Looking to sell your luxury car?
Well, you’re in luck.
Car sales are at an all-time high, and luxury cars make up an impressive piece of the pie. Indeed, approximately $100 billion worth of luxury cars are sold annually.
Anybody looking to part with their luxury set of wheels shouldn’t have too much trouble. All the same, it pays to have some insight into the sales process beforehand.
After all, with thousands of dollars on the line, the process of selling luxury cars differs from the norm. Anybody who’s never sold one before will benefit from a few pointers.
Read on to learn about six key tips and considerations for anyone selling a luxury car.
1. It’s a Niche Market
First things first — It goes without saying that not everyone can afford to buy a luxury car. In fact, only a relatively small number of people will have the requisite money at their disposal.
Sellers, like you, have a smaller market to target as a result.
This means that to succeed with a swift and fuss-free sale, it’s crucial to advertise in the right places. Standard platforms like Craigslist and newspaper ads might not cut it. Instead, you need to get more creative with your promotional endeavors.
In simple terms, don’t waste your time and money marketing to unrealistic audiences.
2. Status is All-Important
We know one thing already about the people who might buy your luxury car:
They have money!
Here’s the next thing to know: they’re also likely to value social status. This is important to remember while you're trying to sell your car. People aren’t just buying a vehicle, they’re buying what it represents as a symbol of wealth and status.
This might help you figure out a) how to market the car and b) where to market it. For example, your sales copy on online ads should emphasize the elite nature of the vehicle. Paint a picture of how it makes you feel to drive it and how others perceive you in the process.
Likewise, think about how you interact with prospective buyers. In their pursuit of luxury, they might wish to be treated with particular respect and courtesy too.
3. Luxury Buyers are Well-Educated About Automobiles
Expect your target market to be better-educated about automobiles than the average consumer.
It’s safe to assume that they’re passionate about automobiles and take their personal garage seriously. Thus, it’s important that you know your stuff too. Make sure that you’re able to answer their questions about the vehicle.
Don’t, and you risk sounding unprofessional and untrustworthy.
4. Ensure the Car Looks and Functions Perfectly
Imagine going out to a nice restaurant for dinner.
What do you expect when you’re paying top dollar for food and drinks?
A quality experience, right? You’d be disappointed if the food was cold or the wine was corked. You might even complain and refuse to pay for the meal.
The same goes for people interested in buying luxury cars. As someone who currently owns one, you know what we’re talking about. Chances are high that you wouldn’t payout for a car that looked or performed subpar (if that’s not what you were promised).
Fix up those warning lights on the dashboard, and make sure your luxury vehicle is worth the price in terms of quality. If you wouldn’t pay for it as-is, then you can expect others to refuse as well.
5. Word-of-Mouth Can Work
Let’s turn to some practical considerations for selling your luxury car.
We’ve already noted that traditional automobile sales outlets can be off-limits. Your target demographic might simply not be on them. All is not lost! You just need to turn your attention elsewhere.
Word of mouth is one example of a powerful tool at your disposal.
People who have the means to afford luxury goods often have friends and acquaintances of similar wealth. Think about your own circle of loved ones.
Is there anyone there who might want to buy your car? Would anyone have connections you could call upon for this purpose?
Alternatively, hire people to do the talking for you. For instance, it isn’t unheard of for luxury car companies to pay beautiful women to spread the message in clubs and bars, etc. You could do something similar.
Here are a few more word-of-mouth marketing strategies that could come in handy.
6. Leverage Up-Market Publications
Identify publications that wealthy people read on the regular.
There might be newsletters, websites, and magazines, and so on with an ideal readership of would-be luxury car buyers. Place an advertisement in those publications and you stand a great chance of attracting the attention you need.
The hard part can be the identification process itself. Again, though, look inwards for inspiration. Analyzing your own reading interests may reveal the prime places for advertisements.
Create a buyer persona of your ideal customer. Conceptualize their appearance, interests, demographics, and political ideals. Doing so should also help in identifying where to put your ads.
Time to Sell Your Luxury Car!
Billions of dollars’ worth of luxury cars are sold each and every year in the US.
That’s good news for anybody looking to sell one in the near future. There are clearly a plethora of willing buyers out there looking to purchase their next set of luxury wheels.
Unfortunately, that doesn’t make the process of finding and selling to them straight-forward.
As we’ve seen, to sell your luxury car, you need to find a specific type of person. They must have the wealth and inclination to acquire a vehicle of this nature. Alas, these buyers can seem few and far between when you’ve never had to sell a luxury car in the past.
Hopefully, though, this post will have revealed a selection of useful insights to help you succeed in this endeavor.
Tired of waiting and want cash for your car ASAP? Contact us today to see how we can be of service.