Seller lost $38K in less than a year.
Total loss with BaT fees and CA Taxes, over $54,000 loss in a year .
Plus the cost of a "suspension adjustment, installation of chrome 15″ wheels, and replacement of the battery."
https://bringatrailer.com/listing/1966-ford-bronco-120/
Am curious, if it was worth it?
yikes, i looked at that auction this morning when it was at 60k and thought prices hadn't come down, apparently i missed the bubble
There's a sucker for every seat but there may not be two of them.
Will BAT shy away from selling the same car with 1-4 years to prevent future bad publicity? I'm not saying that BAT have ever done anything wrong, but the site has a reputation for top cars getting top top money. A few big drops could give the impression that it's not a good buy sell venue and scare people off, even if the truth is just a combination of market adjustment and possibly previous bidding war etc.
In reply to Adrian_Thompson (Forum Supporter) :
A few years ago I contacted them to sell a car I had bought through the site after a few months. They told me to wait until I had it for over a year. I listed it after a year with them and it sold.
It probably its on a case by case basis.
And driving it is a loose term. 590 miles in 9 months. Another bubble out there that is popping.
bmw88rider said:And driving it is a loose term. 590 miles in 9 months. Another bubble out there that is popping.
$92/mile
He didn't lose $38K in a year. He lost the minute he overpaid to own it in the first place.
It's crazy to think about paying $75k for that truck, much less $113k!
dyintorace said:It's crazy to think about paying $75k for that truck, much less $113k!
Yeah. You posted that in the other 4 post lift thread. hehe.
I dumped mine for 125K to a "weed grower" in SC. He sold all his cannabis business on west coast and bought huge property in SC. Under 40 with weed money = buying everything he wants. God I am so glad mine is gone.
I have a good friend in Denver who has become good friends with a guy who was in the cannabis business. He too liquidated everything and started buying *REALLY* expensive cars!
Toyman! said:There's a sucker for every seat but there may not be two of them.
Market has been correcting for a while now. Blue chip stuff still sells and the bottom end sells but the stuff in the middle is getting murdered. Truck market is up a bit depending on the year, hot rods are down so much it hurts me not to buy some of them if I had the space.
Some of these were bought on multi year adjustable rate loans or have massive ballon payments as well. People thought they could drive for free or make some cash even in the middle or the road restored cars and got their teeth kicked in. Some of the % rates on loans I was seeing with ballons and small loan origination fees were nuts.
dyintorace said:I have a good friend in Denver who has become good friends with a guy who was in the cannabis business. He too liquidated everything and started buying *REALLY* expensive cars!
maybe its the same person!!
mr2s2000elise said:dyintorace said:I dumped mine for 125K to a "weed grower" in SC. He sold all his cannabis business on west coast and bought huge property in SC. Under 40 with weed money = buying everything he wants. God I am so glad mine is gone.
I don't think you can grow "weed" in SC even to sell out of the state. We can grow hemp, but the regulators are still A-holes.
So glad prices are coming down for stupid E36 M3. Means the E36 M3boxes I want to own will start dropping as well.
wearymicrobe said:Toyman! said:There's a sucker for every seat but there may not be two of them.
Market has been correcting for a while now. Blue chip stuff still sells and the bottom end sells but the stuff in the middle is getting murdered. Truck market is up a bit depending on the year, hot rods are down so much it hurts me not to buy some of them if I had the space.
Some of these were bought on multi year adjustable rate loans or have massive ballon payments as well. People thought they could drive for free or make some cash even in the middle or the road restored cars and got their teeth kicked in. Some of the % rates on loans I was seeing with ballons and small loan origination fees were nuts.
Some people are stupid.
Streetwiseguy said:Some people are stupid.
Without them - rest of us couldn't make money as easily. They are a necessity for society...
I bet the seller needed some Peparation H on a certain area of his body after that. Does BAT have a reserve option for auctions?
bmw88rider said:And driving it is a loose term. 590 miles in 9 months. Another bubble out there that is popping.
I imagine some of that is them figuring out that old broncos ride like garbage and aren't much fun to drive on the road.
In reply to mr2s2000elise :
You're right. They subsidize those of us that are more... careful with our resources.
This is the age old question of buying something due to the speculation of it increasing in value. Stocks, bonds, art, property, cars, etc.
Sometimes you get is really wrong.
And it goes to show you that unless you can eat the losses, then you can't afford to buy in.
And it's funny to label someone as a moron or stupid in hindsight. Just like we label someone a genius when they make a mint on something that wasn't expected to rise in value massively. It's just the market and where people want to put their money- sometimes it works out, sometimes it doesn't.
On the other hand, if you buy something for personal value- art, property, cars, etc- and there's no real intention to part with said something, then this whole line of argument is moot. It's funny how many times I've had arguments with people who are angry or disappointed that they learn the value of what they have has not gone up fast enough or gone down- when the reality is they have no intention to part with said something... The fluctuations of the market are meaningless, and the purchase price is 100% to the value to you, personally.
In reply to alfadriver :
Yes but there are good decisions and bad, and this one, even without the benefit of hindsight, was clearly a bad decision.
And it happens every single time we have an overheated economy.
wearymicrobe said:
Some of these were bought on multi year adjustable rate loans or have massive ballon payments as well. People thought they could drive for free or make some cash even in the middle or the road restored cars and got their teeth kicked in. Some of the % rates on loans I was seeing with ballons and small loan origination fees were nuts.
TIL that there are balloon mortgages for cars. And that the same kind of idiots that went for balloon mortgages apparently raised an even dumber generation of people who are willing to go for balloon auto loans.
Strizzo said:bmw88rider said:And driving it is a loose term. 590 miles in 9 months. Another bubble out there that is popping.
I imagine some of that is them figuring out that old broncos ride like garbage and aren't much fun to drive on the road.
I was thinking "I can't imagine paying that much to drive something that wasn't renowned for it's great driving experience when new, and certainly has not gotten better with age."
Peabody said:In reply to alfadriver :
Yes but there are good decisions and bad, and this one, even without the benefit of hindsight, was clearly a bad decision.
And it happens every single time we have an overheated economy.
Only when you can actually see when the economy is that overheated. Which can only happen after it's passed.
If it were *that* obvious, then the overheating would never happen. The fact that it does, and it keeps repeating itself is a pretty clear indicator that it's not obvious until it happens.
Unless it just feels good to label someone who is considerably richer than most people dumb. That is what is going on here, after all. And for them, it's probably not as nearly as "dumb" as it would be for an average person. The reality here is that this person is smart enough to be ABLE to blow that much money in a year and not be a big deal. But we want to call them dumb for doing the transaction.
Why aren't people here able to be so much smarter than this guy to have so much money that they can blow that much money in a year? That's a good question, too. Where are the people to see the overheated economy and sell their stuff at the peak and buy it back at the bottom? If you didn't sell at the top and buy at the bottom, you lost this money, too.
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