PO wants to buy his Miata back

Bought in February. It's needed some work, and I have enjoyed driving it, but really haven't gotten attached to it. I've done my first three autocross events in it, and definitely want to continue that.

Got a text from the seller offering to buy it back. I was already thinking of selling it.

I've done a bit of work myself, but mostly paid shop time for timing belt, water pump, hoses, belts, Q Max coolant reroute, shocks, bump stops, coils, wires, extended tip plugs, fuel pump, fuel filter, clock spring, air horn...

I'm sure there's more, but that's what I recall. He's offered me $1500 over his selling price. I'm probably into it for another 4000, but that's the breaks.

Right now it needs a catalytic converter. There's a short that makes the doors lock themselves. There's a small amount of body damage ( deck lid and spoiler), which I'm going to have repaired.

I have decided that driving a street car with a race seat and harness isn't something that I really had thought out, so there's that. I bought it for autocross, but I'm going to drive it occasionally so that it gets run. 

I'd already started thinking about an NC1, since I would end up doing a suspension upgrade if I kept this. 

I still want a roll bar and hard top, so the PRHT is out.

In the meantime, I can autocross my lancer Ralliart wagon. It's an automatic with an open differential, so no threat to the fiesta ST that fits that class, but I'm not going to be competitive no matter what I drive.

Edit: 2001 LS Sport, lava orange paint. Hard top, Storm S1 wheels, 15x9. Khumo P71s. Roll bar, race seat and harness, some MSM bits. Lightweight flywheel, happy meal clutch. Six speed.

In reply to Floating Doc :

I apologize in advance but I can’t discern what your thread is really about. Was it asking IF you should sell it back? At what price? Are you NOT selling it but are holding onto it with further mods in mind or the last (edited) part reads like a For Sale ad...

$1500 over what you paid for it and you put in $4000? Sounds like a killer deal for him

Can you buy a reaplacement vehicle that you think you'd get "attached to" for what he's offering to pay?

That'd be the deciding factor for me.  Otherwise, I'd keep the car and keep autocrossing.

Unless there is something else you really want, don't sell it.  You'll be calling him in 6 months offering him $1500 over what you sold to him for, and he will tell you to go pound sand.

Is 1500 over what you paid a fair price for the car as it sits? I mean if you're wanting to sell anyways and X+1500 is what you'd ask, why not?

You're very rarely going to make money on a car and sunk costs are a thing. I'd probably ask another 500 saying you want to split the difference on what you've got into it. 

I will also ask what you're looking for in a car, NC1 is going to be a much better street vehicle but the stock suspension is very very soft. They're very good cars to learn in and pretty easy to drive in STR trim.

I'd be asking for more money, OP. #1, he wants this particular car back, so you kind of have him by the balls. #2, you sank 4 grand into it, I mean I guess if 4 grand is "pennies" to you (doesn't sound like it) then no real loss. #3, what could you sell the car for on the open market?

I wish I could sell someone my car, have them fix some of the issues, then buy it back for a fraction of the cost it took to fix them...

You won’t get the 4K. Back  regardless of who you sell to. So that is a non factor. Sell it back for what you were going to advertise it for.

Pete

Forget what you have in to it, because that's a sunk cost and there's nothing you can do about that.  If you don't particularly want that car and you don't particularly see that you're going to be able to make that car into what you do want, then selling it is the right thing to do, it's just a question of how much.  I mean, if another $200 is all it takes it make it the car of your dreams, by all means spend that and keep it, but it sounds like you really want something else.

How close to market value is the price you paid plus $1,500?  Would you go through a ton of extra work finding a buyer and dealing with craigslistians to only get 10% over and above the offer on the table?  Or would that net more like 40% more?  Having the buyer already lined up and not having to go looking for them is worth a lot of time and aggravation, but not if you're leaving $2,500 on the table that you have a reasonable chance to get.

Unless you're on absolute fire to get rid of it, it also wouldn't hurt to negotiate with the previous owner.  Take the shop receipts with you and demonstrate that you've got $4k into it and it's all stuff that is still on the car.  See if he'd be willing to increase his offer -- you probably won't get him to cover the full boat, but it might bring him up a little bit.

Fitz said:

Is 1500 over what you paid a fair price for the car as it sits? I mean if you're wanting to sell anyways and X+1500 is what you'd ask, why not?

You're very rarely going to make money on a car and sunk costs are a thing. I'd probably ask another 500 saying you want to split the difference on what you've got into it. 

I will also ask what you're looking for in a car, NC1 is going to be a much better street vehicle but the stock suspension is very very soft. They're very good cars to learn in and pretty easy to drive in STR trim.

Sorry for not being clear on my post. It was a stream of consciousness when I should have been in bed.

Yes, it all comes down to the value of something being what you can sell it for, not what you've got in it.

I think I'd sell it anyway, and he's offered $7000. I don't see getting much more than that.

I have read about the NC suspension, but that's something I would modify whichever car I have.

I say let it go.  If you can't own all the cars at once, then you have to line them up and knock them down.  Life is short.

It looks like you have a pretty well sorted car, and the remaining issues are easy/cheap to solve.

- put stock seats back in, $300ish, four bolts.

- power door locks.  just unplug them at the harness and use them manually.  If it were my car I’d track down the short, but you probably don’t need to if you don’t want to.

- deck lid, leave as is or find another for $200-300.  Four bolts.

- suspension.  Five or six good options, most 1/2 the price of a decent NC suspension.

If you just don’t like the car, then move it along.  But flipping cars when you’re paying other people to work on them is a pretty bad deal financially.

I had my miatas PO offer to buy it back, I wouldnt sell it back since I felt like he would destroy it again. 

How much did insurance end up settling with you on for the rear end damage?  Does that defray your cost at all vs his offer?  Can you pocket that money and agree to sell it back to him without fixing the damage?

Can you part it out (keep the wheels/tires, etc?) to recoup some of your expenses?

I would like to offer $1501 over the previous purchase price.

I'd counter with $8500 with room to move down to $8000.  

Nothing wrong with trying to get some of what you've put into it.

You're making me feel pretty good about the car I just bought!