Buy it. Flip it.
Photography Credit: Eddie Jones/Courtesy Unsplash
It’s all too common to see “No lowballing, I know what I have,” at the bottom of a listing (often in all caps and in all bold), but have you ever dealt with someone trying to sell a car for far too little?
Whether it was someone you were personally buying from or someone you know trying to sell, how do you tell them that they are undervaluing their car for sale?
Buy it. Flip it.
earlybroncoguy1 said:Buy it. Flip it.
came here to say this. Either buy it and resell it or keep your mouth shut and let someone else get a deal. There's no need to tell the seller their price is too low.
I disagree.
A friend is the Service Manager at a BMW dealership.
Customer came in with a 328D with a contaminated fuel system. It needed $13,000 worth of work. Book value was $35,000.
She said she had enough, and asked my friend if he'd be interested in buying it. He looked it over, and told her that he didn't buy and sell cars in that price range. She pushed back.
He told her that he typically flipped cars for more like $5000, and he couldn't in good faith offer her that. He told her that she should fix the car and sell it for $35K.
She pushed back again, and asked him for an offer. He said the most he could offer was $5-7K. She asked him if he would do $7000. They shook hands.
All repairs are complete. He now has $11,000 in a perfectly good running excellent condition $35,000 car (which he intends to flip soon).
He got the deal because he was completely honest with her, and genuinely looking out for her best interests.
Be honest and tell them. Tell them why, and what you would do. After that, it's no longer your business .
a few years ago an old friend called me with an offer: he was original owner of a 2009-ish BMW 335i sedan, sport package, manual trans, blue over black. beautiful car. it developed a bottom end noise and the diagnosis was bad rod bearing. Dealer said $7500 to fix, blue book was $9500. he offered the car to me for the difference, ie $2000.
i turned him down because i couldn't take that deal with a clear conscience.
i talked him into fixing it himself. he built an SBC Fiero 25 years ago, so I knew he was capable of fixing it himself, even if not interested. so he got the necessary tools and pulled the pan and did it in his garage over the course of about 4 weeks of just messing with it a little here and a little there. buttoned it up and it ran beautifully and he still drives it.
Last week on the Houston Facebook market place a lady was selling a twin turbo BMW M4 for $4000. I think around a 2010 model. She said it needed "the turbo's sealed" and an oxygen sensor. She put in the ad that it was too much of a Hot Rod for her and wanted a less sporty car.
It sold in less than an hour.
Sometimes people just want something gone more than they want money, either because they're fed up with it, they don't know what it's worth, or whatever.
rslifkin said:Sometimes people just want something gone more than they want money, either because they're fed up with it, they don't know what it's worth, or whatever.
Or they are selling it for what their Ex said he paid for it..........hahaha.....
My problem is more with people who tell you your asking price is too high, and then helpfully suggest what you should be asking for it. Those people can go berk themselves.
Since I come across this all the time. I offer them there asking price and tell them that they are to low for the market. 90% of the time they take my offer and move on. They don't care.
Now since I broker a bit and sell things for people most of my issues are people watching mecum and thinking there 6 cylinder 67 mustang is worth 40K.
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