The process involves working with a licensed car dealer to sell your classic car. Consigning your car is an alternative to selling it through a private sale, auction, wholesale offer, or trade-in. In this guide, we will take you through everything you need to know about classic car consignment, including the benefits, how it works, and what to look for in a consignment dealership.
Car consignment can be an excellent option for classic car owners looking to sell their vehicles. Here are a few benefits you will experience when consigning your car.
When you consign your classic car, it should be your goal to work with a dealership or company with expertise in selling classic, vintage, or antique cars. This means they understand how to value your car and what specifics can impact that classic vehicle valuation.
They should have the experience to understand how a VIN’s specific history will affect the market demand and pricing. There are many cases where one minor detail in a vehicle's history can swing the value by tens of thousands of dollars. You want to hire a company with the skills and knowledge to sell your vehicle for top dollar.
In addition, consignment companies and dealers have connections to potential buyers, and they know how to market your car to a niche audience. The last thing you want to do as a seller is misrepresent your vehicle just to end up with a buyer coming after you post-sale. An experienced consignment dealer will know how to manage buyer expectations and avoid this type of post-sale drama.
Consignment companies and dealers have various marketing tools to help sell your car. There are many large car-selling websites that dealers list with. They also may advertise your vehicle on their website and social media channels and have connections to buyers looking for specific types of classic cars. Additionally, these classic car traders will have large email lists of potential buyers for your car. As a result, they have a more extensive network of potential buyers than you would have on your own, making it more likely that your car will sell. Exposure is very important when selling a classic car. That’s why Exotic Car Trader sells on every major car-selling website.
Selling a classic car can be a time-consuming process. The right consignment company will take much of the stress and busy work out of the process, as the company or dealer will handle the sale for you. They'll advertise, show the car to potential buyers, and negotiate the price, saving you a lot of the back and forth. As a result, you won't have to deal with the hassle of fielding inquiries, answering redundant questions, and attempting to obtain classic car financing for the buyer.
Since consignment companies and dealers have experience staging classic cars, they may be able to sell your vehicle for a higher price than you would be able to get on your own. Having professional photos taken, writing in-depth vehicle descriptions, and even providing third-party inspections can make all the difference.
Now that we've covered classic car consignment's benefits let's take a closer look at how the process works.
The first step is essential before signing up with a consignor. A professional valuation can help you understand the true value of your vehicle, including originality or if it is a restomod the upgrades that have been made. The valuation process takes into account factors such as the car's condition, mileage, rarity, and originality, as well as the current market demand for similar classic vehicles.
You can work with an independent appraiser or a classic car dealership to get a professional valuation on a classic car. Independent appraisers can provide unbiased valuations, while dealerships may be more familiar with market trends and current values. It's essential to choose a reputable appraiser or dealership with experience in classic car valuations and to provide them with as much information as possible about your car. This includes service records, documentation of any service work, and photos of the vehicle. With a professional valuation, you can have confidence in the value of your classic car and make informed decisions about selling it.
The second step in consigning your car is to choose a partner to work with. Look for a company or dealer specializing in classic cars with a good reputation in the industry. This can be evaluated by looking at their Google Reviews, Yelp Reviews, and reviews on third-party car-selling sites like Cargurus. You should also consider their track record in selling cars similar to yours, as well as their marketing strategy and fees. It would be wise to ask the potential car consignor to provide you with some recent comps on similar make and model cars.
One way to find a reputable consignment partner is to search for car consignment near me. You can also ask other classic car owners for recommendations. Finally, look for a partner with a good reputation in the industry, as they will have the knowledge and experience necessary to sell your car for top dollar.
Once you've chosen a consignment dealer or website, you'll need to work with them to set a price for your car. They'll consider factors like the car's age, condition, rarity, market trends, and demand.
It's essential to be realistic about the price you're asking for your car. While you may have an emotional attachment to the vehicle, it's important to remember that it's ultimately worth what someone is willing to pay. Sellers who price their vehicles out of the market tend to have a stagnant listing. This is when a car has been listed for so long that potential buyers steer clear of it, thinking that there is something wrong with the car or seller.
Ask your consignment partner about the cost of consigning a car, as fees may vary between consignment car dealers and consignment car lots. Typically, the cost of consigning a car ranges from 5-10% of the final sale price, but clarifying this with your consignment partner upfront is essential. Remember that cheap doesn’t mean valuable. In the automotive industry, you typically get what you pay for, so we suggest going with a more reputable company regardless of price.
The final step before getting your classic car listed should be to have the car thoroughly cleaned. We suggest hiring a professional detailer to do everything from a two-step polish on the body of the vehicle to degreasing and dialing in the engine bay. Remember, if you want to get all the money for your classic car, you must set the stage. This means ensuring the rubber hoses are dressed, the chrome is polished, and the interior is spotless. The more desirable you can make the car now, the easier it will be for your consignment dealership to get you top dollar.
Some car consignment dealers and websites will not have a good automotive photographer, so it will be important for you to hire one. You need to find a photographer specializing in automotive photography with experience shooting for-sale photos of classic cars. Check their portfolios and ensure their style is not overly artistic but creates a transparent picture of the vehicle.
Next, clearly communicate with the photographer what your expectations are and the details of the shoot, including the location, the time of day, and any specific shots you want. Make sure you discuss the pricing and payment terms upfront and get a clear understanding of what is included in the package. Finally, as stated earlier, prepare to make the car look its best by thoroughly cleaning and detailing it before the shoot. With the right photographer and some preparation, you can get stunning photos that will help you sell your classic car.
Don’t want to worry about any of the previous steps or concerns?
At Exotic Car Trader, we specialize in connecting sellers of classic, vintage, and exotic vehicles with serious buyers looking for the best private seller cars on the market. Our platform offers a user-friendly interface that allows you to easily list your vehicle and showcase its unique features and qualities. And with our advanced search tools and filters, buyers can easily find the exact type of car they are looking for.
Selling your car on Exotic Car Trader is a breeze. Simply create a free account and list your car's relevant details, including make, model, year, mileage, and any special features or upgrades. Our team of experts will review your listing to ensure that it meets our high standards for quality and accuracy.
Once your car is listed on our platform, it will go live on every major car-selling website. For example, Cargurus, Auto Trader, Auto Trader Classics, Cars.com, carsforsale.com, eBay Motors, Autolist, and Hemmings, As the seller, you can sit back and wait for offers to roll in. We'll notify you via email or phone whenever a buyer wants to make an offer on your vehicle. And with our secure messaging system, you can easily communicate with potential buyers and negotiate the best possible deal.
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