71 LS5 at Mecum
Thread Starter
Race Director
Joined: Feb 2003
Posts: 13,238
Likes: 1,092
From: YANKEES UNIVERSE 70 454-LS5 500 ft-lbs Torque
71 LS5 at Mecum
A red,black 71 454 bid 67k and did not sell.I have seen this 71 on eBay and looks very nice,BUT that is a HUGE number for that car and am shocked it did not sell.There was a Bronze 70 454 with that was Bloomington Gold and only bid 40k.Anybody that was there maybe could explain why that 71 did NOT sell for 67k.
Le Mans Master
Joined: May 2006
Posts: 9,993
Likes: 1,136
From: League City Tx
A red,black 71 454 bid 67k and did not sell.I have seen this 71 on eBay and looks very nice,BUT that is a HUGE number for that car and am shocked it did not sell.There was a Bronze 70 454 with that was Bloomington Gold and only bid 40k.Anybody that was there maybe could explain why that 71 did NOT sell for 67k.
Owner's ego. Much like many of the cars at Mecum/BJ.
Last edited by ajrothm; Dec 15, 2014 at 06:29 AM.
Team Owner
Joined: Sep 2006
Posts: 31,285
Likes: 4,375
From: Westminster Maryland
Hi jr,
Is it sorta like musical chairs?
Someone pays too much for a car, and that happens several times until suddenly there's no one left willing to pay too much once AGAIN?
Regards,
Alan
Is it sorta like musical chairs?
Someone pays too much for a car, and that happens several times until suddenly there's no one left willing to pay too much once AGAIN?
Regards,
Alan
Drifting
Joined: Jan 2012
Posts: 1,734
Likes: 276
From: Port Huron MI
It could be a sign that chrome bumpers, particularly big block cars are on the rise. Or that there is an effort to drive the pristine examples prices up.
I've seen several early c3's at auction get to where I thought the value was, and they did not sell. Too many to think it was just 1 delusional owner in over his head, trying to get too much back out of a car.
Either way, as a c3 owner, I like the increase value. But since I'm shopping for a chrome bumper myself, it's a bit much to digest.
I've seen several early c3's at auction get to where I thought the value was, and they did not sell. Too many to think it was just 1 delusional owner in over his head, trying to get too much back out of a car.
Either way, as a c3 owner, I like the increase value. But since I'm shopping for a chrome bumper myself, it's a bit much to digest.
Instructor
Joined: Nov 2013
Posts: 220
Likes: 17
From: Pasadena MD
A red,black 71 454 bid 67k and did not sell.I have seen this 71 on eBay and looks very nice,BUT that is a HUGE number for that car and am shocked it did not sell.There was a Bronze 70 454 with that was Bloomington Gold and only bid 40k.Anybody that was there maybe could explain why that 71 did NOT sell for 67k.
Drifting
Joined: Oct 2005
Posts: 1,615
Likes: 150
From: Forth Worth TX
Everyone always complains that prices are too high, and yet no Seller has ever said to me, "Mike, your offer is just to high, I'll only accept half".
Last edited by Revi; Dec 15, 2014 at 12:49 PM.
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Drifting
Joined: Jan 2012
Posts: 1,908
Likes: 129
From: Fredericksburg Virginia
A shame for folks purchasing.
Not quite a shame for folks selling.
I am NOT an advocate of price gouging. There are cars out there that are worth, perhaps, $2 PER POUND. I'd put my car in that category...bent frame, rust, tired engine, old paint. I LOVE my car and am very happy/proud of owning it. I bought it to work on it and there are LOTS of things to work on.
That said, I DO NOT like the idea of me turning my 45 year old chunk of steel into an awesome autocross monster, then have someone tell me that it's worth $14k. I LOVE the idea of a very well prepared and well preserved NOM car getting more money. And I LOVE the idea of the OWNER of a well prepared and well preserved NOM car DEMANDING more money.
I know the car in question...the one referred to in the OP's post...was 'numbers matching'. But if he wasn't willing to part with it for that money, that's his choice.
If EVERYONE did that, then perhaps some of our cars would start to get valuation closer to the blood/sweat/tears that I know many of us have PRIMERED their car in.
Not quite a shame for folks selling.
I am NOT an advocate of price gouging. There are cars out there that are worth, perhaps, $2 PER POUND. I'd put my car in that category...bent frame, rust, tired engine, old paint. I LOVE my car and am very happy/proud of owning it. I bought it to work on it and there are LOTS of things to work on.
