Ever sell a Ferrari via co-signment?

It's consignment...you don't want to get into co-signing your title. The selling dealer will generally get 7 to 10% of the sales price.

Gary

 

I don't know how consignment works per-say; however I would say it is a good idea if you aren't a motivated seller and have time to wait for the right buyer. I'm sure the dealer would rather sell one of their cars instead of yours. Essentially, it really depends on what's more important-- moving the car or getting top dollar?

Joe

 

I've consigned through Ferrari of Washington and been veryhappy with the results. Good luck.

 

I know some will do it for less. Peter Sweeney at Forza for instance....
http://www.forza.weblobby.com/

 

Without question you MUST have a written agreement outlining all terms as well as the least you will accept for the sale. Again, that's what you will accept for the sale.

If you know the bottom line sales price to you ahead of time, there acn be no surprises.

You need to be realistic, however.

If you are timid about selling your car, ask around in your area for sales agents (consigment parties), but make sure also they are familiar with selling high end cars.

So I guess if you sell your car you will be 'walking"!

 

In this type of deal the dealer isn't entitled to let you know for how much money they sold the car and that part I don't like.

 

Who cares how much they got?

If you got what you wanted so be it.

 

I do care, is easy to get scam by a dealership and to lose cash.

 

The selling agent will still get the slew of tire kickers and joy riders. Be sure you know what the insurance situation is. If a prospective buyer on a test drive messes up, with a consignment salesman along, whose insurance is on the hook? Would your's cover that?

I bought my Ferrari from a consignment house near one of the Boston colleges -- they were very leery of window shoppers. The salesman only took me seriously after I named a counter offer that had him sweating blood. The manager only took me seriously after (having seen the car's service history) I gave him a demonstration of testing the suspension alignment using a calibrated butt in the driver's seat.

Or maybe they were just amused by the way I tried to open the 328's door using that little tab at the back of the window.

So maybe I went out on a tangent, or maybe it was just a sine of the times.

 

FOA and I have sold 3 of my cars and I have been very happy. On one sale a previous buyer come back and bought and they gave a deep discount but handled the deal and I got the sales tax break. On a new purchase the full price you sold for goes against the price on the new car and tax on the difference.

 

I opened the door of my 348 for two months using that little tab. It was only after seeing the mechanic at Tim Stanford's use the bottom pull that I understood the correct way to open the door.
And there are some consigment deals available where the fee is fixed (at around $2k).

BT

 

I would say over 3/4 of modern Ferrari's end up being consigned. Generally it's a good idea, first time buyers don't understand the maintenance behind Ferrari's and a couple months after the sale you have a guy in your driveway with your Ferrari claiming you sold him a broken car and he wants his money back. I've seen this happen too many times with selling cars such as Honda's, Toyota's, etc that I wouldn't even want to deal with it on a Ferrari.

Second reason being there will be ALOT of tire kickers. Some of them have the money but won't buy until they get the deal of a lifetime. If I want to buy a Ferrari or Maserati to enjoy and that's it, I will go to a dealer, pay a premium, get a good car, and that's it. If I want the deal of a lifetime I look for private sellers and I ALLWAYS lowball them on the car because unlike dealers some of them are extremely desperate to sell.

Your car is also much easier to sell as you don't spend any money on advertising. The dealer will put your car in magazines/showroom/ebay/etc.