No matter the reason for your first exotic car purchase, you’re probably feeling a bit nervous now as you are about to make a big financial commitment. Well, you are not alone.
Buying exotic cars, like any big financial purchases, is complicated and full of insider knowledge that new buyers don’t have yet. Here are 5 basic steps you need to follow to purchase your first dream car like a pro!
Step 1: Know the full picture of the cost. Just like you can’t ignore property taxes and utility bills when buying a house, not looking at the full cost of owning an exotic car is one of the most common mistakes rookies make. Not only should you understand the cost of regular maintenance, and insurance, you should also do some research on common problems the car has at what year and mileage. For example, Bentley Continental Flying Spur changed to a new and better transmission in 2015. I would factor in the transmission repair for any Continentals prior to 2015. I hope because you are buying your dream car, you are not in a hurry and can afford some time to do your research. We’ll publish more articles on this topic in the days to come.
Step 2: Set your budget. Hopefully, after Step 1, you have some pretty good ideas of at what price range you can afford your dream car. But people often miss a very critical step in setting the budget – STUDYING YOUR MARKET to understand what your budget gets you. It’s important to know what your must-haves and nice-to-haves are. This not only will make your search more productive, but it will also help you with your final negotiation, which we will touch on soon
Step 3: Decide on who you want to buy a car from. On the internet, you can search for any car you want with your specific requirements from the comfort of your home. After some online search, you should decide quickly on who you want to buy your dream car from. Private sellers and small specialty local dealers offer great options. Nation-wide dealerships, large or small make money on volume. You will likely find the car with your specifications from one of these dealers and can get a good deal if you are prepared.
Step 4: Inspection. I cannot stress enough the importance of PPI (pre-purchase inspection). Carfax alone won’t cut it for many reasons. For example, some repairs won’t be reported to Carfax if there was a deal made between the owner and the mechanic. Or the reason for repair can be reported as ‘cosmetic’ when it was really
Step 5: Negotiation. Even the most well-off want to be on the winning end of a sale. When push comes to shove, everyone wants to negotiate a better deal. All the work you did in previous steps will help you at this final stage. Know the market, and what a good bargain looks like. Like any negotiation, the party with more information and insights is at an advantage. Car Albert equips you with the Start Negotiation Price, so you know dealer’s bottom line before entering your negotiation.