Wednesday, 9 April 2014

Sold a car, was I tag team fleeced ?

I sold my car last week. It was 2007 model BMW 325 Msport D in a fetching Le Mans blue with about 118,500 miles on the clock. I had it tagged as worth about £6500.  The whole process reminded me why I am in Tech and not in sales.  I liked taking the photos preparing a flyer and uploading the adverts to and PistonHeads. What I didn't like was the chancer who pitched up to see the car within an hour of the listing.  Yes, he had cash but I sensed that this was how he did business.

Here is the txt conversation that happened after an hour of showing him the car, doing a demo test drive etc.

George was not the real name of the other buyer but he seemed a more regular guy. Pitched up in a super flash Range rover and left a deposit before paying cash the next day.  We did the deal at £5800.

I have my suspicions but looking back I am not sure if I was fleeced by a tag team or a business model.  The tactic of the early buyer with a low ball offer is not new, and to be resisted. What if these two were a team ? The first one spends an hour bashing/normalizing a low price, the other comes in and offers just a couple of 100 above that price. Seller jumps at it thinking 1) that's a better offer, and 2) both buyers are pitching same level, maybe I over valued it, 3) I don't want it hanging around, lets get this deal done.  Guess I won't know, unless I happen to chance on the new owner some day.

Things I did do was
  • Check each of the cash £50 notes for feel and watermark,
  • Fill in a used car sales receipt to say sold as seen
  • Send the new owner details to vehicle  licensing
  • Over the years make sure the test certificates had the accumulating millage
  • Not worry that neither asked me if car had any prang/or had body repairs
  • Valet the car inside and out before showing to any sellers
  • Not admit a possible lower price before they had been to see the car

What both buyers were interested in
  • Service book stamped by BMW dealer
  • Testing the clutch - Just a flim flam I suspect
  • Next MOT test and tax date
  • Anything that could be used to lever the price down

What neither buyer was interested in
  • Full tank of diesel £80
  • iPod interface/Phone bluethooth/Nav Gadgets 
  • Sun Roof ( did not have one )
  • Windscreen chips/ Small Roof dents

That's all - glad I won't have to go though that process again for a while. 

1 comment:

Lonnie said...

Glad to see the deal happened and that you found a buyer you were happy with. You really did do your due diligence with that sale. I took a few note for when it comes time for me to sell. I would have never considered half the things you did, thanks for making sure that the transaction for us will go smooth too.

Lonnie @ Viva Chevy