What's with car sellers?

I started a thread last week on CMS website about a guy that wanted $2200 for a very rusted Spitfire Mk II and got some interesting info.
Yesterday someone was selling a '99 Miata (basically the same as mine) but w/ only 25,000 miles for $11,000. I checked KBB twice and a excellent example goes for $ 8200 +/-. West Texas is not really sports car country but what is with car sellers? Can you even deal w/ sellers like that 'cause when you offer what YOU think the car is worth they think you are the a**hole and are lowballing them. Is this a west Texas thing or does it happen in other parts of the country?

I think the new economy has people needing to cash in some "assets." As always, many people think these items are worth more than they really are. The hightened desperation has the sellers hoping for a big pay-off. The best thing you can have is time.

Personally, I am watching a Miata that was listed for $3k last month and will take $1.8k now.

I too know of a '94 MR2 that started at $6k and now is advertised at $3.7K or best offer. This took about 1.5 months

yes.. I am watching a trashed 86 944.. seller wants 3k.. but it's interior is torn up, two tyres are flat, and the front airdamn is bent.. when he finally realises that nobody is going to pay more than a grand.. I will swoop in and take it

I saw a 944 the other day for $500, though I think it was missing part of the motor. the rest of the car looked good in pics.
Back on topic.
it is happening all across the country. Part of the issue is the economy, the other part is people stalking online sales for a good deal and then swooping in on it with minutes, yes literally minutes. the van I bought in june for $300 had 2 people there within 30 minutes (me and 1 other person). she was still fielding phone calls for it then. I was lucky that I was only a few minutes away from it. in january I bought another van that was further out, I only got it because I replied first (within 1.5 hrs) he held it until I got out there.
you can always make lowball offers from the outset and say the offer will stand when they are ready, it hasn't worked for me yet.

In the case of the OP's Miata, time will sort that out.

The KBB listing of $8200 seems decent for a 10 y/o car.

The only reason I could see them commanding an exofbitant price on it is if the thing is 100% flawless and has been garaged since day one. Pro-detailed as well.

Even then, tough sell in this economy.

When you see it still listed in 2 or 3 more months, you'll be able to talk them down a bit easier.

Here in west Texas w/ the price of oil going down the economy is slowing down a bit. But when friends from other parts of the country come to visit they are surprised how well our is doing compared to where they are living. I think that has a lot to do with it but I've seen this unrealistic viewpoint on prices for vehicles, rental on possible auto-x sites, etc for years. I think the other reason is the small town attitude around here. Y'all in/near larger metro areas really have a advantage when it comes to working out prices.

mad_machine wrote: yes.. I am watching a trashed 86 944.. seller wants 3k.. but it's interior is torn up, two tyres are flat, and the front airdamn is bent.. when he finally realises that nobody is going to pay more than a grand.. I will swoop in and take it

3K? That's crazy. There's one on Atlanta c/l right now that runs for $2200.

http://atlanta.craigslist.org/cto/1054243727.html

You can pick up an M Roadster with the same number of miles for 11,000. No way I'd pay that for a Miata.

My Z3 is going for more than I thought it would on eBay right now. I just let the actual market decide what it is worth.

I think if you are going to sell a car, ask a tiny bit more than you think it'll go for (maybe a few percent) and allow that to be your haggle room. People like to think they are getting a better deal on a car (even if they're still paying KBB value). Either do that, or throw the thing on eBay and let the market decide what it's worth.

Perhaps that's what people are doing now: they're trying to leave some room to barter, but they're asking so much that they look like fools to everyone who might buy from them. As a buyer, don't lowball (you will look the same way to them), but tell them what you'd pay for the vehicle and see if they sell. If you're not willing to pay somewhere around what the vehicle is actually worth, don't bother with it. (It doesn't hurt to try though.)

friedgreencorrado wrote:

mad_machine wrote: yes.. I am watching a trashed 86 944.. seller wants 3k.. but it's interior is torn up, two tyres are flat, and the front airdamn is bent.. when he finally realises that nobody is going to pay more than a grand.. I will swoop in and take it

3K? That's crazy. There's one on Atlanta c/l right now that runs for $2200. http://atlanta.craigslist.org/cto/1054243727.html

Yes... the body is pretty straight.. but covered in band stickers from the kid who owned it... I hav plans for a VQ swap in place of the distressed and probably dead porsche engine

internetautomart wrote: I only got it because I replied first (within 1.5 hrs) he held it until I got out there.

If I'm interested in the car, thinking that there is a 20% chance or better that it will be mine (O.K., dads), I ALWAYS make sure to ask for first right of refusal.

Yea, most good deals you have to be ready to be there the very first minute the seller is willing to show the car, or if it sounds like they arent going to be nice about it, just forget it. IMo, if someone is coming to look at a car you are selling, you dont tell 10 other people to come look at it at the same time.

Travis_K wrote: IMo, if someone is coming to look at a car you are selling, you dont tell 10 other people to come look at it at the same time.

Heck, that's a GREAT way to sell a car. If you've actually got that much interest...just be up front with folks and say it may be gone by the time they get there (because you've got other folks on the way).

On topic more: There's a lady locally with a very rusty old notchback celica (rear drive). Back in the fall she wanted too much for it and when I offered $100, she told me the junkyard would give her $125. I said I'd match that if she was willing to sell it to me for that. Apparently not. Well, now scrap prices have gone down but she's convinced the junkyard will still give her $125 for it (and the same for 3 other cars she has). I told her my offer stands...if it comes down to it, for whatever reason, and she's willing to accept my offer, just contact me. My friend is willing to give her more, so I'll probably just tell him to go get it ;).

Clem

prima wrote: Yesterday someone was selling a '99 Miata (basically the same as mine) but w/ only 25,000 miles for $11,000. I checked KBB twice and a excellent example goes for $ 8200 +/-. West Texas is not really sports car country...

The price will come down when the car buying public greets this offer with deafening silence.

KBB has no regional component so the real value of that car in your area is probably about 500 to a grand less.

Use the "appraise a car" feature at edmunds.com. Fill out all the info you know. They'll compensate for your region. After that, check into what similar Miatas are selling for by calling people with cars for sale a week or two after their ads first ran. Ask them if the car is still up for grabs. If the car sold, how much did they get? If they don't mind telling you, subtract about 300-400 bucks from what they say. People inflate the true sale price so they look like hardline savvy bargainers.

mad_machine wrote:

friedgreencorrado wrote:

mad_machine wrote: yes.. I am watching a trashed 86 944.. seller wants 3k.. but it's interior is torn up, two tyres are flat, and the front airdamn is bent.. when he finally realises that nobody is going to pay more than a grand.. I will swoop in and take it

3K? That's crazy. There's one on Atlanta c/l right now that runs for $2200. http://atlanta.craigslist.org/cto/1054243727.html

Yes... the body is pretty straight.. but covered in band stickers from the kid who owned it... I hav plans for a VQ swap in place of the distressed and probably dead porsche engine

Now that would be something to see! Do you know anyone else who's done it? (I've seen a couple in S-13s.)