Advice needed: Offer(s) in hand vs...

TD · 05-16-2006, 10:06 PM

We've now received a number of equal and (barely) acceptable offers for our convertible. Yet people keep calling and emailing. Every day there is another one or two people calling or emailing asking to see it. Someone is coming by every other day since late last week. And we keep getting the same amount as an offer.

The amount really is our basement price. And I just cannot bring myself to play the bidders off of each other.

But the question is whether or not to hold out. The interest level is pretty high.

Does it make more sense to take the money and run or hold our for an extra grand or two?

rumatt · 05-16-2006, 10:14 PM

Tough call. When I sell stuff I always pretend that I'm going to hold out for a strong offer, and not settle for less.

But then when I start actually dealing with the people, I realize how much it sucks and end up settling for less.

How about adding some amount to the offer ($1500 maybe?) and calling them all and saying, "I just can't go that low. First one to come up with $X gets it.".

JST · 05-16-2006, 10:15 PM

Quote:

Originally Posted by TD

We've now received a number of equal and (barely) acceptable offers for our convertible. Yet people keep calling and emailing. Every day there is another one or two people calling or emailing asking to see it. Someone is coming by every other day since late last week. And we keep getting the same amount as an offer.

The amount really is our basement price. And I just cannot bring myself to play the bidders off of each other.

But the question is whether or not to hold out. The interest level is pretty high.

Does it make more sense to take the money and run or hold our for an extra grand or two?

Why can't you bring yourself to play them off against each other? I would pick one of the more serious sounding offers and say "that's lower than we wanted to go--we have other interest in the car, but if you give me $X for it its yours."

If no one is willing to pay the higher price, it sounds like either there is a bidding coalition or the (consistent) price being offered is the market value for your car.

At the same time, I don't see why you should be in a hurry to sell. Unless you need to make room for another car this week, the weather is only getting better for the next month or so (I assume this is the convertible?) It's unlikely that the steady stream of interest is suddenly going to dry up.

Sharp11 · 05-16-2006, 10:15 PM

Quote:

Originally Posted by TD

We've now received a number of equal and (barely) acceptable offers for our convertible. Yet people keep calling and emailing. Every day there is another one or two people calling or emailing asking to see it. Someone is coming by every other day since late last week. And we keep getting the same amount as an offer.

The amount really is our basement price. And I just cannot bring myself to play the bidders off of each other.

But the question is whether or not to hold out. The interest level is pretty high.

Does it make more sense to take the money and run or hold our for an extra grand or two?

It's peak convertible time, if you can't get top dollar now, when will you?

Perhaps your "basement" price is the realistic selling price?

Ed

ff · 05-16-2006, 10:18 PM

On the surface, this is what it sounds like to me (and this is all obvious stuff): If the offers are the relatively similar, it sounds like your expectations of the car's worth are higher than what the market will bear. In the end, it's only worth what people are willing to pay for it.

But at the same time, if you have a lot of interest in the car, then it's obvious that your asking price is at least reasonable.

If you're not desperate to unload it, then I guess it can't hurt to hold out a while longer.

BahnBaum · 05-16-2006, 10:36 PM

Quote:

Originally Posted by rumatt

When I sell stuff I always pretend that I'm going to hold out for a strong offer, and not settle for less.

Alex

rumatt · 05-16-2006, 11:02 PM

Quote:

Originally Posted by BahnBaum

OMG

Mr. The Edge · 05-16-2006, 11:12 PM

Quote:

Originally Posted by BahnBaum

Alex

and I'm with JST; sounds like you are getting what the market will bear for your car. I would take it and close the book on it.

lupinsea · 05-17-2006, 01:46 AM

I'm going through the same process as I'm selling my Miata. After an initial check of asking prices on Autotrader and such I set my price at a certain point but the car just sat there for a long time. I did a bit more research and found out I pegged the price about $1-2k too high initially. I've since "realigned" my asking price to more closely reflect the actual market and I've had about 5 people contact me about it in the last 5 day.

I think I was seeing more worth in the car than there actually is on the market. It might be a great car to me and worth what I think it is but I'm also a biased owner.

I think you need to seriously evalute the worth of your car. . . not just how much you think it's worth but how much an accurate price for it would be. If everybody is offering the same amount it should be an indication.

