Pennock's Fiero Forum
  General Fiero Chat
  Sold my '88 Formula today and prices are defintely on the rise

Post New Topic  Post A Reply
Email This Page to Someone! | Printable Version


next newest topic | next oldest topic
Sold my '88 Formula today and prices are defintely on the rise by RayOtton
Started on: 08-27-2021 12:33 PM
Replies: 14 (468 views)
Last post by: RayOtton on 09-16-2021 10:26 AM
RayOtton
Member
Posts: 3469
From: Cape Charles, VA, USA
Registered: Jul 2012


Feedback score: N/A
Leave feedback





Total ratings: 54
Rate this member

Report this Post08-27-2021 12:33 PM Click Here to See the Profile for RayOttonClick Here to Email RayOttonSend a Private Message to RayOttonEdit/Delete MessageReply w/QuoteDirect Link to This Post
Had to sell it because of a bad hip.

Put it on Marketplace, Craigslist and HERE for a couple of months with not a peep.

Finally bit the bullet and decided to try an auction.

First up, BAT turned me down which I found surprising. It's a very clean '88 Formula / auto with 60K miles.

So on to Ebay for a 7 day auction. Starting bid of $7K with an $8K reserve.

Ended up with three bidders and a winning bid of $8K.

I'm happy but I'm sad.
IP: Logged
PFF
System Bot
theogre
Member
Posts: 30094
From: USA
Registered: Mar 99


Feedback score: N/A
Leave feedback





Total ratings: 558
Rate this member

Report this Post08-27-2021 07:08 PM Click Here to See the Profile for theogreClick Here to visit theogre's HomePageSend a Private Message to theogreEdit/Delete MessageReply w/QuoteDirect Link to This Post
watch out for scams.
Too Many of them to list here and easy get your car and nothing in the bank in the end.
Bogus Checks and money orders are still very common.

Why?
In super short...
Banks can say they "cleared" in hours to a few days and release fund because Required By Federal Banking Laws but they find out weeks or months later "the paper" is stolen or otherwise bogus and You Will be on the hook for that money.

Anyone telling you otherwise have no clue how banks and credit union really works or worse.

A big Example: If a "check" amount is > the winning amount even a little is a suspect scammer.

------------------
Dr. Ian Malcolm: Yeah, but your scientists were so preoccupied with whether or not they could, they didn't stop to think if they should.
(Jurassic Park)


The Ogre's Fiero Cave

[This message has been edited by theogre (edited 08-27-2021).]

IP: Logged
RayOtton
Member
Posts: 3469
From: Cape Charles, VA, USA
Registered: Jul 2012


Feedback score: N/A
Leave feedback





Total ratings: 54
Rate this member

Report this Post08-28-2021 05:47 AM Click Here to See the Profile for RayOttonClick Here to Email RayOttonSend a Private Message to RayOttonEdit/Delete MessageReply w/QuoteDirect Link to This Post
Well, I'm sitting here with 80 $100 bills so I think I'm OK.

If nothing else, that's a fair amount of toilet paper for when the SHTF.
IP: Logged
Fierochic88
Member
Posts: 4837
From: Staunton, VA
Registered: May 2001


Feedback score: N/A
Leave feedback





Total ratings: 152
Rate this member

Report this Post08-29-2021 11:22 AM Click Here to See the Profile for Fierochic88Click Here to Email Fierochic88Send a Private Message to Fierochic88Edit/Delete MessageReply w/QuoteDirect Link to This Post
Congrats (and condolences). Where did it end up going?
IP: Logged
RayOtton
Member
Posts: 3469
From: Cape Charles, VA, USA
Registered: Jul 2012


Feedback score: N/A
Leave feedback





Total ratings: 54
Rate this member

Report this Post08-30-2021 06:40 AM Click Here to See the Profile for RayOttonClick Here to Email RayOttonSend a Private Message to RayOttonEdit/Delete MessageReply w/QuoteDirect Link to This Post
Thanks.

Indeed I have mixed emotions over this sale. Really didn't want to part with it but getting out of the car was becoming an embarrassment.

