Price check

[RSTarga]

85? lol

Good one!

On a regular basis I have customers drag in 2.2 and 2.4 chit boxes that they paid $45-50k for. They leak oil, crunch gears, have poorly redone interiors, and they're on their second or third bad paint job. These people pay me to correct the mechanicals and some of the cosmetics and end up spending 20-25k just to make a safe, enjoyable but mediocre car.

To think a fully restored matching number, 3 owner 2.2 T coupe with fac sport seats and a warranty is valued at 85 is a complete joke.

They are called optimists!

[NickP]

Frank

Just as a data point, for what it’s worth I know of a 71T that just sold for $71,000. It was a base T, and I mean base; steelies and a radio. That’s about it. However, it was original signal yellow paint and interior. I’d rate the exterior and interior at 8 outta 10. Mechanically, it has needs; $30k+ to get everything sorted so there’s your $100,000 T. I know, apples & oranges as this car has original paint in a great color but just for reference.

Good luck with your sale, someone’s going to get a great car.

Nick

[patrick911]

8(...) I have customers drag in 2.2 and 2.4 chit boxes that they paid $45-50k for. They (..) end up spending 20-25k just to make a safe, enjoyable but mediocre car. (...)

Do the people that bought those mediocre cars suddenly think it is worth the full $70K after all the work is done?
Because although it may feel like it to them, the market dictates what category and price it falls in.
My point: the higher end quality cars will always struggle because people have a fixed idea what a car should cost. You're looking for that one buyer that wants the best and is willing to see that going for mediocre will likely be the more expensive option in the end.

Good luck with the sale Frank

[NZVW]

You're looking for that one buyer that wants the best and is willing to see that going for mediocre will likely be the more expensive option in the end.

I do agree.

There is also the very true brutal reality that there are a huge amount of "flippers" who want to purchase at wholesale haha way below wholesale for obvious future purposes.

The buyer who wants the 'F.n. Best' (( excuse the pun )) is usually one who is wanting a reliable, safe and good car that they have been looking for for a reasonable period of time. A car that is able to provide a fair and reasonable level enjoyment and pride of ownership that these long hoods originally ( and still do ) provide.

It is a delicate and fine line in regards to pricing what we own in placing a sale value on a possession that as owners we had previously done our FnBest to purchase in the first place.

The other determining sale value of anything is ,,, how desperate are we to sell ,,, this opens up a completely different can of worms.. Non metal..

All I know is that it took me friggin ages to find mine,, colour, year, type and quality,, Sale price I would want for it...

Check out the SERIOUSLY thread.

[Frank Beck]

Do the people that bought those mediocre cars suddenly think it is worth the full $70K after all the work is done?
Because although it may feel like it to them, the market dictates what category and price it falls in.
My point: the higher end quality cars will always struggle because people have a fixed idea what a car should cost. You're looking for that one buyer that wants the best and is willing to see that going for mediocre will likely be the more expensive option in the end.

Yep ↑↑↑

Hard to say exactly what motivates this behavior but here's my scientific analysis after studying these creatures out in the wild:

20%- Intrinsically cheap. They don't understand "value". (Their grandfather taught them as a kid that it is perfectly acceptable to paint a car with a spray can.)
20%- Delusion. They actually believe that they're "handy" and can do much of the work themselves because they study youtube videos and read forums.
30%- Smartest ones in the room. They woke up one morning with this absolutely brilliant plan that they were going to outsmart all of the suckers who overpaid for a restored or low mileage original car.
50%- Bad judge of character. (This is the one I love the most!) They "talked" their wife into letting them "invest" in a toy. "Hey Sugar Dumplin, let's buy a Porsche 911 cheap, fix it up, drive it, enjoy it, make new/exciting friends, and watch the value triple in 8 years!" What could possibly go wrong? Whatever they "saved" on a car is spent on marriage counseling later on because the wife is PISSED that this scheme backfired and was nothing more than a garden variety scam.


BTW: These conclusions were reached not by "guessing" but from me asking my customers why they did such a dumbas thing.

[michaelaiellosr]

Just an amateur chiming in here Frank, but your analysis seems a little one sided, maybe biased because you are in the business. There are some who may posess the facility (space, time,energy, limited skills) that buy " cheap" , farm out what they can't handle, DIY the balance and in the end stay above water. Conclusions reached by not guessing, as somebody once wrote

[Frank Beck]

Just an amateur chiming in here Frank, but your analysis seems a little one sided, maybe biased because you are in the business. There are some who may posess the facility (space, time,energy, limited skills) that buy " cheap" , farm out what they can't handle, DIY the balance and in the end stay above water. Conclusions reached by not guessing, as somebody once wrote

Just as a climate scientist's "findings" are based on his, her, or "it's" sphere of knowledge, experience, and bias, so are mine.

Our company deals primarily with retail customers. The DYI'ers and amateur restorer's we turn away before they even make it through the door. As much as I still enjoy this biz the purpose is to turn a profit. If a customer can get what they want and it fits our business model, both parties win.


So yes, I'm biased. But so are you. And every other homo sapien that walks the earth.

[Frank Beck]

Darn.

I was really hoping to get some hate mail. lol

When one talks about "amateur restoration", especially assembly and fitting, it often comes down to patience. There is no doubt in my mind that many in this community have the time and patience to excel in niche areas of the craft.

My hat is off to all of you who take the time to do things right.

[Simonjjb]

Just an amateur chiming in here Frank, but your analysis seems a little one sided, maybe biased because you are in the business. There are some who may posess the facility (space, time,energy, limited skills) that buy " cheap" , farm out what they can't handle, DIY the balance and in the end stay above water. Conclusions reached by not guessing, as somebody once wrote

Fully agree Michael. Some of us, perhaps many, just enjoy the hobby and are just fine if it takes a while to restore. In many respects, turning a profit isn’t even in the equation.

[Frank Beck]

The question was basically "Why do guys pay 40-50k for mediocre cars that need a ton of money spent on them only to still end up with a mediocre car?"


"Taking a while to restore" doesn't even enter the picture with these types of buyers.