MovieChat Forums > Chasing Classic Cars (2008) Discussion > Are auctions ripoffs?

Are auctions ripoffs?

posted 12 years ago by the_a_buser
6 replies | jump to latest

I've never been, but I wonder if they make sense for most sales. I'm sure the auction house promises they'll get top dollar for exclusive cars by bringing in elite buyers, but there seems to be a lot of overhead here. I'm sure Wayne charges a fee when he lists a car for a client, the auction house has its commission, it usually costs money to attend the auction or purchase the book of cars for sales, plus the cost of physically taking the car to wherever the auction is. It might be fun to go to an auction, but I'd still probably look for cars on-line.

[–] inliner311 12 years ago

From watching the show, wayne usually picks the right auctions for his cars to make money but tends to screw over his clients and just puts the car in whatever auction is convenient for him or the show at the time. I really hope these clients get a decent amount of money from the tv show to put them in these auctions to make his storylines because they tend to lose alot of money on the cars. From just watching the show and the auctions on tv, I can tell right from the get go of the episode if the client is going to get screwed. He probably doesnt care if he loses money on a clients car cause he still gets paid.

[–] doctorc1970 12 years ago

Wayne's strategy: Find a car, buy it cheap. Take it to the shop, throw a coat of wax on it (and a few minor repairs) and make some BS excuse why more restoration is not needed (like the new owner will want to do that).. and sell, sell, sell!!!!!!!

[–] yarik83 11 years ago

Car restoration is a horrible thing. Imagine 4 old cars of same make and model.

Car #1 has been sitting in a barn, rusting, dusty, covered in rat poo. That car can sell for 3 million dollars as is.

Car #2 has been in one family's hands and has been through several father and son fixer-upper attempts. That car can sell for $25,000

Car #3 has gone through a $150,000 frame off restoration that took 9 years. That car can sell for $120,000

Car #4
has been bought from father-son duo, slightly restored and can sell for $55,000 at an auction.

That is what Wayne does. He finds decent enough cars, pretties them up and resells them because clientele for sub $100,000 cars is far greater than it is for people wanting to spend hundreds of thousands of dollars.

As much as I like watching CCC I really really really do not like classic car market. not because I do not like classic cars but because I do not like what they cost. I do not see the hundred bazillion dollar value when I see an old car. I see a really cool looking car but certainly nothing worth the huge price tag most of them have.

[–] skiguy1981 11 years ago

"Car restoration is a horrible thing. Imagine 4 old cars of same make and model.

Car #1 has been sitting in a barn, rusting, dusty, covered in rat poo. That car can sell for 3 million dollars as is.

Car #2 has been in one family's hands and has been through several father and son fixer-upper attempts. That car can sell for $25,000

Car #3 has gone through a $150,000 frame off restoration that took 9 years. That car can sell for $120,000

Car #4
has been bought from father-son duo, slightly restored and can sell for $55,000 at an auction.

That is what Wayne does. He finds decent enough cars, pretties them up and resells them because clientele for sub $100,000 cars is far greater than it is for people wanting to spend hundreds of thousands of dollars.

As much as I like watching CCC I really really really do not like classic car market. not because I do not like classic cars but because I do not like what they cost. I do not see the hundred bazillion dollar value when I see an old car. I see a really cool looking car but certainly nothing worth the huge price tag most of them have. "

The ones that cost "a hundred bazillion dollars" are rare, that is why they cost that. If there are only 6 of a really cool car it is going to bring a lot more money then another cool car that had a production run of 5000.

For example a mustang gt 500 might have had a production of 200 or so cool car right well it is worth 150k now a mustang fast back gt of the same year still a very cool car might be worth 40k because it had a production of 5000 (these numbers are made up for an example but you get the idea.)

I agree though who wants to buy a 200k car just so it can sit in the garage. I rather buy a 30k car and drive the heck out of it.

---
An alcoholic is someone you don't like who drinks as much as you do.

[–] bocajon 11 years ago

I look at a lot of the cars showing on CCC as art.I persopersonally would only buy a classic to drive.

[–] scifi1980 10 years ago

Just to register as a bidder can run you $200-$500 just for a paddle and seat on the bidding floor. The auction house usually takes 10% commission from the seller, and a 10% commission from the buyer.

The cars that get the most attention in these auctions are the European and American race cars of the golden age of racing. When your talking Corvettes and Ferraris from the 50's that are documented to have been racing cup winners, your talking prize thoroughbred horse prices.

Right now, the world record for a car in an auction is a 1954 Mercedes W196 that sold at Bonhams for over 29 million dollars. I have seen 5 day auction shows of Barrett Jackson where they don't hit even half that number and they usually move like 200 cars per event.

The initial cost isn't so bad for a car, your better off buying a decent condition driver and just add a little bit here and there over the years. It's the restoration fees and repairs and upkeep over the years that can kill you. I own 4 classic cars and they are all run and enjoy in various conditions. The cheapest one was 6500 for a 40 Chrysler sedan and the most expensive was 10,500 for a 57 Chevy Belair sedan which I dumped another 10 grand into over a course of 5 years for engine work and a new tranny.

If you want a convertible or a coupe or hardtop, you will have to fork over anywhere from 30 to over 100 grand depending on the year/model/make. If you are just starting and want something affordable that you can enjoy now, there are plenty of sedans out there that are good drivers in decent enough condition. These should range from 6-18 grand.