I sold to car to a young guy out of Philly. Seems the word on Fieros is trickling down to the next generation.
IP: Logged
Raydar
Member
Posts: 38992
From: Carrollton GA. Out in the... country.
Registered: Oct 1999


Feedback score:    (12)
Leave feedback





Total ratings: 455
Rate this member

Report this Post08-30-2021 06:57 AM Click Here to See the Profile for RaydarClick Here to Email RaydarSend a Private Message to RaydarEdit/Delete MessageReply w/QuoteDirect Link to This Post
Ray,
Sorry you had to let it go, but I'm happy that you got what you wanted out of it.
Don't be a stranger.
IP: Logged
RayOtton
Member
Posts: 3469
From: Cape Charles, VA, USA
Registered: Jul 2012


Feedback score: N/A
Leave feedback





Total ratings: 54
Rate this member

Report this Post08-30-2021 01:53 PM Click Here to See the Profile for RayOttonClick Here to Email RayOttonSend a Private Message to RayOttonEdit/Delete MessageReply w/QuoteDirect Link to This Post
Thanks for that.

Fortunately, there is an upside. The universe takes with one hand and gives with the other. My new toy, a '99 GT convertible with 70K miles ( I can get OUT of it without looking like a horse's ass) -

-
IP: Logged
Patrick
Member
Posts: 31799
From: Vancouver, British Columbia, Canada
Registered: Apr 99


Feedback score: (1)
Leave feedback





Total ratings: 446
Rate this member

Report this Post08-30-2021 04:25 PM Click Here to See the Profile for PatrickClick Here to Email PatrickSend a Private Message to PatrickEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by RayOtton:

My new toy, a '99 GT...


If not for the limping horse on the grill, I would never have known that car was a Mustang.

IP: Logged
RayOtton
Member
Posts: 3469
From: Cape Charles, VA, USA
Registered: Jul 2012


Feedback score: N/A
Leave feedback





Total ratings: 54
Rate this member

Report this Post08-31-2021 10:54 AM Click Here to See the Profile for RayOttonClick Here to Email RayOttonSend a Private Message to RayOttonEdit/Delete MessageReply w/QuoteDirect Link to This Post
Well, if you want to call 280 HP "limp' that is your right.

Then again, I have a limp so I guess it's appropriate that my car have one too.

IP: Logged
Spoon
Member
Posts: 3538
From: Sadsburyville, PA. 19369 / USA
Registered: May 2004


Feedback score:    (16)
Leave feedback





Total ratings: 60
Rate this member

Report this Post09-06-2021 07:49 PM Click Here to See the Profile for SpoonSend a Private Message to SpoonEdit/Delete MessageReply w/QuoteDirect Link to This Post
I'm in Orge's corner on the bad checks. Even a bank cashiers check is no guarantee you've been honestly paid. As soon as the car title has been transferred all the buyer has to do is call the bank and mention 5 words or less and the cashiers check become null & void before the seller has a chance to get to the bank.

So, "Beware of Buyers bearing checks"

Spoon

------------------
"Kilgore Trout once wrote a short story which was a dialogue between two pieces of yeast. They were discussing the possible purposes of life as they ate sugar and suffocated in their own excrement. Because of their limited intelligence, they never came close to guessing that they were making champagne." - Kurt Vonnegut

IP: Logged
Skybax
Member
Posts: 2126
From: PA
Registered: Jun 2003


Feedback score: N/A
Leave feedback





Total ratings: 76
Rate this member

Report this Post09-12-2021 04:43 PM Click Here to See the Profile for SkybaxSend a Private Message to SkybaxEdit/Delete MessageReply w/QuoteDirect Link to This Post
In today's world, the only payment anyone should be accepting for long-distance purchases is bank wire transfer, no exceptions, because it protects both parties and is a one way ticket, it can't be reversed. There was a time when banks checks / cashiers checks were as good as gold, but those days are long gone, nowadays those checks can come back and bite you. I witness several hundred thousand dollar transactions a week for vintage cars, and 99% of buyers / sellers have only 2 methods...

