One of the main reasons why so many enthusiasts place their classic car in storage is because they know that one day, they’re going to be selling it on and want to ensure they get the most money they can.
In many ways, it’s just like a stock trader looking after their shares – by placing their car in storage, classic car owners are doing their utmost to protect their investment.
When the time comes to sell the vehicle, however, is there a best way to do it? You’ll no doubt have seen classic cars advertised in specialist magazines (or even simply dedicated areas of general car magazines), but at the same time it’s highly likely you’ll have seen vast numbers of classic cars for sale on eBay.
Plus, you’ll probably be aware that some of the most expensive classic cars have been sold at auction houses such as Bonhams.
So when you decide to part with your classic car, which route should you choose? Auction or advert?
In all honesty, they both have their benefits and you’re likely to see a respectable sale figure by selling your car either way, but what we would say is to achieve the highest sale price possible, an auction could be the way forward – if the right audience is in the room.
When you place an advert in a car magazine, it’s going to be read by at least a couple of thousand people. Out of those, there’s going to be a small percentage genuinely interested in buying your car.
A lot of this is due to the fact the majority of the readers of the magazine will be your general or average classic car owner. They’ll have a full time ‘normal’ job, a huge interest in classic cars and aim to spend as much of their disposal income on classic cars as possible.
Now generally speaking, the same applies when we’re looking at the people who’d view your car on the likes of eBay.
Where things potentially change, however, is when you look at traditional auction houses who hold specialist classic car auctions.
In these instances, you’re still likely to find your general classic car owner in attendance, but there’s also likely to be a number of collectors or investors there – and it’s these people who are going to be able to pay a premium for your classic car.
Of course, it does depend on the car you’re selling and no matter where you sell a Morris Minor, for instance, chances are you’re going to get roughly the same amount of money for it.
Be selling a Ferrari 250 Testa Rossa from the late 1950s, however and it’s unlikely you’d achieve the same sale figure for it through an advert in a car magazine as you would in a specialist car auction at Bonhams.
This really is a broad, general look at the selling process, but it should give you an insight into where you should at least start looking to sell your car.
We’re in no way saying you won’t be able to achieve a respectable premium for your vehicle through an advert in a car magazine, as you will. It’s just the simple fact is, you’ll often be able to put your vehicle in front of an audience who are able to truly invest more by selling it at a specialist car auction.
But at the end of the day, it has to be remembered that no matter where you choose to sell your car, a buyer will only part with their money if the vehicle truly lives up to its asking / expected sale price.