Is the bubble about to burst?
Discussion
...took me 5 months to sell my '89 cab this summer, certainly didn't fly off the shelf!
Sold it for £5k more than the top dealer bid who was looking to retail it at £8k more than their purchase price [that included £2k or so of work they felt necessary to get it up to tip top] so was worth it, however the genuine bidders were few, all looking for something more than was there, all wanted an 'investment' car to go with their other 'investment' cars.
In all I had probably, 25-30 enquiries, 10-15 serious ones, half a dozen visits, 1 serious offer. Not as many as I would have expected.
Many of the cars cohort that were up for sale at the start of summer are still there. Interestingly I had to update/ renew the ad almost daily by the end of the process to keep it on the front page here to keep it in the eye line, the same other cars kept being piggy backed (and still are) over each other. This got more frenzied as the summer rolled on, I took as a sign of recognition that this years gains had ground to a halt and dealers/ individuals had cars they wanted (still want?) to get rid of.
An auction house was also interested at one point and waxed lyrical about it, but after attending one of their sales and witnessing how low they punt the cars out for was glad I gave them a wide berth, they are only interested in volume and getting their cut, a few extra grand to them is just a few quid so they don't bother really promoting them.
So IMO and in answer to the question in the title, I think that the bubble has burst, in fact I think it might have done a wee while ago (I still have an air cooled Porsche so still have vested interest in its value before I get nailed as a doom monger!).
Time to enjoy them (just back from a 300 mile jaunt today)
Sold it for £5k more than the top dealer bid who was looking to retail it at £8k more than their purchase price [that included £2k or so of work they felt necessary to get it up to tip top] so was worth it, however the genuine bidders were few, all looking for something more than was there, all wanted an 'investment' car to go with their other 'investment' cars.
In all I had probably, 25-30 enquiries, 10-15 serious ones, half a dozen visits, 1 serious offer. Not as many as I would have expected.
Many of the cars cohort that were up for sale at the start of summer are still there. Interestingly I had to update/ renew the ad almost daily by the end of the process to keep it on the front page here to keep it in the eye line, the same other cars kept being piggy backed (and still are) over each other. This got more frenzied as the summer rolled on, I took as a sign of recognition that this years gains had ground to a halt and dealers/ individuals had cars they wanted (still want?) to get rid of.
An auction house was also interested at one point and waxed lyrical about it, but after attending one of their sales and witnessing how low they punt the cars out for was glad I gave them a wide berth, they are only interested in volume and getting their cut, a few extra grand to them is just a few quid so they don't bother really promoting them.
So IMO and in answer to the question in the title, I think that the bubble has burst, in fact I think it might have done a wee while ago (I still have an air cooled Porsche so still have vested interest in its value before I get nailed as a doom monger!).
Time to enjoy them (just back from a 300 mile jaunt today)
drmark said:
Shhh! Don't tell my wife.
Great way to be cleared out though - and taken me many years to pluck up the courage.
Clearing out is one thing, lighting a residual bonfire with the resulting profit is another. Great way to be cleared out though - and taken me many years to pluck up the courage.
Just messing around, enjoy in good health (and don't post an RS6 in the Porsche forum ever again.
)Not burst slowing down, people also see Chris Evans cars do not sell and it must be a sign of the current market?
All those cars are at the top end of the market.
The market will even out, classic car market is still very good.
Many people are thinking twice, to buying in case things go pear shape.
As in any business things do slow down.
All those cars are at the top end of the market.
The market will even out, classic car market is still very good.
Many people are thinking twice, to buying in case things go pear shape.
As in any business things do slow down.
IMHO the auction houses are a waste of time- a few months back I sent an auction house a detailed description and lots of photos of a car I was thinking of selling to get their opinion...- the well known auction house got back to me and said they would include the car with an estimate of 13 to 15 grand. I declined to enter the car into the auction sale and sold it privately for 23 grand.
Is the bubble about to burst?
I think it's at least got a slow puncture.
http://www.pistonheads.com/classifieds/used-cars/p...
I think it's at least got a slow puncture.
http://www.pistonheads.com/classifieds/used-cars/p...
pete a said:
Is the bubble about to burst?
I think it's at least got a slow puncture.
http://www.pistonheads.com/classifieds/used-cars/p...
I'd disagree. The ad indicates that he's in a hurry to buy something else, so offering it at a good price for a quick sale. I think it's at least got a slow puncture.
http://www.pistonheads.com/classifieds/used-cars/p...
Koln-RS said:
I'd disagree. The ad indicates that he's in a hurry to buy something else, so offering it at a good price for a quick sale.
I'm not gloating, far from it.What i would say is that that car has been for sale for quite some time at £72k and not sold, yes it's been slashed today but not long ago these were going at £85k.
This one looks a really good car as well, i feel for the seller as we all kind of get caught up in the "my cars worth a certain amount" thing and to then not realise anywhere near that preconceived amount must be very frustrating.
Though i believe he is getting a GT4 on Saturday which I hope softens the blow a fair bit
pete a said:
What i would say is that that car has been for sale for quite some time at £72k and not sold
But how many people are there with £70k cash lying around and willing to take the chance on a private purchase?If this goes to a dealer, let's wait and see how much it's put up for to make it more of an apples to apples comparison.
pete a said:
Though i believe he is getting a GT4 on Saturday which I hope softens the blow a fair bit
It's funny, several of the people who have contacted me in the last hour or 2 expressing interest think that! Actually, since this was only ever an occasional car for weekends etc, I'm going the full mental and getting a Caterham 620R and using the leftovers to do up my mum's flat. If I'm not going to use a car much, I might as well get the sh** scared out of me when I do 
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