That said, I DO NOT like the idea of me turning my 45 year old chunk of steel into an awesome autocross monster, then have someone tell me that it's worth $14k. I LOVE the idea of a very well prepared and well preserved NOM car getting more money. And I LOVE the idea of the OWNER of a well prepared and well preserved NOM car DEMANDING more money.
I know the car in question...the one referred to in the OP's post...was 'numbers matching'. But if he wasn't willing to part with it for that money, that's his choice.
If EVERYONE did that, then perhaps some of our cars would start to get valuation closer to the blood/sweat/tears that I know many of us have PRIMERED their car in.
Racer
Joined: Jan 2014
Posts: 407
Likes: 14
From: Mulberry Florida
I think that is why they take them to the auction, hoping they get three or four bidders start a bidding war. The problem is someone will pay more than the car is worth because they can. In turn it causes the price on the cars to jump. I always wanted to be like some of the people you see at the auction buying three or four cars, if you like them then buy it. Sorry I'm not that rich, or have a banker to back me. It is a business to some, buy and keep it for a few years, bring it back and hope they can make a profit. Some come hoping to find one with no reserve, and get a steal.
Drifting
Joined: Oct 2005
Posts: 1,615
Likes: 150
From: Forth Worth TX
I think that is why they take them to the auction, hoping they get three or four bidders start a bidding war. The problem is someone will pay more than the car is worth because they can. In turn it causes the price on the cars to jump. I always wanted to be like some of the people you see at the auction buying three or four cars, if you like them then buy it. Sorry I'm not that rich, or have a banker to back me. It is a business to some, buy and keep it for a few years, bring it back and hope they can make a profit. Some come hoping to find one with no reserve, and get a steal.
Capitalism: God's way of determining who is smart and who is poor. Ron Swanson
Team Owner
Joined: Jul 1999
Posts: 26,545
Likes: 46
From: Huntersville NC
A red,black 71 454 bid 67k and did not sell.I have seen this 71 on eBay and looks very nice,BUT that is a HUGE number for that car and am shocked it did not sell.There was a Bronze 70 454 with that was Bloomington Gold and only bid 40k.Anybody that was there maybe could explain why that 71 did NOT sell for 67k.
If it actually was a "$30k" car, then the seller should have been very happy with $67k.
So, Captain Obvious (me) sees only 2 possible scenarios:
1. Seller is a complete idiot and would not lower his ridiculous reserve to sell the car.
2. The $67k bid was not "real" money but was a shill bid and the seller couldn't actually remove his ridiculous reserve because there was noone (except maybe the seller himself) to stand behind that bid.
So which was it? (I would lean towards #2)
(It wasn't an LS-6 was it?)
Team Owner
Joined: Oct 1999
Posts: 34,034
Likes: 222
From: Land of Thunder
2018 C2 of Year Finalist
St. Jude Donor '12-'13-'14-'15, '19
If it did not sell, the only reason is that the seller's reserve was not met, right?
If it actually was a "$30k" car, then the seller should have been very happy with $67k.
So, Captain Obvious (me) sees only 2 possible scenarios:
1. Seller is a complete idiot and would not lower his ridiculous reserve to sell the car.
2. The $67k bid was not "real" money but was a shill bid and the seller couldn't actually remove his ridiculous reserve because there was noone (except maybe the seller himself) to stand behind that bid.
So which was it? (I would lean towards #2)
(It wasn't an LS-6 was it?)
If it actually was a "$30k" car, then the seller should have been very happy with $67k.
So, Captain Obvious (me) sees only 2 possible scenarios:
1. Seller is a complete idiot and would not lower his ridiculous reserve to sell the car.
2. The $67k bid was not "real" money but was a shill bid and the seller couldn't actually remove his ridiculous reserve because there was noone (except maybe the seller himself) to stand behind that bid.
So which was it? (I would lean towards #2)
(It wasn't an LS-6 was it?)
Thread Starter
Race Director
Joined: Feb 2003
Posts: 13,238
Likes: 1,092
From: YANKEES UNIVERSE 70 454-LS5 500 ft-lbs Torque
Zoomin,I agree I am very happy to see the 70-72 LS5's get their due,and am glad to see the 67k bid,BUT just wondering how much it takes to buy it ? the Bronze 70 only bid to 40k,I thought it would hit 50-55k giving its pedigree...BTw there is 71 LS6 on eBay,seller says it has ZR2 "options".Maybe someone can post the link here.
