Trying to buy an overpriced car
Discussion
I'm interested in a certain make/model car. I can find plenty of sheds, and occasionally a slightly more presentable example, but these ones are always characterised by stupid prices and adverts have been online for a considerable period.
To set the scene, one example has been for sale for 2 years. It is priced at 1750 and an online price guide would suggest that is about right (however having looked at it, it wasn't as advertised and probably worth 1000 max. Not selling, at any price. The seller had another person in the day i viewed and said "we are selling it today to the highest bidder" so i assume the other guy wasn't interested either as it's still for sale!)
For a similar year, but in better condition and lower miles, online price guide suggests nearer 3500. I'd be prepared to pay that. All vehicles that fit such a description are priced between 6800 and 14500. Adverts have been up for months. Not a sniff. Wonder why....
I can appreciate these price guides are just that, however if your car is not selling, then your price is too high. I would be prepared to pay top money for a pristine example, which to me is; the higher end of the price guide and maybe 10/15% more. Which in this case is 4000 tops. It could be argued that low miles, one owner, pristine cars are so rare they command a big premium but my unwillingness to pay these prices, along with everyone else it seems, suggests otherwise.
So my question is, how do I approach a seller who for some unfathomable reason thinks his car is worth almost double than that? The decent ones i am interested in are a considerable distance away so unless the seller shows some kind of willingness to get real, then I won't be traveling to view.
My only idea so far is "hi, love the car, really interested, big fan of these and have been looking for a good one. May I ask how you arrived at the asking price, and if you are willing to negotiate. My budget for such a vehicle is a bit less that you are asking, and here is why (insert evidence here- screen shot of online price guide, adverts for other cars going for 2000 which are a bit higher mileage but otherwise not that different on the face of it)"
To set the scene, one example has been for sale for 2 years. It is priced at 1750 and an online price guide would suggest that is about right (however having looked at it, it wasn't as advertised and probably worth 1000 max. Not selling, at any price. The seller had another person in the day i viewed and said "we are selling it today to the highest bidder" so i assume the other guy wasn't interested either as it's still for sale!)
For a similar year, but in better condition and lower miles, online price guide suggests nearer 3500. I'd be prepared to pay that. All vehicles that fit such a description are priced between 6800 and 14500. Adverts have been up for months. Not a sniff. Wonder why....
I can appreciate these price guides are just that, however if your car is not selling, then your price is too high. I would be prepared to pay top money for a pristine example, which to me is; the higher end of the price guide and maybe 10/15% more. Which in this case is 4000 tops. It could be argued that low miles, one owner, pristine cars are so rare they command a big premium but my unwillingness to pay these prices, along with everyone else it seems, suggests otherwise.
So my question is, how do I approach a seller who for some unfathomable reason thinks his car is worth almost double than that? The decent ones i am interested in are a considerable distance away so unless the seller shows some kind of willingness to get real, then I won't be traveling to view.
My only idea so far is "hi, love the car, really interested, big fan of these and have been looking for a good one. May I ask how you arrived at the asking price, and if you are willing to negotiate. My budget for such a vehicle is a bit less that you are asking, and here is why (insert evidence here- screen shot of online price guide, adverts for other cars going for 2000 which are a bit higher mileage but otherwise not that different on the face of it)"
Depends what car you’re talking about? A well looked after example may well be worth a premium, if the model of car you want has parts that are at a premium and these parts have recently been replaced. Or if this particular model of car has a known issue but the ones at the premium price have had this issue resolved? Examples such as a 997 cayman S, worth very little as a highish mileage car due to the known bore scoring issues, worth a fair bit more if it’s been sorted by Hartech or an e46 BMW, huge price differences but a good one is well worth the premium if the boot floor has been sorted and it wants for nothing.
What car is it?
If I were selling a car and someone said its overpriced because this example is cheaper, my answer would be, go and buy that one then.
People are allowed to ask whatever they like for their car.
They also cant all be overpriced, if they are all overpriced then that is the going rate for them.
If I were selling a car and someone said its overpriced because this example is cheaper, my answer would be, go and buy that one then.
People are allowed to ask whatever they like for their car.
They also cant all be overpriced, if they are all overpriced then that is the going rate for them.
Stigproducts said:
It could be argued that low miles, one owner, pristine cars are so rare they command a big premium.
This.Take BMW Z3's for example.
£1500 will buy you a 1.9cc usable car.
The one owner example that's been garaged and isn't all rusty, done say 10,000 miles will be worth upwards of £7000
Perhaps tell us what model you're buying so people can shed some light for you.
All you can really do is sight your offer and leave your number, tell them that your offer stands that is until you find a suitable alternative.
I’ve noticed some cars been for sale for months, years even. I think they have maybe been bought at a market high and there’s a sense of disbelief to some that the car market has softened and a reluctance exists to take less than possibly what it once it would have sold for, also maybe the car owes them more than it’s now worth. Or doesn’t need the money and would rather keep it at the price offered, could be any or several of those issues.
It really all depends how much the seller wants rid, Ive got a mate selling a motorbike, it’s a nice bike but he’s got it priced quite firmly at the top of the price these sell at, and he’s not desperate for the money so upon a low ball offer he just wheels in back into the garage doesn’t really care if it sits there.
I’ve noticed some cars been for sale for months, years even. I think they have maybe been bought at a market high and there’s a sense of disbelief to some that the car market has softened and a reluctance exists to take less than possibly what it once it would have sold for, also maybe the car owes them more than it’s now worth. Or doesn’t need the money and would rather keep it at the price offered, could be any or several of those issues.
It really all depends how much the seller wants rid, Ive got a mate selling a motorbike, it’s a nice bike but he’s got it priced quite firmly at the top of the price these sell at, and he’s not desperate for the money so upon a low ball offer he just wheels in back into the garage doesn’t really care if it sits there.
With something that unusual it won't be a buyers market. You might luck out and find that elusive minter at a good price that you've been dreaming about but its a waiting game. In general most types of American car have represented good value for a long time particularly when compared to other classics, but more recently the better examples of a lot of stuff is now going up at far higher prices.
I would just be perfectly open and polite - and with the expectation that they will say no (as is perfectly reasonable). It’s helpful to give some background about you, so they don’t just think you are a gumtree dreamer.
I would tend to do this reasonably early on so as not to waste their time or raise expectations.
As said above though, if similar cars are worth so much less then you can go and buy those instead!
I would tend to do this reasonably early on so as not to waste their time or raise expectations.
As said above though, if similar cars are worth so much less then you can go and buy those instead!
DoubleD said:
Wow thats horrific
You're crazy!. It's awesome. V8, 0-60 in 7 seconds. It's the last of a breed,This is what I want, sadly npw sold.
https://www.youtube.com/watch?v=TSy3XFhV26s
Now take this car for example
https://losangeles.craigslist.org/sfv/cto/d/anders...
Book price is NOT 7400! Kelly Blue book price is 2996, assuming it has 50k miles and really is in "excellent" condition.
Gassing Station | Car Buying | Top of Page | What's New | My Stuff