Time to sell - advice Please

[KevCov]

Hi all, unfortunately I've decided it's time to sell my Evora ( MY12 IPS).  I'm now spending most of the year overseas and so it's parked up most of the time :-(  I'm looking for advice on where's best to put it up for sale.  Ideas most welcome

[DJW]

Sold 3 of my cars successfully via SOR at Lotus Silverstone. Takes all the hassle away and the fact they offer a warranty means they can obtain a higher price than selling privately.  

[Bravo73]

http://www.lotusforsale.com/

Then Pistonheads, eBay Classifieds and, finally, Autotrader (the most expensive of the 4). 

SOR is going to cost you £1k+. How much is the 'hassle' of selling privately worth to you?

[Stuno1]

If a car is 40k private and 45k at a dealers what is one likely to make via sor?

 

Ha got the answer as I was replying! 1k is good imo. Especially if it gets a seller 42k in my above scenario. 

[KevCov]

Thanks, for the info and advice,  keen also to understand the best way of putting a value on the car?  It's a lovely example and has only done 12,000 miles

 

[DJW]

SOR will be nearer £2k for older cars, due to risk of warranty claims .  That said , dealer will definitely get you more than £2k+ than selling privately. They also know market best for pricing, potentially have buyers lined up asking for certain spec cars, plus don't forget they can organise finance,   Personally couldn't be bothered with hassle of tyre kickers, how to take payment of large amounts of money, risk of insurance on test drives etc.  Each to their own though. 

Edited January 15, 2017 by DJW

[Stuno1]

Good thread as I would not have considered sor previously. 

[CocoPops]

Things to be aware of with SOR.

Make sure they insure it.

Choose a reputable dealer.

Agree maximum term they sell it for, as they will want it onsite, so means you can't use it (fine for OP).

 

[C8RKH]

I keep reading about only dealers can supply warranties and set up finance. Really?

Anyone can buy a transferrable warranty can they not and put it on the car to sell it?

Also, as for Finance there are loads of companies out there who offer it and several specialists like Oracle car finance. When I bought mine from MMC they were touting finance from Black Horse and Barclays. Both will sell direct.

After market is all you'll get from a Lotus dealer on a car more than three years old anyway as Lotus do not offer a factory backed warranty on cars 3 years or older as far as I know.

What am I missing? Is it just that people are too lazy to do the research and set these things up for themselves?

Good luck with selling by the way. Sounds like a peach of a car!

 

[TomE]

There's also a middle option by going to one of the independent Lotus traders like Will Blackham or Guy Munday, who will often buy for their own stock (particularly as spring approaches) or do a deal on SOR.  They don't have the dealer overheads but conversely may not be able to do the same deals on warranty and financing, so will probably realise you a price somewhere between you selling privately and a dealer's SOR.  They do have good reputations in the Lotus community and often a list of waiting buyers.

If you don't use them for the sale they will both do valuations for you.

[DJW]

22 hours ago, C8RKH said:

I keep reading about only dealers can supply warranties and set up finance. Really?

Anyone can buy a transferrable warranty can they not and put it on the car to sell it?

Also, as for Finance there are loads of companies out there who offer it and several specialists like Oracle car finance. When I bought mine from MMC they were touting finance from Black Horse and Barclays. Both will sell direct.

After market is all you'll get from a Lotus dealer on a car more than three years old anyway as Lotus do not offer a factory backed warranty on cars 3 years or older as far as I know.

What am I missing? Is it just that people are too lazy to do the research and set these things up for themselves?

Good luck with selling by the way. Sounds like a peach of a car!

 

True you can go off and sort all this out yourself, but at the end of the day there's a fair portion of punters who would prefer to buy from a Lotus dealer as they feel they have that extra security buying such an expensive item.  When I bought my 2011 Evora from Silverstone, which was just out of warranty , they bent over backwards to fix some problems that I understand didn't go via 3rd party warranty.  I've bought 2 further cars from them on this basis and got excellent returns selling on SOR later  

Remember dealers also have to abide by the Consumer Rights Act which include :- 

• Buyers allowed to claim full refund if car turns out to be faulty within 30 days
• If defect found within six months, buyers entitled to a repair or replacement

You don't get that when buying privately  

So in summary, yes you can sell privately ,  but for me personally if you can get the same money or more  via Lotus Dealer SOR , with less hassle, more potential buyers , then it's a no brainier.  

Each to their own though . 

 

[C8RKH]

43 minutes ago, DJW said:

 

Remember dealers also have to abide by the Consumer Rights Act which include :- 

• Buyers allowed to claim full refund if car turns out to be faulty within 30 days
• If defect found within six months, buyers entitled to a repair or replacement

You don't get that when you buy privately.

 

You don't always get that level of protection / support when you buy new. Just ask @JayEmm@JayEmm! 

[Stuno1]

From reading this I will be contacting silverstone to sor mine when the time comes. I had a good experience test driving an Evora with them and at this price point buying from dealers offers people more comfort. If it can return more or the same money as a private sale it's a no btmrainer. 

[C8RKH]

I'd try here first for mine. Followed by a Lotus dealer as can only really see myself switching if for another Lotus to be honest.

[Inkyfingers]

I've no intention of selling, but for a car at this value I'd take a small hit and sell via a dealer, probably by SOR. I just don't have the time/energy to deal with people and would feel uncomfortable with large cash transactions, bank transfers, people coming to my house etc.

[LF1]

I'll just confirm the above. SOR with Silverstone for me. Hassle free. Yes I can sort out warranty and finance can be done privately however as a seller I don't have the time and as a buyer I know I'd rather get it from a dealer (especially a car like that).

The cost of the dealer selling on my behalf for me is far better than the time and wasted energy trying to sell privately.

I did sell the LF1 directly to Oakmere, I could not bring myself to let other people drive it while it was still mine. It was such a hard decision to get rid of it I needed it done quickly - like pulling a band aid. I probably could have got a little more for it on SOR but they offered a competitive price off the bat and were very good to deal with.

[Gashead1105]

I SOR'd my S2 via Silverstone. Took Aimee a week to sell it,  I'd had it listed privately immediately before hand for quite a lot less for over a month and got no serious interest. The conclusion I've come to is that, when something is much more than £10k people would far rather buy from a dealer. 

[Neal H]

I completely agree that when spending tens of thousands on a car, most would prefer the security of buying from a dealer - I always do. Also a dealer usually has the facility to take a part exchange which opens up the potential market.

[C8RKH]

I think you've hit the nail on the head there @Neal H re the PX option. Many potential buyers will have money already tied up in a car to be released and so the PX route makes the whole transaction easier etc.

I bet some dealers are better than others at shifting SOR cars though. Have heard good things about MMC who seem to be able to shift them in Scotland and England, and it sounds like Silverstone are a quality outfit too. I'd be talking to both if I was changing my S1 Evora for another Lotus. 

[Colin P]

I think Hofmanns are happy to do SOR as well. hey advertise it on their site and I know of at least one car sold that way.

Spot on about the P/X route though. Hofmanns actually took 2 cars off me in P/X against the 400. My N/A and my Daily.

[auRouge]

 @LF1 I know exactly where you're coming from. Had a horrible experience selling a Porsche once. People can be quite insulting when looking at your car.. that's before the test drive...

I simply called all the Lotus dealers and sold it to the highest bidder (2 out of five made serious bids). 

In the end I sold my S1 Evora to MMC. Brandon was an absolute pleasure to deal with. True to his word and no messing about. Id recommend giving them a call for a quick clean sale.