What stops you buying privately?
Discussion
Hi all,
I've been pondering for some time. There are lots of supercars for sale by dealers (indy and main) that were once privately owned. The dealers bought cars from private individuals as part of a part-ex or just plain purchased them from motivated sellers.
My beef is this... Why are so many people prepared to pay a dealer markup when they could have the same car privately for less? When I say less, I'm not talking about stiffing the seller, rather meeting in the middle somewhere between trade-in price and full retail price. I sold an Aston privately in this way and then bought an Aston from someone else in the same way. I get that main dealers can offer warranties and so on, but indies definitely can't offer main dealer warranties (unless they buy them at retail value) and aren't even accountable for basic standards of preparation by the brand.
So...what stops people buying privately? Lack of access to finance? Perception that there is some kind of fallback with a dealer if something should go wrong?
Would be interested in your thoughts.
I've been pondering for some time. There are lots of supercars for sale by dealers (indy and main) that were once privately owned. The dealers bought cars from private individuals as part of a part-ex or just plain purchased them from motivated sellers.
My beef is this... Why are so many people prepared to pay a dealer markup when they could have the same car privately for less? When I say less, I'm not talking about stiffing the seller, rather meeting in the middle somewhere between trade-in price and full retail price. I sold an Aston privately in this way and then bought an Aston from someone else in the same way. I get that main dealers can offer warranties and so on, but indies definitely can't offer main dealer warranties (unless they buy them at retail value) and aren't even accountable for basic standards of preparation by the brand.
So...what stops people buying privately? Lack of access to finance? Perception that there is some kind of fallback with a dealer if something should go wrong?
Would be interested in your thoughts.
Depends on the car but I wouldn't buy something special like an F50 unless I knew the seller extremely well. From the classifieds, not a chance. An independent inspection will only show so much. More basic motors perhaps, but still unlikely.
As a private vendor, I once tried selling one of my cars but met too many herberts. One chap told me I would sell my car to him and I WOULD accept his very silly price. I told him not to worry as I had no intention to passing my cherished car to a complete knob. Too much wasted time.
There are iffy dealers but a good one deserves its margin.
As a private vendor, I once tried selling one of my cars but met too many herberts. One chap told me I would sell my car to him and I WOULD accept his very silly price. I told him not to worry as I had no intention to passing my cherished car to a complete knob. Too much wasted time.
There are iffy dealers but a good one deserves its margin.
I'm generally happy to buy privately. My cars over the last few years :
My 996 turbo came from a dealer, but that was mostly because it was an impulse buy and hence was simpler to visit a few local dealers.
My 348 came from a dealer - I looked at a mix of private and trade cars, and found them generally very poor. Travelled up to Shropshire to view a car at Walkersport - which was really more than I wanted to spend - and it was in a different league. So I bought from a dealer then simply because it was a far better car (and Tim Walker has an excellent reputation which is well deserved).
My 360 was bought privately, and was the first car I viewed. I was still debating whether I really wanted one, but it was such a good car at such a good price it seemed stupid not to buy it. It has turned out to be as good as I thought, and no regrets.
My Vantage was bought privately. When I went to view it, I didn't think it would be the car for me - but again, it was such a good example it seemed stupid not to buy it.
I have spent several months toying with the idea of a 12C, but the extra cost - and the hassle of selling my cars and then buying has put me off a bit. But if I did decide to do that then I would consider privately - but I would want the car checked by McLaren, and I would want the McLaren warranty. For me, it's just too much money without that backup - whereas with my other cars I can afford the "risk" a bit more.
My 996 turbo came from a dealer, but that was mostly because it was an impulse buy and hence was simpler to visit a few local dealers.
My 348 came from a dealer - I looked at a mix of private and trade cars, and found them generally very poor. Travelled up to Shropshire to view a car at Walkersport - which was really more than I wanted to spend - and it was in a different league. So I bought from a dealer then simply because it was a far better car (and Tim Walker has an excellent reputation which is well deserved).
My 360 was bought privately, and was the first car I viewed. I was still debating whether I really wanted one, but it was such a good car at such a good price it seemed stupid not to buy it. It has turned out to be as good as I thought, and no regrets.
My Vantage was bought privately. When I went to view it, I didn't think it would be the car for me - but again, it was such a good example it seemed stupid not to buy it.
