T.Low
Expedition Leader
2 recent examples of give & take in used car sales
I realize you said its now a bit more of a question of reliability than anything else, but here are two real examples of how we delt with repairs during the sale process.
I recently sold my '98 Dodge Dakota. We started with my asking price of $8900. In my mind I predetermined a bottom line price of $7500 that I would let it go for. The prospective buyer got me down to $8500, but then said he would like to take it to a local shop he trusted to take a look at it. They, of course came up $1400 estimate of repairs it needed. He asked me to split it with him.
Because of the slow market, (and my high asking price), I hadn't had any calls on the rig, yet, and I wanted to move the truck, I came up with two options:
1. I go back to my "as is" asking price of $8900, split the repair estimate with him, and end up with an $8200 sale.
or
2. From our agreed upon sale price of $8500, I would pick and choose which of the repairs I agree should be done, and split those with him.
Both options came out to about an $8200 sale, so I picked the second option as I thought it would be more diplomatic, and I was still $700 up on my predertimined bottom line ( and the truck had been paid off for many years already).
Result, I am happy, he is happy, and his 16 year old son, who got a beautiful blue Dodge Dakota for his 16th birthday, is extremely happy.
Example 2
My buddy Tim was selling his '99 F-250 diesel. Guy came over and test drove it. Tim says he will take the performance chip out before selling it. Guy comes back and writes Tim a $14,000 check, puts it in reverse and begins to back out of the driveway as Tim waves by with one had while staring at his check for $14k in the other hand.
Truck gets literally half out the driveway and begins to rev as it seems to slip out of gear. Front wheels still in driveway, back wheels in street and the transmisson is gone. Tim walks down the driveway to the truck, sees what has happenned and says to Guy, "Well, I guess thats a deal breaker, isn't it?" and hands Guy the check back. No ****, I kid you not.
Days later, Tim calls Guy and says, yeah, they say its $3500 for the trans. Guy says, go ahead and fix it and I'll still buy it. Tim fixed it for $3500, Guy gave him the check back and owns the truck now.
Moral of the used car sales stories: Buying a used car is always a bit of a roll of the dice. Did you ask the tough questions before hand: repair history, reliability issues, knowing what you know about this truck, would you sell it to your Grandmother. And the base clearing out of the park homer "Are you selling it because its becoming a money pit in its old age?" You've got nothing to loose, ask the questions, albeit matter of factly.
Even if it was in tip top shape, for its age, it could break down on delivery.
I agree with Chet:
to those saying that its the mechanics mistake? BS! A stuck bolt is a stuck bolt and getting a tstat out of a van is never fun. I would say tell the seller you will pay 1/2 upon inspection of the vehicle and purchase so you will give him more for the final sale price and he pays the bill to the mechanic.
I realize you said its now a bit more of a question of reliability than anything else, but here are two real examples of how we delt with repairs during the sale process.
I recently sold my '98 Dodge Dakota. We started with my asking price of $8900. In my mind I predetermined a bottom line price of $7500 that I would let it go for. The prospective buyer got me down to $8500, but then said he would like to take it to a local shop he trusted to take a look at it. They, of course came up $1400 estimate of repairs it needed. He asked me to split it with him.
Because of the slow market, (and my high asking price), I hadn't had any calls on the rig, yet, and I wanted to move the truck, I came up with two options:
1. I go back to my "as is" asking price of $8900, split the repair estimate with him, and end up with an $8200 sale.
or
2. From our agreed upon sale price of $8500, I would pick and choose which of the repairs I agree should be done, and split those with him.
Both options came out to about an $8200 sale, so I picked the second option as I thought it would be more diplomatic, and I was still $700 up on my predertimined bottom line ( and the truck had been paid off for many years already).
Result, I am happy, he is happy, and his 16 year old son, who got a beautiful blue Dodge Dakota for his 16th birthday, is extremely happy.
Example 2
My buddy Tim was selling his '99 F-250 diesel. Guy came over and test drove it. Tim says he will take the performance chip out before selling it. Guy comes back and writes Tim a $14,000 check, puts it in reverse and begins to back out of the driveway as Tim waves by with one had while staring at his check for $14k in the other hand.
Truck gets literally half out the driveway and begins to rev as it seems to slip out of gear. Front wheels still in driveway, back wheels in street and the transmisson is gone. Tim walks down the driveway to the truck, sees what has happenned and says to Guy, "Well, I guess thats a deal breaker, isn't it?" and hands Guy the check back. No ****, I kid you not.
Days later, Tim calls Guy and says, yeah, they say its $3500 for the trans. Guy says, go ahead and fix it and I'll still buy it. Tim fixed it for $3500, Guy gave him the check back and owns the truck now.
Moral of the used car sales stories: Buying a used car is always a bit of a roll of the dice. Did you ask the tough questions before hand: repair history, reliability issues, knowing what you know about this truck, would you sell it to your Grandmother. And the base clearing out of the park homer "Are you selling it because its becoming a money pit in its old age?" You've got nothing to loose, ask the questions, albeit matter of factly.
Even if it was in tip top shape, for its age, it could break down on delivery.
I agree with Chet:
to those saying that its the mechanics mistake? BS! A stuck bolt is a stuck bolt and getting a tstat out of a van is never fun. I would say tell the seller you will pay 1/2 upon inspection of the vehicle and purchase so you will give him more for the final sale price and he pays the bill to the mechanic.
