Muscle car profiteering

XA beast · 01-10-2011, 04:53 PM

Hi all

I am interested in people's thoughts on this topic. This vehicle was recently presented for auction at Shannon's Melbourne Spring auction. Although a little rough around the edges, it was a great pick up for an enthusiast. It sold at "no reserve" for $32,500.

http://www.shannons.com.au/pages/auc...6Q3AA0E13UTISA

Yet I stumbled across this this morning; the same vehicle for sale for $48,600, with accompanied photos from it being parked in Shannon's auction house.

http://www.carsales.com.au/all-cars/private/details.aspx?Cr=14&R=11385489&keywords=&trecs=31&_ _sid=12E3976C6B41&__Ns=pCar_RankSort_Int32|1||pCar _PriceSort_Decimal|1||pCar_Make_String|0||pCar_Mod el_String|0&__Qpb=1&tsrc=allcarhome&__Nne=15&seot= 1&__N=1216%201246%201247%201252%201282%20429496725 1&silo=1011

I know my thoughts on this practice, but what does everyone else think ?

Kryton · 01-10-2011, 04:56 PM

You own the car - you can do what you wish with it.
Ive bought cars before strictly to be flipped for a couple of grand more.
What do you think Auctions are for?

nstg8a · 01-10-2011, 04:56 PM

nothing wrong with it imo.

if the buyer thinks he can make a quick buck good on him. be a good return.

pottery beige · 01-10-2011, 05:00 PM

sorry its not a musclecar.. its a kit car...

mik · 01-10-2011, 05:06 PM

if he can make a buk on it good luck to him.

**Revolver** · 01-10-2011, 05:07 PM

May not be "profiteering" as such (it may be) but there are a number of factors that may have forced the owner to sell. Job redundancy, family member death, freeing up garage space after finding a better example, maybe he didnt consult the minister of war & finance & had to dodge pots & pans being hurled at his head before being given the orders to lose it or lose the minister.........

Now the price increase maybe for a few reasons, covering costs of getting the car back to his garage, repairs, & maybe what they are going for in his state. There are a number of unknown factors that may have caused them to sell at that price.

For instance I bought a property with the intention of building a home to rent on it. Now I am selling a little lower than what the land has cost me (but more than 12% on top of the purchase price which I bought for 3 years ago) simply to cover the cost of selling the property, like rates (which are masive) & other associated costs, because there is no way I can cover them myself out of my own pocket (Lost both my jobs inside 6 months). I take the interest I have paid on the loan in that time as an expensive lesson. But some people may call me a profiteerer.... Far from it!

Bucknaked · 01-10-2011, 05:07 PM

If you own it, then you get to do with it as you please.

gtxb67 · 01-10-2011, 05:08 PM

i am not sure what the problem is. if someone pays $48,600 and is happy with it, then there is no problem at all. if someone wanted it for $32,500 instead of $48,600, then they should have gone to the auction in the first place

gcg2503 · 01-10-2011, 05:16 PM

God forbid someone makes a dollar

Silly thread

XA beast · 01-10-2011, 05:22 PM

Not "silly" at all champ, I was merely asking for opinions, pretty stock standard really.

JC · 01-10-2011, 05:26 PM

Quote:

Originally Posted by gtxb67

i am not sure what the problem is. if someone pays $48,600 and is happy with it, then there is no problem at all. if someone wanted it for $32,500 instead of $48,600, then they should have gone to the auction in the first place

Spot on!

gcg2503 · 01-10-2011, 05:27 PM

He has bought a car and may potentially make a dollar

If he does, kudos to him. It means he saw an opportunity and made some money

No problem with it at all.

Unsure what the problem with it is. Does that bother you?

galaxy xr8 · 01-10-2011, 05:28 PM

It hasn't even sold yet at the higher price, so how can it be "profiteering" ?

gcg2503 · 01-10-2011, 05:29 PM

Please tell us your thoughts.

