RANT: Why does every guy think that POS sitting in the drive way is worth.....
 

Why does every guy think that POS sitting in the drive way is worth top of the market money?

I put an offer in to a neighbor for a '70 Karmann Ghia Coupe that's been sitting there at least 7 years, likely more than 12. Admittedly, it was low end offer, but reasonable. The car is beat, it's been sitting out for years. Paint is hosed, interior is dry/cracking and will need replacing. Brakes, engine, trans, the works. Everything will need to be touched. Pretty sure that its not the original motor. I wasn't able to see the pans, but I am betting there's rust there too.

Guy leaves me a message the other day, saying that he's pretty sure his Ghia is worth $15k. :eek: Yeah, maybe after you put $25k into it, it'll be worth $15k.

Is it Barrett-Jackson or what? Why does this happen??

Further, he says he's gonna take a few months then get started on it.

I will bet dollars to donuts it's still sitting there in two years time. Un-touched.

WTF?!?!

/Rant off

ever since barrett Jackson every person thinks their 3K pile is worth six figures- makes me sick.

Kinda like the 944 that's been for sale for several years near here. Automatic 944 with a seized engine due to run with low oil.... Owner is convinced it is rare and worth $2400...

Some people have no sense of reality.

It may be well sorted. ;)

IT MAY be Theirs to ask what they want......Pay or shut up. simple

I wouldn't worry about it. People are generally stupid and that's confirmed every time I hear stories like this.

A long time ago I was a car sales man. A guy comes in with a 20 year old Ford sedan that he wanted to trade. It was horrible. Powdery white paint with a beige fabric interior that was sun burnt beyond belief. He had replaced the back seat with a gold velour one from another model. So it didn't match what was there :eek: He was convinced it added value to his car. He actually pointed to it and said what's that worth? Needless to say we couldn't come to an agreement on the value of his car so he left in a huff.

Meanwhile, How many unrestored POSs are sitting in someone's garage waiting for the ultimate restoration that will NEVER happen? :rolleyes:

I don't think it has anything to do with barrett jackson. People always think their stuff is worth more than market value and have for years - since long before bj was televised. And it goes beyond cars.

I think people remember the price of what they paid for it and have no concept of what market is. If its been there for years, they have likely stuck a number in their mind long ago....while the earth reclaims it. They likely don't have to dump it quick unless they NEED the money. Look at those fools on Pawn Stars. Want $10,000 but end up taking $1500.

It's always worth at least what they paid for it........plus whatever they had put into it.......

Don't know the market on Ghias but the early VW bus market (55-67) is blistering hot--comparable to long hoods and even 356's.

I took a quick glance at The Samba after reading your post and could find nothing being offered in the 15K range that was as you described. The Ghias that were in the five figures were all in decent or restored shape. Take a look yourself if you haven't already done so. Maybe show your neighbor and give him a dose of reality. We don't know what your offer was, but from your description the car is nowhere near 15K in the current market as evidenced by The Samba.

EBay, of course, is another story and a fools paradise.

It also has to do with the TV restoration shows where they take a turd and make it shiny new in 30 min and then sell it for 3X what they payed for the car. There never is any mention that 6 guys were working for 3 months on the car. Some people think that pile of rust they have is worth it's weight in gold. :)

I don't see too many deals that big at my shop but I'll admit to letting the wind out of a number of sails. I have a number of different Blue Books but after doing this (pawnbroker) for so long they're mostly for the customer's benefit. I've already figured what their 'widget' is worth. Selling used stuff is work.
Jim

And that's the problem. Reality bites when it comes time to sell or they hang onto it thinking someone down the line will restore or sell it on for a profit.

BTW, My SC is still valued at $35,000 by my insurance company. It's an agreed value that has nothing to do with the actual market value.

Perfect example. This has been for sale for a few years. Notice the tags....I bet it needs more than a fuel pump and alternator. It's a $500 car at this point.

1985.5 PORSCHE

And woe be a prospective buyer should the item in question have sentimental value.

(for instance, my roomate had an early 750-4 that he rode across the country while he was in the military. Needed a full restoration, from a total lack of maintenance. He still thought the thing was solid gold with titanium fittings)

maybe the guy just doesn't really want to sell it. he would for the right money ($15k), but doesn't really care what true market value is.

i had a friend who got married and his new wife made him sell a car. he really didn't want to part with it, so listed it on some obscure website for way more than it was worth. took her two years to catch on as to why he had trouble selling it.

Seems like I struck a chord with this topic.

There's also a huge difference between what people ask and what they actually sell it for.

Ebay has turned to ***** over the last several years. I don't even bother looking at it.

That's the beauty of the free market system, though. If someone is asking too much for something, you don't buy it. I frankly don't understand the frustration. The car sounds like it's no great score at all and if beat-up Karman Ghias are worth a lot less, you should be able to find plenty of them for less or a better one for the same, etc...

The market votes with its wallet. Who cares what Barrett Jackson or some other auction is doing. :cool:

I get it. I was just floored by his $15k claim. Driveable 'verts are less than that.