Another flip

EA911 · 10:14 PM

Posted on pelican and sold:
http://forums.pelicanparts.com/showthread.php?t=444693&highlight=barn

Now on ebay:

http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&_trksid=p3907.m29&_trkparms =algo%3DLVI%26its%3DI%26otn%3D2&item=200293594434& category=10156&viewitem=#ht_22252wt_1098

RacerX1166 · 01-01-2009, 12:29 PM

How did you miss out? Did you contact the seller to inquire about the purchase?

racer · 01-02-2009, 01:17 PM

Not sure what the issue is here.. Car was for sale... it was bought, and now the new owner is selling it. Seems like this is your 2nd chance to buy this car

aigel · aigel's Garage

LOL. Nice job on the ebay auction. Flipping cars looks easy, but it is a lot of work and can bear a big risk too, if you do not know what you are doing. I had a 71 Corvette Roadster that I sold to a flipper. He cleaned it up and put it in one of the "toy shops" and it sat there for over a year before it disappeared from the inventory. Not sure if the guy made any money on it.

George

gulf911 · 01-06-2009, 07:49 AM

yeah, my heart bleeds for the flippers...

What ever happened to someone buying the car who 'wants' the car ??

trader220 · 01-06-2009, 08:56 AM

Dealers have a big advantage since they're not paying sales tax to flip.

EA911 · 01-06-2009, 01:20 PM

Quote:

Originally Posted by gulf911

yeah, my heart bleeds for the flippers...

What ever happened to someone buying the car who 'wants' the car ??

I agree and that is where I'm frustrated because I want a pcar to enjoy.
I guess the 'for sale' section should be called the 'flipper/dealer' section since I suspect they make up the majority of viewers.

linklaw · 01-06-2009, 03:36 PM

The car sold on the ebay auction for $19600. If the dealer paid the po's asking price of $18,000, he made $1400 or so after ebay fees. Anyone on this board could have done the same thing. Last spring I posted my 87 Targa on the for sale section of the board and when I had no action, I listed it on ebay. It didn't sell on ebay, but I got several calls after the auction ended and sold the car to Victory. Victory ran the car on ebay no fewer than 10 times over the summer and the car did not sell. I don't know when they ended up selling it or what they got, but they sure didn't get rich off it, after clean up, advertising costs, etc. I wish they would have sold it quickly for a good profit as that is what keeps dealers in business, and buying cars off of owners who want to move them. I could have waited for the motivated new owner with money to make me an offer I would accept, but I think I would have waited an awfully long time.

Hesse James · 01-07-2009, 12:30 AM

Hello all,

I think if they really invested 18K$ and made profit of 1.4K$ that is no profit at all for a company. I think they must at least get a 25% on top.
But it would have been a good chance to buy in a second chance. So you benefit at least from a very good photo documentation of the car.

914agogo · 01-07-2009, 05:44 AM

ahem!....since when do dealers pay the asking price???

from the original sellers posting: "Price is negotiable - asking $18,000."

with the prospect of being paid on the spot, the seller might have dropped it up to $2K....
add to that the $1.4K minus his time and trouble, it wasnt a big score but in this economy a profit of $2K or more, in less than a month, with very little output, is decent cheese I would be happy to take no matter how nice or how much more it might be worth. was quite a nice car!

Jeff Winter · 01-07-2009, 08:23 AM

A part of something beats a part of nothing............ 8-)

EA911 · 01-07-2009, 09:46 AM

During my inquires to the original Pelican posting I never got a response until the car was sold. He said the buyer talked him down from the asking price and he paid cash on the spot so the car might have sold for 17K.

I understand that dealers need to make money. I'm just frustrated at the process of buying an early Porsche. Now I know why friends keep saying it will take a year or more to find the right car - it's more like luck will take time.

aigel · aigel's Garage

The "toy store" car dealer in my area will want to see at least 6-7k commission. So, if you want to get 15k for your car, they will have to sell it for 21k. It is more on the more expensive cars.

