What are the pitfalls to avoid?
“The first thing to know is that you’re saying goodbye to your right of withdrawal at a trade show. But luckily, there are still opportunities to get back into sales. If the loan allocated to this purchase is not granted, the sale is cancelled,” warns Maître Le Dall.
We are vigilant
“Be aware that you won’t necessarily get the best rates at a trade show. The price of the booth is expensive, the price of a one-week exhibition is expensive for the seller. He will have to make his presence here profitable. Prices are generally higher, but the big advantage: the cars come to you. Obviously, we are very attentive to the seller. Having a stand does not mean being honest,” adds Master Le Dall.
“We remain vigilant regarding the auctions organized on the spot. You should do a lot of research before selling because you will never get to test drive the car before you buy it. We also think about additional costs between commissions and import costs”, says Maître Jean-Baptiste Le Dall.
The general conditions of sale of the auction catalog warn that: “The winner of the bidder (buyer) must pay the following commissions and taxes by lot and in installments:
1) A lot from the EU
- From €1 to €900,000: 16% + VAT at current exchange rate
- Over €900,001: 12% + VAT in the prevailing proportion.
2) Many from outside the EU
In addition to the above commissions and taxes, import costs must be added (5.5% of the hammer price, for classic cars, 20% for second-hand cars).
What tools are available after the auction?
“You cannot invoke the warranty against latent defects. The auction house does not own the car. If the latter lives in Guatemala, good luck!
On the other hand, if proven false by the auction house, its civil liability may be questioned. For example, if someone sells me a ‘Ferrari in competitive conditions’ and it falls apart after 500 meters, the auction house’s mistake is obvious,” explains Maître Le Dall.
Be clear about what you are looking for
Old car, collector, young timer, this definition is vague and is often the first point that can lead to misunderstanding. Master Le Dall warns, “When you buy a collector car, you know what you’re getting, and the dealer knows what he’s selling. When it comes to a Youngtimer, it can be confusing. We are a little “in between”. »
Are we already in the so-called collector car? Or are we finally dealing with an old phenomenon?
According to our lawyer, it is enough to create a misunderstanding: “It can be a seller who pleases an old car that has turned 20 years old and has passed its day. And vice versa, the buyer, who honestly thinks that he has found the rare pearl, the model of his dreams. Obviously, expectations are not aligned. »
“We can make an agreement to protect everyone’s interests. We will clarify what the buyer bought and what is important”, – comments our expert.
The original color, for example, the mileage or the upholstery that exactly matches the advertised model are important elements that may seem like details to the seller of a 30-year-old car to the buyer.
“By drawing up a contract of sale, the buyer can specify that he is buying the car with original paint, wheels of this or that series, the engine is the engine of the car that left the factory 30 years ago. and so on.” You are protected during the dispute.
“The contract can be written on free paper, by hand, or on a computer for clarity. It will be signed by the buyer and the seller. We can also include photos, maintenance or repair invoices and all the documents the seller has about the car”, concludes Maître Le Dall.