My car is worthless
11-19-2008, 09:04 PM
#1
Three Wheelin'
Thread Starter
My car is worthless
http://cgi.ebay.com/ebaymotors/ws/eB...NA:MOTORS:1123
I've taken to watching some 964's on eBay latey. It's kinda depressing. This is an example. Granted, I didn't Carfax it, so it may have issues I don't know about. But 45K miles, nice-looking with some nice little mods. His BIN, even before all the calamity, would be a little optimistic. But still - this thing couldn't even get a $10K bid?
Are things that bad????
I've taken to watching some 964's on eBay latey. It's kinda depressing. This is an example. Granted, I didn't Carfax it, so it may have issues I don't know about. But 45K miles, nice-looking with some nice little mods. His BIN, even before all the calamity, would be a little optimistic. But still - this thing couldn't even get a $10K bid?
Are things that bad????
11-19-2008, 09:39 PM
#3
Rennlist Member
Oh,yes they are!! - little of expendable income left on the table and winter around the corner ...BTW I carfaxed it and it's OK!!
11-19-2008, 09:41 PM
#4
Three Wheelin'
Thread Starter
Awww, L-B.. see, there's another upgrade I didn't think about!
I'll say one thing, I wish I were a buyer in the market right now.
SOLD!!!
I'll say one thing, I wish I were a buyer in the market right now.
SOLD!!!
11-19-2008, 09:45 PM
#6
Ask yourself this question. If you're hungry and can't feed yourself or your family, how many cans of beans is your car worth?
We've seen the tip of the iceberg with this "moderate recession." We're in for a depression like none of us have seen before. Get ready because the pain hasn't yet started. Forget about your portfolio, forget about what your home is worth, forget about your car's depreciation... The fake economy is about to come crashing down, exposing the real economy (or lack thereof), at which point we will actually have to start producing things.
Nobody knows what will happen, myself included - but one thing is for sure, the days of easy money and lots of disposable income are over for most of the population.
We've seen the tip of the iceberg with this "moderate recession." We're in for a depression like none of us have seen before. Get ready because the pain hasn't yet started. Forget about your portfolio, forget about what your home is worth, forget about your car's depreciation... The fake economy is about to come crashing down, exposing the real economy (or lack thereof), at which point we will actually have to start producing things.
Nobody knows what will happen, myself included - but one thing is for sure, the days of easy money and lots of disposable income are over for most of the population.
11-19-2008, 10:27 PM
#7
Three Wheelin'
Thread Starter
Trending Topics
11-19-2008, 11:15 PM
#8
Rennlist Member
While it is true that this is a tough market and it is also true that the used car market is slow it is not yet true that we are going to have another great depression. The fact is that when you can get a boxster or 996 for decent money and they are 'newer' cars most new porsche owners will take that route. the 964 is one of the under appreciated 911's ever made. Not an SC mind you but I view the car as the best deal in the sports car market if you can find a good one.
11-20-2008, 01:58 AM
#10
Man of Way Too Many Avatars
Rennlist Member
Rennlist Member
Ask yourself this question. If you're hungry and can't feed yourself or your family, how many cans of beans is your car worth?
We've seen the tip of the iceberg with this "moderate recession." We're in for a depression like none of us have seen before. Get ready because the pain hasn't yet started. Forget about your portfolio, forget about what your home is worth, forget about your car's depreciation... The fake economy is about to come crashing down, exposing the real economy (or lack thereof), at which point we will actually have to start producing things.
Nobody knows what will happen, myself included - but one thing is for sure, the days of easy money and lots of disposable income are over for most of the population.
We've seen the tip of the iceberg with this "moderate recession." We're in for a depression like none of us have seen before. Get ready because the pain hasn't yet started. Forget about your portfolio, forget about what your home is worth, forget about your car's depreciation... The fake economy is about to come crashing down, exposing the real economy (or lack thereof), at which point we will actually have to start producing things.
Nobody knows what will happen, myself included - but one thing is for sure, the days of easy money and lots of disposable income are over for most of the population.
11-20-2008, 10:16 AM
#11
Three Wheelin'
The real truth is the reserve wasn't met, and there didn't happen to be anyone willing to bid higher right now, given the economy AND the fact that the car is in NJ, where it is currently 30 degrees, the holidays are comnig as is winter- just because the car didn't bid higher in the few days it was for sale doesn't mean the car is worth only $10k in this market. I've consistently seen certain cars that don't bid near their reserve- could be a host of situations- like I said, not the right season in NJ/east coast and could have been a slow week for ebay watchers for cars (I've seen Ferrari F355 spiders stop bidding at $40K with the reserve not met- doesn't mean the car is worth only $40K).
I agree the economy has and will take its toll on purchases like a used porsche, and the car is worth less now than it was 12-18 months ago, but while ebay is fun to watch, it's of limited use for real world prices. Now don't get me wrong- it may be worth more but could take a 6-12 months to sell at a decent price, and that "decent price" is lower than it was, but my gut is telling me it's much higher than $10K (not as high as $30K but somewhere in the high teen to low $20s range)
We're in the deepest recession I've ever seen, but I'm not ready to throw capitalism out the window and claim defeat and that the sky is falling. Of course, my time horizon is longer to retirement than many, so for many if they're in a lot of equities they can't see how this will end for them if they are close to retirement. But I digress....realize that if your selling in this market your best to wait until spring just given the normal seasonality of the sportscar market, set a reasonable price and realize you may have to take less, and be prepared for the car to be on the market for several months not just weeks or days.
