Selling Strategy discussion

[Mustang5L5]

I wanna pick your mind about strategy when it comes to selling cars.

I've had my car listed for sale at book value since Dec. I've gotten decent email and phone response, but not a whole lot of interest to come look at the car.

The front tires have worn pretty low in the meantime, so I decided to drop the price to $10K even to compensate. As a result, i got a ton of interest and set up 3 guys this past week to look at the car. All three loved the car, but hated that it needed tires and want to give me $9000 for it which i think is too low given the overall condition of the rest of the car.

So I am gonna put tires on it. It's going to cost me $500 and I figured I'd just ask $10,500 now which I think is still pretty good price.

Here's the discussion part. Me and some coworkers were debating strategy and they think the reason i haven't gotten decent response is that the price is just too low. They think I should bump it up a couple grand to maybe 12,000-13,000 and let people haggle me down to 10000-10500 vs starting so low. Their thought is people will see the ad, wonder why the price is low compared to other cars with the same mileage and year and think there is something wrong and look elsewhere.

In a way i sort of agree, but then again when i dropped my price down to $10K I had 3 people looking at it in a week. Granted none bought it due to the tires but that issue will be resolved shortly.

So what do you think?

 

[streethorse]

Pick up a copy of the summer 08 NADA book. Set your price exactly by the book.
Show them the book and then go down off that price, which is stiil over 10,500
hopefully.

 

[rabidscoobie]

Well i have learned recently after selling 2 cars since april that none of the ones looking at the cars wanted to pay book value,it semed all of them were trying to go 500-1k under the nada book value and these cars had tires that were maybe 6months old at the time.Alot of people I know think that since its a private seller that they will drop the price alot quicker than a dealer would...so for the trouble of getting the money together and doing you the favor of buying your ride instead of aa dealer,you should drop the price.Im not saying I agree with this but I have heard it several times from others.Now if i remember your car correctly that would sell on a dealer lot here for at least 13k,low miles and in perfect shape?right?But then again stangs are very popular in TX.You can pull up to a light here and alot of times there may be 2-6 stangs sitting at the same light... and no its not a group.Not only that but I think gas prices are the lowest in TX compared to other states...Low and mid grade are still under $4gal here and prem is around $4.06 or at least it was 2 days ago...for all i know it may have hit $5gal by now...

 

[Stark77]

The days of paying book value are over - as long as you're not buying used from a dealership. If you're personally selling the auto and are motivated to sell, I would sell it at 92.5% of the book value. It would sell very quickly. Our mods are worth a lot to us - but in some cases, worth nothing to others. Given the state of the average consumers cash purchasing power, selling is best done right now with a HOT bargain.

 

[Notchbck93]

I wanna pick your mind about strategy when it comes to selling cars.

I've had my car listed for sale at book value since Dec. I've gotten decent email and phone response, but not a whole lot of interest to come look at the car.

The front tires have worn pretty low in the meantime, so I decided to drop the price to $10K even to compensate. As a result, i got a ton of interest and set up 3 guys this past week to look at the car. All three loved the car, but hated that it needed tires and want to give me $9000 for it which i think is too low given the overall condition of the rest of the car.

So I am gonna put tires on it. It's going to cost me $500 and I figured I'd just ask $10,500 now which I think is still pretty good price.

Here's the discussion part. Me and some coworkers were debating strategy and they think the reason i haven't gotten decent response is that the price is just too low. They think I should bump it up a couple grand to maybe 12,000-13,000 and let people haggle me down to 10000-10500 vs starting so low. Their thought is people will see the ad, wonder why the price is low compared to other cars with the same mileage and year and think there is something wrong and look elsewhere.

In a way i sort of agree, but then again when i dropped my price down to $10K I had 3 people looking at it in a week. Granted none bought it due to the tires but that issue will be resolved shortly.

So what do you think?

None of those guys wanted to go 9500 to compensate for the tires? I mean really, you're out 500 to move your car; sounds do-able but how bad do you want to step up to a newer car? If you know the dealer will give you on trade in, bump it up a grand and move the vehicle. How bad to you want a downstroke on that G35?

 

[BennyBlown2v]

Don't get me started... I have my car listed for $14k...right around/under clean NADA for private sale, and under excellent value KBB... Needless to say, I still have the car, and unfortunately it doesn't look like its going anywhere

 

[Mustang5L5]

None of those guys wanted to go 9500 to compensate for the tires? I mean really, you're out 500 to move your car; sounds do-able but how bad do you want to step up to a newer car? If you know the dealer will give you on trade in, bump it up a grand and move the vehicle. How bad to you want a downstroke on that G35?

I would like a G35...but i don't want one that bad if oyu know what I mean.

One was willing to do $9500, but I wasn't. I think that is almost giving the car away. I mean i do want to sell the car, but i don't want to dump it off considering i owe nothing on it and I do like the car.

