Why such variation in Mk1 prices?

Has anyone else noticed Mk1 prices for the same model of car same condition similar mileage, seem to vary dramatically from owner to owner… I just saw a cabrio for sale for "special offer £1500 off" reduced from £5500 to £4000, yet others of similar condition for sale for ono £995…

Why are there such a variation in prices?

I made the mistake of asking an owner this question and he became rude & defensive but never actually gave a real reason for the price difference..

No idea, if paid £1500 for mine which was probably a little too much looking now - but I wanted one so bad and it was near to home and not a complete shed!!

The "It's a goodun' factor"

Same reason why everyone thinks their car is faster than factory because simply it's theirs.

Its pointless comparing advertised prices. The important figure is the price the car actually changes hands at. There's a lot of dreamers out there who don't really want to sell their cars.

steveey said

No idea, if paid £1500 for mine which was probably a little too much looking now - but I wanted one so bad and it was near to home and not a complete shed!!

what was the mileage and condition of it?

paul_c said

Its pointless comparing advertised prices. The important figure is the price the car actually changes hands at. There's a lot of dreamers out there who don't really want to sell their cars.

Not always the case because some naive people, like me, go into buying without doing any previous research and just "assume" through lack of time that the advertised price is what it's worth.. that combined with the fact that paying any price is cheaper than having a rental car permanently. So it's interesting to note that there is in fact a huge difference in what sellers think their cars are worth… like you say, it seems some thing theirs is worth double the other guy's just because it's "theirs"

matt9b said

paul_c said

Its pointless comparing advertised prices. The important figure is the price the car actually changes hands at. There's a lot of dreamers out there who don't really want to sell their cars.

Not always the case because some naive people, like me, go into buying without doing any previous research and just "assume" through lack of time that the advertised price is what it's worth.. that combined with the fact that paying any price is cheaper than having a rental car permanently. So it's interesting to note that there is in fact a huge difference in what sellers think their cars are worth… like you say, it seems some thing theirs is worth double the other guy's just because it's "theirs"

I don't think I need to point out then, that a bit of research could save you hundreds, or possibly even thousands. Time well spent!

Looking at it from a seller's point of view, if they price their car too high then 1. not many people will come and look at it, and 2. people who do look and offer much less (more like its actual value) and get rejected, actually results in receiving £0 whilst still having the car. By all means some people could store a 2nd (or 3rd, 4th etc) car but what's the point in simply storing it for no reason? If they wanted to use it, then it needs taxing and insuring, which might be significant for a 2nd car if they can't get classic insurance.

PS I'm selling a cabby at the moment, I did the sensible thing and put it on eBay for 99p no reserve. The market will determine the price and barring eBay-messers, the car will go and I'll have some money.

paul_c said

PS I'm selling a cabby at the moment, I did the sensible thing and put it on eBay for 99p no reserve. The market will determine the price and barring eBay-messers, the car will go and I'll have some money.

can u give us a link?

matt9b said

steveey said

No idea, if paid £1500 for mine which was probably a little too much looking now - but I wanted one so bad and it was near to home and not a complete shed!!

what was the mileage and condition of it?

58k… Might've been round the clock once or 10 times, I've got no history. Hasn't been on the road since 06. It's had lots of work but needs lots more aswell :>

It's not limited to MK1's, I think it applies to most classics now. I'm trying to sell my 944 right now and do believe it's fairly priced. I've seen more expensive ones in much worse condition than mine

Who knows what's going through some people's heads. Remember that half the population have a below average IQ. 

I reckon it's because Mk1s are only becoming classics… give it 10 more years and there'll be no mistake which ones are worth the bucks. (basically the ones still on the road). 

Have you noticed that this really only happens with cars?

You don't see it happening with Houses for example!  
You don't find someone saying well my house is worth 500,000 but you can have it for 150,000.
Or the other way round come to that!

The House purchase is the single biggest financial commitment a person can make but the car comes second.
But when it comes to emotion, then the car is first on the list!    

If you mix into that the fact that many people (it's human nature) think that they are the expert when it comes to valuing cars all hell brakes lose.

Of course there are honest people out there, many of which are part of this club in one way or another!    

I think people are generally just strange and odd  

I was looking for an older motor years ago and they all seemed to be rough and at around £500 but then I saw one at £1000 and gave the bloke a ring. Got the usual story, "yeah mate sound and really nice useable condition".
Thought I'd go and have a look…………..it was rough. I asked him why it was advertised for twice what rough ones were going for. I couldn't beleive the answer!

" Well if they go for £500 normally then it makes perfect sense" says he, "I've put an exhaust on it that cost £100, 4 new tyres at £200 and taxed it and insured it which cost £200 so it's worth £1000 isn't it?"

- YouTube

I shook the blokes hand and walked away.

E

borednow said

I think people are generally just strange and odd  

I was looking for an older motor years ago and they all seemed to be rough and at around £500 but then I saw one at £1000 and gave the bloke a ring. Got the usual story, "yeah mate sound and really nice useable condition".
Thought I'd go and have a look…………..it was rough. I asked him why it was advertised for twice what rough ones were going for. I couldn't beleive the answer!

" Well if they go for £500 normally then it makes perfect sense" says he, "I've put an exhaust on it that cost £100, 4 new tyres at £200 and taxed it and insured it which cost £200 so it's worth £1000 isn't it?"

- YouTube

I shook the blokes hand and walked away.

E

    I hate it when people start factoring in Normal running costs to put the price up