Buying Vintage Classic Cars on eBay

If you are considering purchasing your classic car on eBay Motors, or on one of the other web auction sites, you are not alone. eBay is now considered to be the dominant force in vintage classic cars and associated parts sales. In 2006, eBay reported the following:

• On average, one car is sold on eBay motors every minute.
• More cars are sold on eBay before 9:00am than an average dealership sells in a year.
• eBay Motors was ranked as the #1 automotive website.
• There are more than 2.8 million different car parts available for purchase on eBay Motors at the time this report was written.
• Our last check showed 46,591 cars & trucks for sale.

As impressive as those statistics may be, it can be as expensive as it is exciting to buy a classic auto online unless you prepare for the purchase properly. There is much to learn in order to effectively buy a beauty instead of a beast on eBay Motors, even if you are a veteran “eBayer”.

In order to be effective in your bidding, we recommend a reliable high speed computer and a high speed internet connection such as broadband. You can use a dial-up connection but, for those crucial last minute bids, you will often find yourself out-maneuvered by the competition.

The very first step in buying a collector car on eBay is to register as an eBay member, if you haven’t already done so. There are several advantages of registering before you start searching through eBay’s listings, some of which include:

• The ability to “watch” auctions without bidding and request email notification for your watched items. This simply means you can add auctions to your auction watch list and you will be sent alerts via email about those auctions (i.e. auction endings, bidding activity, etc.).
• The ability to save your favorite searches from which eBay will email you new search results as they are listed.
• The ability to research past or expired auctions to make informed buying and selling decisions by comparing the history of like items sold on eBay with the current auctions.

If you haven’t bought or sold on eBay before, there are many things to consider before you jump right in and try your hand at buying items as expensive as vintage classic cars. It is recommended that you consider practicing your bidding technique by bidding on low priced items that you may need and would buy anyway, just at a physical store and not online. This way, if you happen to make a mistake, it is not an expensive one and it becomes a cheap education in the art of bidding.

Auctions are often an emotional experience. It isn’t improbable that you can become emotionally wrapped up in the process and end up spending much more for an item simply because you refused to lose! This is not uncommon and happens with almost all new auction participants with little experience. This is where a strict discipline is needed unless you have a bottomless supply of money and price really isn’t a factor. Sometimes you will find an item that you just “can’t live without” and it becomes a goal to win the auction no matter what the cost. In most cases, however, you will need to set a limit to the amount you will spend for an item and maintain the discipline it takes to stick to that maximum and not go over. More will be discussed about this subject later.

During your practice bidding on the low priced items, there are some habits you should develop that will aid you when the price is in the thousands of dollars. One of those habits is to, if the pictures and description of the items look good, e-mail the seller with any questions you can think of so that you can gain experience using the messaging tool in eBay. This is done within the eBay site by sending a message to the seller or by requesting a more detailed description and additional photographs. This test will ensure that your computer will be able to accept photos and display them for viewing.

As you graduate from small, cheap items to looking for that dream machine, browse or search through the inventory of cars that might interest you. Use the intuitive buttons to navigate through the pages. Then use the listings and headlines to drill down into the auction listings of all the makes, models or years of production that you could possibly want. As you view the listing, there are many terms that may need explanation, such as:

• Reserve: That is the minimum price the seller will accept for the item. You will not always be able to see the reserve price in an active auction. If you place a bid below the reserve, the listing will show that the reserve has not been met.
• Buy it Now: That is the price that the buyer will accept immediately and end the auction with you as the winner. This price is not always a good indication of the reserve price but may be close to it.
• Best Offer: This feature lets a buyer make an offer to the seller for him or her to accept or decline.
• Meet the Seller: Under this heading you can read the feedback/comments left by other buyers who purchased from this seller. One note, always try to deal with sellers that have a high number of positive feedback entries and few, if any negative feedback entries. These comments are gathered voluntarily on the performance of buyers and sellers in the auction process and are recorded for you to see.
• Buy Safely: Review the Vehicle Purchase Protection; it’s an excellent and necessary insurance against fraud or misrepresentation of up to $50,000 per vehicle. The Vehicle History Report is only available for cars produced after 1981, so if the model you are looking for falls into that category, the more you know about the car, the better.

