When you sell something..

[SouthPaw]

Do you research fair market value or what similar items are being sold for? I have been extremely froogle with my money lately, so I may be watching this more closely, but I have seem some out of this world pricing on things for sale. This goes between craigslist, armslist and the like websites. Yeah, they are all free market but I am just blown away by some of the things I have seen listed.

I recently sold my truck a few months ago and I began searching for a cheaper replacement vehicle to get me by for awhile (this is when I really started noticing it) and was BLOWN away but what others were selling. For example, a 17yo truck with 300K+, a rusted through bed and rusted frame for $8000! A truck that has 'typical dents from being a work truck' with the side of the bed caved in, or a 2015 with 60K for $2K less than a brand new one, etc. My neighbor had his truck for sale and I recognized it on craigslist by the background. It was listed as in excellent condition and very rare (GMT800 SCSB) and as I was driving past it, it literally had one of the torsion bars snapped off almost dragging on the pavement. I know it wasn't new damage either as it is still that way and its been over a month with the ad being refreshed. I know, I know; it's your item and put whatever asking price you want it; if I don't like it, don't buy it but man, good luck. My favorite two lines are "highly sought after" and "I know what I got, so no low balls." Don't get me wrong, some of those do apply to certain vehicles but sometimes what you got is a POS that is well past it's prime. It wasn't just vehicles either. I always browse through the motorcycle section since I always seem to have 1-2 in my possession at any given time but I am seeing used bikes with asking prices what they cost new? Guns too! I don't want to touch on this too much as feelers tend to get hurt but M&P 2.0's are on sale almost everywhere for $399 online with a $50 MIR (get one if you haven't, they are awesome!). Why on earth would I buy your used one for $475? I still will never understand the cash price is $400 but my trade value is $500 scenario either but that was a different thread.

Before selling my truck, I checked NADA, KBB, eBay and craigslist to find out what my asking price should be. Hell, I even called the owner of a local dealership to see what he thought. Lo and behold, I listed it with my researched value and it sold in 4 hours to someone who flew in from out state with people standing in line for it. Is that a sign I listed it too cheap? Maybe, but I felt it was fair price that I was willing to sell it for. I do my very best not to pay someone's asking price as I always want to feel like I got a deal. Sometimes it works for me and sometimes it doesn't but I am aware of that when I contact that person. I haggled on my truck when I sold it and I haggled on the vehicle that I bought to replace it. I found what I was looking for, at a price I was willing to pay with the understanding that it was going to need some work. Even after all the work I have done to my replacement truck, I am still under what others are asking for theirs that are still in need of repairs. I am sure many of us have been on both sides of this fence but this stuff never ceases to amaze me. Take this all with a big grain of salt. Maybe I just need to be like my dad and never sell anything and then you can avoid this all together. Sometimes he teaches me lessons when he isn't even trying to.

And yes, the truck I recently sold was a 'highly sought after/rare' Mega-cab Cummins turbo diesel and I got a kick out of this.







*Disclaimer* This is my attempt at a half ass rant and something my girlfriend doesn't quite understand, therefore I am expressing my thoughts to you monkeys. This is merely my opinion on the free market and not meant to be taken seriously. Please continue to list your items for sale at whatever price you feel.

[mattiooo]

I still will never understand the cash price is $400 but my trade value is $500 scenario either?

I agree with your whole rant, but this in particular. Value is value. But if you insist on inflating your trade value, I will do the same with what I'm trading you [shrug].

"MidwayUSA sells this for $125, but its trade value is $175."

[SouthPaw]

This is a good one too. Not listing all the obvious information that would be pretty damn important when selling something (year, model and miles). This just happened while I was typing the above:

[CapLock]

I'm buying a Toyota extra cab TRD. 200,000 miles for 3 grand. Looked up other listings to make sure I'm not getting hosed. It looks like I'm the one doing the hosing this time. Many of the same trucks on Craigslist for three times that amount. Toyota and diesel owners are out of their minds.

[SouthPaw]

For example, a 17yo truck with 300K+, a rusted through bed and rusted frame for $8000!

Toyota and diesel owners are out of their minds.

This statement was in reference to a Tacoma that's on craigslist..

[MrAK]

Same thing with the housing market. I think everyone selling stuff at astronomical prices in Colorado are just hoping some Californian or similarly stoned recent transplant is ready to be parted from their money.

[mattiooo]

As annoyed with it as I am - a free market sets its own prices. If it's an outlier, they won't be able to sell it. If it's market price, then people are paying it. It doesn't matter what the blue book says it should be.

[ChickNorris]

I'm in agreement here & have never understood why folks inflate monitary value with perceived value. When I decide I'm done with something I usually just want it gone. If it has value/use, I do a couple of things:

I usually see if there's a need for it with family, friends, church or school. If so, then it's theirs. Occasionally I have to call it an 'extended loan' -lol

If I'm sentimental or it's a specialty item, I price it so it'll sell to a person who would be specifically looking for said item & knows I'm offering it at fair price/deal. Sometimes if I like them, I knock off a few bucks when they show up to buy it.

Obviously, there are some things that don't work under this general policy.

[kidicarus13]

Everyone knows CA$H Is king therefore less of it is required to by my item because in my experience many people value their possessions higher than my perceived value of their item. See endowment effect.

[Martinjmpr]

Interesting .... WRT motorcycles, what I'm seeing is nearly the opposite. I listed my 2002 BMW R1150R last year for what I thought was a fair price - $3500 - and heard nothing but chirping crickets. Dropped the price to $3k and still no real replies (some obvious scams but nothing else.)

I went to look and saw that in the 10 - 15 year old motorcycle market there is a severe glut of product on the market. I MIGHT be able to sell my bike for $2500 but then I thought "would I really want to sell it that cheap?" At the time I had visions of buying a newer bike but then it occurred to me that (a) there wasn't anything on the used market that appealed to me as much as my Beemer and (2) the bike was worth more than $2500 to ME (for one thing it's in a relatively uncommon color) and no way would I sell it that cheap. So it's still in my garage.

But there is a huge buyers market for used motorcycles out there if you're willing to get one that is 7 or more years old. $3000 - $4000 can buy you a pretty awesome bike.

What's funny to me is that prices for new bikes are insane. $15k - $20k is not uncommon for a major brand large street bike or "adventure bike." To me that's nuts.