Trade Classics - what is the point?
Discussion
I am interested in a car listed on Trade Classics, a car auction site, but can't really see any benefit or protection as a buyer. The presentation is pleasant enough, but their Ts&Cs suggest they have little liability over any subsequent problems with the sale.
I find this sort of thing perplexing:
All Vehicles are free from finance and previously recorded accident history unless otherwise stated on the Vehicle Listing.[...] If a Buyer later finds out the vehicle does have outstanding finance, or has previously recorded accident history, then it is the responsibility of the Buyer to seek resolution / compensation from the Seller; Trade Classics have no responsibility unless it was stated on the Vehicle Listing the car was free from outstanding finance, or previously recorded accident history and it was not.
Apart from slightly nicer photos, what am I getting for the 6% fee? As a buyer it wouldn't surprise me if eBay was a safer option.
I find this sort of thing perplexing:
All Vehicles are free from finance and previously recorded accident history unless otherwise stated on the Vehicle Listing.[...] If a Buyer later finds out the vehicle does have outstanding finance, or has previously recorded accident history, then it is the responsibility of the Buyer to seek resolution / compensation from the Seller; Trade Classics have no responsibility unless it was stated on the Vehicle Listing the car was free from outstanding finance, or previously recorded accident history and it was not.
Apart from slightly nicer photos, what am I getting for the 6% fee? As a buyer it wouldn't surprise me if eBay was a safer option.
The point of this site, along with other sites like Collecting Cars, is to allow the seller to get the best price possible for interesting, classic or exotic cars. It has limited advantages for buyers and certainly far less protection than buying from a reputable dealer.
The main advantage over eBay, or other private sale sites, is that you get a really good description, history and any servicing docs that the seller has shown fully. Plus you get great quality photos and the ability to ask further questions, or request more photos/details for anything you want more info about online.
Other than that it's a private sale, so buyer beware and due diligence applies. Ideally you'll want to physically see/inspect the car, carry out a comprehensive HPI check etc.
The key advice if you bid is to set a sensible limit with fees included (e.g. deduct the 6% from what your maximum is and bid up to that). If the price including fees is too high, or you can get a similar priced car at a dealer with a decent warranty, or a much cheaper car privately, then the only beneficiary is likely to be the seller...
The main advantage over eBay, or other private sale sites, is that you get a really good description, history and any servicing docs that the seller has shown fully. Plus you get great quality photos and the ability to ask further questions, or request more photos/details for anything you want more info about online.
Other than that it's a private sale, so buyer beware and due diligence applies. Ideally you'll want to physically see/inspect the car, carry out a comprehensive HPI check etc.
The key advice if you bid is to set a sensible limit with fees included (e.g. deduct the 6% from what your maximum is and bid up to that). If the price including fees is too high, or you can get a similar priced car at a dealer with a decent warranty, or a much cheaper car privately, then the only beneficiary is likely to be the seller...
paulo_f1 said:
The main advantage over eBay, or other private sale sites, is that you get a really good description, history and any servicing docs that the seller has shown fully. Plus you get great quality photos and the ability to ask further questions, or request more photos/details for anything you want more info about online.
You can do all that on ebay and save yourself almost 6% IIRC ebay motors fees are capped at £60KTMsm said:
paulo_f1 said:
The main advantage over eBay, or other private sale sites, is that you get a really good description, history and any servicing docs that the seller has shown fully. Plus you get great quality photos and the ability to ask further questions, or request more photos/details for anything you want more info about online.
You can do all that on ebay and save yourself almost 6% IIRC ebay motors fees are capped at £60The other thing you're missing here is why would you do that as a seller if you have a performance/interesting car. The sites we are talking about charge the 6% to the buyer, not the seller.
These sites also have a good marketing setup with engaged buyers looking for classics, high performance, collectible cars etc. These sites often achieve near dealer retail prices, that's rarely the case with any advert on eBay.
It looks to me like all the risk is on the buyer. I will not be able to view the car I'm interested in prior to the end of the listing, so I can gamble £1k+ to maybe save £2-3k over the dealer price. If the sale falls through for whatever reason the financial loss is all on the buyer. Doesn't seem to be enough at stake for the seller.
paulo_f1 said:
The other thing you're missing here... . The sites we are talking about charge the 6% to the buyer, not the seller.
Do you really believe that guff ?
If I am willing to pay £30k for a car I can either pay £30k to the seller or £15K to the seller and £15k in fees. I am paying the same amount no matter who sells it
The seller always effectively pays the fees unless the buyer is a moron
KTMsm said:
Do you really believe that guff ?
If I am willing to pay £30k for a car I can either pay £30k to the seller or £15K to the seller and £15k in fees. I am paying the same amount no matter who sells it
The seller always effectively pays the fees unless the buyer is a moron
Who cares what I believe, or you, about their business model. The OP asked some questions, I answered that the risk is pretty much all on the buyer, and it's not much better than a private sale. This just seems to be deflecting the thread into an unneeded argument.If I am willing to pay £30k for a car I can either pay £30k to the seller or £15K to the seller and £15k in fees. I am paying the same amount no matter who sells it
The seller always effectively pays the fees unless the buyer is a moron
I actually agree with you, as a buyer you'd have to be a bit of a plum to pay well over the odds on these sites. You may not ever do so, nor would I. However, loads do and many of the general public aren't that savvy and can get carried away with the whole auction process, plus don't do much due diligence, especially it would seem when there are high quality ads/photos.
Collecting Cars is doing a huge trade now, many cars, but not all, going for really strong money (you can see sold prices on their site). So even when you factor in the 6%, the seller frequently does well, often better than they would privately, even after the fees.
The reserve element seems to deliver for many here. In your example, you would drop out at £30k as the maximum you'd pay privately, but if the car sells for £33k the buyer has made over a grand more and his fees are 100% covered. I'm sure some people get this wrong and sell cheaper than they'd like as well.
The other thing that's good for the seller is that the buyers card/bank is charged as part of the auction closing, making it far less likely that the winning bidder never shows up, as often happens on eBay, or that they turn up and are a time waster attempting to haggle.
You may think it's guff, but plenty of people clearly don't, with in excess of £189 million in sales last year on Collecting Cars, and over £5 million on Trade Classics, there must be plenty of morons about...
The main advantages for buyers seem to be the professional way in which the cars are presented , with high resolution photos. Also, he people from Trade Classics seem to have met the owners and taken the photos. Ebay is just riddled with scammers to the point of being almost unusable, an issue that does not seem to afflict this site. As someone else said, all precautions associated with a private purchase should be taken. I have no connection with Trade Classics and have never used their services. As far as I'm aware other auctions sites do not offer better protection. Matthewson's' terms and conditions, for example, are full of disclaimers for both buyer and seller (all purchases at buyers' own risk etc.). Also you are very unlikely to pick up a bargain there since their new found fame, interest and prices have rocketed.
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