Anyone watching the Colorado 02 on BAT?

[COOP]

Good result, ...Now, get ready for the “well-sold/well-bought” rhapsodic waxings from “the experts.”

[02Les]

9 hours ago, COOP said:

02Les, you just nailed the essence of an auction, be it BaT, eBay or a live auction at RM, Barrett-Jackson, etc. An auction counts spontaneity, emotional engagement, adrenaline and the love of competing among its allures for those who participate. Many of the people who bid actually enjoy the format and find “the game” a compelling attraction in itself. While it may be hard for some to conceive, getting the lowest price possible isn’t all that important for these buyers; it doesn’t make them dumb, it just makes them a different kind of consumer.

 

When you say that they could have had the car for less money “awhile back,” that again hits the essence of auction buyers. Their buying actions (bids whether winning or not) occur in a finite, emotional moment in time; in other words, it’s quite possible that the BaT buyers in this auction were emotionally switched-off when the car was listed on CL, even if they were aware of it...but now they’re ready to play.

 

I generally avoid auctions because I just don’t have that bug. Plus, I prefer dealing through relationships when possible, it’s just more meaningful to me. But I do get why some are drawn to  that whole environment and don’t fault them for it.

 

I really don't know if I nailed anything. It just seems to me that the BAT players have more money than sense.  I (think) I understand what you are saying, that there are Buyers that have a problem; pretty much like alcoholics/drugs, that doesn't mean these cars are selling for the correct market price. JMO.

[COOP]

“The correct market price.” Hmmm...I guess I just don’t know what that means! By my definition, “the market” pricing for anything is defined by the prices that people actually pay. I can’t really think of a more reliable source of market intel. Whether you or I feel that a buyer has “sense” or not for paying what they pay, their transactions define the market for a given period of time. Who is to say with any credibility that the data point of someone who got “a steal” is any more of an accurate market representation than that of someone who paid top-dollar? I’m respectfully getting the impression that this is more than anything a case of some people reflexively resisting the market reality (hence the acerbity of “alcoholics/drug addicts”) because they personally don’t like it...which is totally understandable but doesn’t change a thing. Also JMO!

Edited April 9, 2019 by COOP

[TripE46]

I definitely agree on the peanut gallery, I could do without it. A lot of commenters are rude and don't know what they're talking about. However, I don't think most of the 02s go for prices that are unreasonable. Sure there are a few that go for silly money, mostly ones that have been really well kept up or really nicely restored.

 

I scouted these cars for a decade before I bought one. I found at least within the last three-five years, that you have to go 13-20k for a car in what I would call "decent driving condition" with little to no rust. I looked at forum classifieds, craigslist, sites like hemmings, BaT, eBay... I've only seen a handful go for less than that and a few of those were on Bring a Trailer. A lot of the cars that are in that neighborhood end up with "reserve not met" on BaT, and that is how I got mine. 

 

The time of year also plays a big role. I went as far as to chart prices of the cars I looked at over the last three years and prices take a big dip in late September and stay that way until Marchish. Particularly on the east coast.

 

Anyway, If you look back in BaT history there are plenty of cars in reasonable or even "good deal" territory. As others have said the auction format brings out the emotions which can definitely drive the price up, but if you're ready to pull the trigger when the right car comes along ...

[Flamingo 5]

Of corse the prices are rising and not by exact increments. For years

side way and stagnant and then pop goes the market values and liquidity.

im not a investor in these cars, I’m 

a 1970’s road tripper and lover of o2’s  whom will gladly pay whatever it takes to time travel

[conkitchen]

1 hour ago, COOP said:

“The correct market price.” Hmmm...I guess I just don’t know what that means! By my definition, “the market” pricing for anything is defined by the prices that people actually pay. I can’t really think of a more reliable source of market intel. Whether you or I feel that a buyer has “sense” or not for paying what they pay, their transactions define the market for a given period of time. Who is to say with any credibility that the data point of someone who got “a steal” is any more of an accurate market representation than that of someone who paid top-dollar? I’m respectfully getting the impression that this is more than anything a case of some people reflexively resisting the market reality (hence the acerbity of “alcoholics/drug addicts”) because they personally don’t like it...which is totally understandable but doesn’t change a thing. Also JMO!

Who you calling an addict?

I can quite anytime, Just have not found the time to make time. 

[roadhog0]

The car was a well done, honest car. I know the seller and have seen it many times. He's a LONG time '02 guy who I've traded parts with for years. This is his hobby and he puts a lot of love into each car. Im more than ecstatic he got a good sale price on this great car!

[Andrewp]

16 hours ago, roadhog0 said:

The car was a well done, honest car. I know the seller and have seen it many times. He's a LONG time '02 guy who I've traded parts with for years. This is his hobby and he puts a lot of love into each car. Im more than ecstatic he got a good sale price on this great car!

Thanks for vouching for the seller as I'm the buyer of this 2002. He has owned the car for 10 years and has been very open about its condition. I asked all my questions via the "contact seller" link so none of that shows up in the discussion. I have been looking for a while now and there is not a lot to choose from. I did not see the Craigslist ad advertising it for less. I've bought and sold many vintage cars although they have been more in the muscle car realm. I've always loved the 2002's and decided it was time for a change. I buy privately most of the time but have been following BaT for a while and thought it would be fun to try it out. Hopefully the car will turn out to be what I am hoping with a minimum of fixes on my part. 

As far as having "more money than sense", I've always found it interesting how those without sense end up with the money. I don't consider myself in that classification but if I had to choose I guess I'll take the money...

[COOP]

11 minutes ago, Andrewp said:

As far as having "more money than sense", I've always found it interesting how those without sense end up with the money. I don't consider myself in that classification but if I had to choose I guess I'll take the money...

 

Bravo, so well-said and congratulations! You did just fine, my friend and I hope you enjoy many happy miles in your new, Colorado beauty. 

[rstclark]

Coop Didn’t you sell a car at auction for like $93 k a couple of years ago ?

Says a lot about the car and the time and place yes ?

[COOP]

Nope, not I. 

[otisdog]

Back to the Bat peanut gallery....

"I have (had) a car exactly like this one, except it's a different color, has an auto trans, and was built 3 years later"....jeez

[echappe]

All it takes is 2 people who have to have the car who can drive an auction up to astronomical realms. I bought a 1700'sFrench Olive urn about the size of smart car at auction a while back. It had a huge crack in it and cost me $200. I used almond caulk and then shrink wrapped it to pull the crack closed. It was by no means an invisible fix and was disclosed when I went to sell it at another auction. 2 Guys bid up to $2400, I couldn't keep a straight face. Weird shit can happen at auctions

[roadhog0]

1 hour ago, Andrewp said:

Thanks for vouching for the seller as I'm the buyer of this 2002. He has owned the car for 10 years and has been very open about its condition. I asked all my questions via the "contact seller" link so none of that shows up in the discussion. I have been looking for a while now and there is not a lot to choose from. I did not see the Craigslist ad advertising it for less. I've bought and sold many vintage cars although they have been more in the muscle car realm. I've always loved the 2002's and decided it was time for a change. I buy privately most of the time but have been following BaT for a while and thought it would be fun to try it out. Hopefully the car will turn out to be what I am hoping with a minimum of fixes on my part. 

As far as having "more money than sense", I've always found it interesting how those without sense end up with the money. I don't consider myself in that classification but if I had to choose I guess I'll take the money...

Welcome to the insanity my friend! You wont be disappointed! Very well done stock car. Some of the parts may even be off of some of my parts cars. Seller is a good guy. You'll have a lot of fun with it!