08 Feb Buying a Sportscar: Private Party or Dealer?
That sports car you’ve always wanted is an investment. It involves a lot of money, costing two or three times more than a normal car. But like any other costly investment, there’s significant risk involved. Don’t let your excitement distract you from finding your best pick. Take time to research and know your options before buying.
Will you buy a sports car from a dealer or a private party? There are pros and cons for each. And you have to weigh them both according to your situation. Here’s a brief guide.
Buying A Sports Car From A Dealer
There are many reasons why auto enthusiasts and collectors buy from dealers. Chief among them is the convenience buying from a car dealer affords. Talk about needing a loan and drawing up a bill of sale. Dealers know all the nitty-gritty of a sports car sale and many are even willing to do the legwork themselves.
When buying from car dealers, you don’t have to worry about: (1) time spent looking for options; (2) mechanical maintenance; (3) financial documents; and (4) legal documents and other paperwork.
If there’s one disadvantage to buying a sports car from a dealer, it’s the price. It’s no secret that they cost more than what private parties are willing to sell.
Buying A Sports Car From A Private Party
The buying process is a bit different when you’re dealing with a private party. Buyers are warned to take extra caution since, unlike car dealers, there’s no guarantee that you get exactly what you’re looking for. If you’re not careful, the seller may misrepresent the car’s year model or simply be a scam artist.
This isn’t common though. Many still prefer buying a sports car from private sellers. You’ll surely get one at a better price. One reason is due to the fact that you don’t have to pay a sales tax to a private seller (although you may have to pay one at the Department of Motor Vehicles, if it’s taxable in your state). Private sellers also tend to be more flexible when it comes to negotiating price.
If you don’t know the individual seller personally, bring a mechanic with you for a third-party inspection.
There’s no right way of purchasing a sports car. At the end of the day, once all the pros and cons are weighed, you’ll need to make a decision that’s in line with your budget, taste and way of doing business. Good luck!