Quote:
Originally Posted by todeen
I need your advice because we're in a conundrum. We've decided to sell our 58 Impala to have a down payment on a house. It's modified, a mid-1980s restoration. It's a low rider with 348 W Series engine; decked trunk, louvered hood. I understand due to its modifications we are looking for a smaller group of buyers. We know the provenance back to 1982 when my wife's uncle purchased it. It's a barn find, superficial rust, some dings and dents, some issues with upholstery, but still runs extremely well. We don't need the money immediately, but my wife and father in-law have fire in their pants.
Here's the problem: we've received estimates on the car from $20k to $40k. We were told $25k in 2017. Prices obviously went up during COVID, but even this week our trusted friend still said the car was worth $28k. Our local market is and always will be low (Spokane WA). We thought we had a buyer this past week on Thursday at $25k, the price stated before he came to see it, then he low balled us at "$18k and not a penny more." Turns out he's a professional buyer, and I'm certain he just wants to flip the car. We were all offended. I told everyone I was moving on to list in a national magazine classified ad.
But now the same buyer has called back and raised his offer to $20k. My wife and father in-law want to sell, but I'm the only one who is holding up the sale because I simply don't like the buyer. I feel like we're leaving a lot of money on the table.
I know November to April is not car buying season. We will likely have to wait months before trying to sell it again. I already paid for the national advertisement. We have a major local car show on Father's Day we could try to sell it at.
What would you all do? Am I being obstinate?
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My gut feeling is : 1) your friend is correct the car’s low value is $28,000, 2 ) the professional buyer knows that but he wants to maximize profits and low ball you. He’ll buy it $23-24.000 and sell it at 45,000. He’ll walk away at $25,000.That reminds me that back in the days when cars were sold through Wanted Ads, people who sold cars would list their price 5-10% higher than the price they actually wanted.Likewise buyers would offer 20% less than the asking price. His initial offer of $18,000 fits that practice. And he probably thinks you really want $23000. Heavy Negotiation were expected and part of the deal.