The reality is that it's NOT a collectible. So therefore the price is not justified. It's just an old car with low miles. Maybe in ten years it will be a collectible. But not today

 

im sure the 35 k is very negotiable. Remember he is a dealer and there is always room for haggling with dealers. put in an offer for like 28k, (if you really want it) tell him you wont go any higher, and let him sit on it. give him your name and number and if he doesnt sell it, I guarentee he calls.

 

I'll testify to the condition of PVerdieck's car, both under the hood and in the cabin. I got my '93 with around 60K miles, and it's amazing the difference in condition of everything under the hood from just a spread of about 40K miles (roughly what we have between our cars now) worth of high heat. His interior is also it top condition, and much more solid then when I bought mine.

Wth all the pain and money I'm going thru to make mine (better then) show room new, I look back and wish I'd started with a low mileage, well maintained car - and would have gladly payed deep into the $20k's for a simililar car knowing what I know now.

Somebody will spend that much, because it's what they want (and because they have the money). Us trying to apply our own justifications as to what it's not worth is pointless though, unless it's our money that lucky buyer is spending. Everything has a different value to each individual.

 

The reality is that if you value it more than the ordinary person and you can find a buyer with similar feelings, it is collectible. Just because every FD buyer isn't looking at it that way doesn't mean it doesn't exist. Econ 101.

Someday (in 10 years), many of us will say, "man $30k isn't all that much money to have a truly rare sports car classic". I don't see many buyers buying really low mileage FDs and just keeping them - they usually drive it. Eventually it will all run out.

Dave

 

Yes the FD is in the same category as porsche spider 550A right? Because they are both collectibles.

He has been trying to sell it for a year. Soo even by YOUR definition it is not a collectible. The reality is that the seller can't find a dumb *** that can justify to himself to buy an overpriced under-apreciated vehicle.

 

The FD that is the subject of this thread has been on the market for over a year. Last year the seller was asking $29K and this year he is asking $35K. Obviously the car hasn't sold at these prices. That tells me the market is saying the seller is asking way too much for this car.

Another way to consider this is that if you are willing to pay this much for this car then you are the only person in the market willing to do so. What does that tell you about its market value?

 

I purchased a '93 bone Stock R1 earlier this year with 6001 miles on it when I picked it up. I haven't even told my family what I paid! But it closer to $25K, not $35K, which I would not have paid. $10K would not be worth two model years and 1K miles to me. The guy was originally asking $26K on EBay, from which we negotiated after no one bid on it.

Now to play devil's advocate: I love it, I love it, I love it. It is everything he said it was. Pay whatever you feel comfortable with if you want a basically brand-new RX-7 (of which there are very few) and are sure you'll love it. There's really no Blue Book value on something like this, but what price your own happiness?

One note: I had the opportunity to have my cousin check out the car though before I bought it. I would beware of any car this old claiming this low miles. I am proof that it is possible, but I would not have bought it had there not been a pair of eyes I trust to confirm it.

 

Does anyone know of any FD's with less than 50 miles that are in storage anywhere. Also this talk abuot it being a classic and i wonder if anyone has one stashed away.
-Rob

 

You've missed the point. Nevermind I got better things to talk about.

 

I agree. I'd offer 25K and wait.

 

You're missing the point. Of course "not today"; it is a collectible in terms of future speculation, just like with commodities, etc. And pricing *is* justified, if it is worth it to you, maybe not to you per se, but, for example, to someone that loves RX-7s and wants an unmolested low mileage example.

 

Wow, SS with black interior. If I had the cash, wish I did. I'd be bidding on it. dclin makes the best point. Even with $10k spend on some of our cars they will never look as good as an unmolested (almost new) FD. I just look under the hood of mine. It looks like it has 60Kmiles on it. Off I go the the garrage to start waxing and polishing.

