result of PPI FOR BUYING 1997 WITH 30K MILES PART 2 please help!

[Gougoushu]

Originally Posted by Lil bastard

... Private sales always are priced higher than they should be (people ALWAYS think their car is worth more than it actually is.

lil bastard is right that people overvalue their cars. But that doesn't mean the seller will be willing to part with his car for a true market price. Just because a seller "should" move, as Mike Yi is suggesting, doesn't mean he WILL.

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.

[Lil bastard]

My final word on this is that you have to sit down, take a breath and realize that this is a luxury buy. You do not absolutely need it, nor do you need it TODAY!

Look at other '97's, with higher mileage. Take the difference in price and divide that by the difference in miles - that'll be how much you're paying for the 'unused' miles.

While it's true people over-value their cars, it's the best negotiator who wins in the end. Think about how long it took you to earn this money (or how hard you'll have to work to pay the loan) and negotiate from that basis. You have something the seller wants - money. The seller has something you want, but he's not the only source of satisfying your desire. The buyer has the edge. Sure the seller can refuse, so what? You just have to find another one and as far as the Boxster is concerned, there's no shortage of them.

In the end, you have to do what you think is best. No one here can tell you what to do. It's good you're seeking advice, but in the end, you have to intepret this advice and act as you see fit. Good luck!

[ART07154]

Originally Posted by Lil bastard

My final word on this is that you have to sit down, take a breath and realize that this is a luxury buy. You do not absolutely need it, nor do you need it TODAY!

Look at other '97's, with higher mileage. Take the difference in price and divide that by the difference in miles - that'll be how much you're paying for the 'unused' miles.

While it's true people over-value their cars, it's the best negotiator who wins in the end. Think about how long it took you to earn this money (or how hard you'll have to work to pay the loan) and negotiate from that basis. You have something the seller wants - money. The seller has something you want, but he's not the only source of satisfying your desire. The buyer has the edge. Sure the seller can refuse, so what? You just have to find another one and as far as the Boxster is concerned, there's no shortage of them.

In the end, you have to do what you think is best. No one here can tell you what to do. It's good you're seeking advice, but in the end, you have to intepret this advice and act as you see fit. Good luck!

Thank you for your advice.I am still searching I have until Monday to pay the seller(I am already spend $185 on PPI)It's been about 2 monthes of searching for me so far I 've not meet Boxster's owner with low miles willing to sell their car close to $10k range.I did carfax,PPI,seeking advice from Boxster board.This will be my weekend vehicle I hope I will find private owner willing to sell his car for KBB or edmunds guidline but If it has a low miles and taking good care they will want more money.

[Aron in Toronto]

As others have said you can always offer a lower price and and if the seller refuses, you can always walk, then come back a week later and raise your offer or meet him at his price, assuming no one else picks it up. He might even be the one picking up up the phone to call you.

I bought a pre-owned daily driver last week and in my case I was undecided between buying new or slightly used. This worked to my advantage, as the seller needed a buyer more than I needed to buy his car. I was firm on my offer and he kept calling me back, dropping his price each time until he was at my original offer. In the end I bought the car at 50% of what he paid for it new 2 years ago.

On the other hand (there's always another hand), it's a lot of car for $10.1k. I happen to have a '97 w/ ~35k mi and I'd have to be in pretty bad shape to let it go for that price.

I'd give him a week and see if he softens up on his price, if not I'd probably go ahead and buy it assuming it is the one you really like, and you don't find something better in the meantime.

[gschotland]

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.

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.

[ART07154]

After 2 monthes of searching i think my buying Used boxster experience is.
-The seller with low mile good condition garage kept boxster want ot sell thier car more than kbb or Edmunds guideline.
-The on that asking for under book value are high miles,bad carfax or no service history.
I will keep searching

[Aron in Toronto]

I wouldn't give up on this one if it is the color and condition you are happy with.

One big advantage is that it particular car seems to be local to you and you can personally asses the condition with your own eyes. I bought my Boxster over a long distance, sight unseen, with only a PPI report to go on, and although I got lucky and it was in better condition than advertized, I'm not sure I would do it this way again.

When I was recently searching for a "new to me" car only one of the many I looked at lived up to their ad descriptions.

I also just took a look at the completed eBay listings for 97-99 Boxsters, and considering final bid amounts on both listings that ended in a sale and those that didn't (but still had bidders), it seems your seller's price is not totally out of line. A bit high, but not by much.

Edmunds and KBB prices are only a data point, although they can be helpful in negotiating a price, they have always seemed out of touch with Boxster pricing, and don’t give much value for low millage.

Anyway don’t get hung up on this one. Let yourself and the seller cool off a bit, and during this period, if nothing else meets your criteria at a price you feel is fair then go back to the seller and hopefully he will be ready to come down on his price.