Seriously Overpriced Cars

[andburg]

Bemmer said:

The fact the advert states NOW SOLD indicates that it was not seriously overpriced... There even looking to buy similar stock...!

except you dont know what the buyer paid

[Shnozz]

Not sure what it says about classic Ford prices but I didn't really bat an eyelid when I saw a £50k price tag on such a low mileage Mk 3 RS.

[s m]

Shnozz said:

Not sure what it says about classic Ford prices but I didn't really bat an eyelid when I saw a £50k price tag on such a low mileage Mk 3 RS.

Seems about right for such a low mileage concours winner

[GroundZero]

So what is driving people to continue to pay well over the odds for old used cars?
Surely any argument for "value for money" has been stretched a bit too thin - or is "value for money" not a thing that people strive for in this market?

[PrinceRupert]

GroundZero said:

So what is driving people to continue to pay well over the odds for old used cars?
Surely any argument for "value for money" has been stretched a bit too thin - or is "value for money" not a thing that people strive for in this market?

They want it, and they can afford it.

[Bemmer]

andburg said:

Bemmer said:

The fact the advert states NOW SOLD indicates that it was not seriously overpriced... There even looking to buy similar stock...!

except you dont know what the buyer paid

Nor do you..? So a pointless post really. Common sense would indicate the fact the seller is keen to buy similar stock they must have achieved the price or very close to it.

[s m]

GroundZero said:

So what is driving people to continue to pay well over the odds for old used cars?

In this case you could say it’s “about the odds” rather than “well over the odds” for a low mileage concours example.

Same as an E30 M3 might be expected to be 6 figures in similar condition

Cheaper, higher mileage ones in not as good condition will be available at a fraction of the price in both cases

[waynecyclist]

s m said:

Shnozz said:

Not sure what it says about classic Ford prices but I didn't really bat an eyelid when I saw a £50k price tag on such a low mileage Mk 3 RS.

Seems about right for such a low mileage concours winner

Agreed and only going to keep going up in value

[anonymous-user]

waynecyclist said:

Agreed and only going to keep going up in value

No guarantee though.

[LetsTryAgain]

The Spruce Goose said:

waynecyclist said:

Agreed and only going to keep going up in value

No guarantee though.

Past performance is no guarantee of future results.

[s m]

The Spruce Goose said:

waynecyclist said:

Agreed and only going to keep going up in value

No guarantee though.

Very true - I dare say a lot of people on here are waiting for the oft-mentioned ‘bubble’ to burst so we can buy some cheap old stuff!

[Mr lestat]

Randy Winkman said:

The V5/VIN thing is the part I don't get. I totally get why people love classic cars and personally I love Minis. But to me, the V5/VIN don't make a car original if the body and most of the rest of the car is new. There was a totally knackered Mini Copper S on Bangers and Cash (repeat) the other night that sold for a fortune. It just baffles me.

Perhaps a less honest person could use the vin plate and v5 to create a vehicle from a stolen one.

Yes I restored it officer and now it’s worth £20k

[andburg]

s m said:

The Spruce Goose said:

waynecyclist said:

Agreed and only going to keep going up in value

No guarantee though.

Very true - I dare say a lot of people on here are waiting for the oft-mentioned ‘bubble’ to burst so we can buy some cheap old stuff!

I just dont think that is ever gonna happen, these things are no longer cars, they're financial assets with wheels.

[Randy Winkman]

Mr lestat said:

Randy Winkman said:

The V5/VIN thing is the part I don't get. I totally get why people love classic cars and personally I love Minis. But to me, the V5/VIN don't make a car original if the body and most of the rest of the car is new. There was a totally knackered Mini Copper S on Bangers and Cash (repeat) the other night that sold for a fortune. It just baffles me.

Perhaps a less honest person could use the vin plate and v5 to create a vehicle from a stolen one.

Yes I restored it officer and now it’s worth £20k

Unless I'm mistaken you mean that people buy rotten old cars at a high price and do them up so that they can sell them and misrepresent the history of the vehicle? i.e. not tell the buyer that the only things genuine about their "original" classic car are the V5, the registration mark and the VIN?

Edited to add a comment about you saying "stolen". In the cases I'm thinking about the vehicles wouldn't be stolen. Just old rust-buckets with no value other than the identity.

Edited by Randy Winkman on Tuesday 12th January 12:59

[Mr lestat]

Randy Winkman said:

Unless I'm mistaken you mean that people buy rotten old cars at a high price and do them up so that they can sell them and misrepresent the history of the vehicle? i.e. not tell the buyer that the only things genuine about their "original" classic car are the V5, the registration mark and the VIN?

Edited to add a comment about you saying "stolen". In the cases I'm thinking about the vehicles wouldn't be stolen. Just old rust-buckets with no value other than the identity.