Or you simply want to hear other opinions whilst you
Moan that it didn't go to an enthusiast?

GhiaEB · 01-10-2011, 05:36 PM

What's the difference with this and people who sell barn finds at greatly increased prices?

Good luck to them if they sell it and make a few $$$s

Pinkbits · 01-10-2011, 05:50 PM

Did it previously belong to the OP and it's a case of sour grapes?

flappist · 01-10-2011, 06:44 PM

Keep it civil guys.

Ringo · 01-10-2011, 06:48 PM

$48k?....with no power steering....in a crappy colour

In the words of Mr Kerrigan "Tell hm he's dreaming"

Says something about where the market is at when at a Shannons auction where car people would truly be with money in hand that it only pulled $32.

galaxy xr8 · 01-10-2011, 07:03 PM

Quote:

Originally Posted by Ringo

$48k?....with no power steering....in a crappy colour

In the words of Mr Kerrigan "Tell hm he's dreaming"

Says something about where the market is at when at a Shannons auction where car people would truly be with money in hand that it only pulled $32.

Colour is a personal prefrence, I quite like it and would gladly drive it in that colour.

2011G6E · 01-10-2011, 07:13 PM

Fail to see anything wrong with it...if you pick up a classic (or anything really) for a stupid price that you know is less than you could probably sell it for, then what's wrong with that?

Honestly, suppose you went to a farm clearance sale and the old lady was selling the contents of her late husbands shed, and you uncover a '32 Ford coupe up the back covered in chook crap and tarpaulins which she says is "only an old car" and worth "maybe $200". Are you going to knock it back and quietly tell her she could get thousands for it, or are you going to virtually sprain your wrist with the speed at which you pull out your wallet and keep your big mouth shut?

I was at a farm where a guy was selling a bunch of old Holdens from about EH up to HK, plus numerous motors and gearboxes. Most of it was rusty rubbish and blown motors, but my mate spotted a six cylinder red motor under a tree, covered in a tarp and a piece of iron, unlike all the others sitting in the open with no dizzys or carbs usually. Me and my mate watched our other friend (who was the one buying stuff...we just went along for the ride and to help with lifting) pull back the tarp and reveal the motor, which had come out of a HR that the old guy had crashed many years before. My mate turned quickly and grabbed my by the collar and said quietly "It's a 179 HP motor with a Powerglide. Let's hope Darren keeps his mouth shut!".
The old guy said it was for sale, $100..."the old girl used to fricking fly over the cattle grids on the way out here...what a beauty...".

Sometimes discretion is the better part of profitability...

nb_351 · 01-10-2011, 07:22 PM

at the end of the day there will be enthusiasts and there will be people who only do it for what they know they can get out of it...
and lets be honest, if you can get something cheap and folg it off for the cost of a car trailer or something and make a few gs, who wouldnt, if it means it gets into the right hands at the end of the day... basically the end guy should have cut the middle guy out and gone there himself...

Snelens · 01-10-2011, 07:33 PM

How do car yards work again....?

nb_351 · 01-10-2011, 07:46 PM

true they get paid to do it haha

Rambunctious · 01-10-2011, 07:57 PM

Quote:

Originally Posted by XA beast

Hi all

I am interested in people's thoughts on this topic. This vehicle was recently presented for auction at Shannon's Melbourne Spring auction. Although a little rough around the edges, it was a great pick up for an enthusiast. It sold at "no reserve" for $32,500.

http://www.shannons.com.au/pages/auc...6Q3AA0E13UTISA

Yet I stumbled across this this morning; the same vehicle for sale for $48,600, with accompanied photos from it being parked in Shannon's auction house.

http://www.carsales.com.au/all-cars/private/details.aspx?Cr=14&R=11385489&keywords=&trecs=31&_ _sid=12E3976C6B41&__Ns=pCar_RankSort_Int32|1||pCar _PriceSort_Decimal|1||pCar_Make_String|0||pCar_Mod el_String|0&__Qpb=1&tsrc=allcarhome&__Nne=15&seot= 1&__N=1216%201246%201247%201252%201282%20429496725 1&silo=1011

I know my thoughts on this practice, but what does everyone else think ?

