When it comes to valuing an exotic car for sale, compared to a traditional car, it might be difficult or even frustrating at times. Most of the tools that you may have previously used where you just enter your cars information, and out comes a number that is supposedly the value of your car, do not normally work with unique, exotic, luxury supercars. So then how exactly do you know how much yours is worth, and more importantly, how do you know exactly how much you should be listing it for?
First things first, refer to your cars sticker. Take a look at exactly what options, packages, and equipment your car is equipped with from the factory. Generally in the exotic car world, additional extras could cost up to 50% – 80% of the cars MSRP price. In the used market that could make or break the value of your car. If your car doesn’t happen to have an option that the general consumer prefers from that model, then that could jeopardize your cars value tremendously.
Browse the market. In order to understand how much your car is worth, you need to find listings online for cars similar to yours. Be sure to try and find the ones that are as close as possible to your year, make/model, trim, number of miles, and of course additional options, packages, and equipment. Might be difficult to even find one listing that comes close to yours, but having a general understanding of what similar cars are priced at, helps when it comes to valuing your exotic car for sale.
Remember to keep these 2 important things in mind when evaluating your car based on other listings online. First, do not just assume that your car is worth the same as a similar listing you found, just because for example, your car is one year newer, but that car has 5,000 less miles than you. It’s easy to start getting opinionated with what is worth more in a car, when valuing your car higher seems to only benefit you. When in fact it might just do the opposite. Second thing to keep in mind when evaluating your car based on other listings online is that, the listings you see online are cars that are selling, and are not yet sold. These are really only asking prices, and may not actually reflect the true value of the car. You can join the club with those 10 people trying to sell their GT2’s for $30k above sticker price, but you’ll just end up sitting on your listing for months over months just as they are. Instead you want to make sure the car is priced to sell.
Consider your timing and location. This is very important when it comes to valuing your exotic car for sale. Understanding that the time of year, and your geographical location has an effect on the current cash value of your car.. If you have to sell your car during Fall/Winter time, consider that you are likely going to get less offers than if you list the car in the Spring/Summer time. With that being said, depending on your car, sometimes the time of year has little to no effect on how your car sells, because there may be buyers looking for your car year round.
Finally, the best way to figure out the value of your car, is after considering all that I mentioned above, just list your car and TEST THE MARKET. Most likely, chances are you will either way initially list your car for more than it’s worth because, I mean hey, if someone ends up being willing to pay that amount, then why not? More likely though, when you seem to not get much attention for your car within the first week or two, you will then begin to lower the price to accommodate for it’s true market value. Be sure to assess each offer that you get. You’ll definitely get low balled by someone trying to get lucky, but if anyone comes even remotely close to your asking price, find out why they only offered that much. If the reason is because that’s all they have in their budget for the car, then that won’t be very helpful, but if they say it’s because there is a similar spec out there that is priced lower than yours, or something along those lines, then put that into consideration, and possibly even reconsider what you originally valued your car to be worth.
Last thing I want to mention when it comes to valuing your exotic car is, avoid incorporating sentimental value. Everyone knows that most exotic car purchases are usually derived from emotion, but there comes a different emotion when it comes to selling your exotic car. So it becomes easy to feel as if the car is worth so much more than it actually is, because of your emotional attachment to it.
After taking all this into consideration, and coming up with a number to set as your asking price. The next step would be to get the car listed and begin advertising. With all the various platforms nowadays, this step often times becomes overwhelming, especially when considering that if you list your car on one platform, you may be missing out on a potentially better deal, that could have come from somewhere else. That’s why Primary Exotics is here to help. You can visit PrimaryExotics.com, or Call/Text, to find out how we can get your car advertised, and sold for the right price.