Luxury items, including cars, can hold tremendous value and are sometimes held as long-term investments. In some cases, the price of a single vehicle can amount to six or even seven figures. Luxury items are similar to other movable property – such as fine art – in terms of legal protection, but possess their own unique set of problems. For instance, intellectual property, luxury taxes, and tariffs are all concerns, along with the usual commercial and contractual provisions that accompany their trade. New York law has specific provisions concerning the sale of motor vehicles that requires that certain information be included in purchase contracts in order for them to be valid and enforceable. The Statute of Frauds is also applicable to luxury car sales, in addition to the common law of contracts.

This summer, Amineddoleh & Associates successfully represented a client against a luxury car dealership after the latter misrepresented the price of a new Porsche worth half a million dollars. Our firm was able to recover our client’s funds and resolve the dispute over the span of a few short weeks. Notably, the dealership failed to comply with New York law, the Statute of Frauds, and common law by engaging in unfair business practices and failing to include legally-mandated information and documentation to our client. Thanks to the firm’s expertise, the dealership’s contract was voided, we prevailed, and our client got his money back – others have not been so fortunate.

When considering the purchase of a luxury car, buyers should be aware of potential pitfalls. The best way to ensure a successful transaction is to seek advice from legal counsel familiar with transactions for luxury vehicles. Amineddoleh & Associates can help buyers and collectors make the right decision when negotiating with car dealerships or other dealers of luxury items. When high-value items are on the line, a poorly-worded agreement can be the difference between successfully acquiring a coveted object or losing money as well as your intended purchase.