72 Tii on BaT

[g_force]

COOP espouses the realist view, which I subscribe to, as well.  But, maybe he unintentionally overstated that this outcome doesn't tell us anything meaningful about the greater market conditions.  It does.  It tells us great tii's are still worth big money. 

 

Here, the difference between $75k and $85k or maybe even $100k is absolutely the function of who with money was looking for a nice tii this week.  But, this tii didn't end up at $45k, which is a good sign. 

 

 

[jp5Touring]

You need two people to get big money on BaT,today there was only one. Was a very nice 02 though,

[otisdog]

Of all of the advice espoused on this forum in regards to buying a 2002, the most often heard is to "buy a car with as little rust as possible." This car was the exact opposite of that.

The cost to totally rebuild the shell was astronomical, and added no value compared to starting with a clean shell.

Right there you are way behind the curve on this car. 

Sure, it's an emotional thing. The owner commented that that is what he wanted to do. He did not say anything about it making sense.

Then they chose to build somewhat of a resto rod, adding E21 parts, non pedigree intake plenum and radiator, et al... all fine and dandy, but ones vision might not be in sync with the market.

I am about to start on a resto of my tii...a car that my wife refused to let me sell, because that is the car we dated in. I am just happy it's rust free, minus some radiator spittle on the interior chin. Means that you'll be more likely to see where the dollars went, as opposed to this car.

Oh....and I'm  very happy that I have the wife that I do.

[fastricky]

9 minutes ago, otisdog said:

Of all of the advice espoused on this forum in regards to buying a 2002, the most often heard is to "buy a car with as little rust as possible." This car was the exact opposite of that.

The cost to totally rebuild the shell was astronomical, and added no value compared to starting with a clean shell.

Right there you are way behind the curve on this car. 

Sure, it's an emotional thing. The owner commented that that is what he wanted to do. He did not say anything about it making sense.

Then they chose to build somewhat of a resto rod, adding E21 parts, non pedigree intake plenum and radiator, et al... all fine and dandy, but ones vision might not be in sync with the market.

 

My thoughts exactly. VERY nice car and the effort that went into it is to be respected. But c'mon, they only went thru that kinda crazy exercise for sentimental reasons. Otherwise get a clean donor shell and go from there.

[COOP]

2 hours ago, g_force said:

COOP espouses the realist view, which I subscribe to, as well.  But, maybe he unintentionally overstated that this outcome doesn't tell us anything meaningful about the greater market conditions.  It does.  It tells us great tii's are still worth big money. 

 

Here, the difference between $75k and $85k or maybe even $100k is absolutely the function of who with money was looking for a nice tii this week.  But, this tii didn't end up at $45k, which is a good sign. 

 

 

 

Good point!

[Road trip]

5 hours ago, COOP said:

Gentlemen! Stop employing sound logic to try to figure out “what happened” or “what this tells us.” In my opinion, the conclusion of this listing tells us absolutely NOTHING, other than the fact that on a given day, in a given selling environment, two or more buyers were simply not present who wanted this car enough to pay more than $75,500 for it. End of story. I really don’t believe that this outcome tells us anything meaningful about the greater “market conditions.” Just my personal view.

 

Where I was wrong is that I guessed the reserve to be around $75K.

 

Trust me, I too spend plenty of time thinking about what else a buyer could have for a given amount of dough. Hell, a flawless, freshly serviced F355 6-Speed with 15K miles sold 2 weeks ago on BaT for just over $70K.

 

I think one aspect that gets overlooked in the whole “this is ridiculous” analysis is that people aren’t just buying a car. They’re buying priceless access back to idealized and romanticized days gone by. 

I was present at the Barrett Jackson

auction in Palm Beach, Florida and watched the Clarion o2 sell for 

$ 125,000.00 high bid

$.   12,500.00 10% buyer premium 

$       7,500.00 6% Florida sale tax

total buyers cost $145,000.00

nice car, great sound system, average

engine

[COOP]

I thought that the “Clarion Car” auction had a charity cause component to it? If that is accurate, then the final hammer price is irrelevant as pertains to the merits of the vehicle itself. 

[joebarthlow]

you can buy 2-3 pretty nice 2002s for $75,500.

[maharaja]

Definitely the restoration cost got out of whack by starting with a poor shell which probably consumed a quarter of the tab to get right and proved the adage "start a restoration with the best you can buy."

The auction also got sidetracked with personalities, arty photos, less than stellar video content,internet stars, third party grievances , character witnesses, expert testimonies. Oh and more internet Stars. You would of thought a 250 GTO was on the block.

Pretty uniform opinion that it was a high quality resto and a very nice car. It will find a new owner.

[jgerock]

24 minutes ago, maharaja said:

 

The auction also got sidetracked with personalities, arty photos, less than stellar video content,internet stars, third party grievances , character witnesses, expert testimonies. Oh and more internet Stars. You would of thought a 250 GTO was on the block.

 

This is exactly why I dislike Bring A Trailer.  They should change it to "open for comments" or "relive your childhood" or "Bring your 401(k)".

 

IMO, the car in question looked very nice, which is why I reviewed the listing (and skipped the comments).

[02Les]

3 hours ago, maharaja said:

Definitely the restoration cost got out of whack by starting with a poor shell.

 

The Seller/Owner bought the car on Ebay in Sep '08 and it reportedly cost him $25k. Sad, considering it was largely bondo.

[conkitchen]

Hopefully by the time I post, the thread will die as a result. 

 

Let me just say all your points well taken. 

 

nothing more to say, 

 

but what do I know. 

[Conserv]

2 hours ago, 02Les said:

 

The Seller/Owner bought the car on Ebay in Sep '08 and it reportedly cost him $25k. Sad, considering it was largely bondo.

 

We are all so irrational when it comes to cars: “Oops, I just paid $25K for a $5K rust bucket. Not a problem: I can fix it for $150K”.... ?

 

Regards,

 

Steve

 

[joebarthlow]

11 minutes ago, Conserv said:

 

We are all so irrational when it comes to cars: “Oops, I just paid $25K for a $5K rust bucket. Not a problem: I can fix it for $150K”.... ?

 

Regards,

 

Steve

 

 

one bad decision lead to another... and another...

[COOP]

NT

Edited October 18, 2018 by COOP