Guide to Selling Classic Cars Online
Take the risk out of selling classic cars online by using Escrow.com.
How to Sell Classic Cars Online
Classic Cars do not often go to market. When they do, it can be a rare occasion with some classic models having very limited manufacturing runs or limited edition features. Some classic or vintage cars may be only made for special events. Often when a car classic car is bought, it may never go to market again as the new owner is acquiring it for personal use or to add to a personal collection. Some classic cars can be worth hundreds of thousands of dollars.
Classic Cars can be sold in a variety of conditions from mint condition as good as off the manufacturing belt to scrap for salvage, but even a broken wreck can fetch a high price due to parts being harder and harder to acquire. It is also possible to restore some older and less loved models to their former glory, with a bit of time and effort. Some people have even started doing this as a hobby that can make a bit of cash on the side.
Listing a Classic Car online has a number of advantages. Large marketplaces such as Ebay Motors or Auto Trader are frequented by large numbers of potential buyers everyday. With large networks and additional features, these marketplaces provide a lot of value for car sellers.
Private sales can also be brokered by a qualified agent. Brokering agents take hassle out of finding a buyer for your Classic Car by approaching potential buyers through their network. Brokers can even help you remain anonymous throughout the transaction to protect your identity and your assets.
Online vehicle sales enable a far larger audience and a better deal for sellers seeking to sell their car online, however in the digitally connected world of online marketplaces, there are new challenges and risks for those seeking to participate in the market. The number one risk sellers face is chargebacks. Chargebacks refer to the buyer claiming there was an issue with their order, whether it be that they did not receive the goods or it was not as described, charge backs are a constant risk to a smooth sale process.
In addition to chargebacks, potential buyers may express interest in purchasing your vehicle only to back out at the last minute. If you have already taken the car to a mechanic or had it professionally cleaned, this could lead you to be out of pocket with nothing to show for your efforts.
Online marketplaces open your listing up to an international audience but international selling can also be a headache. Buyers overseas may have different banking and finance requirements and different cultural and social norms. This could lead to many of your trasactions falling through at the payment stage because of lack of support for the local way.
What can you do to ensure success when selling your vehicle online?
Luckily there are a number of steps you can take which can help you protect yourself and your money when selling classic cars online.
International selling has improved over the last decade and in particular, in the last 3 years. Online money remittance technologies have vastly improved and settlement periods have continued to reduce meaning it has become easier and easier to receive payment online. Using a reputable payments service can reduce risk as many provide additional security checks in addition to money services.
Using an audited, bonded escrow service eliminates chargebacks and fraud from all your transactions. This is because in an escrow transaction, the buyer pays the balance up front and it is held in an escrow account. When the buyer receives the goods, they have an opportunity to inspect the goods, and if they are satisfied, the funds are released to the seller directly and there is no further opportunity for chargebacks.
Escrow.com is the worlds largest provider of online escrow services. Our 5 easy steps stop fraud in its tracks. Escrow.com protects buyers by only releasing the funds to the seller if what you receive is exactly what you paid for. If it is not, ship it back to the seller and you will get a full refund.
How to use Escrow.com to Sell Classic Cars
- You and the buyer agree to terms - Either you or the buyer can start a transaction. Simply enter the vehicle make, model and year of manufacture, along with provisions for shipping and inspection periods. All parties will have a chance to review and agree to the terms.
- The buyer pays Escrow.com - Now that you have created your transaction, the buyer will be instructed to pay the balance. Once Escrow.com verifies the payment, we will put your funds in our escrow account and notify you it is safe to ship the classic car.
- You ship the Classic Car to the buyer - Now that the funds are in our escrow account, we notify you to deliver the Classic Car per the agreed terms of the escrow transaction. If cargo shipping is required, we ask that you provide the tracking information to us so we can verify when the buyer receives the car and release your funds.
- The buyer accepts the Classic Car - When the buyer receives the Classic Car, they have an amount of days equal to the agreed upon inspection period to ensure everything is as described. This can involve taking the vehicle to a mechanic to have the vehicle inspected for faults. We will hold the funds in our escrow acocunt until the buyer accepts the goods or the inspection period ends
- Escrow.com pays the Seller - We release the funds to you from our escrow account.
If you are looking sell cars online, you can rest safe in the knowledge that Escrow.com is one of the most trusted and secure escrow services across the globe.