What's My Car Worth - Recent episode

Did anyone see the What's My Car Worth episode last night? It appeared to be a newer one. A 2006 F430 Spider, red/tan, F1, carbon fiber steering wheel, challenge wheels, power Daytona seats, shields, with 13,xxx miles sold at a Ft. Lauderdale auction for $120,000 plus buyer's premium. Car looked nice but no mention of its history. I thought I'd give you guys a heads up to look out for the episode.

 

I saw it. Seemed a bit low to me and I bet the history was incomplete or something. So with the buyers premium it sold for $132k. I've been to these auctions and exotics never seem to do that well as mostly muscle/antique buyers attend. I wouldn't buy an exotic at an auction.

 

Ya I agree. Reserve was 120 and was for sale by a dealer so who knows.

The 2007 Gallardo coupe went for like $102,500 and looked decent but had some big aftermarket speaker system in it.

 

The reserve was $125, though the seller lifted it when the car hit 120. I think there is a 7% sellers's fee so basically the seller walked away with $112. The Gallardo was a no sale. I just sold my 430 and my gallardo spyder after 2 years of trying to sell them. These cars just don't really move. And both of my cars were sold to dealers

 

As they get older they will drop further

 

For us down here, what doe's Buyers Premium mean?

 

when you buy at an auction you have to pay a commission to the auction house...usually 10%.

The seller typically pays 5-10%.

Example:
$100k sale
Buyer PAYS $110k.
Seller Receives $90k.

 

And the auction company is the only one who wins


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Blimey! That's an expensive way to buy, or sell a car.

Thanks for explaining.

 

Like a casino -- the house always wins. Except the auctions charge people to come in and watch. I went to the big annual auction in Scottsdale some years back -- got tickets from our travel agent.
Alan

 

It is very likely the seller gets full hammer price or even more, especially if he is a regular consignor.

Dave

 

Really? Some sellers don't pay seller's premium?

 

EVERYTHING is negotiable. Auction companies compete for consignments. I know for a fact that in other businesses, it is not unusual for sellers to net 104-106% of hammer price, especially of the items are expensive and unreserved.

Dave