How to buy a used exotic and not get ripped off

VIDEO

The used exotic car market is a niche market. It can take experienced buyers years and quite a few transactions to understand the market dynamics fully to feel confident that s/he will make a purchase without getting ripped off or making a major mistake.

For amateur buyers, follow these rules to avoid paying high prices for a lesson.

Be ready to make a deal on the spot. Financially that is. Nothing motivates a dealer to make the deal right there on the spot more than the possibility of freeing up a spot on his lot in exchange for some real cash. Make a dealer feel that if he plays ball with you today, you will also be a man of your word and complete the transaction on the spot.

Know the car you want to buy. Plenty of information is available online. Do your research. If you are not buying an average car on the road. You are making an investment. So, do your due diligence and know the car you are buying. A dealer would rather work with someone who is knowledgeable since such person understands the value and will not make unreasonable claims or walk away from a solid transaction.

Know the options you want and understand their value.  Many options on high-end cars can be worth $5,000-25,000 but on a used car these features are pennies on the dollar.  Don’t get ripped off by dealers who expect you to pay original price for features. If you consider reselling the car, try to buy fully loaded cars as it will increase their resale value. If a car has the option you want, good. If it does not, it is your opportunity to negotiate the price down.

Always perform a PPI (pre-purchase inspection). If a dealer won’t let you perform a PPI on a car you want, run.