Year: 2006
Make: MINI
Model: Hardtop
Price: $1
Mileage: 100
Color: red
Private or Dealer Listing: Private Listing
Location (Region): Midwestern

The asking price (in my head) for my car just went up based on that BaT auction haha

 

Looks like the seller got cold feet...

 

And that's the problem with BaT. It causes artificial and/or unwarranted inflation. Any day you want to throw a price at me, Jason....

 

We'll, at least I know where I want to sell my car from now on. If its consistently higher on BAT, maybe its just that the right set of eyeballs are getting to the right cars. Also, the quality of the advert makes a difference. BAT ads have at least 30 photos and are well documented. Maybe for the right car, BAT will fetch a higher dollar. Better ads = more money.

Think about it.. If you're rich, why would you want to sift through 100's of crappy ads on cars.com or CL when you can get the best of the best on BAT.

 

Behavioral Economics --specifically Auction Psychology-- are at play here in a major way. Additionally, it's interesting what you just said, too. Your comment about "best of the best" suggests that just because a car is on BaT, that it's worth more or better than cars which are not; IMO this isn't the case. Cars that make it on BaT simply have some sort of cult-ish following, are classics, or pre-classics (hopefully) and have well structured Ads/photos.

http://www.bbc.com/future/story/2012...ay-at-auctions


For the record, I think all Sale Ads should have a similar amount of photos as the average BaT car, and when I sell I make an entire Google Drive album with no less than 25 photos. I don't think it makes the car worth more; I just think it helps to educate prospective buyers and may save us both time in the end.

 

I agree with you 100%. Unfortunately, I'm seeing more and more private party sales using BaT as a benchmark.

 

BAT is the place to sell a good MINI, and 911's, M3's etc.... Some nice cars on there and they definitely go for a premium. The MINI needs to be in great condition and original to do well.

 

While true, interestingly, when people adopt the BaT pricing model/history for their own private sale outside of BaT, rarely does their final sale price align with a BaT example. Again, the emotional aspect of bidding comes into play, especially on a site where you're among similarly minded people.

As embarrassing as it is to say I have memberships at no less than 15 Automotive Forums, and I've seen this phenomenon. For example, someone sees a Gen4 swapped 1993 MR2 sell for $15k on BaT, and they feel theirs is worth the same. They list it privately and it sits and sits and sits while they haggle on price, when all along it wasn't worth that price, and they've missed multiple opportunities to sell for the true market value of the car.

 

MR2 turbos (I have owned 4 93's) are another case of the low mileage,originality. The 93+ are definitely bringing a premium. A modified one didnt even make it to half price of an original. Feel same way about engine swaps, dont think they will bring anywhere near the money of a stocker

 

The great thing about the market is that it self corrects. Things are worth what people are willing to pay. If you have a truly mint car and you think its worth $15k... and it sits and sits and sits.. Most buyers will then lower the price to a proper amount.

But.. some cars are niche and just need to wait until they're in front of the right set of eyeballs. This comes down to this: How patient do your circumstances allow you to be? Do you have space? How bad do you need the money?

Frankly, if one guy thought your mint '06 JCW was worth $15k does this set the new standard? Absolutely not, but who's to say? If one guy thought it was worth $5k too much, who are we to say otherwise? To that buyer, it sure was worth it.

Its all subjective, but you cant really comment that prices things have sold for aren't the "real value" because value is based on the price people are willing to pay for them. You could argue that there's a range, and BAT and other auctions represent the upper end of that range.

I think selling any car with the correct maintenance, number of photos, etc.. will command a higher dollar, however, BAT has a basic standard level of quality that makes it easier to find quality versions of cars. Consider the premium prices paid to be a result of a premium shopping experience, and not every dollar goes to the seller.

 

The MINI prices are all over the place. There where a pile of options and configurations. If you want something specific you might pay the premium. I did for my loaded Space Blue JCW. Not for my other two cars. I mean you could literally double the base price of a 2006 with options. I have two cars with 15K of options on them.

 

Totally true, if you're picky. Personally, after owning 6.. The only R53 I would consider would be a blue Cooper S JCW with black English Leather, LSD, all packages, either center speedo or chrono (NO NAV). Special points for aero kit, BBK, R90/R98 wheels, and less importantly: rain sensing wipers, alarm, rear fogs..

If I ever found my unicorn (I looked for about 12 months), I would have paid a premium.

 

$11,510 I'm floored where that ended. Add 5% buyer fee and that's a $12k S non-JCW.

I've got a 32k mi DS/B, chrono, anthracite headliner, 15%, 380s and JCW programming. Any takers

 

Nam'ers aren't going to pay that much, but there are some enthusiasts who dont want to sift through the heaps of craigslist ads and are willing to pay top dollar.

