Ready to take the plunge and buy a pre-owned supercar or luxury vehicle? You need more advice than if you were buying a family transporter. Even a used luxury car is a huge investment.
Don’t risk getting robbed. Unscrupulous owners or car dealers, will take your money and leave you with a lemon.
Take a few tips from used luxury vehicle and supercar experts, before you head to your local dealership, or visit that guy down the street with a Ferrari for sale.
Know exactly the car and features you want
This applies to buying any used car, but it’s especially true for supercars. Searching for your next car always takes work. In this case, you’ll want a research strategy.
- Check car magazines, online publications and owner forums.
- Familiarise yourself with the features of your target brand and model.
- See how the model has changed over the years.
- Choose features you want. Find the car models that deliver to that standard.
Know your budget
Even billionaires have a budget. Review model prices and years you like. Set a firm price limit on what you want to pay, based on research of your target car. Having a limit can keep you from falling victim to emotion during sale negotiations.
Don’t fall in love with a car you can’t afford, says Investopedia’s Clare Bradley. Keep a clear head. Treat it as a business transaction.
Look at insurance rates and other expenses
With most luxury or supercars, insurance rates soar. Make sure you can cover insurance payments, as well as fuel and the cost of repairs and maintenance, advises Bradley. They’re likely to be higher with a supercar.
Watch out for bait and switch
Many buyers are lured by attractive offers, only for their target car to be already ‘sold’, or a higher price quoted. Walk away. This ‘switch’ is almost always a lower-quality car at a higher price.
Take your time
Image source from: Gumtree
Car fancier magazine Jalopnik’s contributing writer, automotive consultant Tom McParland, has sage advice for potential supercar owners. Don’t rush things.
You’re not just buying a ride, you’re buying what be an investment. Do due diligence. Research prices. Research resale value. Try out various cars. Don’t fall for the ‘this one won’t last’ trick at the dealers.
There will be plenty more like it out there on the market. Make sure it’s the right one for you.
Get the car looked at by a qualified mechanic
Just like any car, a used exotic can come with a few blemishes or problems. Make sure those problems aren’t huge. Don’t take your potential supercar to your local mechanic. Find one with expertise in exotic cars or specific car brands.
Ask experienced supercar owners for recommendations in your local area. For best results, a certified mechanic by the car manufacturer is ideal.
Write down the features you want
In the heat of the moment, you might settle for less than your ‘dream car’, Jalopnik advises. Use your list of features as a checklist.
If a car doesn’t have the features you want, think hard before buying it. Aim for one that ticks off all the boxes. Remember; take your time. Don’t fall victim to a slick sales spiel.
Make sure your garage / driveway / parking are compatible
Many exotic cars lie low to the ground. This creates the potential for ‘rubbing’ or even hitting the undercarriage, when pulling into or leaving a driveway or garage.
If you can apply repairs, this is a good idea. Make sure there is ample room for parking and protection for your new ride. Remove any potential hazards to keep your car in best shape.
Forewarned is forearmed
One way that dealers can tell you’re an amateur supercar driver is inexperience with features.
Forbes car reviewer Josh Max points out, exotic cars often have features that differ widely from standard cars. Applying turn signals, shifting gears and finding the cupholder can be an adventure. That is until you become familiar with the car itself.
As GQ editor Ross McCammon found out when he drove a Lambo for the first time, even getting inside an exotic sports car can be a challenge.
First-time drivers are often not used to their low-slung profile. Be prepared before you test drive, so you won’t identify as a novice. If you know what you’re doing, a dealer won’t take advantage of your inexperience.
Familiarise yourself with all the details of the car you plan to drive beforehand. Knowledge is power.
Silence is golden
Don’t let a car dealer or seller know how much you have to spend. If they know your budget is X, a dealer may have a perfect car for less cost to you. With budget info, a car dealer may only show you higher-priced options. Play your cards close, where budget is concerned.
Compare and save
Live in a large urban area? There’s likely more than one dealer or seller in town with a similar car. If all other factors are equal, take the lower-priced car, of course.
Use comparisons as a negotiating tool. See an ad for a similar car, at a lower price? Show it to the seller / dealer. Chances are, they don’t want to lose a sale. You might end up with a better price.
Finally, learn to walk away
Yes, it’s your dream car. But if you get ripped off on the deal, that can quickly turn into a nightmare. Checklist in hand, full of knowledge, walk away if the deal isn’t what you want.
Have patience. You’ll find what you want at a later date. Even in the world of exotic and luxury cars, there are plenty on the market. Never settle for a bad deal because you fall in love.
Finding the right car is well worth the wait and then the reward of driving it home.
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