What is it with people selling used cars

[SDRider]

I sometimes browse the for sale ads for pre-owned performance cars and have noticed guys selling cars with options that aren't typical and asking ridiculous prices because they seem to think that this rarity is something that adds value. Case in point, someone was selling an M3 with some package and color combo and he was touting that there were only a handful made with this combination and he was asking like $15k more than other comparable cars were selling for.

Are these people delusional? Option packages add some value but color? No freaking way dude. You're out of your mind.

In the end, unless it's a Porsche GT or some other rare and desirable exotic, it's just another depreciating asset.

[Wesley Crusher]

Color does add value. Just look at the E46 M3. LSB M3s command a premium and people are paying.

[Any4xx]

Originally Posted by SDRider

I sometimes browse the for sale ads for pre-owned performance cars and have noticed guys selling cars with options that aren't typical and asking ridiculous prices because they seem to think that this rarity is something that adds value. Case in point, someone was selling an M3 with some package and color combo and he was touting that there were only a handful made with this combination and he was asking like $15k more than other comparable cars were selling for.

Are these people delusional? Option packages add some value but color? No freaking way dude. You're out of your mind.

In the end, unless it's a Porsche GT or some other rare and desirable exotic, it's just another depreciating asset.

My experience as a seller would cause me to ask, "What's the deal with people "buying" used cars?"

I've owned about 75 cars and motorcycles in my lifetime and have sold about 70 of those. I've always tried to ask a very fair market price and am usually hounded by folks making ridiculously lowball offers on them. Honestly, I think the folks starting with ridiculous high asking prices may be onto something. I just don't have that salesman-gene in me.

[SDRider]

Originally Posted by Wesley Crusher

Color does add value. Just look at the E46 M3. LSB M3s command a premium and people are paying.

That makes no sense to me. It's a used car and it will never go up in value.

No way would I do that. Doesn't help that I hate that light blue color on the M3.

The one I was looking at was Alpine white. I like white but I'm not paying a premium for a special shade of white.

[Investr]

Ill quote me beloved grandmother, "every momma crow thinks hers (offspring)is the blackest"

[SDRider]

Originally Posted by Any4xx

My experience as a seller would cause me to ask, "What's the deal with people "buying" used cars?"

I've owned about 75 cars and motorcycles in my lifetime and have sold about 70 of those. I've always tried to ask a very fair market price and am usually hounded by folks making ridiculously lowball offers on them. Honestly, I think the folks starting with ridiculous high asking prices may be onto something. I just don't have that salesman-gene in me.

I've bought and sold many cars and motorcycles during my life as well. Lately I've been trading them in though as selling them myself is more of a hassle than it's worth.

[Any4xx]

Originally Posted by SDRider

That makes no sense to me. It's a used car and it will never go up in value.

No way would I do that. Doesn't help that I hate that light blue color on the M3. The one I was looking at was Alpine white. I like white but I'm not paying a premium for a special shade of white.

Never say never. Seems as if every car, with a few rare exceptions, takes its initial hit then slowly loses more value over time. But when it magically transforms from old-and-used to rare-and-classic, the value starts going up again. It's up to the market to decide when that is the case. Much like an old used watch.

[SDRider]

Originally Posted by Any4xx

Never say never. Seems as if every car, with a few rare exceptions, takes its initial hit then slowly loses more value over time. But when it magically transforms from old-and-used to rare-and-classic, the value starts going up again. It's up to the market to decide when that is the case. Much like an old used watch.

I've never been one to just buy cars and store them for future sale. Cars are meant to be driven and I put about 20,000 miles a year on a car. By the time something is considered rare and classic it would also be worn out.

[Any4xx]

Originally Posted by SDRider

I've never been one to just buy cars and store them for future sale. Cars are meant to be driven and I put about 20,000 miles a year on a car. By the time something is considered rare and classic it would also be worn out.

Again though: Worn out is also a subjective term so long as the car is still running. I currently have an 80 year old car with the original drivetrain that runs very nicely. But it's been a rare time in my life that I've not had more than one car, so one always becomes the daily driver while the others see occasional duty.

Bottom line though is that I agree with your initial posting. Some people are dishonest and try to pass things off for what they are not. In the end, if the buyer and seller are both happy, it was a fair deal.

[Tony64]

Originally Posted by SDRider

Option packages add some value but color? No freaking way dude. You're out of your mind.

Since this is a Rolex forum I'll offer you two words:

Red. Submariner.

[Kimber007]

Color can make a HUGE difference in resale value. I usually buy my sports cars with the rarest colors they make which are the yellow's, orange's, etc. I don't do this because of the resale value but because I love bright colors on cool cars. When it is time to resale there are FAR fewer buyers who want a color that bold but those that do are willing to pay quite the premium to get it since there are so few.

Plus for most of these colors there is an additional fee for that color when bought new anyway.

