Why are 2002s so cheap at Mecum auctions?

[Hodgepodge]

Price: $100

Location: Chicago

Description:

2 2002s just sold at Mecum in Chicago.  Both looked like they were in pretty good shape: 

 

Links below but you may need to create an account to see the sale results.  

 

First one was a '76 with 4 speed.  estimate 10-15k.  Hammer down at $5500.  

https://www.mecum.com/lots/CH1018-333507/1976-bmw-2002/

 

Second one was a '76 automatic.  PRevious Salvage but it looked like it was in pretty good shape also.  Sold for $4,400!   

https://www.mecum.com/lots/CH1018-358970/1976-bmw-2002/

 

Even after adding the bidders-card price and the 10% buyers premium, these cars were still a ver good deal.   Next Mecum auctions are Vegas and Kansas City, but no 2002s are included in those auctions yet. 

 

I think we can theorize that people going to these auctions aren't looking for BMW 2002s, but the sellers are still there and they are willing to unload their cars for these low prices.   Is this s a sign of a softening market?    

 

 

[1936spyder]

Musclecar crowd.

Sent from my LGMP260 using Tapatalk

[fastricky]

Wow, that automatic was the deal of the century!

 

I think Mecum is the completely wrong venue for an '02. When I think of Mecum I think of American iron, not a cult Euro platform.

Edited October 28, 2018 by fastricky

[joysterm]

Looks like the winning bid had very little competition to land the 76 4spd......not sure the car matches their evaluation either.

Edited October 28, 2018 by joysterm

[jp5Touring]

Any idea what the all white 1967 1602 went for ?

Lot of the "upgrades" could be undone.

Looked to be a solid car. I thought about going.

[Guest_anonymous]

Probably fair market value. We overprice ourselves. Was and will be an economy sedan

[Hodgepodge]

2 hours ago, jp5Touring said:

Any idea what the all white 1967 1602 went for ?

Lot of the "upgrades" could be undone.

Looked to be a solid car. I thought about going.

It sold for $19,200.   I didn't see that one since I was searching for 2002s.   Decent price but you are right about all the added bling.  

[Road trip]

Wrong Venue