Buying a £40,000 classic car
Discussion
Without going into too many details, I'm currently looking buying a classic sports car around the £40k mark.
I'm viewing two this weekend, one is at a fairly large dealer which sells a few specialist brands plus a range of classics, the other at a smaller dealer but still with a good selection of classics.
If I buy I'll be asking to have it delivered as both are quite far from home and I don't want to drive it miles on motorways through winter weather. The larger dealer have their own covered delivery service, the smaller one can arrange it with a third party.
What I'm worried about, given a couple of recent high profile collapses of specialist dealers, is transferring them a significant amount of money and trusting that the car will be delivered.
How can I protect myself?
At what stage of the deal should I release the money?
Am I better arranging my own delivery service and only transferring the balance once my guy has the car ready to load up?
I'm viewing two this weekend, one is at a fairly large dealer which sells a few specialist brands plus a range of classics, the other at a smaller dealer but still with a good selection of classics.
If I buy I'll be asking to have it delivered as both are quite far from home and I don't want to drive it miles on motorways through winter weather. The larger dealer have their own covered delivery service, the smaller one can arrange it with a third party.
What I'm worried about, given a couple of recent high profile collapses of specialist dealers, is transferring them a significant amount of money and trusting that the car will be delivered.
How can I protect myself?
At what stage of the deal should I release the money?
Am I better arranging my own delivery service and only transferring the balance once my guy has the car ready to load up?
I'm not sure if this is a thing but it could be in the UK.
Some sites like BAT and Ebay now use escrow services for payment where you make the payment to a provider but they only release the payment to the seller when the car is delivered. If that's not an option, pay on pick up and arrange your own delivery or put a good deposit down and pay the rest on delivery.
Some sites like BAT and Ebay now use escrow services for payment where you make the payment to a provider but they only release the payment to the seller when the car is delivered. If that's not an option, pay on pick up and arrange your own delivery or put a good deposit down and pay the rest on delivery.
Edited by alabbasi on Wednesday 21st January 03:27
I understand your concern and caution is certainly warranted.
Treat it much like you would a private sale; get yourself there by train on delivery day and transfer the money once you are happy that everything is as it should be. Supervise the loading to ensure no damage is done (they ll be more careful with you looking on anyway). Ride back in the delivery truck and supervise unloading. This is something I did before I had the capability to trailer my own cars.
Edited to add that you might want to check that you are actually dealing with the owner of the car(s) in question. Some classic cars at dealers will be being sold on a commission basis and that could leave you in a sticky position if they then fail to pay the owner. How you satisfy yourself of that is another matter.
Treat it much like you would a private sale; get yourself there by train on delivery day and transfer the money once you are happy that everything is as it should be. Supervise the loading to ensure no damage is done (they ll be more careful with you looking on anyway). Ride back in the delivery truck and supervise unloading. This is something I did before I had the capability to trailer my own cars.
Edited to add that you might want to check that you are actually dealing with the owner of the car(s) in question. Some classic cars at dealers will be being sold on a commission basis and that could leave you in a sticky position if they then fail to pay the owner. How you satisfy yourself of that is another matter.
Edited by FlyVintage on Wednesday 21st January 07:06
Edited by FlyVintage on Wednesday 21st January 07:08
I personally could never release that amount of money without being there and dealing with the car handover myself, I know a lot do but I cant quite get my head around it.
I would consider driving it home and enjoying it, it can be cleaned afterwards but if not there are lots of transport companies around.
I would consider driving it home and enjoying it, it can be cleaned afterwards but if not there are lots of transport companies around.
FlyVintage said:
I understand your concern and caution is certainly warranted.
Treat it much like you would a private sale; get yourself there by train on delivery day and transfer the money once you are happy that everything is as it should be. Supervise the loading to ensure no damage is done (they ll be more careful with you looking on anyway). Ride back in the delivery truck and supervise unloading. This is something I did before I had the capability to trailer my own cars.
Edited to add that you might want to check that you are actually dealing with the owner of the car(s) in question. Some classic cars at dealers will be being sold on a commission basis and that could leave you in a sticky position if they then fail to pay the owner. How you satisfy yourself of that is another matter.
