Used Cars Are Like Old People. What works this week, may not work next week.
We have come across many people that buy a used exotic automobile blind. Not having an inspection done by a qualified automobile inspector, familiar with the make and model of the vehicle you are looking to purchase, can turn into a financial black hole.
With exotic automobiles values are set with a number of variables, and we will cover a few. Market value and sometimes book value will play a big role in the asking price.
Secondly, having real and detailed service and maintenance records are HUGE. It proves the prior owner and/or owners cared for the vehicle under their ownership and enjoyment.
Third, make sure the “Great Deal” you are looking at, was not a prior rental unless it’s super undervalued and you have a good amount of funds set aside to get the vehicle into proper condition. Think about it, twenty five years old and you rented a Lamborghini on vacation for the weekend. It will be flogged harder then you would ever want to know.
Lastly, a Carfax, or other records will not show all damage, accidents, or other things that may have happened in the cars prior ownership. Automotive reports only show what is sent in from the insurance companies, dealerships, higher end independent repair shops and the DMV. For example if the exotic automobile was in a rental fleet then 90% of the accidents, damage and body work was fixed in-house and never reported to any insurance company. Makes sense for any rental company to do this in house due to cost and down time issues.
What is listed above is just a few things to know and beware of. Spending a few dollars on an expert to look over your investment prior to purchase will turn buyer beware into buyer aware.