Looking to buy or sell a car collection? Very similar to real estate or any investment valuation, choosing the “right” person to represent you is critical. In real estate, it’s location, location, location. For automotive collections, portfolios or even single cars, it’s relationship, relationship, relationship. The highest bidder is not always the winner. Buyers and sellers of collector cars are very particular on whom they sell to or buy from in this very competitive space. Car collections often have a deep and long history of stories. They become family members as they are passed from generation to generation. As a result, the landing spot for each of these automobiles is an important consideration in the final decision for buyers and sellers.
Key factors to consider when choosing a “representative?”
Reputation: What do others say? They should have a long list of references you can contact and engage.
Knowledge: How well versed is your “representative” on current and past collectible markets? What is their extent of automotive knowledge across years and manufacturers? Are they willing to research what they don’t know?
Trustworthy: Having the firm belief in the reliability, truth, ability, or strength of someone or something. Although reputation and knowledge are cornerstones, trust is the keystone. Establish this in your first meeting.
Honesty: You want someone who will be genuine and adhere to the facts. Straightforward and fair with information as collections and portfolios are multi-faceted throughout an often fast-paced, but potentially long process.
Work Ethic, Patience & Professionalism: Lastly, with the above virtues in mind, look for a representative who listens to your specific needs and is willing to take on and promote your entire collection instead of just your most highly relished treasures.
Choosing your representative is not just important to you as a seller, but even more indispensable to your spouse or family in the unfortunate event that something should happen to you. (Ensure you share this agent’s contact information with family members.) Consider having your chosen representative to price your vehicle(s) now to get a realistic value. This will make the difference to help him/her sell it more quickly. Bear in mind that prices have recently gone down as the collector car market is changing.
Tips to Keep In Mind When Considering the Sale of Your Collector Car(s)
Also there is the big common misnomer that a collector car appreciates over time. Condition and collectability in the current market will ultimately determine a realistic price when the car is sold. Do Not Use Prices From the Big Auction Houses to determine the actual value of your car. Many times they are not an “apples to apples” comparison and could have up to a 20% higher value due to the fees to the buyer and seller.
Even then with your vehicle(s), keep in mind that “parked cars” deteriorate from lack of use and maintenance. Over time, various fluids (especially today’s gasolines) break down and the car may become undriveable in as early as 6 months. Such deterioration compounds if the car is stored outside vs. in a garage. If left unprotected (including the car’s finish), the car will actually depreciate over time (opposite of the previously mentioned misnomer above). Ultimately, this knowledge is paramount, even if you decide to keep your classic, protect it with indoor storage, maintain and drive it at least monthly until the day it is sold. As a result, when the actual day comes to sell, you as a seller will be rewarded by buyers who will pay more for your maintained, running vehicle(s) in good or better condition!
This article is provided compliments of Sell My Classic Car. For more information or schedule a free consultation to buy or sell a single collector vehicle or collection, visit Our Page or call 301-213-7129.
