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I'm going to be selling my car at some point in the next few months (2006 Graphite Gray Elise) and am curious what folks on this forum think is the best way to go about it. Realizing that it's a fairly small market, the chance of someone local actually buying it would be small. I know there is a thread on this site but how do you handle the transaction from someone out of the area, etc.

I'm sure my local dealer would take it off my hands but not at a price I'm prepared to accept - at least not at this point. Has anyone sold theirs recently and if so, any tips (good or bad) to share?
 

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You might as well post it up here. Lotus's go fast here. Especially Elises. Make sure you dont post ur price 2 high tho. I'm the Price Critic:D



PM me if you need help with something:)
 

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I am purchasing one right now and picking it up next week. You can look on Cars.com, look on ebay if you want and look at what is for sale here. What I did was put a post in the Cars wanted forum listing what I wanted and someone emailed me with what they had. I actually had like 5-10 emails in a few days, but only one was specific to what I wanted. So you can keep an eye out on the wanted forum also and respond if you see somebody who wants what you have. You could do multiple things and start posting all over about your car for sale, but when you do that you might seem desperate or people may wonder why you need to sell it like there is something wrong. A lot do that and then you may have to have a lower price so come accross strong. Also, remember a car is only worth what someone is willing to pay, not what anyone is saying it is worth unless they are the buyers. Buyers really dictate the price unless someone is unwilling to sell it and keep it, simple supply and demand. I just got so tired of people saying this car is worth this and that when they have one themselves. I wondered if they did that just to try to hype up the prices for self preservation of the future possible sale of their own vehicle. Now I did not low ball someone or planned to I just wanted a fair price for the car and fair price for the seller. We agreed quickly on my deal and it was all good and done. I went up and looked at it and we came to a fair price for both us and deal done and it was that simple and smooth. If you get a good buyer and you are a good seller then no worries.

On the out of state here is what I am doing because my deal is out of state between VA and MD. What we are doing is I am going to my bank and getting a certified check when the seller is there so they can verify that the funds are really there and the check it real as I have been told that certified checks can be fake sometimes and this is the best way to do it. Once done right there in the bank he will sign over the title and the car is mine and the money is his. Then I drive it home, wahoo for me as I can not wait. Now in VA we can get a temporary trip permit that is good for 3 days and only from point A to point B and you have to be specific about where is starts and stops when you fill it out. You just have to have the title or bill of sale with the paperwork and drive home. You had just better drive the speed limit because the odds of you getting pulled over without tags is high, but it is legal so you will not get a ticket for no tags or registration, just have your license and do not do anything stupid, like tell the cop off for pulling you over just because it is a red Elise. It only costs $5 to get the permit assuming you will register the car in that time, otherwise it is like $40. I would assume other states would do the same things as how else would people get a car home and be legal when they are purchasing one. If it is not listed anywhere you may have to call the dmv to get one or even have to go to the dmv to get one ahead of time.

Now if you have a lien you may have to have the bank that has the lien request that it be transferred to the office you plan on doing the deal in as they sometimes store the titles in different locations. The one time I purchased a car with a lien we did it in the bank office and I had to pay the bank with a certified check the sale amount and the seller got the difference in his checking account. I am not sure how all banks work on this, but when you contact them with a lien I am sure they will tell you what the procedure will be.

Personally I feel that the title is the car and the car is useless and nothing without it so if you want to buy a car without one and hope you will get it later from a bank or anyone that is your own doing, but I personally would never buy a car and give over my money without the title in my hand.

I do not know if that helps your question or not, but I hope it did.
Troy
 

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Agree with above...

I would, however, post it in multiple places: this forum (you'll get honest feedback), definitely eBay, and autotrader or cars.com.

I just sold my m3 to an outer stater...it was difficult because of the economy...took a few months. But most of my inquiries were from eBay.

The buyer flew over to pick up the car and we went to a bank with certified check and also to notarize a buy/sell agreement.

Now he trusted me to a certain extent because the car was a lease so we had to send the check to Bmw financial services. They then mailed me the title which I then signed over to him. You have to be a little careful as mentioned regarding the title.

Good luck!
 

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I sold my car earlier this summer. I posted the car on this site and on Ebay. I was lucky that the first of the two people who saw the car on Ebay, who came by to see it in person, bought the car. The car did not meet the reserve I had set on Ebay, but the buyer ended up picking it up for about $1000 under my reserve price.

The one thing I can say about Lotus car prices (I don't want to get anybody upset) is that a specialty sports car, like a Lotus, is only worth what somebody is willing to pay for it at that particular time. I was lucky and sold my car within 10 days after putting it up for sale. The buyer liked the car's condition and outfitting. Sure, I could have probably sold it for a couple of thousand dollars more if I was willing to wait another couple of months (or at least I've been told that), but maybe not.

When you factor in what my time is worth in showing the car to prospective buyers as well as the cost of carrying insurance on it, it would have been worse to wait out a couple of months to try and sell it at a higher price.

Basically, the best advice I can give you is that when you sell your car, be realistic about the price. If you are lucky enough to find a buyer in this relatively poor economy, try your best and work out a deal. If you can't, keep your car and be happy with it. That way you never have to worry about what its true market value is.
 

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The LOONY website...LotusOwners is a great place to sell a Lotus.

We sell quite a few cars off the site.

It is cheap as well...$23 and you join LOONY. then you can post all you want if it is non-commercial and it will stay up till sold.

LOONY gets tens of thousands of hits per month....from all over the USA and the world as well.
 

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Check your PM's.
 

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Discussion Starter #20
Thanks for all the feedback. From what I'm reading here, it sounds like the hard part is actually deciding to part with the car not the actual transaction........
 
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