Sale or return for a 1M?
Discussion
couper said:
Interested to hear opinions on the best way to sell an M car? Sale or return seemed a decent enough option but the cut from dealers was higher than I expected.
When I sold my 1M, it was SOR'ed with Millennium Heroes. It sold quickly and I was happy with the price I got. You might get a little more privately, but personally I didn't want the hassle of dealing with the (seemingly inevitable) less-than-serious punters. The benefits of SOR are that the car is insured by the dealer, fully prepped by them, safely stored by them, they can organise finance, test-drives, etc etc.
Obviously, there are stories of SOR going horribly wrong and the dealer folding or running off with the money, hence it being so important to do your due diligence on the specific dealer.
Another option might be to email / call a few dealers to see if any of them want to buy it outright. Again, you'll get a lower price but it will release the capital quicker, if that's important to you.
Yes the appeal of having it looked after properly and customers vetted etc would be very beneficial. Some of the garages I have spoken to are not far off the money I'm looking for so maybe there is some wiggle room, seems to be a consistent £5k gap between what the car will sell for and what I will receive, just thought that seemed quite a lot.
No personal affinity, just someone I follow on social media (Instagram and Twitter).
Might be worth contacting this guy to see if he wants to take it off your hands:
http://divine-automotive.co.uk/
https://twitter.com/tomblackmore90?lang=en
Might be worth contacting this guy to see if he wants to take it off your hands:
http://divine-automotive.co.uk/
https://twitter.com/tomblackmore90?lang=en
As someone who follows the used car market involving all the niche models and appreciating cars, as well as having a few trade friends; the market is very odd at the moment.
Cars like the 1M, Z3M coupe, CSL, 996 Turbo/C4S etc seem to be struggling to sell and ones that two years ago were snaffled up within days are hanging around and not selling.
I think for the last few years these rare cars have enjoyed almost crazy levels of increasing value due to speculators and investors inflating the market.
These characters have been in and got out of the market and the values are static and sales are slow because buyers are now enthusiasts and not investors.
The sub 10k market is healthy and the lower end, older stuff is starting to appreciate in value.
I think with specialist dealers offering SOR they are obviously wanting their cut from the sale so the values offered are a lot lower than they once would have been to get a sale and rotate stock. There is a small leak in the 'bubble' in my opinion.
Cars like the 1M, Z3M coupe, CSL, 996 Turbo/C4S etc seem to be struggling to sell and ones that two years ago were snaffled up within days are hanging around and not selling.
I think for the last few years these rare cars have enjoyed almost crazy levels of increasing value due to speculators and investors inflating the market.
These characters have been in and got out of the market and the values are static and sales are slow because buyers are now enthusiasts and not investors.
The sub 10k market is healthy and the lower end, older stuff is starting to appreciate in value.
I think with specialist dealers offering SOR they are obviously wanting their cut from the sale so the values offered are a lot lower than they once would have been to get a sale and rotate stock. There is a small leak in the 'bubble' in my opinion.
I can't see a problem meantime with an add on here, where you more likely to encounter enthusiasts rather than idiots.
Set your conditions out for a test drive, proof of insurance etc.
Buyers do look out for these cars, and are prepared to wait for the right one. If serious, they won't have an issue with demonstrating as much.
Set your conditions out for a test drive, proof of insurance etc.
Buyers do look out for these cars, and are prepared to wait for the right one. If serious, they won't have an issue with demonstrating as much.
I spoke to 6 dealers and they all wanted to pitch the car for nearly bang on the same money. They all placed a high valuation on the car and all had sold 1M's in the past 6 months, most within the last 2. Seems low mileage and options like nav make a big difference. I think the market that is taking longer is higher mileage, with poor specs, modifications etc. Seems most would rather pay a small premium to get better quality examples, you pay 10% more and get a car with half the mileage. I will put an advert together this week on pistonheads and see how I get on, I will be selling a lot cheaper than the dealers would be!
I sold mine 18 months ago and ended up getting a good price from my dealer, I hasten to add I was also buying a new car, so between selling the 1M and buying the new car I felt I had a made a good deal on both sides.
It was interesting to see just what the dealer put the car up for (£4-5k) and just how long it sat, even now I don't know whether it sold or was moved elsewhere in the network.
It was interesting to see just what the dealer put the car up for (£4-5k) and just how long it sat, even now I don't know whether it sold or was moved elsewhere in the network.
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