RoW 1981 Porsche 911 Turbo Current Bid: $28,250 Ends In: 10:20:38

[Bucketlist]

RoW 1981 Porsche 911 Turbo on BAT
Current Bid: $28,250 Ends In: 10:20:38
Really?
I hope they set a good reserve......

[JMS935]

They don’t set the reserve, BaT does, you can only choose to accept it or not. I’m sure the reserve is safe at the current level.

[Matt Monson]

8 hours is a lot of time. And as was mentioned, I bet the reserve isn't crazy low.

[specialtyoneinc]

Reserve is probably around $60k or so. Of course 930XXXXX is all over the comment section hyping it up

[specialtyoneinc]

Sold for $75k. Not to shabby.

https://bringatrailer.com/listing/1981-porsche-911-turbo-5/

[JMS935]

This car just brought WAY more than it’s worth. BaT sh|t crazy strikes again!

[hda]

Originally Posted by JMS935

This car just brought WAY more than it’s worth. BaT sh|t crazy strikes again!

Exactly my thought !

[JMS935]

Originally Posted by hda

Exactly my thought !

There is such mass stupidity in this buyer’s pool on BaT that it is utterly shocking. You can literally see the herd mentality kick in, where there’s enough bidders in the mix that it gives the other bidders reinforcement that it must be worth it, so they just keep bidding it up. It feeds on itself. It’s the blind leading the blind version of buying a car online. They take their blinders off when the car arrives on the transport truck, and most of the time that’s probably when the buyer’s remorse kicks in, and then they realize how much they overpaid for it in the heat of the moment with the 2 minute clocking ticking down.

What a great venue to sell a car!

[Matt Monson]

That’s ludicrous. I figured it would get to $55k. Those people are crazy.

[hda]

Originally Posted by Matt Monson

That’s ludicrous. I figured it would get to $55k. Those people are crazy.

I also thought 55k was “fair” although not for me.
There is a better grey one on eBay for 65ish and this damaged, half ass repaired crooked thing gets 75?!?
Don’t BaT bidders have friends that try to stop them?!?!

Crazy

[E911]

+ $25K for adding Tartan... you haven't been paying attention

[JMS935]

Originally Posted by hda

I also thought 55k was “fair” although not for me.
There is a better grey one on eBay for 65ish and this damaged, half ass repaired crooked thing gets 75?!?
Don’t BaT bidders have friends that try to stop them?!?!

Crazy

I saw that one too, and was wondering why it’s just sitting there with all of these schmucks on BaT all fighting over the same turd. The color combo on it is stunning, it’s in far better shape, it actually has its original Fuchs, and it can be bought for less money. The eBay car is a 20k premium to the BaT car, and it’ll sell tomorrow for less money. Yet if you pointed it out to all of the bozos that lost out today, they still wouldn’t touch it because it’s not for sale on BaT. Ignorance personified...

[Bucketlist]

Originally Posted by specialtyoneinc

Sold for $75k. Not to shabby.

https://bringatrailer.com/listing/1981-porsche-911-turbo-5/

This one went from small money to big money in a hurry, lots of bidders.
This helps to renew my faith in the market.

[1979-930]

I wouldn’t say the market has changed because of this sale.
I will say that someone is going to have buyers remorse.
$75k for a wrecked and incompletely repaired car. 51k miles is irrelevant after a wreck.
Some BAT buyers seem to have no idea what makes a car valuable.
IMO They see a good car get auctioned for $200k and figure any car on BAT must be a collectible car.


Sent from my iPhone using Tapatalk

[JMS935]

Yep. The only faith that auction proves is that there are fools with too much money. You could after all try to take advantage of that when you want to sell, but you’ll still have quite a bit of risk on BaT, because the reserve will be set realistically. I doubt the reserve on that 930 was anything over 60k. The seller got super lucky.

I closed on a 930 last year the very same day another 930 was ending on BaT. What I bought was/is probably worth at minimum 50k more, and I paid about 15k less. The BaT auction ending on the same day made my purchase look like a foreclosure get me the f..k out fire sale, that’s how distorted some of those auctions get with so many people interested in the same car, and with a clock ticking down to zero. That’s definitely not the best way to buy a car. It could be the worst.

[specialtyoneinc]

The Martini Magic strikes again...



https://bringatrailer.com/listing/1990-porsche-911-carrera-15/

[Bucketlist]

I should have said.... This helps to renew my faith in "BAT" instead of "the market."
Bat is what it is...... a sellers market. Most any (decent) 930 will bid to around $80k. This one got my attention with the seemingly low bid on the last day, but made up for it in the end. As long as this price trend continues there is hope of a good sale when I am ready.

[Vaive]

Originally Posted by 1979-930

I wouldn’t say the market has changed because of this sale.
I will say that someone is going to have buyers remorse.
$75k for a wrecked and incompletely repaired car. 51k miles is irrelevant after a wreck.
Some BAT buyers seem to have no idea what makes a car valuable.
IMO They see a good car get auctioned for $200k and figure any car on BAT must be a collectible car.


Sent from my iPhone using Tapatalk

It's like any auction. The thing you're bidding on becomes irrelevant and it's just about winning the auction game. Always remember, when you "win" an auction, it just means everyone else in the room thought it was a bad deal. It's like the proverbial sucker at the poker table, if you don't know who its, it's you.

[Matt Monson]

Originally Posted by Vaive

It's like any auction. The thing you're bidding on becomes irrelevant and it's just about winning the auction game. Always remember, when you "win" an auction, it just means everyone else in the room thought it was a bad deal. It's like the proverbial sucker at the poker table, if you don't know who its, it's you.

That's the most ridiculous thing posted in this forum in a long time.

[Vaive]

Originally Posted by Matt Monson

That's the most ridiculous thing posted in this forum in a long time.

Sure.

https://mindhacks.com/2012/09/19/bbc-column-auction-psychology/

According to researches in behavioral economics, psychological bias called “endowment effect” gives rise to the common overbidding behavior in the ascending auction. It stimulates the bidders to desire for the sale item badly, even with higher bids, by encouraging them to fantasize about possessing the item by bidding. This allows participants to compete against one another to own the spotlighted item, while making irrationally driven decisions for overbidding.

https://www.sciencedirect.com/science/article/pii/S0749597804000925

In Study 1, live and Internet bidding and survey data from 21 auctions throughout North America tested the model’s predictions, as well as hypotheses derived from rational choice and escalation of commitment models. Analyses provided considerable support for the competitive arousal and escalation models, and no support for rational choice predictions. Study 2 was a laboratory experiment that investigated the similarities and differences between escalation and competitive arousal, finding again that both can result in overbidding. The discussion focuses on the implications of these findings and on the broader issue of competitive arousal and escalation and their impact on decision-making.