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Re: The Market of Lemons
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Posted by Snowmobile [Email] (#686) [Profile/Gallery] (more from Snowmobile) on Tue, 11 Feb 2014 07:22:08 Share Post by Email
In Reply to: The Market of Lemons, dmz789qqq, Mon, 10 Feb 2014 13:44:52
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Yes, that is true... it is very hard to sell a very nice used car for a lot of money. Cars are generally not good investments! The exception would be once the car is very old and a desirable classic: pretty much all the lemons have gone to the crusher - anything left is probably a cherry at an outrageous price.

As a buyer it makes sense to go in recognizing that even cherries will have issues in the future and not over pay. I have seen garage queen c900 verts come up with 10-20k on the clock, completely mint, only driven to church on sunny days, etc etc... prices are high... but if everything is still original, the hoses need replacing, window seals might leak, etc etc. Some stuff just deteriorates with age... so even though the car is practically new off the showroom floor from 25 years ago... it is going to cost a fair bit to make it roadworthy and reliable!

The advantage we have as SAAB enthusiasts, is that knowing the common problem areas, quirks, details etc of these cars, we can find out more information than some of the sellers know. Eg, many sellers are selling cars off lease or traded in at other dealerships - so they have no idea whether it is a cherry or a lemon either! The one we bought was such a car: The guy had no idea - he got it from a Kia dealer (trade in). Certainly there is history that I do not know, but I made sure the price was low enough to hedge the cost of repairs. And the seller probably got it cheap, hedging by taking a bunch of used cars off the lot that the Kia dealer didn't want to sell (Kia dealers really seem to churn through inventory these days!). Lots of people trade in decent cars because it's time for something new... neither lemons nor cherries really... and sometimes (for financial reasons or space or whatever), people need to sell good cars even if they know they won't get a good value for it!

Basically, what has changed since the 1970's, with the age of the internet (TSN, Carfax, etc), is we can do better research and stack the deck a little more in our favour!
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