Complete Guide on How to Sell Your Classic Car (From Valuation to Closing the Deal)
Maximize Your Classic Car Sale With Expert Tips & Strategies by Old Town Classics
If you own a classic car and plan to sell it, you will be pleased to know that there are a lot of ways to market. In fact, today, more than ever, thanks to the internet, you can find and reach a substantially larger buyer pool. Not only in California but also across the globe.
You can sell your classic car through car dealers, auctions, forums, private sales, classifieds, car shows, and word of mouth. Regardless of your preferred selling method, there is a lot to consider, whether online or not. Among other things, you have to prepare marketing strategy, evaluate the vehicle, detail the car, write content, and complete the paperwork.
With so many things to take care of, selling your vintage vehicle may seem overwhelming. But don’t despair! You have come to the right place. In this guide you will find everything you need to know about best way to sell a classic car, including how to advertise, how to take photos, how to set the right price, and how to write a listing description.
Furthermore, you will find out why selling to a reputable dealer is the most reliable selling method. With information found in this article you should be able to sell your classic car with confidence for the highest price.
Sell Your Car to A Reputable Classic Car Dealer, Bill Neff from Old Town Classics
With more than 35 years in the business, Old Town Classics specializes in buying antique cars in San Diego and across California. As a licensed and bonded dealer, you are guaranteed secure and legitimate transactions and an honest and trustworthy buyer. As a direct buyer, and not a broker, there is no middleman or extra fees associated with them. Old Town Classics is owned and run by Mr. Bill Neff, who has years of experience and respectful approach towards heritage vehicles and the story behind them.
Old Town Classics is particularly interested in purchasing original condition or decent cars that have either stayed in the family for decades or have been garaged. We purchase a variety of makes and models, including American, European, British, and Japanese cars. Over the years we have bought major classics, including Mercedes-Benz, Porsche, Jaguar, BMW, Alfa Romeo, Cadillac, Ford, Triumph, Datsun Z cars, and others. If you have a special interest car, inherited car, or a well-preserved vintage vehicle you plan on selling, don’t hesitate to call Bill at (619) 540-4637.
What Is A Classic Car?
There’s no agreed-upon definition. To be considered classic, a vehicle must be of certain age, typically between 10 and 30 years old. “Classic car” or “collector car” includes muscle cars, old sports cars, luxury vehicles, antique trucks, etc. It is a very broad term that may be interpreted differently depending on the institution, organization, or individual that is determining the status of such vehicle. Some examples of classic cars include:
Some insurers will consider your vehicle classic if it is between 20 and 40 years old, while others stipulate that it has to be between 25 and 45 years old. To buyers and sellers, however, it depends on the definition and classifications used by a local car collector club or dealer.
How To Sell a Classic Car In 4 Simple Steps
The selling process takes time, planning and effort. Unless your goal is to sell as fast as possible, be prepared because it will take a little time to sell. Here are the 4 steps to selling a vintage car:
STEP 1 – Prepare for the selling process
Make sure your vehicle is operational and thoroughly cleaned to help sell it faster. Take it to professional detailer to make it as presentable as possible. This way you will get top dollar for your asset. Serious collectors will notice all the defects, so carefully complete all mechanical and cosmetic work. Don’t forget to take great photographs of interior and exterior to be able to use them for advertising, for auctions, or to send them to potential buyers.
- Mechanical work
- Cosmetic work
- Car detailing (interior and exterior)
- Take good images
- Gather parts that go with the car
- Collect necessary paperwork
Guidelines for taking photos
Photos are essential selling tool as they help potential buyers visualize the product they intend to purchase. For print ads, it is best to use three-quarter view photo. Even if you can post only one photo, you should still have other images ready to send to potential buyers, if they request so.
- Front three-quarter view
- Rear three-quarter view
- Front, rear, and side view
- Engine compartment
- Interior
- Major flaws
STEP 2 – Set price
This is critical step in the selling process. Start by evaluating the car. You can either hire a professional appraiser or do the valuing yourself. If the model you own is in rougher condition or if it is not a hot seller, you should opt for market price, but be prepared to lower it as needed. Most-sought after models can sell at prices up to 10 or 20 percent over their market value. When determining the value, ask yourself:
- How fast do you want to close the sale?
- Is the market steady or not?
- What is the condition of the car?
- Is your automobile hot-seller or not?
STEP 3 – Advertise
Your marketing strategy should be based on your selling method.Whether you will sell through dealer, online, or at car show determines your marketing strategy and its preparation.Consider newspapers, magazines with classified sections, online advertising, newsletters, etc.
Bear in mind that local media has smaller reach and you should always opt for national or international media to reach a wider audience and increase your chances of selling your classic car for the optimum price.
