Chad & Ariane Jester wrote:
>
> WOW!
>
> I'm surprised George didn't punch the guy....
>
> I have spent well over 18K on my '74 TR6, doing 95% of the labor myself
> (except paint) and buying all the parts on sale or trading. I figure I'll
> lose about $5/hour for the time I've spent on the car.
>
> If someone offered me 18K for my car when its done, I would probably take
> it, but mine isn't the caliber of George's.
>
> Chad
>
> > George has turned DOWN a legitimate offer of $18,000.00 for the car. When
> > I spoke to him he was quite offended by the "low ball" offer. I'm sure
> > there are a bunch of us who would be willing to let our TR6s go for that
> > money ( I know I did).
I don't know why George or anyone else should be insulted by what seems
a low offer. First, that ought to be expected. Second, there should be
no expectation by any owner that all costs of restoration can be
recouped in the sale price. The price, ultimately, depends not just upon
the work and money involved, but also on what the classics market will
bear. Most Triumphs are still on the low end of the interest scale
because, when new, they were a reasonably-priced, mass-produced car, and
there are a great many examples still available of many models. Current
sale prices often depend upon current interest and value (based on
relative rarity), rather than the stack of bills accumulated in the
process of restoration.
Here's an analogy which stretches the imagination but illustrates the
point--a completely misguided fellow has a fetish for `1962 Ford
Falcons. He spends $40K on one's restoration. Is it worth $40K? Nope.
More like $10K, at best. Triumphs are still somewhat in that position...
still common enough to make even perfect examples worth less than the
work done on them.
Moreover, there's the business to be considered of trying, through
restoration, to make a perfect car. That perfect car, because it's
perfect, certainly doesn't represent the same car as it actually left
the factory. It's become something else. It takes a certain amount of
salesmanship to sell such a car for a large price, and seemingly
unreasonable offers go with that territory.
If George can sell the car for $25-30K, fine. Great for him. But if the
prevailing market price is actually $16-18K for well-done restorations,
it's his choice to sell at that price or to hold it until the market
changes, or until he finds that one individual who thinks the car's
value is equal to its advertised price.
Because of that, George's asking price or the offers made to him,
shouldn't be a bone of contention here. If the general market price is
lower, he'll get consistently low offers. If not, he'll eventually find
a buyer.
For what it's worth, a fair number of well-done TR6s I've seen aren't
selling at $18K. A lot of people buy restored (or good original) cars
for their potential to accrue value as collector items, not because they
like driving the cars. The TR6 may not yet be perceived as one of those
current values with great possibility for financial appreciation, as is
the case with a number of other Triumph models.
Cheers.
--
Michael D. Porter
Roswell, NM
[mailto: mporter@zianet.com]
`70 GT6+ (being refurbished, slowly)
`71 GT6 Mk. III (organ donor)
`72 GT6 Mk. III (daily driver)
`64 TR4 (awaiting intensive care)
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