So it's a toss-up really. It needs tires anyway. i have no choice. None of those 3 guys bought the car so Unless i want to hydroplane in the next rainstorm i need to buy the tires..which isn't a big deal.

i think i might just try and add the $500 and ask $10500 for a while and see how it goes. Or maybe i'll ask 11,000/bo and see if anyone nibbles. Like i said..i dont need to sell the car.

I DO NOT want to dump the car. I don't know why, but i've had chances to trade it in but I feel bad accepting $7500 for trade in value. I don't know why but I think it would bother me. I would rather see who buys it from me rather than dump it on a lot. I guess i'm weird like that.

 

[rabidscoobie]

Also forgot to mention that from past experience banks dont like to much out as much money on the loan for a private sell as they would a dealer....its just way to easy now days to get a loan with the dealer involved.I mean hell i got approved in an hour for the Mach and you all dont wanna know about my credit,a divorce,then hospitalized for nearly 3 weeks...Really i tried to get a loan on my own from the bank that I had just payed the loan off on the gt and I payed it off a whole year early,and they wouldnt give me a loan for 10k when the original loan for the GT was for 14,500 in early '03,next day ford dealer approves me for 16,800 for the Mach and only gave me 6k for the gt(i know i lost on it but the paint and interior got away from me from a disability)not only that but the dealer gave me a free bumper to bumper 2yr warranty,put new tires on it before I picked it up and the gap insurance.Honestly alot of people know they will not get anything close to that from a private seller.

 

[Mustang5L5]

Well then i guess i keep driving it but in the meantime i need to put tires on it for my own safety.

I'll change the ad up, fish it around some more and see if anyone bites.

 

[Stark77]

before you put new tires on - picture/video of AWESOME burnout from old tires?

 

[Mustang5L5]

Ha, you guys are gonna laugh, but i've never dropped the clutch or done a burnout on this car.


My 5.0 i'll spin donuts all day in, but I baby my GT.

 

[Stark77]

Today - my friend - is a great day to start!

 

[rabidscoobie]

Ha, you guys are gonna laugh, but i've never dropped the clutch or done a burnout on this car.


My 5.0 i'll spin donuts all day in, but I baby my GT.

,When i bought my GT thats one of the first things I had to do,burnout for about 3 or so houses down.....,Ive yet to do a burnout in the Mach...really I havent felt the urge to..........am I getting old?

 

[Stark77]

You must be getting old! This means you need to sell me your Mach for cheap and buy a Buick Century.

 

[Mustang5L5]

Well, i've picked some tires and got a quote to get them installed.

I guess Ford is closing out on the OEM 03-04 Bullitt wheels and they are $100 each, so i bought two new ones to replace the curbed driver's side wheels. My pass wheels are mint, but my driver's side were curbed from the previous owner. It was something i've wanted to do for a while and at $200 it wasn't a bad price.

I did this for me as it's still my car and I gotta drive it. I'll re-evaluate if i want to sell it after this is all done.

 

[Stark77]

where did you get the wheels from for that price?

 

[Mustang5L5]

http://www.mcrparts.com/


The wheels aren't listed though. You'll have to call/email for quote.


I'm not paying shipping though since he is local and I'm picking up. They are the darker 03-04 rims though, they won't match the 01-02 color bullitts

 

[rabidscoobie]

You must be getting old! This means you need to sell me your Mach for cheap and buy a Buick Century.

Not even when Im 80 will I be driving something like that.As for burning tires...the damn things are just too expensive to burn,but wait till I need to buy a new set....then it will be time to burn....

 

[Notchbck93]

Ha, you guys are gonna laugh, but i've never dropped the clutch or done a burnout on this car.


My 5.0 i'll spin donuts all day in, but I baby my GT.

I mean honestly, if you had her since new... not sure if you have, but if you've been that good to your 03, why not just drive the wheels off it at this point. People on the street expect sellers to literally give things away and if it has been a great car, not beat, drive it for many more years and just save up for whatever future car may interest you. A rainy day fund for when you finally decide to retire the 03 or sell it for the price that you feel comfortable with.

It certainly amazes me how dealers can ask 3-4 more than what you're trying to get and people buy those vehicles but when it comes to your own, no one digs. I picked up my 04 in Jan from a dealer for what Nada high trade in was; no complaints here.

 

[LaserSVT]

Mike with the new wheels and tires its now a 10K car. Mustang sales suck right now. Wait till gas goes back down and the car is worth 11K. If you are not in a hurry then sit on it and dont just drop it cause you need money like I did to mine
People love a deal and will buy it if they think they are getting over on you. I have sold a couple thousand cars so I have seen it a few times.
A Mustang person will see the car for what it is and pay, everyone else sees it as a 5 year old gas guzzler.
Worst customers I had were the ones that got a great deal. The will bitch about everything.
The best customers are the ones that pay full price. They dont complain, they call to say how much they love the car and send friends to you.