Finally, a car will absolutely go up in value if you buy the right one or wait long enough.

[TheVTCGuy]

My "daily beater" car is a Hybrid, Exactly two years and eight months old, and has 19,000 miles.... My Vette, is a 95, has 46,000. I need to drive more.

[SDRider]

Originally Posted by Kimber007

Color can make a HUGE difference in resale value. I usually buy my sports cars with the rarest colors they make which are the yellow's, orange's, etc. I don't do this because of the resale value but because I love bright colors on cool cars. When it is time to resale there are FAR fewer buyers who want a color that bold but those that do are willing to pay quite the premium to get it since there are so few.

Plus for most of these colors there is an additional fee for that color when bought new anyway.

Finally, a car will absolutely go up in value if you buy the right one or wait long enough.

99.9% of cars produced will never go up in value.

Originally Posted by TheVTCGuy

My "daily beater" car is a Hybrid, Exactly two years and eight months old, and has 19,000 miles.... My Vette, is a 95, has 46,000. I need to drive more.

I'm curious, driving so few miles, why did you buy a hybrid?

[brandrea]

Originally Posted by TheVTCGuy

My "daily beater" car is a Hybrid, Exactly two years and eight months old, and has 19,000 miles.... My Vette, is a 95, has 46,000. I need to drive more.

Paul, you and me are the only ones on the forum driving hybrids

[TheVTCGuy]

Originally Posted by SDRider

99.9% of cars produced will never go up in value.



I'm curious, driving so few miles, why did you buy a hybrid?

My previous vehicle, a Ford Escape, was also a hybrid, purchased in 2007. I really "enjoy" driving a vehicle on electric power, can't really explain why except that maybe it's the geek in me(?). New technology and doing my part for the environment just... make me feel good. I would have purchased an all electric but living in a condo had nowhere to charge it. If I could work out a hydrogen car, I would get one of those!

[TheVTCGuy]

Originally Posted by brandrea

Paul, you and me are the only ones on the forum driving hybrids

Let's form a sub-group Brian! We'll have regular meetings.... a secret handshake.... The rest of the TRFers will be so jealous!

[brandrea]

Originally Posted by TheVTCGuy

Let's form a sub-group Brian! We'll have regular meetings.... a secret handshake.... The rest of the TRFers will be so jealous!

[TheVTCGuy]

You know Julian, I think your point of people asking ridiculous prices for items simply because they are a different color, and are perceived as being rare and valuable, goes beyond just cars. I collect Telechron clocks, models from 1920 to 1940 ( a very small and amateurish collection). I see this all the time, but yesterday, was looking through an on-line auction listing. There was a particular model listed for an appropiate amount of $120 to $150. A couple pages in, someone listed the exact same model, but with a slightly different color for $595! I know enough about these to be sure, it is not some rare-extra valuable clock, why does the owner think it is?

[SDRider]

Originally Posted by TheVTCGuy

My previous vehicle, a Ford Escape, was also a hybrid, purchased in 2007. I really "enjoy" driving a vehicle on electric power, can't really explain why except that maybe it's the geek in me(?). New technology and doing my part for the environment just... make me feel good. I would have purchased an all electric but living in a condo had nowhere to charge it. If I could work out a hydrogen car, I would get one of those!

That's cool. I liked my hybrid and I should probably have kept it for commuting but my wife wanted a CLS550 and she was locked into a lease on her previous car so we traded my car in for her CLS. I drove her car, a Lexus ES350, until the lease was up and then I bought the car I have now.

Originally Posted by TheVTCGuy

You know Julian, I think your point of people asking ridiculous prices for items simply because they are a different color, and are perceived as being rare and valuable, goes beyond just cars. I collect Telechron clocks, models from 1920 to 1940 ( a very small and amateurish collection). I see this all the time, but yesterday, was looking through an on-line auction listing. There was a particular model listed for an appropiate amount of $120 to $150. A couple pages in, someone listed the exact same model, but with a slightly different color for $595! I know enough about these to be sure, it is not some rare-extra valuable clock, why does the owner think it is?

I see your point. I'm just not willing to pay for some rare combination of paint/options on any car. I don't care for bright colors on cars in general, just screams look at me!!! That's not really my style... Rolex wrist candy not withstanding of course.

[Bigblu10]

Originally Posted by TheVTCGuy

My previous vehicle, a Ford Escape, was also a hybrid, purchased in 2007. I really "enjoy" driving a vehicle on electric power, can't really explain why except that maybe it's the geek in me(?). New technology and doing my part for the environment just... make me feel good. I would have purchased an all electric but living in a condo had nowhere to charge it. If I could work out a hydrogen car, I would get one of those!

I can fully understand why with onerous California gas prices. Lived out there for a year and was shocked at the price of fuel compared to the southeast US

[s14roller]

Most packages and specials may not add a ton, but certainly may help. With Paint to Sample colors, you can certainly expect a premium. My friend has a Mexico Blue GT3RS which looks insane.

