1980 SC $20,000 NW DC: seller flip flop

[plaidseats]

First, a note of thanks to Uncle Enzo for posting my CL ad as an "unaffiliated" last week. It helped enormously. Calls and emails from across the country and several from Germany and France.

Without going into any detail, I have a buyer in Germany. We were trying to select a PPI mechanic and having some difficulty. He (against his better judgment) offered to skip the PPI and lowered his offer a reasonable amount below asking.

Here's where I need some help. At a lower sales price, I'm helplessly on the fence about selling the car. Hell, I'm on the fence about selling it at $20K. The response was overwhelming. I've disclosed everything about the car that a buyer needs to know, including newly discovered evidence of accident repair (thanks to my first potential buyer, and I do mean thanks. Important for me to know).

Some buyers decide to keep looking when they see the list of issues to be addressed. Many, though, are not spooked. Everything is relatively minor, nothing that wouldn't take a small amount of effort for an experienced DIYer.

Here's my question. How many of you get cold feet when you start to get close to a sale of your car? How do you deal with it? The market is so weird right now, with things that were easily attainable for regular guys like me shooting out of range fast. You end up thinking there's no way you'll ever be able to get back into one.

Advice or commiseration welcome. PS, I sold an ice green 1977 930 with plaid seats, 70K and original Blaupunkt radio-cassette-recorder back in 2007 for $27.5K, at a loss from what I paid for it! Talk about seller's remorse. I know we all have stories like that.

[Matt Monson]

First off I wouldn't let the overseas buyer knock your price based on a PPI he has decided to skip. That's rubbish. If he wants to gamble he doesn't get to hedge with a discount. You have zero obligation to give him a PPI. A PPI is a buyer's financial obligation and personal insurance policy. You are just being a nice guy and good seller by letting him get one.

So, what do you do? Hold your price and start returning calls from other people. Either Germany ****s or gets off the pot.

As for cold feet? Yeah, it has happened to me. When I loaded my rhd '65 912 onto a trailer to the UK I knew I would very likely never own that rare of a car again. But I also knew the buyer was going to return it to the glory it had when it was new. I try to sell my cars like tearing off a band aid. I just do it quickly, don't jerk around a lot, sometimes leave a little money on the table in the process, and get on with my life.

[COLB]

I'm with Matt.

Cold feet is OK, and almost expected with a car like this. The limit of ethical cold feet is the terms of your deal. If you agree on $20k you can't ethically back out of the deal at that price due to cold feet.

But if the buyer wants to get dodgy, you have the leverage -- and should exercise it -- especially if you are somewhat indifferent about selling it.

You are being more than reasonable. Unless you are under pressure and need the money, stand your ground. Give him an ultimatum and start taking backups if there is still interest out there.

[wgwollet]

Just hold your ground, what's the hurry? Did you loose your storage, move, need money? Listen $20,000 is no money today for these cars. I do not want to boo boo 20k, but gee, your in the ballpark. I hate PPI's, I never do them because I know more then the PPI guy, but like Matt saids it's not your worry, the buyer pays for it. The 930 is just a car we all sold cheap...so what...heck I could have bought a 1973 911S for $29,000 just 2 years ago, now sold for $180,000. How do you like those apples?
I did not study your car...but I had 3 PPI done on three different cars by the buyers and all 3 cars never sold. Because the list was long, so what...it's a 40 year old car not a new Honda.

[Matt Monson]

My old boss was offered a 904 for $4,000 in 1968. He bought his house for the same price, instead because his wife was pregnant. Today his house and property is worth close to $2 million. What's the 904 worth today?
Who cares? You can't live in and grow old in your car.

[MMiller]

Originally Posted by plaidseats

The market is so weird right now, with things that were easily attainable for regular guys like me shooting out of range fast. You end up thinking there's no way you'll ever be able to get back into on.

If you are on the fence about selling then don't. Good cars are going to be very hard to buy and expensive for us regular folks with regular bank accounts.

With the experience I just had with selling my 88 coupe and having the chance to talk to all the potential buyers that wanted the car....listening to there stories of trying to buy a good car not to speak of the prices they are bringing currently. It's just really hard right now for buyers....so if you have one and want one....you better hang on to it. YMMV

Regards,

[whiterabbit]

Don't sell period unless you want to buy back for a lot more in a few years. 20k will seem a give away in a few years.

[black_falcon]

Originally Posted by whiterabbit

Don't sell period unless you want to buy back for a lot more in a few years. 20k will seem a give away in a few years.

^^ This ^^

It's almost a giveaway right now. Plus you'll be keeping another 911 stateside.