I have spent several months toying with the idea of a 12C, but the extra cost - and the hassle of selling my cars and then buying has put me off a bit. But if I did decide to do that then I would consider privately - but I would want the car checked by McLaren, and I would want the McLaren warranty. For me, it's just too much money without that backup - whereas with my other cars I can afford the "risk" a bit more.
Nothing! Well Ok what would stop me buying privately would be a combination of factors:
Owner has no warranty on car
Patchy service history or skimping
Lack of receipts, paperwork, old MOT's and advisories
Car doesn't check out properly via a phone call to servicing dealer
Any attempt to conceal anything - physical or verbal - total dealbreaker
How the owner drives the car
Body language/shifty eyes/parrot on shoulder etc
Issues with any professional engineer inspection
Then add:
A good knowledge of the car/marque (ideally you will have owned a similar one)
You are not afraid of spanners and have long since memorised the firing order of a V12 engine for bar chats etc!
You will have bought privately several times before
And of course you will be able to thoroughly check the car and spot resprays, sloppy prop shafts, worn valve seals, removed warning lamps, noisy bearings etc
Then you can get 3d party finance at a better rate, an aftermarket warranty and the warranty people will also send an engineer to check the car before agreeing to it.
Key thing after research is instinct and gut feeling - ANY concerns just walk away, and particularly if its your dream car at a good price... Other wise...'hold out yer haaaand'!
Owner has no warranty on car
Patchy service history or skimping
Lack of receipts, paperwork, old MOT's and advisories
Car doesn't check out properly via a phone call to servicing dealer
Any attempt to conceal anything - physical or verbal - total dealbreaker
How the owner drives the car
Body language/shifty eyes/parrot on shoulder etc
Issues with any professional engineer inspection
Then add:
A good knowledge of the car/marque (ideally you will have owned a similar one)
You are not afraid of spanners and have long since memorised the firing order of a V12 engine for bar chats etc!
You will have bought privately several times before
And of course you will be able to thoroughly check the car and spot resprays, sloppy prop shafts, worn valve seals, removed warning lamps, noisy bearings etc
Then you can get 3d party finance at a better rate, an aftermarket warranty and the warranty people will also send an engineer to check the car before agreeing to it.
Key thing after research is instinct and gut feeling - ANY concerns just walk away, and particularly if its your dream car at a good price... Other wise...'hold out yer haaaand'!
We bought our 360 privately and after much searching and homework we landed a much better car than we would've got for similar money from a dealer. Our car was known to a very well respected independent who'd recently examined it and driven it a fair bit. His advice and recommendation was all we needed, as the service history was sound. I also thought the 'bonus' of a dealer warranty was a non-issue provided the car made it through the first six months or so.
At our level, and having cash on hand for the event of an emergency made buying privately fine for us. IF we were buying a car for a much larger figure or needing finance (i.e.. not having the rainy day fallback £), perhaps we would've edged towards dealerships.
The quality, condition and history of a vehicle are more important than the source. After all, the dealer vehicles were all previously privately owned you know…!
At our level, and having cash on hand for the event of an emergency made buying privately fine for us. IF we were buying a car for a much larger figure or needing finance (i.e.. not having the rainy day fallback £), perhaps we would've edged towards dealerships.
The quality, condition and history of a vehicle are more important than the source. After all, the dealer vehicles were all previously privately owned you know…!
davek_964 said:
My 348 came from a dealer - I looked at a mix of private and trade cars, and found them generally very poor. Travelled up to Shropshire to view a car at Walkersport - which was really more than I wanted to spend - and it was in a different league. So I bought from a dealer then simply because it was a far better car (and Tim Walker has an excellent reputation which is well deserved).
Having viewed some of the stock at Walkersport I agree. The 2 308's he had in would win any concourse competition!For me, I don't like the idea of not owning my possessions so with the exception of a mortgage I've never financed anything. But high end cars I would generally buy from a dealer for the warranty unless I know the car. My 355, 308 and TVR Cerbera were from dealers (the latter 2 required warranty work) but I bought my Mondial from a fellow Supercar Driver member and that was fine. Plus I just agreed to buy another club members Exige.
You can gauge pretty quickly from the previous owner if a vehicle is right for you or not. A lot of the time it's easier to understand the vehicle better than buying from a trader in my opinion. Having said that we deal with both and have had mixed results from both sides. We usually make sure vehicles have inspections as part of the sale and this has always helped reassure buyers.
