'64 Parisienne CS "barn find" - last on the road in '86 ... Owner Protection Plan booklet, original paint, original near-mint aqua interior, original aqua GM floor mats, original 283, factory posi, and original rust.
We need to modify that old saying "It's worth what someone will pay for it" to be "It's worth what someone will pay for it in the time I have available to sell it".
My car (well... maybe your car) might be worth $75 000 to the right person on the right day. Most people can't wait for the "right" day or the "right" person.
All this has started me wondering. When someone appraises our cars, is the price a replacement cost? Or the average selling price of "comparable" cars sometime over the past year?
To find a 1966 SD in comparable condition in time for me to enjoy it this summer, the price might be significantly different than what it would be if I spent a couple years watching and waiting, snooping and scrounging, and maybe bought one that "only needed a few things" - or if I was willing to accept a 67, or a non-SD. I spent the better part of 10 years and a lot of gas money looking at a lot of rusty, muddy, patched up cars before I found the one I have.
So - do you consider the appraised value of your car to be what it would cost you to put another, essentially identical car in your driveway this summer? Or is it what you are likely to get if you post your car on Kijiji/AutoTrader to sell it in the next month?
I think those are two very different numbers and I suspect that appraised values vary between the two numbers. The difference seems to come down to whether you believe "It's worth what someone will pay/sell for it" OR "It's worth what someone will pay/sell for it in the time I have available to sell/buy it".
I'm asking - I don't know which number the appraisal is supposed to be...
OH - and just so I'm not completely hijacking the thread, I think both buyers got a deal on this car!
-- Edited by 66 Beau on Sunday 15th of April 2012 01:10:31 PM
Hello George, that was definitely a nice find. I read the comments on here and it got me a little fired up. I flip cars all the time, it's a great hobby. I'm sure that no one on here wants to sell a car at a loss and if a person can make a few bucks to fund their own project all the better.
Well, like most people in the hobby, unless you are just buying and selling, you don't make money restoring these cars... Whether the price is $8k or $10k once interior, body/paint is done... you probably won't break even... but whatever its a hobby!
If it's solid, it's priced well. The market seems to prefer cars in this condition, as the condition get better (or the car is fully restored) then the return on investment goes down (for the person who built it). People may spend $40-75k on a car, very few will ever sell in that range.
ak
The problem is that the guys that build cars should stick to their guns and quit giving stuff away,only then will everyones cars accually be worth something,if you have something rare or unique make it that way,the only people ruining the market are the people that own them.
If you spent all you life paying off your mortgage and went to sell it because you were sick,e.tc. would you give it away because paying off a mortgage happened to be my hobby.I don't see a difference what so ever.I think guys with cars of value should take a different mind set,only then would the values be greater.I happen to love these cars(beaumonts)It's different than a guy spending money on a car that will never be of value,like a Mazda 3!I don't think an appraisal means anything because of the fact that people blow stuff out for too little,I realize there are different unfortunate events that occur in peoples lives,and I think everyones givin up a toy or two for family reasons,we have all been there.God bless you guys and good health to you and your families.
OH - and just so I'm not completely hijacking the thread, I think both buyers got a deal on this car!
-- Edited by 66 Beau on Sunday 15th of April 2012 01:10:31 PM
And I'm happy to hear that I might see it here in Edmonton!
__________________
"So when you spot violence, or bigotry, or intolerance or fear or just garden-variety hatred or ignorance, just look it in the eye and think... The good outnumber you, and we always will." Patton Oswalt
If you spent all you life paying off your mortgage and went to sell it because you were sick,e.tc. would you give it away because paying off a mortgage happened to be my hobby.I don't see a difference what so ever.I think guys with cars of value should take a different mind set,only then would the values be greater.I happen to love these cars(beaumonts)It's different than a guy spending money on a car that will never be of value,like a Mazda 3!I don't think an appraisal means anything because of the fact that people blow stuff out for too little,I realize there are different unfortunate events that occur in peoples lives,and I think everyones givin up a toy or two for family reasons,we have all been there.God bless you guys and good health to you and your families.
Not to beat a dead horse, but to actually sell something (not offer to sell something) you need a buyer... you can ask all you want for your house, the market will dictate the price. If you don't test the market, and under price it, it will sell fast and the first person (this car is a good example of that, twice!). If you are willing to test the waters a little you can usually negotiate up a bit. If you think people who have stuff can control the entire market by just raising their sell prices, then i have a deal on some nortel stock for you... I'd really like $100 share, but I'd let it go for $40....just because it's a hobby for me...
Never heard of anybody negotiating up before I'll have to try that. I'll ask $7000.00 and when they bite I'll see if I can talk them up to $8000.00 or maybe even $8500.00.
I guess I'm puzzled because when someone posts a pile of crap on the site everyone is in awe and wants to pay way to much,but when there is a quality vehicle,the jerk that owns it is out to lunch on his price.This is where I'm confused,No wait I figured it out.........
I guess I'm puzzled because when someone posts a pile of crap on the site everyone is in awe and wants to pay way to much,but when there is a quality vehicle,the jerk that owns it is out to lunch on his price.This is where I'm confused,No wait I figured it out.........
That is just reality, i can sell 10 projects easier than 1 restored car. I struggle with my own project car addiction everyday. It is obvious that i am not alone.
I guess I'm puzzled because when someone posts a pile of crap on the site everyone is in awe and wants to pay way to much,but when there is a quality vehicle,the jerk that owns it is out to lunch on his price.This is where I'm confused,No wait I figured it out.........
That is just reality, i can sell 10 projects easier than 1 restored car. I struggle with my own project car addiction everyday. It is obvious that i am not alone.
Thanks for speaking a language I can finally understand.
Never heard of anybody negotiating up before I'll have to try that. I'll ask $7000.00 and when they bite I'll see if I can talk them up to $8000.00 or maybe even $8500.00.
Really? Give it a try! Happens in real estate every day around here... pretty much every house sells for 10-20% over asking...Same thing is happening when someone doesn't list a price on an old car, and sometimes even when there is a price, like you've suggested.
When I went to look at my beaumont 26 years ago, he was asking $1000obo, i offered $800 (of course, who doesn't offer less?), he said no and that he would wait the weekend out and see what offers he would get (I was the first one there)... I stepped up, offered him $1100 right there, he accepted and i was still happy. Anytime you are trying to drum up interest, you get a few people looking first then take offers...if you're willing to spend a little time you'll likely make a few extra bucks. The car in this thread is good example of one that could have been bid up if the original seller wanted to sit it out a few days...
A guy in my city had a vehicle for sale asking too much, then lowered the price to best offer above 50% less than his original price, he sold it for more money !
auctions do it all the time, they sell above the seller's reserve price
-- Edited by 64sedan on Monday 16th of April 2012 07:02:45 PM
A guy in my city had a vehicle for sale asking too much, then lowered the price to best offer above 50% less than his original price, he sold it for more money !
auctions do it all the time, they sell above the seller's reserve price
-- Edited by 64sedan on Monday 16th of April 2012 07:02:45 PM
How nice,how bad!The great deals if your lucky to find one, you'd better be ready with cash and a pen,I've lost a car to a guy that said "cars yours,it's not going anywhere!" Hey I'm on the way with the amount we agreed on." "O......ah...it's gone. "
I guess I'm puzzled because when someone posts a pile of crap on the site everyone is in awe and wants to pay way to much,but when there is a quality vehicle,the jerk that owns it is out to lunch on his price.This is where I'm confused,No wait I figured it out.........
"