Long Distance = Electronic wire transfer from one bank account to another (takes about 2 hours to show in account, can't be reversed)
Local = Cash (be sure to get a bank teller pen so you can fan out bills and swipe the pen across all the bills to check for counterfeits)

PS: As far as Fiero prices go, I've been following old car prices for decades (its my job) and the prices on Fiero's haven't gone up, they are actually stagnate or dropped in value when you account for inflation and the deteriorating purchasing power of the US Dollar, mostly due the central banks printing endlessly to paper over the 2008-2010 economic collapse (which is still going on today but that is another subject). Yes the prices on Fiero's have gone up a little, they have to because everything cost more, but the value really has not. Most old car prices have risen substantially over the last 10 years, including 80's cars like Mustang and Supra, but the Fiero's are still the same. I sold 2 of my GT's approximately 15 years ago for the same price they would sell for today. (around $10k)

Think of it this way, it takes somebody working today 3 times as much to earn/have the same things that somebody had when the Fiero GT was new. General Motors spent $300 million ($800 million in today money) developing the Fiero. If a Fiero GT cost $16k new, it would cost $40k today. So this same car 3 decades later, in excellent condition with lower miles, can be purchased for around $10k today ($3700 in 1980's money). Amazing and sad.

It goes without saying, the Fiero is a lot of car for the money all things considered (mid-engine, frame/body design, safety, reliability, low cost of parts, etc) when compared to others.

[This message has been edited by Skybax (edited 09-12-2021).]

IP: Logged
PFF
System Bot
Rhodesia1977
Member
Posts: 15
From: Michigan
Registered: Aug 2021


Feedback score: N/A
Leave feedback

Rate this member

Report this Post09-13-2021 08:07 AM Click Here to See the Profile for Rhodesia1977Click Here to Email Rhodesia1977Send a Private Message to Rhodesia1977Edit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Patrick:

If not for the limping horse on the grill, I would never have known that car was a Mustang.



Me too. To me, almost all modern cars look alike!
IP: Logged
RayOtton
Member
Posts: 3469
From: Cape Charles, VA, USA
Registered: Jul 2012


Feedback score: N/A
Leave feedback





Total ratings: 54
Rate this member

Report this Post09-16-2021 08:43 AM Click Here to See the Profile for RayOttonClick Here to Email RayOttonSend a Private Message to RayOttonEdit/Delete MessageReply w/QuoteDirect Link to This Post
 
quote
Originally posted by Skybax:
PS: As far as Fiero prices go......................


Well, maybe I just got lucky because I bought my car 7 years ago for $5k, which at the time was a bit above the average price, and sold it for $8K.

IP: Logged
theogre
Member
Posts: 30094
From: USA
Registered: Mar 99


Feedback score: N/A
Leave feedback





Total ratings: 558
Rate this member

Report this Post09-16-2021 10:03 AM Click Here to See the Profile for theogreClick Here to visit theogre's HomePageSend a Private Message to theogreEdit/Delete MessageReply w/QuoteDirect Link to This Post
Prices for New and Used vehicles are High because... (Very short version.)
Chip Shortage etc making New vehicles hard to make.
Used cars are high price as result of that plus many floods etc east of Mississippi and people need a car.
Even many Rental op's sold most of their fleet during lock down last year to generate cash flow. That's on top of Hertz's Chapter 11 reorg sold a lot of their fleet.

Cash is good... Traveling w/ a lot of cash, often even if is local, is bad for many people. Even Cops can "steal" cash stopping you for nearly any reason under Civil Asset Forfeiture Laws in most US States and similar laws in some other "Western" Countries.
Is why bank to bank Wire Transfer is safer but a bit hard to use to buy a car and many other things. Note tho that $10,000 and up will be reported to IRS etc for Anti-Money Laundering in US.

[This message has been edited by theogre (edited 09-16-2021).]

IP: Logged
RayOtton
Member
Posts: 3469
From: Cape Charles, VA, USA
Registered: Jul 2012


Feedback score: N/A
Leave feedback





Total ratings: 54
Rate this member

Report this Post09-16-2021 10:26 AM Click Here to See the Profile for RayOttonClick Here to Email RayOttonSend a Private Message to RayOttonEdit/Delete MessageReply w/QuoteDirect Link to This Post
It would seem to me that relatively new used cars would see a bump in prices due to the supply chain shortages but I doubt the prices for a 30 year old niche car would be affected the same way.

FWIW, the young guy who bought my car said his friends are starting to look seriously at various underappreciated cars from the 80's. This is a more likely driving force behind the uptick in prices.

IP: Logged

next newest topic | next oldest topic

All times are ET (US)

Post New Topic  Post A Reply
Hop to:

Contact Us | Back To Main Page

Advertizing on PFF | Fiero Parts Vendors
PFF Merchandise | Fiero Gallery | Ogre's Cave
Real-Time Chat | Fiero Related Auctions on eBay



Copyright (c) 1999, C. Pennock