99.99% of cars are not investments, and the 0.01% that are investments I'd classify as risky investments.
I agree the economy has and will take its toll on purchases like a used porsche, and the car is worth less now than it was 12-18 months ago, but while ebay is fun to watch, it's of limited use for real world prices. Now don't get me wrong- it may be worth more but could take a 6-12 months to sell at a decent price, and that "decent price" is lower than it was, but my gut is telling me it's much higher than $10K (not as high as $30K but somewhere in the high teen to low $20s range)
We're in the deepest recession I've ever seen, but I'm not ready to throw capitalism out the window and claim defeat and that the sky is falling. Of course, my time horizon is longer to retirement than many, so for many if they're in a lot of equities they can't see how this will end for them if they are close to retirement. But I digress....realize that if your selling in this market your best to wait until spring just given the normal seasonality of the sportscar market, set a reasonable price and realize you may have to take less, and be prepared for the car to be on the market for several months not just weeks or days.
99.99% of cars are not investments, and the 0.01% that are investments I'd classify as risky investments.
11-20-2008, 03:09 PM
#12
Rennlist Member
I think there's more to the story -- That car's been for sale for months.
And don't feel too bad, it's not that great a time to be a Porsche buyer. Despite the fact the economy is in the doldrums, most people (especially private sellers) look at what they paid for their car and what they've spent since, and they want the same kind of money now. I've been looking for almost a year for a suitable c4, and I can't generally say that there aren't better deals than there were a year ago.
The result is that there is an interesting mismatch in the market. Buyers are bargain hunting and sellers are still premium seeking, and nothing is moving. I looked at one car that two mechanics told me was worth about 10K and the owner has been holding out for >19K for about 4 months. (That's an interesting topic for another thread... why is there such a big difference between what mechanics and owners think 964s are worth?)
Now if you want to buy an American car, it's a totally different story.
And don't feel too bad, it's not that great a time to be a Porsche buyer. Despite the fact the economy is in the doldrums, most people (especially private sellers) look at what they paid for their car and what they've spent since, and they want the same kind of money now. I've been looking for almost a year for a suitable c4, and I can't generally say that there aren't better deals than there were a year ago.
The result is that there is an interesting mismatch in the market. Buyers are bargain hunting and sellers are still premium seeking, and nothing is moving. I looked at one car that two mechanics told me was worth about 10K and the owner has been holding out for >19K for about 4 months. (That's an interesting topic for another thread... why is there such a big difference between what mechanics and owners think 964s are worth?)
Now if you want to buy an American car, it's a totally different story.
11-20-2008, 07:29 PM
#13
Racer
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Here's my insight as to why this car had such a low final bid:
When I was in the market for my 964, I looked on ebay to find a "Deal".... If I had seen a car that had a buy it now of near 29 large I would definitely assume that my 17-22K price range was completely bust on that car and not even bother.. What you're seeing there are people throwing feeler bids out to gauge the buy it now price and hoping for some amazing deal. Fact is, 29K is going to scare off most any 964 buyer and they wont even glance at that ad
Rest easy
When I was in the market for my 964, I looked on ebay to find a "Deal".... If I had seen a car that had a buy it now of near 29 large I would definitely assume that my 17-22K price range was completely bust on that car and not even bother.. What you're seeing there are people throwing feeler bids out to gauge the buy it now price and hoping for some amazing deal. Fact is, 29K is going to scare off most any 964 buyer and they wont even glance at that ad
Rest easy
11-20-2008, 11:17 PM
#14
Man of Way Too Many Avatars
Rennlist Member
Rennlist Member
I dunno. Bearclaw has a bit of a point. There are 965s on ebay that were going for 70-80k down to 57K for the one I just saw. There is a guy near me selling one with 48K miles (92) for 40K. I was going to try to sell mine and make a run at his, but this thread has made me think I won't get much for my car.
11-20-2008, 11:38 PM
#15
Ask yourself this question. If you're hungry and can't feed yourself or your family, how many cans of beans is your car worth?
We've seen the tip of the iceberg with this "moderate recession." We're in for a depression like none of us have seen before. Get ready because the pain hasn't yet started. Forget about your portfolio, forget about what your home is worth, forget about your car's depreciation... The fake economy is about to come crashing down, exposing the real economy (or lack thereof), at which point we will actually have to start producing things.
Nobody knows what will happen, myself included - but one thing is for sure, the days of easy money and lots of disposable income are over for most of the population.
We've seen the tip of the iceberg with this "moderate recession." We're in for a depression like none of us have seen before. Get ready because the pain hasn't yet started. Forget about your portfolio, forget about what your home is worth, forget about your car's depreciation... The fake economy is about to come crashing down, exposing the real economy (or lack thereof), at which point we will actually have to start producing things.
Nobody knows what will happen, myself included - but one thing is for sure, the days of easy money and lots of disposable income are over for most of the population.