My wife says I'm not allowed to list her *perfect* '04 JCW w/ 34k and full 210HP kit. Paid $8k, but I'm curious what it'd bring in.

PS: Didn't now the buyer paid the fee, thats an awesome deal for anyone with a keen eye for projects.

 

That's the name of the game. I prefer the hunt but I'm in the $300 motorcycle game right now.

 

I sold my 320hp Gen4 swapped SW21 last Fall. It cost $7,041 to have Prime MR2 do the swap (lots of OEM parts & upgrades). The car was rust free. I sold it for $9k, and even that was a struggle. To your point, those are cars where low mileage and originality are key to high sale prices (despite how much better the Gen4 swap makes the car).


Both statements here are true. Consider this: People see this low mileage Base S sell for $12k, and everyone's already feeling like their car is now worth the same, which is likely false, unless you also find yourself surrounded by cash-heavy emotional bidders.

 

Here's my babble about this price stuff:

As car enthusiasts we always seem to be going into or getting out of a deal.

I Googled "Car Value Estimators" and got: Kelley Blue Book, NADA, Edmunds, Black Book, TrueCar Value Estimator, Consumer Reports, VMR Auto Guide, CarFax.com/Value, Autoblog.com car-values...and the list goes on. OMG!

One thing for sure is this; these price guides are ever changing and they are ALL DIFFERENT! Thus the term "Estimator". Once you sort thru that mess you can stir in "sentimental" or "collector" values and a dash of specialized auction sale results for a whole new confusing layer. Oh, and don't forget to allow for some external influences too, such as....gas prices, supply and demand, seasonal ups & downs, interest rates, shipping costs, news worthy safety recalls, etc....these all push on prices.

Over the years I have found that financial institutions are among the heaviest hitters in all of this, as they are emotionally numb and control the big money...either directly or indirectly. Everybody has to pay for money.

I've come to enjoy watching the new breed of collector car auctions on cable TV these days. It's very entertaining and enlightening when a VW bus sells for a surprising, record breaking $300,000.00, or a Ferrari 512 sells for a disappointing, heart breaking $65,000.00. So much is at stake which depends on so many variables. Nobody has the crystal ball or the magic price wand...and tomorrow is a new day.

My philosophy is to let the next guy have a chance to enjoy it...just be fair. It's always worked for me.

One thing we do know is that a motivated seller and a motivated buyer will determine the final price no matter who else, or what else, may be involved.

Have a great weekend!

 

 

That's an actual late-model JCW, LSD equipped. The only obvious flaws were some chips on the hood. Seller will take $6,500, and as you said, he's been a MINI tech for 10 years. There are several members on this board who have used him over the years and he seems well-regarded.

 

Very interesting conversation that developed here regarding market value which I enjoyed reading. The R53 market is a rollercoaster at this time indeed, with a pretty wide range --- a low bottom, then a broad middle, and the higher spiked peaks.

I tend to agree that BaT prices are often over-inflated, but that said, ultimate end value is determined by the price that someone is willing to pay, simple as that, however, whether those high spike values bleed over into the general market is another question altogether.

BaT has many eyeballs with very deep pockets engaged in a sort of romantic emotional insanity, it's fun to watch and I love seeing all the cool cars.

Off Topic:
Big wallet car collectors always make me think of Leno and of all the wonderful cars he has, I'd most like to drive his aero-engined Bentley...


Back On Topic:

Not really a deal considering the asking price, but it is a rare car!

05 JCW Challenge
34,800k
$18,000

Bonus points for serial number 007!


https://sarasota.craigslist.org/cto/...563589951.html



Archived listing:
http://www.craigslistadsaver.com/vie...csjcwchallenge

Note:
007 Challenge showed up here on NAM in 2016,
asking price then was $12,495!

https://www.northamericanmotoring.co...-for-sale.html



edit:
...reading the 2016 ad:

in response to AeroJammin posting the 2017 ebay auction link:
https://www.ebay.com/itm/2005-Mini-C...p2047675.l2557

It went unsold and those very same pictures have been recycled for the Florida CL listing.
Quite odd.

 

Maybe in 20 years, lol. $18k for a car that you're too scared to drive because of how "collectable" it is? Pass.

 

https://dayton.craigslist.org/cto/d/...567249571.html

 

https://annarbor.craigslist.org/cto/...549207406.html

 

 

Agreed about the “provenance” of a Challenge car, I see it as a "GP Lite" in a way, it is appealing but such a high price is a bit over the top in my opinion.

Great point about the R53 market. I also agree here in that the "crazy sales" may help keep them on the road as opposed to the scrapper.

I think at this point that the R53 is a bona fide cult car and as time goes on its position as an "enthusiast ride" will be further cemented.