Le Mans Master
Joined: May 2006
Posts: 9,993
Likes: 1,136
From: League City Tx
If it did not sell, the only reason is that the seller's reserve was not met, right?
If it actually was a "$30k" car, then the seller should have been very happy with $67k.
So, Captain Obvious (me) sees only 2 possible scenarios:
1. Seller is a complete idiot and would not lower his ridiculous reserve to sell the car.
2. The $67k bid was not "real" money but was a shill bid and the seller couldn't actually remove his ridiculous reserve because there was noone (except maybe the seller himself) to stand behind that bid.
So which was it? (I would lean towards #2)
(It wasn't an LS-6 was it?)
If it actually was a "$30k" car, then the seller should have been very happy with $67k.
So, Captain Obvious (me) sees only 2 possible scenarios:
1. Seller is a complete idiot and would not lower his ridiculous reserve to sell the car.
2. The $67k bid was not "real" money but was a shill bid and the seller couldn't actually remove his ridiculous reserve because there was noone (except maybe the seller himself) to stand behind that bid.
So which was it? (I would lean towards #2)
(It wasn't an LS-6 was it?)
Any C3 owner that had a legit bid of $67k would have taken that money and RAN laughing.... That owner was an idiot.
Melting Slicks
Joined: Jul 2006
Posts: 3,103
Likes: 802
From: Massapequa Park NY
If it did not sell, the only reason is that the seller's reserve was not met, right?
If it actually was a "$30k" car, then the seller should have been very happy with $67k.
So, Captain Obvious (me) sees only 2 possible scenarios:
1. Seller is a complete idiot and would not lower his ridiculous reserve to sell the car.
2. The $67k bid was not "real" money but was a shill bid and the seller couldn't actually remove his ridiculous reserve because there was noone (except maybe the seller himself) to stand behind that bid.
So which was it? (I would lean towards #2)
(It wasn't an LS-6 was it?)
If it actually was a "$30k" car, then the seller should have been very happy with $67k.
So, Captain Obvious (me) sees only 2 possible scenarios:
1. Seller is a complete idiot and would not lower his ridiculous reserve to sell the car.
2. The $67k bid was not "real" money but was a shill bid and the seller couldn't actually remove his ridiculous reserve because there was noone (except maybe the seller himself) to stand behind that bid.
So which was it? (I would lean towards #2)
(It wasn't an LS-6 was it?)
The market on c3's is so soft right now that it is impossible for me to believe anyone in there right mind would ever consider paying 67k for a 71 LS5. The owner can now show what "someone" was willing to pay and then tell someone else they can get the car at a great deal for 50k (which is also way too high) Total scam.
Team Owner
Joined: Oct 1999
Posts: 34,034
Likes: 222
From: Land of Thunder
2018 C2 of Year Finalist
St. Jude Donor '12-'13-'14-'15, '19
Exactly right on. It was #2.
The market on c3's is so soft right now that it is impossible for me to believe anyone in there right mind would ever consider paying 67k for a 71 LS5. The owner can now show what "someone" was willing to pay and then tell someone else they can get the car at a great deal for 50k (which is also way too high) Total scam.
The market on c3's is so soft right now that it is impossible for me to believe anyone in there right mind would ever consider paying 67k for a 71 LS5. The owner can now show what "someone" was willing to pay and then tell someone else they can get the car at a great deal for 50k (which is also way too high) Total scam.
Thread Starter
Race Director
Joined: Feb 2003
Posts: 13,238
Likes: 1,092
From: YANKEES UNIVERSE 70 454-LS5 500 ft-lbs Torque
The 70-72 LS5's have been bringing pretty good prices for no-nonsense original motor,documented examples,SO a 67k bid on that 71 would not surprise me.Because if there were shill bids on this 71 than the owner blew selling it for a very strong number.
Safety Car
Joined: Sep 2007
Posts: 4,458
Likes: 331
From: Indy Indiana
you pay for originality, and you pay for condition, and you pay for history and doc. for 67K that car should have all of that. you have to be there and do your homework, talk to the owner to see how he justifys his reserve. many top end cars will sell for that. most of us will not go near those prices no matter what, but there is a definite subset of buyers out there that will and do.