George

Hesse James · 01-07-2009, 04:08 PM

In that case I do not understand the seller of the car. Did he want to get rid of the car, or why didn't he waited for buyers paying him the asking price?
So he sold to a professional - he took out maybe 3K.
I can understand your frustration, but your car is standing around the corner - but you don't know yet. Don't put yourself under pressure - I had the same experience - a nice early 77 with rebuild 3.0 SC engine swap everything in very good shape. I wanted to buy but seller gave away to dealer. Two weeks later the same car (I think he paid around 9K) was in some online car sales for 17K EURO! Thats a 100% on top!
OK seller included shipping but thats 1.5K$.

Sometimes you lose, sometimes the others win!

atlair · 01-07-2009, 05:24 PM

I do not know what happened with this specific car. However, when I see flip cars, I have to wonder how many buyers got chased away with too high an asking price. Sellers sometimes have a bad habit of building in too much cushion, expecting to haggle. Buyers see the inflated asking price and simply do not call. Then, a local flip artist moves in for the kill. You have to blame buyers for not asking what they actually want for the car, playing games, and trying to get top dollar in a buyer market. I recently test drove a car the was priced right. They seller's phone was ringing off the hook, and he sold quickly. I must question how many people would not have called if the car had an extra $5K built into the asking price.

ArcticOne · 01-07-2009, 06:53 PM

I have zero problems with dealers or flippers, especially at car auctions as they are generally the ones who set the price.

As for the guy who wouldn't hold out for his asking price, that's his choice. On an $ 18000 car, selling for almost anywhere north of $ 15 000 in the short term can be highly attractive. Get the money in the pillow case and not in something that could get flattened by a Kenworth. Also selling to a dealer can be a quick and relatively painless transaction as they will take more of a risk. Individuals want to check this and check that, PPI it, test drive it and blah blah blah. I'd rather get the money now and get on with life.

My experiences have generally been the opposite in that the Seller refuses to budge and I laugh for months as his car or house since unsold and I've moved on to bigger and better things.

Just my 2 pesos worth.

jb

aigel · aigel's Garage

Quote:

Originally Posted by ArcticOne

I have zero problems with dealers or flippers, especially at car auctions as they are generally the ones who set the price.

As for the guy who wouldn't hold out for his asking price, that's his choice. On an $ 18000 car, selling for almost anywhere north of $ 15 000 in the short term can be highly attractive. Get the money in the pillow case and not in something that could get flattened by a Kenworth. Also selling to a dealer can be a quick and relatively painless transaction as they will take more of a risk. Individuals want to check this and check that, PPI it, test drive it and blah blah blah. I'd rather get the money now and get on with life.

jb

+1

This is exactly my experience. The "enthusiast" that buys the car to keep it will go over it with a fine tooth comb and will have to think about it, talk to his wife, get the cash togeter etc. before it can happen. A dealer or "flipper" will come with cash and will make up his mind on the spot.

I sold about half my cars (all "special interest") to people that likely resold. I preferred them over the average enthusiast who had to be pressured to make up their mind (by telling them others are waiting in line - which they usually did).

Anyway, as always there are two sides to the coin. In the end it is a free country, and you can not blame someone for buying and reselling things. You just need to be quicker than them.

George

EA911 · 01-08-2009, 11:06 AM

The search for an early Porsche has steered me to a different approach to finding a car. It's under the radar and requires a lot more work/time but it produces results. Just haven't found the right car yet

ibmiked · 01-08-2009, 03:04 PM

Hi EA911,

I've seen your posts here and on the Early 911S registry. Why not post the specifics of the car you're seeking? I'm sure a prospective seller reading this board might see your post and approach you directly knowing their car fits your criteria.

Also, I've posted quite a few cars I've come across on a thread for Bobby Smith who created the thread to let people know exactly what he wanted to buy. Why not try that? It seems to work.

Want To Buy thread: http://www.early911sregistry.org/forum/showthread.php?t=23759

Just my $0.02

-Mike

ArcticOne · 01-08-2009, 07:43 PM

EA

I know the frustration - 18 months on my hunt for the right 356 and I really don't have a dream car in mind!

Mike

For people like me its more that I know the right car when it comes along, so I continue the hunt. Missed out on a few possibilities, but I have to stay philosophical and say it wasn't right for me.

I'm also leery of posting wanted ads as I don't want to have my inbox filled with wrong sales. Wanting a 1963 356 results in way too many offers of 1980 Trans Ams for sale!!!

Am glad it has worked for you and your friends tho, its a definite positive to see good stories listed.

jb