do we overvalue our cars??? frustrated

[deathb4dismount]

So I am halfway through another deployment, and this time I'm spending the extra money on me. Last deployment I used the cash to help purchase a house and spent 10k on an econobox I hated at the request of the girlfriend at the time.

This time the wife said "you need to buy something that will make you happy, like a mustang, you earned it." Which is why she is the wife in the first place and the other chic is the ex-girlfriend.

Anyway, I have been combing craigslist and ebay and just been really frustrated with the quality of foxbodies I have seen and the asking prices. I know there is always room between asking price and what the seller will really accept, but some of them just seem outrageous.

The last time I owned a fox was in 2005. It was an 89 LX it had 130k with basic bolt ons and was in fair shape. I sold it before I went away to basic for $3200 while asking $3800 which is what I bought it for in 04. As far as quality I would buy the exact same car, but not for the same price.
Am I crazy to think that the same car would be worth a bit less eight years later? like $3000.

Do you think we as enthusiasts place to much value on these cars because we love them so much? I mean outside of our community it is just a 20 year old car with outdated technology. I don' think they really have a world wide appeal like say a 65 fastback does.

I don't know, I probably just need some sleep and to get home, fml.

 

[Gearbanger 101]

In short...most Fox owners are mentally deficient when it comes to putting a realistic dollar value on their pride and joy. Everyone things they're sitting on a pot of gold. Most I've seen believe that a Flowmaster exhaust, a BBK CAI and a set of underdrive pulleys automatically add $3,000 to their asking price. These are often the same guys that refer to their run of the mill ’87-’93 GT as a “Cobra” and also list their Explorer intake manifolds as a "Cobra or GT40" intake.

I can’t fault Fox owners alone on this one. It seems consistent with all sports car guys.

 

[Maryland Stang]

The market sets the selling price, not the owner. If I were to put my 5.0 on the market for $5,000 and it didn't sell, then obviously it's not worth $5000. If I wanted to actually sell the car, I'd have to lower the price until the true market value is reached. Then and only then will the car sell.

 

[f8tlfiveo]

I just payed 4 k for this two weeks ago

I know what you mean.. I had to sift through some trashed cars with high prices.. This one might be more than you want to spend but I found if you spend the 1,000 more you will find cars in much better shape.

 

[NIKwoaC]

Foxes are starting to appreciate in value for sure. I know it seems crazy but it's basic supply and demand. Nice examples are getting harder to find, and people are willing to pay for them.

 

[ratio411]

If the economy wasn't so bad, these cars would be going for even more.
The Fox cars are on the verge of a jump in prices as they reach classic status.
I saw it in the 80s as the 65-70 Stangs made the jump from $500 beaters to $5000 classic, for the same car over a period of just a couple years. Once that mental line from 'common driver' to 'classic' is crossed, the price is going to jump. We are there now with the Foxes, and the value of the dollar is plummeting. All we need is an uptick in descressionary spending on the part of buyers, and the price will skyrocket.

 

[jcgafford]

overpriced 99% of the time, then again i just missed picking up a 90 "7 up" with a vacuum leak for $500. sift thru the garbage and the overpriced garage queens and you can find them.

 

[f8tlfiveo]

overpriced 99% of the time, then again i just missed picking up a 90 "7 up" with a vacuum leak for $500. sift thru the garbage and the overpriced garage queens and you can find them.

That was a money maker there..

 

[mikestang63]

wait.. you mean this isn't really worth $75k?

http://cgi.ebay.com/ebaymotors/1993...9361413?pt=US_Cars_Trucks&hash=item3cce4f9b85

 

[Gearbanger 101]

wait.. you mean this isn't really worth $75k?

http://cgi.ebay.com/ebaymotors/1993...9361413?pt=US_Cars_Trucks&hash=item3cce4f9b85

I can't believe at $20,100, the reserve wasn't met on that thing? How much does that ass hat think that car is really worth? lol

You could build it for less than that!

 

[Mustang5L5]

Foxes are starting to appreciate in value for sure.

I'm not sure if they are appreciating, or if they are keeping up with the cost of inflation.

For example, i bought my '88 back in 1997/1998 for $4500 with under 50K miles.

Given average of 3% inflation over 15 years, today's purchase price would be $6400 in today's dollars. That's a pretty realistic number, given that it has under 100K miles now.

Selling a car in 2005 for $3200 is worth about $3750 in today's dollars.