Once you find a vehicle that you are interested in purchasing, you should obtain information about the item’s history, features and current condition. Read the description of the vehicle thoroughly. The seller should elaborate on all the details of the car such as; the condition, terms of sale, any guarantee and so forth. You should also expect there to be plenty of pictures of the vehicle including the engine compartment, trunk, interior, exterior and undercarriage. If the seller has disclosed any blemishes, close up pictures of the blemish should be included. It is critical to understand the title status of the vehicle and any issues there may be with liens or lack of documentation that would hinder registering the vehicle. If the car has been restored, ask for any pictures taken before, during and after the restoration. If you have a question that isn’t addressed in the description or by reviewing the pictures, contact the seller by clicking the “Ask seller a question” link at the top of the listing. Don’t wait until the end of the auction to ask your questions, you don’t want to be waiting for an answer to a critical question as the bidding comes to an end.

There are some “red flags” to look for in certain listings that should alert you to investigate the seller and the vehicle carefully. While buying a vehicle through online auction sites is a great way to find what you’re looking for, buyers should exercise the same cautions as when they buy anything else on the Internet. Unfortunately, there are scam artists that use the online auction medium to take your money. However, it could also be an experienced eBay seller that has little knowledge of classic cars that could end up harming you financially. This is what you should look for:

• Ask the seller if you can see the vehicle in person. Someone who doesn’t actually have the vehicle in his or her possession will almost certainly refuse. Even if you have no intention of paying a visit, just asking to see it could tell you a lot about the seller and their intentions.
• Watch out for auctions that feature what looks like stock photos or photos from brochures. Anyone with a real car to sell should be able to take a picture of it. This tactic is often used to represent a car that is in sub-par condition and the seller knows won’t bring much of a price if it is seen.
• Beware of any seller who will only accept a wire transfer for payment. It can be a seller who will offer a vehicle for sale that they don’t really have; they often just post a photo they found somewhere. The sellers often indicate that they are located in Europe and insist on a wire transfer, such as Western Union, for payment. Once the buyer sends the money, the seller vanishes, never to be heard from again. If at all possible, use PayPal or your credit card. Both of these services provide some amount of fraud protection for your purchases.
• Beware of a seller who says the vehicle is in another country but offers to pay the shipping to the United States. While this can an appealing offer, especially for a car purchase since it can get expensive to have a car shipped to your location, it is another tactic often used by scam artists in other countries.
• Watch out for a vehicle that is offered at a price that seems much too inexpensive for the make, model, and condition of the represented car. Statistically, cars sold over Internet auctions will go for about 10% less than through a dealership, but a $20,000 that car is offered for $10,000 should set off alarms to beware immediately. Like the old saying goes, “If it seems too good to be true, it probably is!”
• Check the seller’s transaction history to see if they have a positive feedback record of actually selling classic cars. If the seller is listing a 1968 Camaro Super Sport but has a history of only buying or selling crocheted sweaters, you may want to look elsewhere for your dream car.

Below are some strict rules to follow once you determine you are ready to start bidding on a vintage classic car:

1. Determine what you are willing to pay and how much you can afford.

All bids you make on eBay are binding; therefore, you should make sure that you know how much you can afford. You will want to determine if the seller’s price meets or exceeds the car’s market value. A great way to determine a realistic price is to look at final sale prices for similar cars sold on eBay. You can check market values in publications such as the Old Car Buyers Guide or NADA’s Classic, Collectible, and Special Interest Car Appraisal Guide & Directory. These price guides typically rate a cars value using 6 categories according to conditions that range from pristine to a rust bucket.

2. Know your total costs and how you’ll cover them.

When bidding for or buying a classic car consider other potential costs such as title, registration, state taxes, and any shipping costs. Refer to your state’s Department of Motor Vehicles Web site for guidelines on taxes, title transfer, and registration. If the seller isn’t local, make sure you know how you will pick up the vehicle or arrange shipping if you are the successful buyer. Sellers can help arrange shipping, but buyers usually pay for it. eBay will require you to have a credit card on file if you are bidding over $15,000 for the automobile. Don’t wait until the last minute to provide this information. If you bid on a car that exceeds this limit, you will be notified at the time of your bid and will not be able to proceed. This could cost you the opportunity to grab your dream boat. eBay doesn’t use your card information to charge you for the item, they use it to confirm your identity; a safety measure to help protect both buyers and sellers from potential high-bidding fraud and bid rigging.