Edited by Randy Winkman on Tuesday 12th January 12:59

No I mean a nice say Triumph stag gets stolen, disappears for a few months somewhere. A wreck with a V5 and vin plate is found in a barn the identity gets transferred over. Ringing is the term and there is a thread about it on here. It’s the v5 and vin that are valuable. Unsuspecting next owner gets fleeced.

Search for

Ringing kits on eBay, no not on our watch

[aaron_2000]

Mr lestat said:

Randy Winkman said:

Unless I'm mistaken you mean that people buy rotten old cars at a high price and do them up so that they can sell them and misrepresent the history of the vehicle? i.e. not tell the buyer that the only things genuine about their "original" classic car are the V5, the registration mark and the VIN?

Edited to add a comment about you saying "stolen". In the cases I'm thinking about the vehicles wouldn't be stolen. Just old rust-buckets with no value other than the identity.

Edited by Randy Winkman on Tuesday 12th January 12:59

No I mean a nice say Triumph stag gets stolen, disappears for a few months somewhere. A wreck with a V5 and vin plate is found in a barn the identity gets transferred over. Ringing is the term and there is a thread about it on here. It’s the v5 and vin that are valuable. Unsuspecting next owner gets fleeced.

Search for

Ringing kits on eBay, no not on our watch

That's what happened to my dads T reg Impreza turbo wagon in 2003. Fast forward to 2017 and I see the exact same car with the same Speedlines and same alarm stickers in the window being stripped in a scrapyard with 170k on the clock wearing a V reg

[anonymous-user]

just watching this, but 81k for a defender...

https://www.youtube.com/watch?v=cYKU64utk9s

2021 brings floods and a farm review of the new Defender 110 P400!

[PhantomPH]

Mr lestat said:

Randy Winkman said:

Unless I'm mistaken you mean that people buy rotten old cars at a high price and do them up so that they can sell them and misrepresent the history of the vehicle? i.e. not tell the buyer that the only things genuine about their "original" classic car are the V5, the registration mark and the VIN?

Edited to add a comment about you saying "stolen". In the cases I'm thinking about the vehicles wouldn't be stolen. Just old rust-buckets with no value other than the identity.

Edited by Randy Winkman on Tuesday 12th January 12:59

No I mean a nice say Triumph stag gets stolen, disappears for a few months somewhere. A wreck with a V5 and vin plate is found in a barn the identity gets transferred over. Ringing is the term and there is a thread about it on here. It’s the v5 and vin that are valuable. Unsuspecting next owner gets fleeced.

Search for

Ringing kits on eBay, no not on our watch

going to play Devil's Advo for a second here and ask - where is the fleecing? They've bought exactly what they thought they were buying (a nice Stag) it just happens to be wearing the wrong plate.

Yes, I know, I know...I'm being slightly obtuse here...but the buyer only would get 'fleeced' if the original identity was uncovered and they lost their new (old) car, but how likely is that really? Nobody in the future who restores it is going to voluntarily tell the law and lose their own money, so any future owner will simply put the carpets back down, ignore the iffy wells/rivets and walk away whistling.

It's the (over-used) Trigger's Broom situation that is the real 'issue' - for want of a better word. It's actually the same as above...representing an entire other vehicle as if it were the original. New shell, new chassis, new panels, new interior, new engine...etc etc. "Look at this beautifully restored Mini Van - with 100% new panels, shell, etc. etc" You've restored feck all!

Anyway...

[Mr lestat]

PhantomPH said:

going to play Devil's Advo for a second here and ask - where is the fleecing? They've bought exactly what they thought they were buying (a nice Stag) it just happens to be wearing the wrong plate.

Yes, I know, I know...I'm being slightly obtuse here...but the buyer only would get 'fleeced' if the original identity was uncovered and they lost their new (old) car, but how likely is that really? Nobody in the future who restores it is going to voluntarily tell the law and lose their own money, so any future owner will simply put the carpets back down, ignore the iffy wells/rivets and walk away whistling.

It's the (over-used) Trigger's Broom situation that is the real 'issue' - for want of a better word. It's actually the same as above...representing an entire other vehicle as if it were the original. New shell, new chassis, new panels, new interior, new engine...etc etc. "Look at this beautifully restored Mini Van - with 100% new panels, shell, etc. etc" You've restored feck all!

Anyway...

They have been fleeced because they bought a stolen vehicle and at some point they might get a knock on the door from the police. They will lose the car and it would be returned to the rightful owner, obv all if it gets discovered.

[CRA1G]

PhantomPH said:

going to play Devil's Advo for a second here and ask - where is the fleecing? They've bought exactly what they thought they were buying (a nice Stag) it just happens to be wearing the wrong plate.

"Where's the fleecing? " The poor sod who's had his pride and joy beloved Triumph Stag STOLEN not only the distress but then to have claim on his insurance pay the excess and start all over.?