So while we think our cars are going up in value, i tend to think they hit bottom and are rising with the costs of inflation.

The cars that are appreciating are the low mile virgin cars, the special edition rare models like Saleen SSC's and SA-10's and other low-volumn cars.

 

[stykthyn]

only the low mile mint garage queens are really worth any cash. clean but slightly modded cars are in the 5-6k range tops and everything else is worth more as parts than a running vehicle. I've made more money off of foxes by stripping them down for their goodies than trying to sell them as cars.

 

[Mustang5L5]

I can't believe at $20,100, the reserve wasn't met on that thing? How much does that ass hat think that car is really worth? lol

You could build it for less than that!

I can see that being a 100K car. I only say that because I know someone who built a car of that caliber that made cover of MM&FF and had a article on it. Paying retail for all those parts, and then paying labor to have people build it and put it all together as you see adds up. Plus there might be hidden costs you'll never see (for example...3 blown transmissions to handle 600HP to find a combo that worked). But he claimed he was easily over 100K in costs for that car....and he should have just bought a Porsche

 

[madspeed]

Ive got mine registered as a classic, insurance through Haggerty with an agreed upon vslur of 12k. If i thought I wanted to sell it, I'd be much better off to have a little "accident", not that I evrr would

 

[NIKwoaC]

I'm not sure if they are appreciating, or if they are keeping up with the cost of inflation.

For example, i bought my '88 back in 1997/1998 for $4500 with under 50K miles.

Given average of 3% inflation over 15 years, today's purchase price would be $6400 in today's dollars. That's a pretty realistic number, given that it has under 100K miles now.

Selling a car in 2005 for $3200 is worth about $3750 in today's dollars.

So while we think our cars are going up in value, i tend to think they hit bottom and are rising with the costs of inflation.

The cars that are appreciating are the low mile virgin cars, the special edition rare models like Saleen SSC's and SA-10's and other low-volumn cars.

Actually, that's a fair analysis. I just see SN95s and even some New Edge cars that are fetching less than Foxes these days and it leads me to believe that the days of the Fox being the cheapest V8 car out there are behind us. Granted, they're still very affordable, but I do think value is on the rise.

 

[1990turbo]

I can't believe at $20,100, the reserve wasn't met on that thing? How much does that ass hat think that car is really worth? lol

You could build it for less than that!

stock block no thanks i have more money in go fast parts on my car and would be lucky to get 15k out of it!

 

[jcgafford]

That was a money maker there..

It would have never left my posession

 

[HuskerNation]

I payed $3200 for mine. I also had to drive 5 hours to get it. It was well worth it. $3K limit might not get you the best Mustang to be honest. I got lucky on mine, because the guy was in a small town in Wisconsin and just wanted it gone. It was high milage (150K), and had a few flaws on the body. One rust spot, the size of a nickel on the driver side quarter, and one spot of rust (same size) on the hatch. The spoiler was faded, like usual and there was a body flaw in the passenger quarter, but no rust. It was repainted at one time, and you can see where they tried to blend if you pay attention. The floorboards are flawless from underneath, biggest reason I got it. For a car with no rusted floorboards, and limited rust, you might be looking to spend around $4000-4500. I put my car up for sale, because I was dumb, for $4500 and had multiple hits within a couple hours. One serious buyer ready to drive 2 hours for it. I backed out and I still get offers from people at gas stations. My car isn't spectacular, but its clean and pretty much 98% rust free.

You pay for what you get, just shop around. You could eventually find a steal sometime, even if you have to drive a bit for it. Only clean foxes I could find, that were around my price range, were Verts, and no disrespect for anyone who has one, but they are not my cup of tea. I am a notch/hatch type of guy lol.

Just check under the car and the door jams before you agree and hand money over

 

[Adams91LX]

I sold my coupe for 2500. I thought it was pretty nice.

I'm currently looking at an 86 coupe v6/auto... but the interior and body are really nice. 1,100 for a clean coupe

If you don't mind a project, the whole original 5.0 5spd car isn't mandatory. As long as the car hasn't been abused, pretty much everything can be swapped and fixed

 

[citmov]

It's all about how much the buyer is willing to pay. Would I pay $7500 for a 2 tone GT vert with under 100k unmolested...no, b/c I hate verts (no offense) and it's not my taste. Would I pay $7500 for a bimini blue coupe 5 speed with original paint with under 100k?...in a heartbeat! But that's just me.