triumphs
[Top] [All Lists]

[Fot] Bring a Trailer TR$

Subject: [Fot] Bring a Trailer TR$
From: paulricco at att.net (Paul Ricco)
Date: Tue, 20 Mar 2018 09:30:17 -0500
References: <FE49480C-DC85-4B83-8AF0-BBA87AA23985@me.com> <84307B86-3DA0-4781-AA8B-E174EC55E17E@att.net> <1268731561.193498.1521553488603@connect.xfinity.com>
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/>
>>> 
>>> 
>>> 
>>> _______________________________________________
>>> 
>>> http://www.fot-racing.com
>>> 
>>> Donate: http://www.team.net/donate.html
>>> Archive: http://www.team.net/archive
>>> Forums: http://www.team.net/forums
>>> Unsubscribe/Manage: http://autox.team.net/mailman/options/fot/paulricco at 
>>> att.net
>>> 
>>> 
>> 
> 
>  
> 
>> _______________________________________________
>> fot at autox.team.net
>> 
>> http://www.fot-racing.com
>> 
>> Donate: http://www.team.net/donate.html
>> Archive: http://www.team.net/archive
>> Forums: http://www.team.net/forums
>> Unsubscribe/Manage: http://autox.team.net/mailman/options/fot/toodamnfunky 
>> at comcast.net
>> 
>> 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: 
<http://autox.team.net/pipermail/fot/attachments/20180320/4146c1fd/attachment.html>

<Prev in Thread] Current Thread [Next in Thread>