Why is it so hard to sell a used S2000??
07-31-2001 | 08:49 AM
#11
Thread Starter
Registered User
Joined: Oct 2000
Posts: 83
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From: Long Island
Ok.. This is what I have on my car
Front & Rear Spoiler, CD changer, Upgraded speakers with tweeters in door, Honda Alarm, Tinted Side windows, cargo net, seat back pocket, wheel locks. Well I think thats all. With all these options the car stickered at $35,500 which is what I paid and was a good deal at the time. Have had the clutch and synchro TSB services all done as well.
I have been looking in www.autotrader.com .. www.excite.com ... www.yahoo.com .. and all of the S2000s for sale are higher than $28,000 even with some close to 25,000 miles. So I think $28,000 is not really a very high price but the price is negotiable to a certain degree only.
As for turbo_pwr a friend of mine just bought a new '01 yellow for $300 below MSRP in NY after looking around for 2 months. So i really dont know where you are seeing prices for $29,999???
Plus I am seeing all kind of responses from people saying that some used are even above MSRP and some are saying new are below?? This is pretty strange to see that a car last year was going for $40,000 and now I can't even sell it for $28,000. I will have to say that this car will not hold its valve in the years to come and will soon be going for $20,000. Even the blue book values for a '00 is around $30,000 ??
I recently purchased a 97 turbo 6 speed Toyota Supra with 15K miles for $34,500 !!! YES and this car brand new was $42,000 and people on www.supraforums.com would pay me $37,000 plus for it right now. I have seen some 94 supra turbo with low miles go for $32,000 also. So I know I would'nt have to worry about selling that in 2 years and losing money.
Anyway, If someone is really interested in my car I will negotiate to a fair price with him. So let me know. Thanks
Front & Rear Spoiler, CD changer, Upgraded speakers with tweeters in door, Honda Alarm, Tinted Side windows, cargo net, seat back pocket, wheel locks. Well I think thats all. With all these options the car stickered at $35,500 which is what I paid and was a good deal at the time. Have had the clutch and synchro TSB services all done as well.
I have been looking in www.autotrader.com .. www.excite.com ... www.yahoo.com .. and all of the S2000s for sale are higher than $28,000 even with some close to 25,000 miles. So I think $28,000 is not really a very high price but the price is negotiable to a certain degree only.
As for turbo_pwr a friend of mine just bought a new '01 yellow for $300 below MSRP in NY after looking around for 2 months. So i really dont know where you are seeing prices for $29,999???
Plus I am seeing all kind of responses from people saying that some used are even above MSRP and some are saying new are below?? This is pretty strange to see that a car last year was going for $40,000 and now I can't even sell it for $28,000. I will have to say that this car will not hold its valve in the years to come and will soon be going for $20,000. Even the blue book values for a '00 is around $30,000 ??
I recently purchased a 97 turbo 6 speed Toyota Supra with 15K miles for $34,500 !!! YES and this car brand new was $42,000 and people on www.supraforums.com would pay me $37,000 plus for it right now. I have seen some 94 supra turbo with low miles go for $32,000 also. So I know I would'nt have to worry about selling that in 2 years and losing money.
Anyway, If someone is really interested in my car I will negotiate to a fair price with him. So let me know. Thanks
07-31-2001 | 09:07 AM
#12
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Joined: Mar 2001
Posts: 1,731
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From: Phoenix
Taimur,
Most of those things are true, but you still aren't taking into account your location. Sure, in California you might get $33,000 for it, but you won't come close to that in NY, MN, and other places with lower demand.
I think it is very unfair to say that this car cost $40k last year but $28,000 today, therefore it has seen huge depreciation. It cost $32,740 and was jacked up by the huge demand. Everyone with common sense would see that the demand would eventually be met and the price would drop back down to $32,740.
One more point: it looks like you paid $2800 for cd changer, spoiler, alarm, etc. You have to remember that you could add all of that stuff aftermarket for much less, and at better quality in most cases. They won't help your selling price much.
Hope it works out.
Most of those things are true, but you still aren't taking into account your location. Sure, in California you might get $33,000 for it, but you won't come close to that in NY, MN, and other places with lower demand.
I think it is very unfair to say that this car cost $40k last year but $28,000 today, therefore it has seen huge depreciation. It cost $32,740 and was jacked up by the huge demand. Everyone with common sense would see that the demand would eventually be met and the price would drop back down to $32,740.
One more point: it looks like you paid $2800 for cd changer, spoiler, alarm, etc. You have to remember that you could add all of that stuff aftermarket for much less, and at better quality in most cases. They won't help your selling price much.
Hope it works out.