I have always been happy to buy privately but have been fortunate in not needing finance or needing/wanting to p/x anything.
I have always checked out the car's service history which until my recent experience (you may well have read the thread) hasn't been an issue.
Buying direct from the owner gives you a good insight into how the car might have been treated, where-as dealer's are 'professionals' at giving you the positive spin. I always roll my eyes when the salesperson waxes lyrical about knowing the previous owner, how fastidious they were etc, etc, and then looking at the V5 the owner is 200 miles away and the service record somewhat intermittent.
Owner's are often more honest. The car i 'lost' to an unethical main dealer, when i looked at it the owner told me about the 3x areas of damage (minor) that had been attended to, but whether the dealer thinks fit to mention these to a prospective purchaser......i doubt, but obviously I don't know for sure.
What amazes me is dealers will emphasize how buying from them gives you peace of mind as they've checked the vehicle out. Dealers who come to you obviously don't put the car up on a ramp and often its the salesperson not an engineer who does the inspection. SOR cars i would has-at-a-guess have far less 'vigorous' inspections and two privately advertised cars I've known have been bought by dealers over the phone sight unseen.........
Naturally if you've bought from a dealer and something subsequently comes to light, you've probably got more chance of redress, but personally i never assume that dealer's have the best cars.
Whether buying Privately or from a Dealer, verify as much of the car's history as you can is my philosophy. Buyer Beware!
I have always checked out the car's service history which until my recent experience (you may well have read the thread) hasn't been an issue.
Buying direct from the owner gives you a good insight into how the car might have been treated, where-as dealer's are 'professionals' at giving you the positive spin. I always roll my eyes when the salesperson waxes lyrical about knowing the previous owner, how fastidious they were etc, etc, and then looking at the V5 the owner is 200 miles away and the service record somewhat intermittent.
Owner's are often more honest. The car i 'lost' to an unethical main dealer, when i looked at it the owner told me about the 3x areas of damage (minor) that had been attended to, but whether the dealer thinks fit to mention these to a prospective purchaser......i doubt, but obviously I don't know for sure.
What amazes me is dealers will emphasize how buying from them gives you peace of mind as they've checked the vehicle out. Dealers who come to you obviously don't put the car up on a ramp and often its the salesperson not an engineer who does the inspection. SOR cars i would has-at-a-guess have far less 'vigorous' inspections and two privately advertised cars I've known have been bought by dealers over the phone sight unseen.........
Naturally if you've bought from a dealer and something subsequently comes to light, you've probably got more chance of redress, but personally i never assume that dealer's have the best cars.
Whether buying Privately or from a Dealer, verify as much of the car's history as you can is my philosophy. Buyer Beware!
bought my car privately, assuming the car checked out then the main worry is the money. if you can do the transaction in the week at a bank then great, if not your looking at a Friday CHAPs with a saturday collection, thats potentially 24 hours for someone to run off with the money which is a scary thought!
Camlet said:
Depends on the car but I wouldn't buy something special like an F50 unless I knew the seller extremely well. From the classifieds, not a chance. An independent inspection will only show so much. More basic motors perhaps, but still unlikely.
Unless the dealer knows the car from day one he's not going to be able to confirm much more than you can via an independent inspection, surely?I'm quite surprised by the faith in dealers - no doubt they know what to buy and what to look for, but get someone experienced to look over the car and you're "buying" the same knowledge for a much lower price than the dealer spread. I'd much rather meet the owner of any car - you can't get that sentiment from a dealer.
I think the issue with buying privately is less one of demand and more of supply - those with the funds to own these sorts of cars probably don't have the time to sell them (or would prefer not to have the hassle for the sake of the dealer margin).
Perhaps there is a niche for a high-level private market for fully qualified buyers and sellers?
will_ said:
...I think the issue with buying privately is less one of demand and more of supply - those with the funds to own these sorts of cars probably don't have the time to sell them (or would prefer not to have the hassle for the sake of the dealer margin)...
A lot of truth in that, I think. A friend sold a Ferrari privately but said he'd never do it again because he just had so much hassle dealing with tyre-kickers and time-wasters. I would buy privately the right car at the right price but I don't think I'd sell privately. Given you expect a private car to be a bit cheaper anyway I'm not sure there is a huge amount to gain by selling privately.Jonathan
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