Frustrated- how do YOU price out your car when selling? | FerrariChat

Frustrated- how do YOU price out your car when selling?

Discussion in 'Ferrari Discussion (not model specific)' started by bizz, Mar 25, 2009.

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  1. bizz

    bizz Formula Junior

    May 26, 2008
    364
    Redwood City, CA
    Full Name:
    joe B
    I am in the process of upgrading (?) to a 430 from my 360. I am really at a loss here, I don't know what to do.

    1) When pricing out your car for sale, do you price it the same across all media? (eBay same price as Craigs List same price as DuPont etc)

    2) What is wrong with people? I priced my car high on the market (27K miles, I had it up for sale for $79K) and got a TON of traffic and bites, but no buyers. I priced my car VERY aggressively for about 2 weeks, just was getting anxious at that time to sell. I had people offering absurd prices (30% off asking price)when it was low. So, where were these people when it was just "priced well?" (It was a $10,000 swing, and I was getting offers of $40,000 for a car which has a $66K Manheim run rate.

    I truly don't think that 90% of the offers I received were real, anyway. But I don't want to blow people off in case they are real, and have a real offer.

    I am an amateur licensed dealer and have never, EVER experienced this type of behavior and odd pricing dilemmas with other cars. Granted, I mostly play with M5, AMG cars, high-end Vettes, 911s, Vipers, M3 and unique "fun" vehicles. But when a guy hits me up for an M3, he pretty well knows what it's worth and generally has the means/ability to pay for it if the deal is right. I flip 5-10 cars a year at most, so I am no expert.

    (This Ferrari is not a flipper, per se)

    3) Would having the ability to "finance" it draw more buyers? I don't owe anything on the car, so I could in theory finance it to the right buyer.

    I'm really getting bummed on flipping these high end exotics, this is not for dummies like me. :)
     
  2. 62 250 GTO

    62 250 GTO F1 Veteran

    Jan 9, 2004
    7,765
    Nova Scotia Canada
    Full Name:
    Neil
    1. I always keep my price the same, no matter where it's listed.

    2. People may have already seen the car priced high, saw the big drop later on and figured the car was in a crash, an owner jerking people around, something found on a PPI that was costly to fix... and wasn't. Who knows? Most likely just a bunch of tire kickers that didn't have the cash/ want for the car.

    3. Most people can't afford an $80,000 car and most that can need to finance it. What do you mean "you" would finance it? Is your "licensed dealer" business set up for that? Personally if you're having a lot of traffic without real offers, have a dealership sell it for you if you can find one with room on the lot. Also flipping high end cars is risky at any time, you can get stuck with a car for a long time and in this economic environment you may get stuck taking a loss or hanging onto it for a couple of years.

    I flip cars too and don't buy high end {see "very expensive"} cars unless I get an excellent deal to begin with and the car is desirable {color, transmission option etc}.
     
  3. nsxnick

    nsxnick Formula 3

    Jul 24, 2001
    1,481
    Detroit
    Full Name:
    Nick
    #3 nsxnick, Mar 25, 2009
    Last edited: Mar 25, 2009
    I saw in another post that your car was in an accident. Does it show up on Carfax?
     
  4. REMIX

    REMIX Two Time F1 World Champ

    It is like this with everything right now from cars to real estate. Seems to be a national mindset at the moment - no matter how low, it's just not low enough for a lot of people.

    RMX
     
  5. bizz

    bizz Formula Junior

    May 26, 2008
    364
    Redwood City, CA
    Full Name:
    joe B
    No it does not. Car has been in an accident.
     
  6. bizz

    bizz Formula Junior

    May 26, 2008
    364
    Redwood City, CA
    Full Name:
    joe B
    Yes, if I own it I can choose to let someone make retail installment payments without having to get a lender's license. If someone else owns it (a bank, leasing company, repo place etc) then I could not finance it.
     
  7. 62 250 GTO

    62 250 GTO F1 Veteran

    Jan 9, 2004
    7,765
    Nova Scotia Canada
    Full Name:
    Neil
    What kind of a collision? Who repaired the car?
     
  8. bizz

    bizz Formula Junior

    May 26, 2008
    364
    Redwood City, CA
    Full Name:
    joe B
    The dealership who installed the brakes on the car failed to latch the hood after doing something under the bonnet. At 45 MPH the hood flew open and smashed it up pretty good. The fenders got "pulled in" from the force and had to be painted (as explained to me by Cavallino Body Shop in Palo Alto) and they had to blend the paint to get the color "flop" or whatever it is to match through the doors. Hood was replaced with OEM. To be honest with you I wish I would have just replaced the hood and covered it in a 3M type product so that it didn't require such massive repainting and blending, instead of trying to blend the whole front of the car. All records and receipts for that are on hand, but it's never been through a PPI from a prospective buyer. I have a stack of documents and paperwork 2" thick from all of the maintenance and service on the car. It's about as well documented a car as you can get.

    The accident is of course disclosed to the buyer, even though it doesn't show up anywhere on Carfax.
     
  9. 62 250 GTO

    62 250 GTO F1 Veteran

    Jan 9, 2004
    7,765
    Nova Scotia Canada
    Full Name:
    Neil
    That doesn't seem too bad, any crash that involves another car can lead to questions like frame, poor workman ship, durability etc. Also don't worry about carfax, it's BS and if a buyer relies on it, they'll learn eventually.
     
  10. flyboynm

    flyboynm Karting

    Apr 10, 2008
    132
    Front Royal, VA
    Full Name:
    Not telling
    Carfax is a joke. I once bought a 1988 Range Rover off ebay with a clean carfax report. It turned out, from what I heard, that a Mr. Wilder of VA wrecked it and did a lot of damage to it. The truck then got it fixed, but it was never reported it to the insurance company. I took it to Bill's European Automotive Repair in Santa Fe, NM (he is the best Range Rover wrench turner I know) and he looked at it. He said that there was so much damage to it that he recommended the replacement of the bent axle and a few other things, he also had me get the frame checked and it was also tweaked. All of this on a CLEAN carfax report!

    (Yes, this is the infamous Range Rover accident that some may know about. If you know about the accident, you will be able to connect the dots with what I have written.) I do not want to go into details in the thread because I only have heard about the accident and don't have the facts firsthand.
     

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