[NYNick]

Matt is right. You owe that buyer nothing because he doesn't want to get a PPI. Hold firm. If he wants the car, he'll step up. If not, there's always another buyer down the road.

[Photon]

On the issue of cold feet, if your concern is that air-cooled 911s will soon/eventually move out of reach, don't sell.

If you're committed to selling now due to personal circumstances, hold fast on your price, which strikes me (and lots of other people, based on the response you've received) as very reasonable, maybe even a bit low. A PPI is a buyer's risk mitigation tool and often a basis for negotiating a lower price based on specific results that would indicate a deduction from apparent value. If a buyer wants to forego a PPI, he/she assumes the risk of undisclosed or unknown issues not apparent from the available information. But to skip the PPI and use that as a basis for reducing the price to mitigate his risk is asking a lot in this market. You're the one holding the cards here -- you havea nice car that lots of people want. Not to be too crude here, but don't let this buyer bend you over.

[LEAKYSEALS951]

Don't cave. Unless you are strapped for cash hold tight. I was looking at your pics and although I wished you had of removed the windows while painting, it is still a beautiful car. I live down near charlottesville and considered taking a look at it. You are going to regret selling it ten years from now!

[Patrick3000]

Originally Posted by whiterabbit

Don't sell period unless you want to buy back for a lot more in a few years. 20k will seem a give away in a few years.

It's YOUR car so what YOU want! I happen to agree with whiterabbit.

[pors1968]

hold your price at 20k if not him it will be somebody else .Nice color SC coupe 20k .

[Uncle Enzo]

I say keep her!

[dawendy01]

If you are starting to get cold feet then you should truly think about whether or not you want to sell it.

Last week I started to get cold feet with the sale of my '74 modded 914 after the deal was negotiated and I was on my way back home from college to take payment... At that point it was too late and thinking about keeping it was going to be more of a negative thing for me. I just told myself its a bunch of plastic and metal and if I ever decide I want to get the car back, then I can always find one similar if not the same car when it comes up for sale.

All that being said, I am headed up to Hershey this year and have been in contact with you about your... The plan is to find a really nice 911 that I will enjoy

[plaidseats]

Well, my slow and patient seller strategy worked. I have a very happy buyer, no PPI, no weird shipping agent, and not even any money changing hands.

I bought it, thanks to all of your input and encouragement. I'm a great buyer, very nice guy, with lots of really interesting car stories (smirks).

I pulled the ad from Craigslist after a bit less than a week, with upwards of 40 interested parties. The way I work, I take inquiries in sequence and work with the first buyer who expresses an intent to purchase the car until it's a closed deal or until the deal falls apart. Meanwhile, I contact other interested parties to let them know a sale is pending and I'll contact them if it falls through. I contacted most of my initial list of buyers after the deal with the German buyer fell through, and fielded inquiries from a number of additional highly interested parties.

I heard a lot of great stories (ex: CL ad at a boffo price with calls unanswered, only to see a new ad with a significantly higher price a couple days later). Many buyers have sold their Porsche only to deeply regret it later. I love how some people call my car a "she" while others rather impersonally refer to it simply as "the car." Personally, I think it's a boy. We can start a whole new thread about that.

I appear to have priced it about right. Even in the face of overwhelming interest in the car, I refuse to yank my ad and repost it at a higher price, and I refuse to pit buyers against each other ("I got a guy who's willing to give me my ask. You want to beat him?") For every buyer who was keenly interested in the car but who declined, there was a good reason. Some wanted a rougher car to backdate or hotrod, or a better documented car. Others were thankful for my full disclosure of issues that need to be addressed, and passed on it respectfully because they're not big DIYers. It's been a real pleasure talking to so many people about their past and current cars, and about their interests.

I told "me, my buyer and I" that he could return the car to me no questions asked if he didn't want to keep it, and I would put it right back up on the market. So stay tuned. I'm still entertaining offers of $20,000. PPIs are welcome. Just be prepared for a LIST.

PS, I love my SC and I love Pelican. You guys are just great.

[Matt Monson]

We approve...
http://m.youtube.com/watch?v=E3kgjzUsDeg&feature=kp

[plaidseats]

OMG Matt Monson, you are my new hero. We are probably of just about exactly the same age. You are f***ing funny. de la soul #FTW

[Matt Monson]

First thought when you mentioned yourself and your two friends.
DeLa will forever be on my top ten band list.

[PushingMyLuck]

How did you arrive at the price of $20k?
It seems mint. How many miles?
I've seen worse cars go for $20k.

If you sell, at least get top dollar.
This is an out of control market that will eventually correct.
No need to leave money on the table today, however.