In the interest of benchmarking: http://www.mecum.com/auctions/lot_d...emv&utm_medium=email&utm_campaign=CH1013-S219 Any predications on what the hammer drops for??
Reminder: Mecum FGT trends at 6.05PM CST 10/12 (today)
- Thread starter Art138
- Start date
GTdrummer
GT Owner
GTdrummer is the winner!!!
People paying these prices at these auctions don't make sense to me. Seller only nets about $200k (could have gotten that selling private party) and buyer ends up paying over $240k (could have bought several like red cars cheaper on the net). Only real winner here, is the auction houses.
People paying these prices at these auctions don't make sense to me. Seller only nets about $200k (could have gotten that selling private party) and buyer ends up paying over $240k (could have bought several like red cars cheaper on the net). Only real winner here, is the auction houses.
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Reserve wasn't even met at 225k which I think is surprising. With buyer's premium, I think ~245 is strong money for that car. Thought reserve would be in the 200-225 range. Next one up for auction is the yellow one in November I think.
Xcentric
GT Owner
Stupid high reserve. But stupid throwing tens of thousands at Mecum too for rolling your car on and off a ramp. I think there must be a lot of stupid people with a lot of stupid money.
Just looked at the Mecum results for Chicago. The GT sold for $240k. Maybe an off the block sale occurred?
GKW05GT
GT Owner
FBA
GT Owner
i have been saying for years that the buyers at Mecum and BJ have more money than brains, paying well over what cars are actually worth. And the 8-10% buyer's premium? As Shelby mentioned - these cars can be bought for far less outside of those venues...and that's what these cars are really worth, not the stupid money they get at Mecum and BJ.
Sinovac
GT Owner
Personally, I think there's more to it than just stupid buyers showing up at these auctions. What are the odds that one particularly vehicle model could repetitively and coincidentally go for substantially over retail market value at auction? That'd be one heck of a run of luck finding uninformed buyers with several hundred thousand dollars to spend.
FBA
GT Owner
Oh, well, from what I see following these auctions, the FGT is far from the only car going at well over market. How would you explain 4-5 cars a year being sold at well over market at Mecum and BJ, while the other hundred + or so cars changing hands sell for much less?
What I'm saying, is that the buyers there at these auctions (most all of them) have more money than brains and are overpaying for everything. It's a live auction frenzy thing IMO-
When you take out that part of the equation, buyers have far more time to think about and examine what it is they are planning to purchase; ie, buying on Ebay / local dealer or somewhere else in the market.
Also, those live auction buyers believe that if the car comes from Mecum or BJ, they're getting a fine quality car with all the due diligence already done etc...
I have always maintained that when one buys a car from one of those auctions, the only chance of selling it and breaking even is buy selling it at one of those same auctions later on, because the rest of the market won't pay those insane prices.
That being said, there are plenty of great deals to be had at both of those auctions; some really nice cars at good value...but that's in the lower priced stuff, not in the higher end of the spectrum.
A lot of those buyers pay a premium to show off that they just can. Like I said, more money than brains and both Mecum and BJ know it.
What I'm saying, is that the buyers there at these auctions (most all of them) have more money than brains and are overpaying for everything. It's a live auction frenzy thing IMO-
When you take out that part of the equation, buyers have far more time to think about and examine what it is they are planning to purchase; ie, buying on Ebay / local dealer or somewhere else in the market.
Also, those live auction buyers believe that if the car comes from Mecum or BJ, they're getting a fine quality car with all the due diligence already done etc...
I have always maintained that when one buys a car from one of those auctions, the only chance of selling it and breaking even is buy selling it at one of those same auctions later on, because the rest of the market won't pay those insane prices.
That being said, there are plenty of great deals to be had at both of those auctions; some really nice cars at good value...but that's in the lower priced stuff, not in the higher end of the spectrum.
A lot of those buyers pay a premium to show off that they just can. Like I said, more money than brains and both Mecum and BJ know it.
FBA
GT Owner
Nope, both statements point to the same thing - the buyers there have more money than brains and are overpaying for most cars sold there. Not really sure how you read them differently Dave. Those are very special buyers - LOL
I'm multitasking! I read it as the other cars being non-Ford GT cars changing hands for much less at auction. I'd say it's safe to say nobody is overpaying by 15% at auction to buy a Ferrari 360. At the end of the day, my point is that it's pretty easy to "protect the reserve" and the FGT has turned into a pretty convenient marketing tool.
FBA
GT Owner
Being that it's one of a very few modern day cars that actually escalates in value, yes, I would agree!
txviper
GT Owner
- Dec 31, 2007
- 613
So your concept is that the wealthy guys that have gotten to where they are for a reason, suddenly go in the category of more money than brains? Did it ever occur to you that most of these people do this as a hobby? Not as a business? Have you ever paid more than you should have for something? You knew you wanted it so it didn't matter, right? Maybe it was $1000 and you paid $1200? Did that make you stupid?
No, its all relative to your income and value perceived. Just because you couldn't, or wouldn't, doesn't make someone else dumb for doing it. Also the GT is a pretty safe bet that within a year it will be worth considerably more that it is now. There are not to many cars that aren't stupid money that can accomplish that.
Bottom line is it is helping our values. So be happy.