 

No I got the point. One person who thinks the car is worth 35K does not set the market. Again, they haven't been able to find a buyer so it is still not justified. You say the price is justified, then why is the car still on the market after one year? Would it not be sold by now? Remember FD's brand new selling price was about 35k. This is an 8 year old used vehicle.


Future speculation is worthless. If you truly believe in that, then I would love to sell you 25,000 shares of stock from my old company. They were given to me as a grant and are priced at $2.00 per share. They claim that they are going public (that was 3 years ago) and the set price is supposed to be $8.00 on opening day. Would you like to take them off my hands? I'll sell them to you for a mere $50,000. That's $150,000 profit! *when/if * they go public

 

No, you still don't get the point. I'm not saying that the price is justified, I'm saying that if someone wants to pay $35K for this car, and they are happy to do so, then it is justified to *them*, and for whatever reason, e.g. they want a readily available low mileage stock RX-7 in silver.

OTOH, you're saying, the dealer is asking too much and they aren't justified in doing so, with the "proof" that it hasn't sold yet. Do you see the difference?

As to future speculation being worthless, you're wrong. Goes on all day, every day and it affects everyone, including you. Ever heard of the New York Stock Exchange, or the securities and bonds market or Charles Schwab or Bank of America? When there's money at stake, you'll have economists, financial analysts and the like trying to predict the future of the economy and everything in it. Goes on too with real estate, baseball cards, paintings, and yes, even (collectible) cars.

Future speculation is very much worthwhile to me because I won't be buying any of your lousy stock.

 

I for one am glad to see the that this guy has increased the price of his RX7 (3) times to $35,000. This kind of pricing eventually becomes contagious and overall prices, for this absolutely awesome automobile, will begin to rise.

 

I think a 94/95 RX-7 like that (< 5k miles, super condition, like new) is realistically worth about $25k. If I were in the market for a $25k car I'd consider buying it, compared to the alternatives (WRX, RX-8, S2000, etc.)

Wade

 

This is dumb. We were all talking about this car being worth 35k. As far as the market value is concerned. I don't give a rats *** what an individual's value is.


Great, now a student is trying to school on financial issues. Do you even play the stock market? If so what has been your return? I'll tell you this: I've made 6 fold on the money that I have invested on companies (which I based on their back log) that have a Beta of 4 . Do you even know what that means? Or are you just preaching what you hear on nightline.

Why do you think the dot comm bubble burst! Damn future speculation! Everybody thought that these companies were *going* to make tons of money. Stock prices were inflated and some of us knew it and sold when it was good. Yeah baby...

Informed future speculation such as that the defense industry will get a boost because of our current situation with Irak and Korea is also worthless. Actual facts raise it, as far as new billion dollar contracts. Not on the ability to get one. I play the stock market, and I know what makes my stock go up and down. Maybe try living life on the real world before you try to preach and be a smartass.


No because I just informed you of the situation.
But don't feel bad about my worthless stock it was a grant. But on the upside this past week I've made 15K on other investments

 

This is dumb. We were all talking about this car being worth 35k. As far as the market value is concerned. I don't give a rats *** what an individual's value is.

The "individual's value" was the point I was making and it flew over your head not once, but twice! Not everything is priced according to the market.

Great, now a student is trying to school on financial issues.

And your point is? I'm an MBA Finance major, so?

Do you even play the stock market? If so what has been your return? I'll tell you this: I've made 6 fold on the money that I have invested on companies (which I based on their back log) that have a Beta of 4 . Do you even know what that means? Or are you just preaching what you hear on nightline.

I have been for several years. I day trade and manage all the employee 401K accounts at my work. As to the former, I'm investing in Growth and believe it or not, in the past several months, my overall investments have seen a 19% gain.

Why do you think the dot comm bubble burst! Damn future speculation! Everybody thought that these companies were *going* to make tons of money. Stock prices were inflated and some of us knew it and sold when it was good. Yeah baby...

