308/328 Purchase Price vs Asking Price

I felt that I probably overpaid when I first purchased my car seven years ago. Looking at it now, it was a hell of a bargain!

 

I would say be less concerned with the price and more concerned with the condition.

If the car is in good condition, has all the stuff, and has a solid history, don't worry so much about nickel and dime-ing the price.

Back in 2006 I paid top dollar for my 328 GTB because it was lowish miles and good condition and it's what I wanted. You know what I paid for that car? $60,000. Seriously, that was probably the highest price on a listed 328. Big deal, I got the car I wanted.

Now, that doesn't mean you pay whatever the seller is asking. But if everything checks out, pay the price and you should be happy.

Do you have a car or two in mind?

-F

 

What is the condition of the car? Does it have everything (tools, spare, manuals, etc.)? What does the maintenance history look like? When was the last major? How old are the tires? Is everything more or less original? Does everything work? What is the mileage?

Answer those questions and then we can tell you what the price should be.

-F

 

I would say the same thing a different way; the condition of the cars greatly affects the value (see curves in Hagerty Valuation Tool) and "condition" is partially a subjective assessment.

Regarding whether offering $65k is appropriate on an asking price of $85k, it is an issue of context and negotiation style. Some people open with 50% and some people don't negotiate at all. Some sellers expect to negotiate; others don't. There can be no general rule.

 

If the condition of the car is exemplary (we can make a list, not that hard to do), and assuming the asking price is close to market correct ($70k-$85k or so) negotiating with a 50% opening is ****** move. I mean, I get we're dealing with car salesmen but c'mon.

Again, for the third time now, let's focus on the condition and service history and if everything is there with the car. Then we can move on to what a good price is.

-F

 

lets say 88 328 gts red on tan all tools,some records major service was 5 years ago and in nice overall shape with mid 30s miles whats a good price to be had?thanks

 

General price/purchase advice:

For "what is a particular car worth?" questions - you need to do your own pricing comps. Look at the Fchat classifieds, Craigslist, Ebay, Other Auction (final price, not asking), Hagerty, and any Google results you can find. Compare the various prices to determine what the current market is. If you don't have a decent idea of what the car is worth, you need to do more research. If you're not willing to put in the time for that research, don't go shopping. Only a fool spends 5-6 figures on an exotic car without personally knowing what it's basically worth.

As soon as I'd tell you Car X is worth $75K, someone else would post they bought a similar one last summer for $60K. Someone else will chime in that they saw one go for $140K at Barrett-Jackson in November. So it's sort of a useless exercise. Pull your own comps.

Some dealers ask extreme (delusional) prices compared to current market values. No idea why this is, really. You'll know it when you see it.

Toolkits/Books add some value, very little value, or no value - depending on the buyer. Repair needs are also buyer specific. For example, I don't care about an impending timing belt need - I can do that myself for parts cost. If you can't, then it's going to affect your offer.

Finally - when I bought my car, I had a budget number in mind. My offer could have either been seen as fair, insulting, or wonderful depending on the seller. But it was the $ amount I was willing to spend on a 308QV. If the seller had refused, I'd probably not have this car as I had very little room to negotiate *up*. I would have waited to buy a different car. Your situation may be different; you might offer 70%, but actually be willing to spend 95%. So again, it comes to to your budget, the seller's needs, and your knowledge of the current market.

 

im about 20% from what there asking will look for the right one and throw an offer and go from there

 

In 1999 I paid 47,000 USD for an 89 328 GTS with 20k miles, I did not ask for a discount I asked that they not take all my money I had saved for the down payment so I can have a little left over for service No they took every penny !!! lol I paid the car off even with some hard times Thank you God Today I can buy an 08 Gallardo for what my car would cost.

I hope you find good deal

Thank you

 

I think the market asking price for that kind of car is around, I don't know, $75,000 or so? A car that needs a major can add $5000-$10,000 in costs, depending on what needs to be done.

-F

 

Maybe think of it this way. If a car needs something, like new tires, or a belt service, or paint work, or a tool kit, wheel refurbish, whatever it is, find out how much that would cost and see if the seller will knock off that amount from the asking price.

If the car needs nothing then I don't know, maybe you could ask for a few grand to be taken off just because.

What do the cars that you have looked at look like? Are they all there, ready to go? Usually every car needs something.

And yeah, what is your budget? Can you throw down $80,000 for a car?

-F

 

That’s what there all approx asking

 

So if that's the asking price and one car is all there and the other car needs a major, see if the one that needs a major will knock off $5000. Or buy the one that is ready to go and don't worry so much about +- $5000.

Maybe if the car has been for sale for a while the seller would be willing to take something off the asking price. I assume many of these cars have just come on the market over the last couple of months and most sellers are willing to wait for the buying season to get going.

It's all about condition, condition, condition. That is really what matters over the long term.

-F

 

i agree dont want to buy one and needs to go in for a major .will start really looking soon will be back on this forum for help im sure

 

Pay no attention to asking prices when figuring out what a car might be sell for. Only look at recent selling prices for cars in similar condition/mileage that you are interested in.

As far as worrying if you might be offering too little - it's YOUR money, not the seller's. If the seller is "insulted," let them be insulted and you can just walk away. Any common-sense seller isn't going to launch into a childish hissy-fit if the offer is too low, they will just tell you that they can't sell the car for that price and leave things open for possible negotiation.

 

No, buy one that needs a major at the correct price then bring it to your guy and get it done your way.

 

True but the car that gets serviced to sell will get the $5000 major even if it needed to $10000 major.

Most cars that are serviced to sell just need another service.

 

I felt that too back in 1996, when I paid € 30k ($ 34k by today's exchange rate) for my Euro carb GTB with worn clutch after I wasn't able to talk the stubborn seller further down

Best from Germany
Martin

 

i just purchased a 1987 328 GTS from a dealer who was asking 89900 US, i asked what there bottom dollar was and they said 84500.00. The car has 21000 original miles and is in excellent condition. The car has original paint, all service history from day 1, all tools, Major Service completed 1.5 years ago. I attempted to negotiate a bit more and they said 84500 was it. I purchased the car and can't wait to take delivery, hope that helps.

 

That should work. Brian is right about buying a car that needs a major done. If you get it done yourself, I mean pay for someone to do it, you can be more sure about the work done.

Heck, Brian is right about cars that have had the major done. Many times it's a kind of half ass major done by the dealer's preferred shop and they want to get it done really cheap so they'll do the bare minimum and charge the maximum. Great point by Brian.

-F