Value of 2001 Porsche 911 Carrera with 121,000 miles
02-24-2013, 10:14 PM
#61
Three Wheelin'
IMO stuff like this is way too hard to generalize. I am sure I can find pretty much any car for $X if I look.
That car may have been a clear indicator that 996s are now cheaper than Hyundais, or it may have been a car that had lots of stories hiding.
In the past, searching for deals, I often spent a ton of time chasing cars like that only to find really obvious (to me) signs of prior paintwork and accidents. I always pass on cars like that, but I am 100% sure they ended up going to someone who would then tell the world about the "amazing deal" he got on a "flawless car". Very unfair to the guy that has an equivalent car, but without the accident history, and (rightly) expects 50% more.
Caveat emptor. If a car is amazingly cheap there is almost always accident history. If as a buyer you don't care, then that's great, but it really doesn't make it a great deal compared to a car that hasn't been hit IMO. To some, even if the entire front end has been replaced and repaired correctly, they still feel the car is "perfect" and a great deal.
For me once a car has been hit the value becomes $0. Most buyers at the very least apply a significant reduction to prior accident damage cars even if they have been repaired perfectly, so the reality is that accident history has a big impact on value.
Maybe an 02 996 is now *really* a $12k car, but I find that extremely hard to believe. I was offered $25k on dealer trade for mine (but of course mine has no accident history) I'd bet money that $12k car had accident history which is why a dealer wouldnt touch it and the buyer set the price so low. A friend of mine is an experienced body guy and has become a true "heart breaker" among our group. 100% of the time someone has come to him with an amazing find that they swear is 100% perfect, he points out the accident history in 5 minutes. It can be almost impossible to spot even for someone who feels they know what to look for, but experienced collision guys will know immediately.
That car may have been a clear indicator that 996s are now cheaper than Hyundais, or it may have been a car that had lots of stories hiding.
In the past, searching for deals, I often spent a ton of time chasing cars like that only to find really obvious (to me) signs of prior paintwork and accidents. I always pass on cars like that, but I am 100% sure they ended up going to someone who would then tell the world about the "amazing deal" he got on a "flawless car". Very unfair to the guy that has an equivalent car, but without the accident history, and (rightly) expects 50% more.
Caveat emptor. If a car is amazingly cheap there is almost always accident history. If as a buyer you don't care, then that's great, but it really doesn't make it a great deal compared to a car that hasn't been hit IMO. To some, even if the entire front end has been replaced and repaired correctly, they still feel the car is "perfect" and a great deal.
For me once a car has been hit the value becomes $0. Most buyers at the very least apply a significant reduction to prior accident damage cars even if they have been repaired perfectly, so the reality is that accident history has a big impact on value.
Maybe an 02 996 is now *really* a $12k car, but I find that extremely hard to believe. I was offered $25k on dealer trade for mine (but of course mine has no accident history) I'd bet money that $12k car had accident history which is why a dealer wouldnt touch it and the buyer set the price so low. A friend of mine is an experienced body guy and has become a true "heart breaker" among our group. 100% of the time someone has come to him with an amazing find that they swear is 100% perfect, he points out the accident history in 5 minutes. It can be almost impossible to spot even for someone who feels they know what to look for, but experienced collision guys will know immediately.
02-25-2013, 07:39 PM
#62
Maybe an 02 996 is now *really* a $12k car, but I find that extremely hard to believe. I was offered $25k on dealer trade for mine (but of course mine has no accident history) I'd bet money that $12k car had accident history which is why a dealer wouldnt touch it and the buyer set the price so low..
Ritholtz the Wall Street blogger had a recent blog posted about shopping for cars and noting that he would be able to consider cars much higher up the pricing ladder simply because of the Fed's money printing. He was stunned to see how easy it was to finance cars that were non-straters (due to high price) just a few years ago. If someone can afford to move into a nicer car that means their going to be sending their current, in-warranty, nice car into the used market very soon. Which in turn makes the used car purchasers a lot more picky and less quick to lay out cash above a typical downpayment (the price of buying an out of warranty used car outright).
Last edited by perfectlap; 02-25-2013 at 07:58 PM.
02-25-2013, 09:48 PM
#63
I find it quite interesting that this has gone on as long as it did without the op ever chiming back in.
I just hope this forum doesn't get over-run with college kids(no offense)...
I just hope this forum doesn't get over-run with college kids(no offense)...
02-26-2013, 12:40 AM
#64
Captain Obvious
Super User
Super User
Minor parking lot type fender benders happen all the time. Making a car woth $0, because of this is just simply amazing to me. Especially when these cars are getting to be over 10 years old. It's simply not a realistic expectation.
02-26-2013, 11:12 AM
#65
Pro
Drives me nuts car shopping up here in Canada(Toronto).Try to find an 03 boxster for less than 23 and early 996 in half decent shape are still mid 20's.Everyone up here thinks they have the best car on the planet.
02-26-2013, 11:24 AM
#66
Rennlist Member
i've talked to a few of them. the lonely/miserable people who know everything and get off talking to strangers when they call. when i follow up on these cars i always ask if they have their pants unzipped and little towel in position.
the few cars that are really well priced seem to be young guys/starving actors/waiters who are trying to bail and really couldn't affford them in the 1st place.
