.
- Cash out in 24 hours or less
If you like what you see, we’ll wire you the cash within 24 hours.
To learn more about our unique, seller-focused process, click here.