XA Beast, You started the thread so exactly what are your thoughts on this practice because you have failed to mention them here?

My thoughts.....A profit is a profit.

Landau Stable · 02-10-2011, 03:09 PM

I don't have a problem with it as such. The only time it annoys me is when a person profiteers to the point of greed. I have found many cars over the years and made a dollar on them. My approach is to sell for a reasonable price, and quickly. I don't see the point in holding out for the absolute top dollar. sometimes i could get more by parting it out or advertising for longer periods until someone with enough money comes along, but for me, i'd rather sell for a few hundred less and get it gone and ready for the next one. In most cases, i am dealing with lower value cars which may have become scrap metal or parts cars, so at least i am also saving them in the process. In the case of the Cobra, it is possible that the seller has spent a lot of money since purchase. New motor, interior etc etc. likewise if i get a car that will increase significantly for a small amount of work, i will do so and treat the increased profit as a temporary wage increase.

flappist · 02-10-2011, 03:17 PM

Bottom line here guys.

Any of you are wandering around and find a mint one owner Phase 3 in a shed with 20,000 miles on it.
The little old lady (wife of the original owner who dies in 1980) wants to sell it and buy a nice new Hyundai i30 for her to drive to the shops and has offered you a swap.

Do you:

a) spend $20k on a i30 and swap it?
b) tell her is is worth at least double that and give her a i30 plus $20k
c) tell her it is worth more than $500k and give her a contact in the commercial muscle car industry.
d) give her $500k for it.

And after you buy it someone who has far too much money offers you $1M for it.

Do you :
a) sell it for $1M
b) sell it for what you bought it for
c) keep it.

You don't need to reply and the only person you are lying to is yourself.......

jrfttf · 02-10-2011, 05:23 PM

End of the day these days you have to do, what you have to do!

Auslandau · 02-10-2011, 05:42 PM

Its a shame when someone gets bagged for making a dollar. No matter what it is.

To sell you need someone to agree with the price and the other to accept. If both are happy at the end result ......... who cares?

See many things on Ebay at inflated prices for special parts ..... but if there is someone out there willing to pay, again ....... who cares?

Morexbs · 02-10-2011, 05:44 PM

A lot guys are bagging the original poster and saying that the seller is entitled to make a buck if he's smart enough (which I agree with by the way).
But how many would be saying that if they were now potenial buyers of this car and knew how much the guy paid for it?
I'm sure there's more than a few people on here who subscribe to the "Come on buddy,I'm a fellow Ford enthusiast/forum member so therefore you shouldn't be making money from me" school of thought and milk that for all they can get out it.
Obviously that only applies when you are a buyer.

Auslandau · 02-10-2011, 05:53 PM

Quote:

Originally Posted by Morexbs

A lot guys are bagging the original poster and saying that the seller is entitled to make a buck if he's smart enough (which I agree with by the way).
But how many would be saying that if they were now potenial buyers of this car and knew how much the guy paid for it?
I'm sure there's more than a few people on here who subscribe to the "Come on buddy,I'm a fellow Ford enthusiast/forum member so therefore you shouldn't be making money from me" school of thought and milk that for all they can get out it.
Obviously that only applies when you are a buyer.

If you wanted the car and someone has it for sale, what they paid for it originally is irrelevant. If you want the car at the current price then you win along with the seller.

What is the cut off date for making a profit? A week? Month? Year? 5 years? If I bought a Cobra in '94 for $7,000 (which I could have easily) and then sold it in '06 for $80,000 am I profiteering, lucky or being fair? Or should I knock back the 80k offer and sell it for $30,000 to a FORD enthusiast/forum member because I believe in charity?