Why i think about doing this:
I have 3 classic cars and no garage or lift to work on them.
Currently 2 of them are parked outside because of this.
I would like to change that but i can't dump that much money into something that does not generate any returns.
I also do not want to take out a loan or rent something (which would mean monthly payments).
Since i know a lot about late 60s/70s american cars by now i thought about "flipping" 1 or 2 higher priced vehicles
in order to fund the garage and lift. (Maybe pay a little on top) Yeah i know very original.
At least in my case it would include importing them to germany so it would be more than just flipping really. (I already imported one)
If i should decide to do this, my only problem is to source a good car at a bargain price point. (At least 20-30% below market that is)
So private sellers, maybe auctions, having cash on hand and being open to different models would be the strategy.
BUT:
I "only" bought 3 cars for myself so far that i basically plan on keeping forever so i was only
looking to get a fair price, maybe a bit under market. This time i would have to get a solid discount.
Straight to the point:
Let say you were looking at a car that is priced at about market value or above (to expensive).
But you ideally only want to pay 30% less than market, max. 20% below market.
Would you directly offer 30% below market or start even lower like 40%? How would you do it?
Also any tips on how to find classic car bargains in general?
I'm not looking to get into trading turds. Only original cars in good condition.
Sometimes you can get a bargain at an estate sale, especially if the family of the deceased just wants "that old heap" gone. (See barnfinds.com for examples of cars that get pulled out of sheds, barns, and garages under those circumstances.) The problem is if you're in Germany you'd need a U.S. agent to do the groundwork for you.
If I find a vehicle I really want, I offer them half the asking price just to get them pissed off and irrational. Then, I go from there.
well if they don't instantly turn around and walk away , then you stand to get a good deal!
@mmj - Exactly!
But if they walk away insulted, you just lost your chance at a vehicle you really want.
@mmj - If you wait long enough, another bus will come along.
If I find a vehicle I really want, I offer them half the asking price just to get them pissed off and irrational. Then, I go from there.
well if they don't instantly turn around and walk away , then you stand to get a good deal.
But if they walk away insulted, you just lost your chance at a vehicle you really want.
I think that's a good strategy.
Of course i would like to avoid pissing people off but i guess chances of getting a good deal get slimmer the higher i start out.
After all i would be doing this in order to raise money. So i would not really loose much if a seller walks away.
On the other hand if i start out with my wish price, chances are the seller isn't going to accept it. So i would have lost already and if he doesn't like my best offer it doesn't matter where i start out anyway.
Thanks for the tips 🙂
The problem is if you're in Germany
I could hop on a plane with cash in order to look at a car.
Obviously in this scenareo all the details and negotiations would have to be discussed/made beforehand.
The downside is it includes negotiating/making a low offer over the phone/email etc. It also could still turn out to be a turd when i finally arrive.
As i said i already imported 1 car before and i have a few contacts.
I think i should be able to team up with someone local to inspect/negotiate/purchase for me aswell. 🙂 br />Obviously the downside here is it involves trusting a third party. (But i wouldn't be buying without pictures, videos and condition report in this scenareo)
Yeah i think the hardest part is digging up a good deal.
But i have nothing to loose really so i will probably just try. 🙂 /p>