After you have decided where and how you will advertise, it is time to:
- prepare and write content (online descriptions)
- create signs
- sign consignment forms
- create & place online listings
Guidelines for ad writing
When writing a listing description, try to be clear and precise. Highlight prominent features and benefits to pique readers’ attention. Be sincere and write in a positive tone. Ensure the following is included:
- Car’s year, make, and model
- Your location
- Exterior color
- Interior specifics (color, materials)
- Engine type and size
- Equipment (condition)
- Mileage
- Contact info (email address & phone number)
STEP 4 – Close the sale & get paid
The final and last step is closing the sale and getting paid. It is very important to understand that the majority of car collectors are honest. However, there are buyers who are dishonest and commit fraud. For this reason, it is imperative to protect yourself by practicing self-security.
Be choosy about payment options, always verify funds before turning over the paperwork, and have friends with you at the point of sale.
Possible payment options include:
- Cash – Make sure you confirm the bills are not counterfeit
- Checks – If they are paying by personal or certified check, wait until the bank confirms the funds are in your account. Bank or cashier checks are safe, but it is always a good idea to verify with the bank or deposit the check before releasing the car.
- Wire transfer – This is one of the safest payment methods. Confirm with your financial institution that the money is there, before you hand over the documentation to the buyer.
Bill of sale/receipt:
A bill of sale is proof of a transaction that helps the DMV keep track of car sales. This document is needed for re-registration and transferring the title.
A sales receipt should include:
- Seller’s and buyer’s identification – full name, address, phone number, driver’s license number
- Car specifics (ID) – year, make, model, trim type, VIN, and odometer reading
- Purchase price – it should include details such as total price, deposit, balance due, etc.
- Signatures and date – both parties should sign sales receipt
Where Can I Sell My Classic Car
Deciding where to sell can be challenging, especially if it is your first time. Below, you will find explanations of different ways to sell your classic car. Using the information presented below, you should be able to make a decision faster and be more confident about the selling process itself.
Reputable dealer
Selling through dealership is the traditional, honest, and reliable route. The advantages of selling to a dealer are manifold. You will get a quick sale, they will handle the paperwork for you, and there’s option to trade in your car.
In addition, the dealers will also manage advertising of your car, so you don’t have to worry about that aspect either. Working with dealers from your area is simple, straightforward, and easy. You can be assured that you will receive good offer based on fair market value. For your increased convenience, dealers will often come to your location to see the vehicle, which saves you time and money.
Online marketplace
Online marketplaces are quick, convenient and hassle-free since you do not have to go through negotiation phase with the buyer. The downside is that you will typically receive less than you would from a private sale. If going through online marketplace, make sure you compare offers from different companies, as they tend to have different prices for the same vehicle.
Auction
Another popular way to sell antique vehicles are auctions. There are two types of auctions: live and online. Well-preserved rare cars could produce bids much greater than the minimum price. However, there is also a risk of not selling for the asking price if there is not enough interest. Make sure you fully understand the share as well as the terms and conditions of each auction house, as you may have additional expenses (such as shipping the vehicle).
Car show
Car shows are perfect for meeting new car enthusiasts and potential buyers. Check show rules in advance to see whether you have to rent the space and create flyers to hand out to the audience.
Private sale
The greatest benefit of private sale is not having to pay the middleman for their services. This means that you will likely get the most money when selling to a private buyer. However, be aware that it takes more time to close the sale if you choose this model. Use local forums or Facebook marketplace to advertise for free.
Classifieds
Classifieds, whether online or in print, are another effective method of selling classic cars. You can find classifieds sections in newspapers, magazines, newsletters, and online. The fee is low, and you get to reach a wider pool online than through standard print. Wherever you decide to list, ensure your ad is placed in the correct category.
Consignment
Consigning your vehicle means storing the car in a facility until the dealer sells it. There is no need to worry about paperwork or advertising, but the downside is that you have to wait to get paid, and you will receive less money than true value, as the consignee takes their cut, too.
Word of mouth
If you decide to advertise through friends and family, be patient as it will mostly take some time before you find prospect buyers. This is the traditional method that takes time because you reach a small pool of interested shoppers. On a positive side, you may already know the buyer which means that it is less likely to get scammed by someone.
How To Transfer Car Title From Seler To Buyer In California?
When you are selling your classic car, as a seller, you have to complete and submit certain documentation. Depending on who you are selling to (private buyer, official dealer, organization) you may need to sign the California Certificate of Title to release ownership. Furthermore, you may also need to submit a Notice of Transfer and Release of Liability (NRL) form that lets Department of Motor Vehicles know that you are no longer liable for parking and traffic violations or any other criminal or civil actions related to the vehicle after the selling date. Odometer readings are not needed for vehicles ten years old or older. Once the DMV receives all the necessary documentation, your part of the transaction is finalized. For more information, visit Title Transfers and Changes by DMV.
Is This a Good Time to Sell Vintage Car?
Considering there are a lot of buyers in the current market who are willing to pay premium prices for classic cars, now is a good time to sell your vehicle. In other words, there are plenty of opportunities to sell and receive top dollar from shoppers with deep pockets.