How to sell a classic car

Ever wondered what the best way is to sell a classic car? Should you sell your classic online? What is the best website for selling a classic car? Or when is a good time to sell your car? We have the answers

What’s the best way to sell my classic car?

When it comes to selling your classic, you’ve got plenty of choice. We’d recommend using as many outlets as possible – the more people see your car, the more chance you’ve got of finding a potential buyer. Of course, how you sell your classic depends on exactly what you’ve got for sale. If you’ve got one of the more popular classics such as an MGB or a Morris Minor, you’ll have a lot of competition so you’ll need your advert to stand out against the rest and you'll want to get your advert seen in as many places as possible. But if you’re selling one of three production lightweight Ferrari 275 GTB/C Speciales, then you’ll need to be smart because while there might be a lot of interest in your car, there aren’t going to be that many people who can afford to pay the £17.3m price tag – so unless you have a waiting list of buyer's, you may need to enter it into one of the high-end auctions.

How to sell your classic car at auction

So you’ve decided to sell your classic car and you think that an auction might be the way go – but what’s involved? Do you need to be there? How is it valued? How much does it cost? And what happens after it sells (or if it doesn’t)? Time to find out.

How much does it cost?

Selling a car at auction is fairly efficient in terms of time (i.e. you don’t have to spend hours on the phone to potential buyers) but you’ll have to pay for the privilege as the auction house will often charge an entry fee as well as taking a cut of the final sale price. You’ll also need to get the car to the auction site – not such a problem if it drives, but could be expensive if it doesn’t.

How much auction companies charge you will vary, but expect them to take anywhere between 5% and 20%. This could also turn out to be a flat fee if the car fails to sell, or if it’s value is below a certain price point.

Are there any hidden costs?

There usually are. These can range from costs for storing the vehicle (either before or after the sale, or both). Some auction houses also insist on a valet beforehand, or that you use their approved logistics company, or that you pay for an HPI check – so do your research.

What happens if I change my mind?

When you commit to selling your car at auction, you’ve entered into a contract – so if you break it, there’s going to be a penalty. While it is possible to withdraw your car from auction, expect to be charged a fee. The advice is simple: read the small print.

Do I need to insure my car if I’m selling it at auction?

You don’t need to insure your car if you’re selling it at auction, but it’s probably a good idea. For example, what happens if the transporter is involved in an accident that damages the car? Or there’s a fire a few days before the auction?

How does the auction house value my car?

Every auction house is different. Some will send a representative to value the vehicle ‘in the metal’ while others will perform the valuation over email using digital images and working from what you’ve told them about the history of your car. Whatever happens, make sure you’ve done your research and are realistic about the price. There are plenty of auction companies to choose from so if you’re not happy, that’s your call – but don’t hold out for a price that you’ll never get. You can also set a reserve or ask for a higher guide price.

Do I need to be at the sale?

You don't need to attend the sale in person. If it's a long way away, then the travel and hotel will add to the expense. However, it's worth considering - you'll be able to see exactly what's happening in real time. Plus there is enjoyable social aspect to the auction. Just remember you're there to sell, not to buy...

When (and how) will I get my money?

There’s no universal rule about this. Some companies pay six working days after the sale, some on the sixth working day of the month, others could be six weeks after the sale. Make sure you ask the question and get an answer you're happy with.

What happens if the auction house goes bust?

Make sure you find out what happens if the auction company goes bust – it’s happened before and it left a lot of people hurting financially.

Ask HJ

What's the best way to sell a classic car?

Where is the best place to sell a 1972 Rolls Royce?

You've got a couple of options here. If you choose to sell privately, you'll generally get the best return and have fewer outgoing as many websites don't charge to list your car for sale. The negatives are it will require more of your time, both dealing with inquiries and putting the adverts together. If you choose to sell at auction, much of the hassle is removed but you'll have higher fees to pay. So the best way to sell your car depends on how much of your time you can spare.

Answered by Keith Moody

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Ask HJ

How much is my 1968 Ford Sierra XR4i/4x4 worth?

How much is my 1968 Ford Sierra XR4i/4x4 worth? Where would be the best place for me to sell it?

Without knowing much about the condition, the mileage and the history of this car, it's impossible to put a value on it. Projects with an MoT can go for about a grand, while very good examples can be seen on dealers' forecourts for around £5000. Selling privately will often allow you to maximise the value of the vehicle, but if you can't face the hassle then you could approach a local classic dealer to sell it (on commission) or put it through an auction house (make sure you ask about all the fees involved).

Answered by Keith Moody

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Selling your classic car with a dealer

If you can’t face the hassle of selling your car privately, but you’re not sure an auction is the right place for your ride, then one option to consider is selling it via a dealer. Going this way is a decent compromise – you’ll still have to invest some of your time, but normally the dealer won’t charge quite as much as the auction house. Plus, the car is on sale for longer, which is something to remember if your motor's attraction is a slow burn. It’s also handy if your car does need a bit of TLC as there’s normally someone on hand to fettle it – although dealers often prefer a car that is reliable on their forecourt.

Why would I consign my car with a dealer?

You could sell your classic to a dealer, but they’ll drive a hard bargain. If you consign it, they sell the car on your behalf. This can free up space (handy if you’re moving to a new house and need to shift your motor in a hurry).

Is a 'consignment' the same thing as a 'sale or return'?

No. Consignment is not a 'sale' - the car remains your property. A 'sale or return' means that the dealer actually buys your car but the transaction is only made after the resale.

What are the benefits of using a dealer?

One of the big benefits of selling your car through a dealer is that they handle the most time-consuming aspects. They’ll often photograph it and work with you on putting together a listing for it. They’ll also be able to market it – this can be especially useful at an international dealer and with a car that has a very regionalised following (i.e. demand for it may be higher in one country rather than the one it’s selling in).

And, of course, they’ll deal with any interested parties – spending time on the phone and arranging test drives so you don’t have to and handling the money. And if the car does sell overseas, the dealer will normally arrange the shipping and fees. 

How does consigning a car to a dealer work?

First, you’ll need to get your car to the dealer, either by driving it or transporting it. Then, the dealer will normally check the car over with you and agree a value for it and the marketing strategy, as well as any special requirements.

Are there any hidden costs?

Good question. Most dealers won’t (directly) charge you for storing the car or marketing it, but you will have to pay if your car incurs a cost – such as a flat battery or tyre - that they need to fix.

So how does the dealer make money?

After agreeing a value with you, the dealer normally prices up the cost of storage and marketing and adds this on to the sale price. So, for example, you may have agreed your car is worth £8000 so the dealer might advertise it for £11,000 – which will cover their costs plus give a bit of wiggle room for haggling.

Are there any drawbacks?

You sometimes find that you're more likely to be offered exchanges - so be very clear if that's something your not interested in. Most dealers will tell you that it improves the chances of selling your car, but all you're doing is swapping one classic for another. 

How much is my classic worth?

Perhaps the biggest discrepency often arises from how much a person thinks their car is worth, and how much the buyer wants to pay for it.

When you're selling a car, you need to do as much research as the person buying it. As a rule of thumb, cars are often given a condition rating. 

A condition one car is one that needs very little doing and is in very good condition. A condition two car is most likely in daily use but will still have a few jobs on the 'to do' list. A condition three car could have an MoT, and could even be in daily use, but is generally a project or a rolling restoration.

These cars are generally worth the least... although this line has been blurred recently with the popularity of 'barn finds'.

Cars sold at dealers are often more expensive than cars sold privately. This reflects the dealer's overheads such as storage and marketing.