Then, too, there is the time factor. If you don't NEED to sell you can be patient and wait for "just the right buyer". When I did that with my Corvette it took 4 1/2 months to sell. 2 years ago when I sold a Cherokee to move into a Wrangler buyers were offering $800 less than I was asking and not taking into account virtually new tires. Given that there was a sweet deal on a particular Wrangler I judged it not worth potentially loosing out on a Wrangler priced $3k below market value to gain the $800 in sales price difference.

Plus there is this: If you can accept the current prices buyers are offering then it's sold and done with. It's out of your hair and you move on.

lip277 · 05-17-2006, 01:54 AM

What's the difference in price (basement) vs the 'potential' increase that you'd really truly expect to get?

Is your time & hassle worth it?

Just my nickel...

05-16-2006, 10:06 PM	#1
TD Founder emeritus Join Date: Oct 2003 Location: Maryland Posts: 21,007	Advice needed: Offer(s) in hand vs... We've now received a number of equal and (barely) acceptable offers for our convertible. Yet people keep calling and emailing. Every day there is another one or two people calling or emailing asking to see it. Someone is coming by every other day since late last week. And we keep getting the same amount as an offer. The amount really is our basement price. And I just cannot bring myself to play the bidders off of each other. But the question is whether or not to hold out. The interest level is pretty high. Does it make more sense to take the money and run or hold our for an extra grand or two?

05-17-2006, 01:54 AM	#10
lip277 The old cranky SOB.... Join Date: Oct 2003 Carmudgeonly Ride: several cars... way too many.... Location: Near Seattle Posts: 4,798	What's the difference in price (basement) vs the 'potential' increase that you'd really truly expect to get? Is your time & hassle worth it? Just my nickel... __________________ *Kevin* 1970 2800CS - - 2001 740iL - - 2006 997.1 - - 2012 Escalade 1968 Mustang GT Convertible - - 2003 Ford F250 PSD - - 1985 728i

05-16-2006, 10:14 PM	#2
rumatt Mugwump Join Date: Oct 2003 Carmudgeonly Ride: E46 330i, Chevy Colorado, Tesla Model 3 Location: NY Posts: 17,475	Tough call. When I sell stuff I always pretend that I'm going to hold out for a strong offer, and not settle for less. But then when I start actually dealing with the people, I realize how much it sucks and end up settling for less. How about adding some amount to the offer ($1500 maybe?) and calling them all and saying, "I just can't go that low. First one to come up with $X gets it.".

05-16-2006, 10:18 PM	#5
ff . Join Date: Mar 2004 Posts: 13,514	On the surface, this is what it sounds like to me (and this is all obvious stuff): If the offers are the relatively similar, it sounds like your expectations of the car's worth are higher than what the market will bear. In the end, it's only worth what people are willing to pay for it. But at the same time, if you have a lot of interest in the car, then it's obvious that your asking price is at least reasonable. If you're not desperate to unload it, then I guess it can't hurt to hold out a while longer.

05-17-2006, 01:46 AM	#9
lupinsea Jeeped Join Date: Sep 2005 Carmudgeonly Ride: Modified Jeep Tj and '07 Miata Location: Seattle Posts: 10,214	I'm going through the same process as I'm selling my Miata. After an initial check of asking prices on Autotrader and such I set my price at a certain point but the car just sat there for a long time. I did a bit more research and found out I pegged the price about $1-2k too high initially. I've since "realigned" my asking price to more closely reflect the actual market and I've had about 5 people contact me about it in the last 5 day. I think I was seeing more worth in the car than there actually is on the market. It might be a great car to me and worth what I think it is but I'm also a biased owner. I think you need to seriously evalute the worth of your car. . . not just how much you think it's worth but how much an accurate price for it would be. If everybody is offering the same amount it should be an indication. Then, too, there is the time factor. If you don't NEED to sell you can be patient and wait for "just the right buyer". When I did that with my Corvette it took 4 1/2 months to sell. 2 years ago when I sold a Cherokee to move into a Wrangler buyers were offering $800 less than I was asking and not taking into account virtually new tires. Given that there was a sweet deal on a particular Wrangler I judged it not worth potentially loosing out on a Wrangler priced $3k below market value to gain the $800 in sales price difference. Plus there is this: If you can accept the current prices buyers are offering then it's sold and done with. It's out of your hair and you move on.