3. Review the sellers required payment methods and terms.

You can expect to pay an installment payment at the close of the auction and the remainder of the full payment within 7 days. If you want to make monthly payments, you will want to have financing in place before hand. eBay is equipped to help you get the financing that you need which you can research in the eBay Financing Center. With this tool, you can arrange financing before you bid or calculate monthly payments for what you estimate will be the total loan amount.

4. When you are ready to bid, click the bid button on the car’s auction page.

You can open your bidding with a “scouting” bid to see what the competition does or simply enter the maximum amount you’d be willing to pay for the car. Your maximum amount is kept confidential from other bidders and the seller while the eBay system bids on your behalf, using only as much of your bid as is necessary to maintain your high bid position. The system will bid for you up to your maximum amount while other bidders make their bids and it never exceeds your maximum. If another bidder has a higher maximum, you’ll be outbid and eBay will send you an automatic notification via email.

5. Closely monitor the bidding process.

If the competing bids exceed your maximum amount early on, you may want to consider if this make or model, in the condition as advertised, is really in your budget. This is where the discipline to stick to your maximum amount that you are willing to pay comes in. But, if the bidding looks favorable to you, allocate time to be near your computer during the close end of the auction. Often times, bidders come out of the woodwork towards the end of an auction. We call these bidders “snipers” because they often try to snipe the auction at the last minute. If, at 10 minutes before the auction is scheduled to end, you are out bid by $50.00, you can then decide to increase your maximum bid. Again, you should keep your emotions in check and only increase your new maximum by a comfortable amount. We would hate to see you lose a great car for $50.00 but will not recommend bidding over the fair market value of a car or bust your budget.

Should you be so lucky to win an auction and you have been notified that you are the winning bidder, contact the seller to inform them of how you plan to execute payment and clarify the delivery details. If you haven’t seen the car personally, schedule a date to inspect the vehicle yourself or through a broker prior to the date payment in full is due. You may find that a plane ticket or broker’s fee are less expensive that the return shipping costs of a vehicle that doesn’t live up to what the seller represented. If the car is as advertised, you now have the opportunity to take your first road trip in your new acquisition.

When picking up or taking delivery of the car, have in hand, print outs of all the pictures from the auction, any email correspondence, and the description of the car’s condition provided to you by the seller or from the auction page. Personally inspect that everything is as advertised with the car. If you are picking up the car from the seller and find a problem that was not disclosed or misrepresented, you can refer to the documentation that was provided by the seller and either negotiate the price or ask for the deposit to be returned.

If the car has been shipped to you, inspect it before it is unloaded from the transport. Damage can occur as it comes off the transport truck and any repairs required would be the responsibility of the shipper. You and the shipment company’s driver should inspect the car together and note any damage that wasn’t disclosed in the auction documents. If you do find problems with the car, take pictures and document everything. We recommend using a digital recorder during this process in order to capture all your thoughts without having to worry about writing it all down expeditiously. If, after you have accepted the car from the shipper, the vehicle has issues during a road test, take it to a qualified mechanic and have them document their findings. If then you should decide that the car is not as advertised, you need to put together a factual and non-emotional accounting of why it is so by referring to all your recorded notes and pictures. You should then email the seller and negotiate what actions should be taken.

One of the best features of buying on eBay is that a seller’s reputation is displayed for all to see. Like in any business, having an unhappy customer is not desirable. Having an unhappy buyer that can post his opinion in your feedback for everyone else to see is even less desirable. Subsequently, you will find that most sellers will work with you to make the transaction acceptable for both parties. Again, keep your emotions in check and if you find that you just can’t come to an agreement with the seller on how to rectify any problems, utilize the resources provided to you by eBay, PayPal, or your credit card company.

All-in-all, the majority of eBay transactions go off without a hitch. You should always exercise caution when it comes to any purchase that involves large sums of money and if you follow the rules we have outlined above, you should have little if any problems finding and buying a vintage classic car on eBay.

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