07-31-2001 | 09:09 AM
#13
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Joined: May 2001
Posts: 244
Likes: 0
From: Wayne
Almost all new cars loose at least 15% of their value when they roll of the showroom floor(some a lot more). This is as an earlier poster mentioned because if they were any closer people would just buy new, which they do thereby keeping the used price down. High short-term demand, with low supply can change this(ala original S2000 pricing or the used market for the Modena). This is less and less a problem for the S2000.
Most of your accessories are not of any real value to a buyer so they shouldn't be added to the benchmark pricing. 15% off of the Base MSRP is $27.6k, making your asking price fair, for a starting point. However, with this type of car many people will still prefer new over used which can slow down your sales process.
I'd make sure you are in Auto-Trader on the net. Post some high quality photos and make sure that you are easy to get in touch with. Cross country shipping costs about $900 flat bed open or $1800 for enclosed. This would of course need to be deducted from the sales price for a California buyer. Though there are enough high quality cars on the used market that people will be less likely to buy a car they can't see. (Living in New York your biggest problem is your local convertible sales season only has a month or two left before it slows down in preparation for winter. I'd be patient for a week or two before changing your price if you have to sell ASAP.)
The initial two years is the big depreciation hit, after than the price drops will slow down in normal (high quality)sports car + Honda fashion.
Hugh
Most of your accessories are not of any real value to a buyer so they shouldn't be added to the benchmark pricing. 15% off of the Base MSRP is $27.6k, making your asking price fair, for a starting point. However, with this type of car many people will still prefer new over used which can slow down your sales process.
I'd make sure you are in Auto-Trader on the net. Post some high quality photos and make sure that you are easy to get in touch with. Cross country shipping costs about $900 flat bed open or $1800 for enclosed. This would of course need to be deducted from the sales price for a California buyer. Though there are enough high quality cars on the used market that people will be less likely to buy a car they can't see. (Living in New York your biggest problem is your local convertible sales season only has a month or two left before it slows down in preparation for winter. I'd be patient for a week or two before changing your price if you have to sell ASAP.)
The initial two years is the big depreciation hit, after than the price drops will slow down in normal (high quality)sports car + Honda fashion.
Hugh
07-31-2001 | 09:21 AM
#15
Joined: Oct 2000
Posts: 170
Likes: 2
From: Southern California
Taimur,
Another issue that I discovered in late 1999 is the Department of Motor Vehicles. I owned two Stooks and wanted to sell the second after much debate with my wife.
While the car only had 910 miles on it (only driven home from the dealer in Texas), I had to pay $3,800 for tax, title, license and registration after 15 days in California. As I found out, the person I sold the car to also had to pay about $3,800 to the DMV when he registered the car.
I don't think this is a California only issue. This may also be why others aren't bitting on your offer ($28,000 + $3,000 = $New Stook price range).
Another issue that I discovered in late 1999 is the Department of Motor Vehicles. I owned two Stooks and wanted to sell the second after much debate with my wife.
While the car only had 910 miles on it (only driven home from the dealer in Texas), I had to pay $3,800 for tax, title, license and registration after 15 days in California. As I found out, the person I sold the car to also had to pay about $3,800 to the DMV when he registered the car.
I don't think this is a California only issue. This may also be why others aren't bitting on your offer ($28,000 + $3,000 = $New Stook price range).
07-31-2001 | 10:35 AM
#17
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Joined: Nov 2000
Posts: 299
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From: Erehwon
Let's face it, the S2K is not a suitable car for most people (as quite a few former owners have already learned) and the demand among the general public for this car is actually relatively low. Everyone who really wanted an S2K 'at all costs' now already has theirs.
08-02-2001 | 04:32 PM
#20
Joined: Jan 2001
Posts: 42,343
Likes: 5,924
From: Mish-she-gan
I would say the market for a used sportscar, even an S2000, is very limited. Lots of young driver's would love the car but can not afford it or it's impractical for their situation (ie, families). Folks who can afford it will rationalize that for a few thousand more they can get a new one with a full warranty.
Younger seller's may have more difficulty selling as well due to the real or imagined perception that it's been run hard and put away wet. People wonder why someone is selling a 1.5 year old car and wonder if there's a problem with it. And, the list goes on.
You may need to drop down a $2-3,000 if your in a hurry to sell; otherwise, be patient and check sources like Kelly blue book, etc. for a fair price.
Younger seller's may have more difficulty selling as well due to the real or imagined perception that it's been run hard and put away wet. People wonder why someone is selling a 1.5 year old car and wonder if there's a problem with it. And, the list goes on.
You may need to drop down a $2-3,000 if your in a hurry to sell; otherwise, be patient and check sources like Kelly blue book, etc. for a fair price.