Market Watch - Went to auction today (19th March)

Spotted that this nice looking GTI was being offered at auction today.

Sold for £11k apparently off a guide price of £9-15k

The auctioneers charge a 17.5% plus VAT buyer's premium, so in total this car cost it's new owner £13.3k


https://www.ukauctioneers.com/auction_catalogue.cfm?itemID=20E9CB0FD7D727F9D0E2FECEFF5E0BEEE629ABC8&auction=28EDCD0A&returnURL=

http://www.pistonheads.com/classifieds/used-cars/volkswagen/golf-gti-mk1-mk2/volkswagen-golf-gti-1983/3787189

 

I saw this one on Piston heads and thought same, but could work out how to get the Sale price, seemed to be at some sort of  Agricultural auction so thought it might go cheaper if not the right audience, but seems to have done well.

Poor pictures though…

Well to be honest and based on three pictures and very little information. 
I don't see it's worth the money but someone did. 

Auctions do that to people! 

paid way too much for that I think, nice and clean but not £13K worth!

Alps said

paid way too much for that I think, nice and clean but not £13K worth!

Interesting - when I did economics at school, I remember being taught that auction was the nearest thing to a 'perfect market' in the real world - and tends to throw-up the real value of an item in a competitive environment - so, I would argue that the value of that Golf is £13k as 'the market has spoken'.
In the current buoyant market, you do wonder why more sellers don't go down the auction route for the really nice cars…

I see that as a sign of someone with more money then sense! 

At that money the buyer was most likely bidding against himself towards the end of the auction. 

It does happen you know!   

Sent from my Mobile Phone. 

It does seem quite a lot but what if the ex Lord Mayor of Leeds wanted to buy his old Mk1 back to re live the 1980s! He would certainly pay that for the car!  

GolyTheGolf said

It does seem quite a lot but what if the ex Lord Mayor of Leeds wanted to buy his old Mk1 back to re live the 1980s! He would certainly pay that for the car!  

To be honest GolyTheGolf I don't see the money in that one and I'm likely to get slatted for saying that. 

Remember the white one we had in the GAP competition. 
83, all the extras, 16,000 Km's from new.  With a real certificate from the VW museum in Germany.
Four page write up in a classic car mag and the asking price for that was 22k GBP. 

Okay you might of got it for 19 or 20 but it was in a different world from this one.

Mayor of Leed!  

I think the Mayor that owned the car must be dead as it was sold by his wife as part of his estate.

Way to much imo 😉

I'm afraid that anything in 5 figures is a whole lot of cash for a mk1 😊

Massbad69 said

Way to much imo 😉

I'm afraid that anything in 5 figures is a whole lot of cash for a mk1 😊

Well as I'm the first to stick my neck out.

At auction, knowing only what we do about the car. Without driving it and giving it a full inspection, I see that car as 6k tops to someone who knows what their looking at.

7k if they don't and happen to have an orgasm every time they see a black one!    

What say you Andy Hairyarse ?

Seems it may not have sold anyway seeing its back on PHeads….

http://www.pistonheads.com/classifieds?Category=used-cars&M=904&M=907

MalC said

Seems it may not have sold anyway seeing its back on PHeads….

http://www.pistonheads.com/classifieds?Category=used-cars&M=904&M=907

Might have not got the info yet or updated the website. 

golfcabrio said

MalC said

Seems it may not have sold anyway seeing its back on PHeads….

http://www.pistonheads.com/classifieds?Category=used-cars&M=904&M=907

Might have not got the info yet or updated the website. 

Does look to still be available (new photos on Pistonheads)- possibly didn't reach it's reserve and was bid to £11k (guide price quoted is £9k-£15k). Also a Mini and Landie seem to be being re-offered….

Simon M said

golfcabrio said

MalC said

Seems it may not have sold anyway seeing its back on PHeads….

http://www.pistonheads.com/classifieds?Category=used-cars&M=904&M=907

Might have not got the info yet or updated the website. 

Does look to still be available (new photos on Pistonheads)- possibly didn't reach it's reserve and was bid to £11k (guide price quoted is £9k-£15k). Also a Mini and Landie seem to be being re-offered….

