Re: IML: Price guides

[Mark McDonald <tomswift@xxxxxxxxxxxxx>]

Dear Greg & everyone,

Thanks for the compliment.  I don't know how insightful I am, but I try 
to be helpful!  You have asked the perennial question, the one has 
occupied the minds of almost everyone in the old car hobby at one point 
or another:

What is a car worth?

Some folks say "market determines value," and while that may be true I 
think statements like that only beg the question and leave us in the 
dark.  They really don't tell you, as a buyer or a seller, whether the 
price you are thinking of paying or asking is reasonable or not.

The only method I know is one that many professional car salespeople 
use, which is the simple and straightforward method of comparison.  In 
other words, you try to find out what similar models are going for in 
your area.  I used to know one salesman who would open up the 
automobile section of the paper every day and peruse the classifieds 
just for this reason: to to see how much the competition was asking for 
comparable makes and models.

You probably won't find too many Imperials in your local paper, but I'd 
still start there and see what similar cars are going for (or at least 
what they're asking; they're probably selling for less, but at least 
this gives you an idea).  For example, you might find a Lincoln or a 
Cadillac from the same year and that would give you a starting point 
for pricing your Imperial.  I'd also check the ads in Hemmings and on 
the IML, in the local Auto Trader publications (sometimes you find cars 
there that are not on line), and OCPG and eBay, too.  But I'd be 
cautious about giving eBay cars too much weight because it seems to me 
prices are all over the board on eBay.  I think there is also a 
magazine known as Cars & Parts which has a good reputation, and I 
believe they used to publish a price guide.  NADA does antique cars as 
well and you can check that on line.

I guess my point is to check as many sources as possible and just sort 
of average them out using your own judgement.  I would not rely on any 
one source as the ideal or best source.  Lastly, I will run it by my 
more knowledgeable friends to see what they think.  Friends are usually 
reluctant to get into a discussion of what your car is worth, or tell 
you how much to spend, but their reactions will tell you whether you're 
way off or not.

And of course you should always remember the "I gotta have it" factor, 
which states that for every car in the universe, no matter how dang 
ugly or what condition it's in, there is one fool out there willing to 
pay almost any amount of money to own it!  The trick is in finding them.

(And it's corrollary, which states that no matter how much you love it, 
have pampered it, or put into it, you probably ain't gonna get it back!)

Mark  :)


On Wednesday, December 15, 2004, at 10:59 PM, Greg and Russell wrote:

> Mark,
>
> Thanks for your (as usual) insightful response to my questions 
> regarding my confusion over the price guides.  I really appreciate you 
> taking the time to explain the relationship the Black Book company has 
> with Cars of Particular Interest.
>
> I agree, OCPG seems high on some cars and low on others.  But the CPI 
> Guide is just plain LOW and I doubt too many vintage car owners 
> (Imperials included) would sell their cars for the prices quoted in > CPI
>
> When I see a car advertised in Hemmings, Old Car Trader or any number 
> of other publications, I often times will pull out my current OCPG and 
> compare the price of the car in its advertised condition, to the price 
> in the guide. How do others on the list check to see if a seller's 
> asking price is even 'in the ballpark'?
>
> I know all this discussion isn't directly Imperial related, but sooner 
> or later, one of us is going to be sizing up another Imperial to buy 
> and we may need some help in determining if the seller is attempting 
> to rip us off or if the seller is asking a fair price?  Which guide 
> should we use to get an idea of the car's accurate value?
>
> Greg
>
> ----- Original Message ----- From: "Mark McDonald" 
> <tomswift@xxxxxxxxxxxxx>
> To: <mailing-list@xxxxxxxxxxxxxxxx>
> Sent: Wednesday, December 15, 2004 10:40 PM
> Subject: Re: IML: Price guides



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