[Any4xx]

Originally Posted by TheVTCGuy

Let's form a sub-group Brian! We'll have regular meetings.... a secret handshake.... The rest of the TRFers will be so jealous!

I'd join if you'd let me.

I'd absolutely drive a hybrid, but never a Prius...

[Kimber007]

If someone is in the market for an 03/04 Cobra and they have always driven white, black, gray, etc. vehicles then yes, they would prob not pay a few grand more for a MystiChrome Cobra when all other options are identical. However, it's easy to see how if someone is after a Cobra and they HAVE to have it in MystiChrome they will have no issues paying a few extra grand to have that special color.

[Any4xx]

Originally Posted by SDRider

That's cool. I liked my hybrid and I should probably have kept it for commuting but my wife wanted a CLS550 and she was locked into a lease on her previous car so we traded my car in for her CLS. I drove her car, a Lexus ES350, until the lease was up and then I bought the car I have now.



I see your point. I'm just not willing to pay for some rare combination of paint/options on any car. I don't care for bright colors on cars in general, just screams look at me!!! That's not really my style... Rolex wrist candy not withstanding of course.

Funny, as I LOVE my Millennium Yellow Z06 Corvette. But I'm always a bit sheepish about driving it. I love driving it, but I hate the "vibe" that it gives off. I like to just blend into the crowd. I'm always a bit self-conscious about what others think when they see it. Little do most of them know though that this car is worth less than a new Nissan Altima.

[The Libertine]

Originally Posted by SDRider

That makes no sense to me. It's a used car and it will never go up in value.

If it is special order paint scheme from the factory, that is (1.) not commonly found on lots; (2.) and, buyer paid a premium to have, why shouldn't they ask for a higher selling price.

Yes, a car is a depreciating asset. But the same model car that is fully loaded (navigation, leather, etc.) will certainly cost more used than the same car with out. So, why shouldn't special paint ask for more?

[Danex]

I think we see these high asking prices because sometimes they pay off.
I was trying to sell an old utility trailer. I priced it very reasonably low. All I got were ridicuous low-ball offers well below my asking price. So I raised the price 25% figuring I might get an offer I could accept. Strangely enough, someone came along and paid my fully inflated price.

[Any4xx]

Originally Posted by Danex

I think we see these high asking prices because sometimes they pay off.
I was trying to sell an old utility trailer. I priced it very reasonably low. All I got were ridicuous low-ball offers well below my asking price. So I raised the price 25% figuring I might get an offer I could accept. Strangely enough, someone came along and paid my fully inflated price.

Once upon a time I had a friend who flipped cars on the side. He told me time and time again that if you don't ask enough you'll get the lowball folks. He always asked well over market value for the cars he sold and always made money on them. Weird psychology...

[nick c]

Originally Posted by SDRider

I sometimes browse the for sale ads for pre-owned performance cars and have noticed guys selling cars with options that aren't typical and asking ridiculous prices because they seem to think that this rarity is something that adds value. Case in point, someone was selling an M3 with some package and color combo and he was touting that there were only a handful made with this combination and he was asking like $15k more than other comparable cars were selling for.

Are these people delusional? Option packages add some value but color? No freaking way dude. You're out of your mind.

In the end, unless it's a Porsche GT or some other rare and desirable exotic, it's just another depreciating asset.

Originally Posted by Wesley Crusher

Color does add value. Just look at the E46 M3. LSB M3s command a premium and people are paying.

Bring some memories,I was cruising around 2 months ago with my m3 e46 laguna blue,this old guy gave me a nice offer, a lot more then what I paid.

[Kimber007]

Originally Posted by Any4xx

Funny, as I LOVE my Millennium Yellow Z06 Corvette. But I'm always a bit sheepish about driving it. I love driving it, but I hate the "vibe" that it gives off. I like to just blend into the crowd. I'm always a bit self-conscious about what others think when they see it. Little do most of them know though that this car is worth less than a new Nissan Altima.

I have a yellow C7 Stingray. I bought the car brand new earlier this year and had to travel 500 miles to find a new one in that color with the options I wanted. IMO the new Stingray's look best in yellow. It's a fun car, it deserves a fun color. I have never cared what others think when I drive it although it does get a ton of attention and all has been positive so far.

You better bet when I go to resell it I will ask for a premium for the color since I paid a premium for the color.

[The Libertine]

Originally Posted by Any4xx

Once upon a time I had a friend who flipped cars on the side. He told me time and time again that if you don't ask enough you'll get the lowball folks. He always asked well over market value for the cars he sold and always made money on them. Weird psychology...

Maybe not so weird.

Think about it this way, if at or below market value, buyers may think you are either desperate or want a quick sale.

Above market value, low-ballers may not even bother but instead perhaps attract those sellers with a genuine interest.