Now apparently up for sale at £15k…..

Volkswagen Golf GTI Mk1, Mk2 cars for sale - PistonHeads UK

golfcabrio said

Massbad69 said

Way to much imo 😉

I'm afraid that anything in 5 figures is a whole lot of cash for a mk1 😊

Well as I'm the first to stick my neck out.

At auction, knowing only what we do about the car. Without driving it and giving it a full inspection, I see that car as 6k tops to someone who knows what their looking at.

7k if they don't and happen to have an orgasm every time they see a black one!    

What say you Andy Hairyarse ?

Sorry for the late reply Mike! golfcabrio

That car was advertised on PH before Christmas for £22,000!!! I emailed with the seller as wasn't sure if they meant £2200 and it was a bargain. But no, they were adamant that it was worth over £20k! Naturally I walked away. lol

It's hard to put a value on it without seeing the interior, engine bay and knowing if it's rust free, original etc.

I think the price is strong - but if it was properly mint (which I don't think it will be) then it's probably not too far higher than what I would have expected.

If it was a 20k + Mk1 it would have been in a classic car auction more suited to it. 

But whatever, there's a mug out there somewhere! 

golfcabrio said

But whatever, there's a mug out there somewhere! 

How can you say that when you've never seen the car?!

A statement like that might just have lost us a paid member!

It should be commended that people are willing to part with that sort of money for a good tintop. I'm sure they viewed it before purchase and are far more informed. They see it as a sound investment.

Maybe I'd be thinking the same if I owned a cabriolet but I don't!  

Yomp said

golfcabrio said

But whatever, there's a mug out there somewhere! 

How can you say that when you've never seen the car?!

A statement like that might just have lost us a paid member!

It should be commended that people are willing to part with that sort of money for a good tintop. I'm sure they viewed it before purchase and are far more informed. They see it as a sound investment.

Maybe I'd be thinking the same if I owned a cabriolet but I don't!  

Yomp

To answer your question, "How can you say that when you've never seen the car?!"

If you read my first post on the subject, "Well to be honest and based on three pictures and very little information. I don't see it's worth the money but someone did.
Auctions do that to people!"
(That was when we all believed it had been sold at a cost to the buyer 13.5k)

The general consensus of opinion from the members has been from what we saw at the time, the car didn't stand up to that price.
But again it's an individuals interpretation of what we see.
From what we've so far learnt about this car its been knocking around for a while, so no else seems to be seeing this car "as a sound investment".

As for "A statement like that might just have lost us a paid member!"
Please feel free to PM me as I'm not prepared to follow that up in the open forum.

Back to the car, imagine your the owner and your wanting to sell it.
From what we read which is not much if your go back to the auction advert, it's supposed to be a minter? (three sentences)
The photo shows a slightly dirty GTI.

Now I have a question for you.
Would you allow your pride and joy to go to market when your expecting top money with an advert like that?
(trying to attract the right buyer, I very much doubt it)
One could say that the now owner doesn't know what they have?
Well I doubt that very much by now!

You'd have a comprehensive write up and a shed load of good photos showing the car at it's very best! (well I would)  


As for the dig at Cabby owners it's OK we are tuff enough, that's why we don't need a metal roof!  

For the "hammer" price to reach what it did it needs two bidders.

Nobody can judge a car from a few grainy low res photos online - golf gurus or not.

If I was selling my car it wouldn't be going in an auction like that anyway so if the vendor can't be bothered to hunt down a more suitable auction house then that's their look out.
The new ad (by the same company) seems a lot more comprehensive and sells it very well IMO (except for the photos)

I'll retract my statement regarding losing a potential member as it didn't actually sell but I don't think calling buyers of 5 figure cars "mugs" puts the forum in good light or helps with the values of all of our cars whether they be tintop, floppy, concours or dailies.

If we all started slating high MK1 prices on here it could put off "New Blood" buying in, stagnating the price of the cars making them less economical to repair which would lead to less being restored which really goes against what this club is about.