I Need Advice: Selling 58 Impala

[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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[Mark17]

I'd tell the guy $23k and not a penny less. Beautiful car but would you rather have a car or a house? I'll go with the house without question. What can you do with that car, besides insuring it, doing maintenance on it, maybe driving it a bit and praying you don't get into a fender-bender, sit on it through the winter... and maybe end up lowering, then lowering again, your ask price.

My buddy and I bought a 1931 Model A a few years ago, and when we sold it early this year, we took a big loss. Not the same, I realize - your car is much more desirable, but trying to sell our car was a boring, tedious hassle and finally we were glad to be out of it.

If that helps any... Good luck.

[bnorth]

I would take the $20K and be happy for many many reasons.

[hockeyhockey]

i don't deal with unsavory people, but seems like moving the car is your best option. still pretty slimy for the guy to offer $25k and then drop to $18k. i'd have to take a shower after the "18k and not a penny less" comment, then coming back to offer 2k more. what a douche.

i agree with the 23k suggestion. but i can see why you dislike this clown.

[Hxcmilkshake]

I think 20k is about right. If you can wait and don't need to sell it to that guy that's ok.

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[SyrNy1960]

Nice vehicle! I would go back to the potential buyer at $22K. Most likely, he will come back at $21K. Sold! New Home!

[Carter08]

If he won’t come up from 20k I bet you can find that or more elsewhere. Not a car expert but that seems to be the price he thinks he can make a profit at. I feel like there’s some value to not selling to someone you have gotten a bad feel from but money is money if you do decide to go with him.

[Peter_Spaeth]

I would leave emotion out of it. Don't decline a deal because you don't like the buyer. If you think you can get a better price, that's another matter.

[todeen]

Originally Posted by Carter08

If he won’t come up from 20k I bet you can find that or more elsewhere. Not a car expert but that seems to be the price he thinks he can make a profit at. I feel like there’s some value to not selling to someone you have gotten a bad feel from but money is money if you do decide to go with him.

Oh no, no profit. He and his partner gave us some Dear Aunt Sally story that just sent up red flags. If I was selling a card this would smell like a scam.

Partner sees the car in my in-laws garage, walks up and introduced himself and says - "I'm interested in your Impala." My father-in-law tells him we are looking for $25k. He looks the car over and sets up another time to come back and drive it. A day later he calls my in-laws and asks if it's okay for him to bring his friend to also look over the car. Sure that's fine. They show up, friend now announces that he's actually the buyer, but the car isn't for him, it's actually for his father who really wants a 58 Impala. Buyer looks over the vehicle, never drives it, doesn't care about the engine or mechanics, points out all the flaws (which of course we already know about), kicks the tires, and offers "$18k and not a penny more." My father-in-law declines. Buyer gives us his card and says "Call me when you're ready to sell."

My father-in-law felt hoodwinked. I heard the story and thought about all of those ebay seller descriptions selling for their great aunt Sally, I'm no expert, but I'm listing it as a replica because that's what ebay wants me to do.

We don't call. Two days later he calls and ups his offer to $19k. Two days later he calls again and ups his offer to $20k. Now my wife is telling me to call him back.

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[Mark17]

Anything under 25k is a win for him. Anything over 20k is a win for you. Take a tough stand (the best way to deal with jerks, and he sounds like one) and tell him $23 firm. Then accept his counter-offer.

Bottom line, you'll make much more on your new house than the marginal few thousand dollars you're negotiating on the car, so if he offers $22k or even $21k, I'd take it, as long as the jerk didn't add any unacceptable conditions.

[CardPadre]

I’d ditch that type of buyer also and let him know the car is no longer available to him, but thanks for the interest. Sounds like there is probably more money out there for it, you’ll just have to put in a little effort to realize it.

But for him to come view the car under a pretense of valuing it at $25k and then, whoa, now $18k…that’s just a typical slime bag maneuver and he’d be out of my equation for sure. But good luck and hope you find a result you can be happy with.

[todeen]

We have two options.

1) A house we are currently looking at we could buy with no down payment. This house came up unexpectedly. Instead of a down payment, we can use the car money for remodeling. The owner started a remodel, but the contractor ran off with the money. That makes the house pretty cheap, even with high interest rates. So we would complete the remodel. But there are certain requirements from FHA loan that the owner might not want to deal with. So they may not accept our offer. If they do accept our offer, the contractor we want to use already has jobs lined up for months, so that gives us a cushion to sell the car.

2) We wait until next summer, save up more money for a down payment, and try to sell the car in the spring. Hopefully interest rates fall in the next 9 months. We are living in a basement rent free, so we have the ability to sock some money away.

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[Peter_Spaeth]

Got it. So you can afford to wait on a better price.

[EddieP]

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.