I happen to have written a paper on this very subject and there were many reasons (I won't get into specifics, that's another subject in itself) why the dot com bubble burst and to put them under a broad heading of "future speculation" is not correct.

Maybe try living life on the real world before you try to preach and be a smartass.

Ignorance is bliss. If you're going to debate with insults, then I guess you've lost your cool and have nothing worthwhile nor intelligent to say.

I'm done. These posts are off on an irrelevant tangent and it is pointless to this thread. Sorry for the hijacking.

 

Wrong! The whole point of this thread was to discuss the market price of the FD.

QUOTE]Originally posted by LoveBone

And your point is? I'm an MBA Finance major, so? [/QUOTE]

That students don't know ****. It's after they get a few years of experience that the schooling takes full effect. Then you will be able to school me just not today.


You mean you are the guy that I call when I want to make a transaction and I tell you exactly what I want to do. BTW 19% gain is small potatoes. Take a look at this: bought May 12th. Intead of getting an engine for my Fd I buy 2,000 shares at $5.80. Today's closing price is $9.61 but today's high was $11.20. That is a profit of over $7,000. 64% increase if I were to cash out today but I am not.

If you actually wrote a paper on this then I would love for you to school me on this subject. And yes I do believe that there were more than one reason on why the bubble burst. But future speculation definately played a key role.

What? Cuz I called you a smart ***? Oh I'm sorry I guess I took you remark regarding if I ever heard of the stock markert the wrong way. I just truly thought you we trying to be a smart *** if not then I apologize.

 

Well, were we trying to sell it to you? No. Guess what? We don't give a rats *** what it's worth to you. We're trying to guess what the final buyer's price will be. That is the practical market value for the car. FDs are too diverse and segmented to apply your econ 101 assumptions. If the seller thinks waiting a year is worth the chance of getting a better price, that's another value judgment you don't seem to acknowledge.

If you think this asking price is bad, I just saw a 20k mi CYM for sale asking $36k - and the photo wasn't even of the right car.

It seems for all your study and experience in the free market you'd be more understanding of the application of these ideas.

Dave

 

Umm, well -

All I've got to say is that if both you guys spent as much time making money as you do talking about it - you would be farther ahead...

Bottom line: like I said several pages ago

- the seller is looking for a sucker. Cars are terrible investments. They are toys, period. $35 large for an RX7? - only if it has never been off the showroom floor,

My advice? If it flies, floats or ***** - LEASE IT!

But hey, thanks for the intellectual tit for tat, rather amusing, and FAR beyond what one would expect on this forum!

 

Oh we (as in you) don't give a rat's *** what I think. Did you make this thread? no then STFU.

really is that what we are trying to do? Guess what the final buyer's guide will be? Shoot, by the thread starter I would have thought something different.

let me quote this for ya:

Sounds that his asking the community for a fair market price to me.

Hey have you been reading this thread at all? I mean first you get the whole point wrong. Then you neglect that the MAJORITY of the people agree that it is over priced. Why are you still bugging? and bugging me at that?

I went back and counted the yay and nays:

5 of you fall under tha yes it is worth it.

4 didn't really give an indication.

18 said no way!



well then if you are that understanding, then maybe I should sell you that stock that I got as a grant. I was trying to sell it to LoveBone but he declined. Since I like you, I'll sell it to you for a mere $49,999 (discount). It's a good deal trust me...

 

Actually I'm done with this...

Final words, Like most people I agree that the car is not worth 35k. 25k yes.

Lates

 

Actually yes, the one Pearescent White RX-7 ever made for the US (1994 Preferred Equipment Package 5-spd) is on display at Mazda's US Headquarters, never sold. I'm guessing that one has less than 50 miles.

Now that one would be worth at least $35K to me!

 

I think there is another. When I was talking to Lance at lamotorcars.com, he said there was someone in TX, who had a 94 black R2, and they just put it inside somewhere, and don't drive it.