theiceman

Just to play devils advocate for a minute that is how the system is suppose to work. As sellers why should they sell at a loss just to give you a deal and make you happy ! If they don't lower there price they will wait until the economy recovers so they can get there price, and if they really need to sell , they will lower their price so it does. If you really want it , you will up your offer until you get it. I just don't unerstand the " you need to give me a deal because the economy is bad " idiology. it is only bad if people make it that way. I aplaud these people for holding there cars and parts and not letting them go cheap, it helps all of us in the bigger picture. I would love to get a deal on a nice 993 but it is not gonna **** me off if the guy sticks to his price.

Seams pretty straight forward to me.

just my 2c .... and it is still worth 2c even in this economy

dave morris

When will that be?

It's no secret, but right now the economy is very bad and may be getting worse. As somebody said earlier, not a good time to be a seller. Pretty good time to be a buyer.

I'm reminded of the housing market. If you want to sell your house you can price it at what you thought it was worth 2 years ago, sit back, and just wait for the buyers to flock to you. That's how the market works? Oh wait a minute. Not too many houses are selling for the prices they were two years ago.

My point was if you want to SELL a car in this market, price it to SELL Pretty simple.

scottrx7tt

BUT, you have to be informed about the market conditions if you truly want to sell anything in this economy. If i were wanting to sell a 79 AMC gremlin, and it was worth $800, i would not even think of asking $5000, just because i think it is worth that. I am not asking to have something given to me, i just expect a fair price, and that is where i make my offer.

tone40

The car market mimics the real estate market. How do I know? I am a real estate agent in So Cal.

Any house will sell. The trick is to find the price where buyers value it as a "deal". Getting a loan closed is the current challenge.

Home sales are all about motivation. If the seller has to sell, then he needs to price accordingly. Most sellers price too high, only to eventually drop the price to a realistic amount. I cannot count the times that sellers turned down a decent offer making the buyer move on. The final selling price ends up far below the "decent" offer previously received. They call this "chasing the market". If they had priced it lower initially, they mave have sold it higher than the end result. They have lost time and received more grief.

Few sellers are willing to follow their agent's advice. They think all RE agents are dishonest and are looking for a fast buck.

Sellers who would like to sell (vs. need to sell) are in trouble in this market. Too much competition with low priced Bank Owned homes.


With cars, there are fewer buyers & promotional sources.

rusnak

Sorry for the highjack, maybe we can open a OT thread for this:

Tone40, how are you guys getting deals financed? Are the appraisals in line with, or lower than the selling price (i.e. appraisers running scared), or are they pretty much on par? In commercial RE, our appraisals are still below cost, so deals are totally on hold b/c no seller is willing to come up with an additional 25% down.

tone40

higher equity (+10%) financing. Unless there are exact comps. nearby, appraisers are being very conservative.

An appraiser on my seller's property compared a nice 2 unit property with some real questionable comparisons (i.e. crap). No matter what I provided (I live across the street, suggested adjustments...) they refused to re-consider. The Bank said that we could get another appraisal, but they would use the lower amount. The seller lowered to the appraisal amount but it has been in uderwriting for 1 month+.

As I understand it, commercial will be hit big next.

If you want to hear more, e-mail me or we could move OT.

theiceman

What something is worth is what it sells for ... if you want it you will pay more .. if you want to sell it you will accept less. ..

rusnak

thanks Tone, I would love to open a thread in OT. You open, since that is what you do for a living. I suspect many in Calif. are in the same boat.

DDD

Well at least you understand one part of the equation.

The part that most Porsche owners don't seem to get is that the only gauge is what similiar cars are selling for, i.e. similiar condition, age, and mileage 911s, is the only gauge for what the car is worth until you sell yours.

So what we have is a market place full of dreamers who want to recoup all the money they lavished on their thirty year old Porsche when the Dow was at 14,000 and a market value BASED ON WHAT THESE CARS ARE SELLING FOR of well under 20 grand in almost every case.

Let's say that you set up your hot dog stand next to another hot dog stand with good hot dogs selling all day long for $1.50. So you are the proud Porsche owner and you price your hot dogs at $3.99, just because. No real reason, just because. Just because in your dream world you want people to pay you $3.99 for a hot dog because well you are a Porsche owner after all.

Well how many hot dogs are you going to sell?

40% of the world's wealth evaporated last year and is gone forever. The ten trillion dollars spent by our gov't since February will be passed on by punishing those of us who are lucky enough to be left standing.

GothingNC

Prices are dropping here for used air-cooled Porsches but the costs of parts and maintenance are remaining steady and/or slowly rising.

John

dave morris

[QUOTE=DDD;6417866

Let's say that you set up your hot dog stand next to another hot dog stand with good hot dogs selling all day long for $1.50. So you are the proud Porsche owner and you price your hot dogs at $3.99, just because. No real reason, just because. Just because in your dream world you want people to pay you $3.99 for a hot dog because well you are a Porsche owner after all.

Well how many hot dogs are you going to sell?
[/QUOTE]

nikkoa

People will pay what they feel something is worth; regardless of market research. On a weekly basis a consumer rolls into this forum suggesting PP advice; only to find a lot of opposition towards a specific car. Do they take the advice and move on? More times often than not they don't. Although the market value for these cars are important, it's meaningless.

People will pay what they feel an item is worth.

scottrx7tt

NADA retail values have not come down yet to what most cars are selling for in this market. i suspect since most people sell their porsches themselves, the dealer valuations do not reflect that. BTW NADA average retail prices on most 80s 911s is almost $20k. Ive seen many very nice ones going for low to mid teens.

scottrx7tt

if you own a 911, and do all of your own maintenance/repairs/upgrades, it is a fairly cheap car to own/maintain. But, if you pay a shop to do the work, it can cost you a small fortune.

DDD

I think what you are saying is there is a sucker born every minute...lol. The way I bought my 930 was I paid what the owner said the reserve price was. In other words I just bought it at whatever price. It was a seller's market.

However I am now considering getting a M491 turbo look carrera and it is a buyer's market which means I am going to be very strict about what I offer. I will offer a price that still looks okay if the bottom falls out on this economy, as all real evidence clearly suggests will inevitably happen.

I don't have a problem playing in a buyer or seller market, and I like to think I can actually recognize the current realities of the market.

For those out there who are trying to sell at an inflated price point and just waiting for that sucker to show up, good luck and bring plenty of patience.