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Originally Posted by Gougoushu
A search for "Boxster" cars on ebay illustrates this truth better than our discussion could. If you look at "completed listings" for Boxsters on ebay, you will see that about 95% of the cars listed have failed to sell because buyers were not willing to pay the minimum [called the "reserve" price] that sellers want. Almost all completed sales [about 5% of all listings] are no-reserve listings [i.e. a desperate seller].
Ebay gives the best picture of the national market, because it shows actual sales: where willingness to sell intersects with willingness to buy. I reckon that the presence of ebay fees, car transport costs, and the buyer's inability to inspect the car [all tending to lower the price] are balanced by the presence of a large base of potential customers [tending to raise the price].
If you look at these completed listings [which requires that you register on ebay], you will have a really good idea of the actual market, and whether you would be able to unload the car if necessary in the near future.
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I agree 100%. But also look at the high bids on the 95% of cars that didn't sell because the reserve wasn't met, assuming the seller started at a low enough start number to actually elicit some bids. To me this is an even better indicator of fair market value than the no or low reserve "distress" sales that did happen. It shows what buyers are really willing to pay.
Follow the results over the course of a week or two compiling them on a spreadsheet (on mine I added my assessment of general condition, options, problems, location, etc.) and you'll see a very clear picture of value to the point that you can probably predict within +/-5% where the top bid will be on a given car. Knowledge is power. Gather your data and use it when negotiating locally.
ART07154, it seems like the prospect of your $185 PPI investment going out the window is enough to compel you to consummate the deal on this seemingly "good" car despite the seller's final offer being clearly overpriced by $1.5-$2k. You're not losing $185 by leaving nearly 10x that much on the table for the seller. Reality check time. Look at this as part of your search cost to find the right one. In the world of Boxster maintenance $185 is chump change.
Fall out of love with this car and keep looking for something as good or better that's more realistically priced. If you look hard and really can't find one (I'd find this hard to believe), go back at the seller in a few week or a month and negotiate aggressively and he will deal unless he wants to hang onto the car till the spring. Not too many Boxster shoppers out there now. His totally unrealistic price means he'll almost definitely still have it. If not, there are so many others.
Time and market conditions are on your side. There are THOUSANDS of these cars around and lots of motivated and/or financially strapped sellers. Be prepared to do a little leg work and don't be afraid to spend some $ to find the right one. Top down weather in VA is now 5 months away, so step back, take a deep breath, relax and take your time.