One of them is definitely at the dealer on sale or return, he says he knows the owner well and sold him the car previously, all sounds plausible but he is a car dealer!Treat it much like you would a private sale; get yourself there by train on delivery day and transfer the money once you are happy that everything is as it should be. Supervise the loading to ensure no damage is done (they ll be more careful with you looking on anyway). Ride back in the delivery truck and supervise unloading. This is something I did before I had the capability to trailer my own cars.
Edited to add that you might want to check that you are actually dealing with the owner of the car(s) in question. Some classic cars at dealers will be being sold on a commission basis and that could leave you in a sticky position if they then fail to pay the owner. How you satisfy yourself of that is another matter.
Edited by FlyVintage on Wednesday 21st January 07:06
Edited by FlyVintage on Wednesday 21st January 07:08
Being there for the pickup is good advice, thanks.
Chap who bought my TVR in winter paid a deposit and then waited until the forecast was for a couple of dry days before picking it up. Stayed over the night before, paid balance and drove it several hundred miles home.
That's what I'd do. Overcomes money transfer worries and any concerns over how the transport company treat the car. Also cheaper.
That's what I'd do. Overcomes money transfer worries and any concerns over how the transport company treat the car. Also cheaper.
Could you not arrange a man with a trailer to meet you at the dealer on collection day, you do all the paperwork with the dealer and look over the car again as a sanity check, once happy you transfer the balance to dealer and the car gets loaded on to the trailer and it sets off, you finish your coffee and hit the road and probably pass the trailer on the way home!?
To an extent doing some dd first is always sensible ie what are their reviews like , how long have they been in business , quick check of company accounts.
Paying in full before delivery or pick up often occurs on brand new cars through MD’s but still a potential concern only if slight.
There is one classic car company near me who has traded for years and has many testimonials who always offers covered delivery.
You could also discuss your concerns with your chosen dealer if it comes to that as I’m sure it’s something that has probably been broached previously with them.
Paying in full before delivery or pick up often occurs on brand new cars through MD’s but still a potential concern only if slight.
There is one classic car company near me who has traded for years and has many testimonials who always offers covered delivery.
You could also discuss your concerns with your chosen dealer if it comes to that as I’m sure it’s something that has probably been broached previously with them.
SFTWend said:
Chap who bought my TVR in winter paid a deposit and then waited until the forecast was for a couple of dry days before picking it up. Stayed over the night before, paid balance and drove it several hundred miles home.
That's what I'd do. Overcomes money transfer worries and any concerns over how the transport company treat the car. Also cheaper.
Me too, all part of the fun of buying a toy like this.That's what I'd do. Overcomes money transfer worries and any concerns over how the transport company treat the car. Also cheaper.
Aside from hiring a trailer and towing it back yourself I can't think of another way to de-risk the purchase. What's the issue with driving it back anyway? One drive in miserable conditions won't do it any harm, it was originally designed for it after all. Just give it a good clean when you get home.
Lots of good advice, thanks.
I've been speaking to the dealers today, the larger one own the car so I would be buying direct from them, they are a very long established dealer with several specialist and more mainstream franchises, I would be fairly confident buying there.
The smaller dealer has the car on sale or return, apparently how he works is that I would pay the owner direct then he gets his fee from them, I'm happier with that than giving the dealer the money and trusting that he will pass it on to the owner.
I'm not precious about my cars and this will certainly be used but given the age of the car, the distances involved, the time of year and a lack of free time I think covered transport is the best option for me.
I've been speaking to the dealers today, the larger one own the car so I would be buying direct from them, they are a very long established dealer with several specialist and more mainstream franchises, I would be fairly confident buying there.
The smaller dealer has the car on sale or return, apparently how he works is that I would pay the owner direct then he gets his fee from them, I'm happier with that than giving the dealer the money and trusting that he will pass it on to the owner.
I'm not precious about my cars and this will certainly be used but given the age of the car, the distances involved, the time of year and a lack of free time I think covered transport is the best option for me.
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