[pawpawdiv9]

Try Meccum auto auctions
I been to the Chattanooga ton one for a weekend
Tons of car and tons fun

[todeen]

Originally Posted by pawpawdiv9

Try Meccum auto auctions
I been to the Chattanooga ton one for a weekend
Tons of car and tons fun

Originally Posted by CW

Here are some auction based options. I don't know which one would be the best fit for your car, but they might be worth checking out if you are not in a big hurry to sell:

https://worldwideauctioneers.com/auctions

https://www.barrett-jackson.com/

https://carsandbids.com/

I'm nervous about sending it to auction. We considered it, but our gut feeling is in agreement with BNorth -- the car is good enough not to be bad, but it's bad enough not to be good. It sits in some middle area. Part of the reason we feel this way is because the estimated values we've heard over the last six years are $20k - $40k. It's such a huge window. We're worried about it ending at $20k, and then after paying the seller's fee, the total return would be less than $20k.

[sb1]

Don't go the auction route, you will get killed. It's not a show car or an all-original survivor, just a 58 Impala "project". It will bring wholesale money at auction.

[bdk1976]

I disagree. It's definitely not a car for Mecum or B-J, but I bet this thing would do decent on Bring a Trailer. Maybe not the $40k pipe dream the seller is holding out for, but I've seen crazier things on there.

The other site to consider would be to put a classified ad on The HAMB, as a modded '58 Impala like this would appeal to much of the audience there.

I probably would have been more ruthless than the prospective buyer/flipper OP is 'offended' by. It's a simple business transaction, but some people insist on complicating matters by bringing emotion into the situation.

The market decides the value - not a 'trusted friend' or any other 'expert' or appraisal.

$20k for that car may very well be the number 'where two fools meet'. OP for not selling for $20k and buyer for not giving $20k. Time will tell.

[todeen]

I found a potential buyer for $23k. I attempted a small search and a buyer from Portland contacted me. Deal is not yet closed. But it's a good sign.

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[SyrNy1960]

Originally Posted by todeen

I found a potential buyer for $23k. I attempted a small search and a buyer from Portland contacted me. Deal is not yet closed. But it's a good sign.

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Good luck! 👍🏻🤑

[bnorth]

Originally Posted by todeen

I found a potential buyer for $23k. I attempted a small search and a buyer from Portland contacted me. Deal is not yet closed. But it's a good sign.

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Nice, hope it works out. Now I miss the coast. That is a beautiful 6 hour road trip from your place to Portland.

[todeen]

I went thru a handful of potential buyers and finally found my man. A gentleman from Albuquerque NM offered $22k. He doesn't want to make it cherry, he likes the barn find look. All the other buyers were immediately talking of paint jobs and this and that. NM man said it would join his collection of 58s: Wagon, Truck, 4dr. He is a mechanic and can make any changes that he wants on his own time.

It took a little bit longer than I wanted, but waiting two weeks was definitely worth $2k extra.

My buyer saw the car on classiccars.com, if anyone else is thinking of selling a car nationally.

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[Arazi4442]

Glad you found the right buyer. Congratulations on the sale!

Originally Posted by todeen

I went thru a handful of potential buyers and finally found my man. A gentleman from Albuquerque NM offered $22k. He doesn't want to make it cherry, he likes the barn find look. All the other buyers were immediately talking of paint jobs and this and that. NM man said it would join his collection of 58s: Wagon, Truck, 4dr. He is a mechanic and can make any changes that he wants on his own time.

It took a little bit longer than I wanted, but waiting two weeks was definitely worth $2k extra.

My buyer saw the car on classiccars.com, if anyone else is thinking of selling a car nationally.

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[SyrNy1960]

Congrats! Enjoyed following your journey to final sale!

[bnorth]

Originally Posted by todeen

I went thru a handful of potential buyers and finally found my man. A gentleman from Albuquerque NM offered $22k. He doesn't want to make it cherry, he likes the barn find look. All the other buyers were immediately talking of paint jobs and this and that. NM man said it would join his collection of 58s: Wagon, Truck, 4dr. He is a mechanic and can make any changes that he wants on his own time.

It took a little bit longer than I wanted, but waiting two weeks was definitely worth $2k extra.

My buyer saw the car on classiccars.com, if anyone else is thinking of selling a car nationally.

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Awesome, can you post details of how it worked. I have bought 3 Porsche sight unseen and it is scary as a buyer.

[Bcwcardz]

Nice car. I thought it would have been worth way more to be honest. I had a 62 impala coupe years ago. It wasn’t a convertible but it was a fun car to drive!


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[stevenfisher763]

Originally Posted by Bcwcardz

Nice car. I thought it would have been worth way more to be honest. I had a 62 impala coupe years ago. It wasn’t a convertible but it was a fun car to drive!


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Yeah

[todeen]

closed on our house on Friday

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[bnorth]

Originally Posted by todeen

closed on our house on Friday

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Awesome, congrats on the new to you house.

[todeen]

Originally Posted by bnorth

Awesome, congrats on the new to you house.

thank you. it'll be move in ready in about 3 months after the remodel.

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[bnorth]

Originally Posted by todeen

thank you. it'll be move in ready in about 3 months after the remodel.

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It is smart to do the remodel first. We done that in the house we live in now. My younger brother completely remodeled their house while they lived there and it was a serious PIA for them.

[jw700547]

Originally Posted by bnorth

It is smart to do the remodel first. We done that in the house we live in now. My younger brother completely remodeled their house while they lived there and it was a serious PIA for them.

Yeah