Jim,
I hear everything that you are saying. However, I have been in the automotive
industry for 32 years as this year. I have been involved in many thousands of
deals buy and selling cars. Collector cars and daily drivers. I agree that he
has spent a lot on the car and it will be fabulous when completed, if someone
takes the time and spends the money to complete the car properly. However,
what you have spent on something like this and what it is worth when it is done
often have nothing to do with each other. Every car is worth what it worth in
the current market conditions, sometimes you have just spent too much and sell
at a loss. Even with all the deals that I have done I still get myself in
these situations from time to time. I truly know better and I still do it
occasionally. We are doing a frame off restoration on a 1964 TR4 right now.
It will be fantastic when it is done. Even with us doing a great deal of the
labor and all the legwork ourselves, I accept that If sell the car the day it
is done, under current market conditions, I will lose money.
My comments were centered around the fact that I find it a waste of time to bid
on things when a seller is refusing to accept what the market is saying about
the item for sale. Someone could be out there who would pay more, but this
thing has been for sale for 2+ years and $17K was a strong bid given what is
left to be done. There is a cost to waiting years to get more money for
something. It is the time value of the money being tied up while it could be
used for something else. It is my opinion that if he waits 2 more years and
gets $2K more that he has actually lost even more on the car.
With all said, we are invested in Triumphs and I wish someone would have paid
$100K for it That would have solved my TR4 restoration project's balance
sheet. I hope they all continue to bring more and more money in the future.
Paul
> On Mar 20, 2018, at 8:44 AM, JAMES GRAY <toodamnfunky at comcast.net> wrote:
>
> Paul,
>
> Don't assume the owner was just overwhelmed by the scope of the project. It
> could be medical or financial reasons.
>
> I believe he spent $5K just for a delivered only Ratco frame. I think I can
> say he has more than the asking price invested since his car is an IRS as is
> my own and both share similar parts. It wouldn't take much to delete the disc
> brakes if one insisted on the originals. Personally I feel bad for the guy to
> have to bail on such a worthy car.
>
> As far as surprises go, the normal surprises you won't find on this car are
> hidden body rot, bondo'd dents hidden frame rot, cracks, worn out suspension
> components, worn out motor & shoddy work.
>
> There is a buyer out there for it, they just haven't come along yet.I hope he
> gets all the money he's asking for it.
>
> jim g
>
>> On March 19, 2018 at 3:18 PM Paul Ricco via Fot <fot at autox.team.net>
>> wrote:
>>
>> Scott,
>>
>> Agreed.
>>
>> That is why when things have been for sale for 2+ years on every site
>> imaginable, we do not even waste our time bidding on them. This thing has
>> had more turns than a door knob at being sold. We have seen for sale just
>> about everywhere in the last 2 years. I find that dealing with sellers like
>> this is just a complete waste of time. $17,000 is a lot of money for an
>> unfinished project of this sort. It has been heavily modified and will never
>> be viewed at the same value as a truly restored car by the collectors who
>> pay a premium for originality.
>>
>> The surprises are a guarantee. If it were that way to easy to throw it
>> together and go for a ride, the seller would have done it. There is always
>> a reason why people give up on these projects, and they are never telling
>> the entire story when it is for sale as unfinished.
>>
>> No doubt it would be a fun car to drive when finished, but it could be an
>> expensive and time consuming ride to get there.
>>
>> Paul
>>
>>>
>>> Well, folks, even though this seller did not think so, there appears to be
>>> a strong market for unfinished projects. I?m amazed this seller did not
>>> take the $17,000 high bid. The gap between what?s here and a finished car
>>> is potentially a lot of work and some surprises.
>>> https://bringatrailer.com/listing/1964-triumph-tr4-4/
>>> <https://bringatrailer.com/listing/1964-triumph-tr4-4/>
>>>
>>>
>>>
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>>>
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>>
>
>
>
>> _______________________________________________
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>>
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>>
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