People and car tastes...my rant - PeachParts Mercedes-Benz Forum

nh500sl · #1 09-20-2007, 01:31 AM

So, I witnessed the bidding of a couople of different cars today at an acution. There was a 1991 Volvo 740 turbo wagon, with under 200k that there was not much a bid beyond $500. There was also a 1992 BMW 325 auto that was beat to the abosolute brink of basically being a parts car with no good parts that sold for $1700.

This really got me to thinking. I have a six series that I put up for sale because I really don't drive it a great deal, and so I put it on the market for $5,000 to see If I could sell it. I was not willing to take less then that for it and I did not care if the car sold or not. I did not get a single call on it though which was a complete surprise. I notice the same things with benz, the bigger models sit and sit on lots for sale and never move. They are not that hard to work on compared to a lot of other stuff and too me the driving experice of the big benz or Big bimmer or even the Volvo 740 wagon is far greater then these economy cars that people are buying.

My unlce had a very nice 300TE that he dumped becasue it needed transmission work. The car had 160K the previous owner had the heads redone the body and interior were fantastic and he dumped it because he did not want to spend "$3,000 to fix an old mercedes" He repalced it with a few year old small mazda. Again this does not make sense to me, he could have written the $3,000 check had a mercedes with a new transmission and also had a car that was payed for. Instead he spend $15,000 on a car that is newer yes, but has seats, safty features, body quality and comfort that do not meet the standard of the Mercedes Benz that he traded for.

Also reminds me of another friend that I have who is into Volvos...(the old Rear wheel drive models) (before ford took over) She had a 91 940 se with a lot of miles and a few door dings she decided she wanted to find a nicer version of the same car maybe a coulple years newer. She found one with half the miles that hers had that was a one owner. The guy wanted $5,000 for it a 1994 Volvo 940 Turbo sedan. She went to the bank and the bank told her, "sorry, we do not loan on vehicles seven years old and older" I told her to go to a credit union and she found sucess. I found that very funny. The same bank without a thought will loan a 18 year old kid $12,000 to go out and buy a brand new dodge neon that will depreciate as soon as he drives it off the lot and will continue to deteriate and likely be work out at 25,000 m iles per year after four years and he still has another three years to pay for it! 3

Maybe I'm set in my ways, but I'm not seeing the logic in peoples choices.

Jim B. · #2 09-20-2007, 03:28 AM

I am with you all the way on this. We had a 1991 Volvo 740 that I was unsuccessfully able to persuade the principal driver to keep in the family, after it had served us faithfully for many years. It was replaced by a new Honda Accord a few years ago. the Volvo was reported to have some engine and transmission problems that I think could have been fixed, it was way less than 200k on it, and looked very sharp as it was well kept up with all books and records from mile zero and had a set of sharp Borbet type E rims on it .

I mourned the loss of the Volvo when it went onto the flatbed to be hauled off to be donated away to the charity, that foggy and cold SF morning. Losing Volvito was like losing an old friend. I got a call from the new owner who had bought it at the charity auction in Benicia, a month or so later, and so far as I know it is still on the road.

Many years ago I tried to buy my first Mercedes, a 300Diesel, but the credit union similarly denied the loan because the car has slid out the bottom of the blue book. I had to buy an Oldsmobile Delta 88 instead to get a car loan.

That Oldsmobile was literally put into the junkyard many, many years ago, but I am sure the Mercedes Diesel would still be running if I got it. Heck it probably is, but with someone else.

Yet another time the credit union wouln't do a car loan for me for a Caddillac Coupe de Ville, because it too, was just out of the Kelly Blue Book and I wanted the car bad enough I had to buy it with a personal line of credt/signature loan, which had a much higher interest rate than a car loan, because it was unsecured.

As long as you can find it in the Kelley Blue Book, the banks and credit unions will make car loans, even on such trash as a Chevy Aveo or a Kia Rio.

The inherent worth or value of the car means nothing.

Mistress · #3 09-20-2007, 06:08 AM

I agree. People will do what the media tells them to do.

vwbuge · #4 09-20-2007, 06:57 AM

I make my family laugh. While out and about I'll see a young fellow with a new Cadillac or Lincoln. I'll snicker and say, "poor bastard, he has money but no taste"

alamostation · #5 09-20-2007, 07:55 AM

Turn lemons into lemonade and add vodka.

Jim B, you are right and ever so much more so. Fortunately I haven't had to borrow to buy my last few cars.

I have used Kelly, Edmunds and banks much to my advantage when buying old cars. My Toyota MR2 has a retail blue book price of around $1800. I told the dealer I'd pay $200 over blue book for it. For $2000, I got a near show car. On eBay, beater MR2's go for $2000. Really nice ones go for $5000+. I don't know where Kelley and Edmunds get their prices.

Look up the retail price on a mint 1983 300SD on Edmunds. $2500 for a perfect car with 90,000 miles, at least in my zip code. Even in Portland, the home of high priced 300SD's, Edmunds says you can find an outstanding 90,000 mile car for $2800.

Use the blue book to buy. Forget it if you want to borrow.

SwampYankee · #6 09-20-2007, 08:13 AM

The prevailing mindset of many Americans is that cars are disposable and you just replace them every 3-5 years. Which is part of the reason leases are so popular (and why new cars are only designed with that first 5-10 years in mind). Plus DIYers are few and far between.

That's fine with me, I'm perfectly willing to buy a 3-5 year old car after that first initial chunk of depreciation.

Although I do have to admit that I've sold a few cars prematurely when faced with a good sized repair bill. I tend to get bored with whatever I'm driving after a while, but I do usually put a 100K+ on one before I move onto the next one.

E150GT · #7 09-20-2007, 09:01 AM

Quote:

Originally Posted by nh500sl

So, I witnessed the bidding of a couople of different cars today at an acution. There was a 1991 Volvo 740 turbo wagon, with under 200k that there was not much a bid beyond $500. There was also a 1992 BMW 325 auto that was beat to the abosolute brink of basically being a parts car with no good parts that sold for $1700.

This really got me to thinking. I have a six series that I put up for sale because I really don't drive it a great deal, and so I put it on the market for $5,000 to see If I could sell it. I was not willing to take less then that for it and I did not care if the car sold or not. I did not get a single call on it though which was a complete surprise. I notice the same things with benz, the bigger models sit and sit on lots for sale and never move. They are not that hard to work on compared to a lot of other stuff and too me the driving experice of the big benz or Big bimmer or even the Volvo 740 wagon is far greater then these economy cars that people are buying.

My unlce had a very nice 300TE that he dumped becasue it needed transmission work. The car had 160K the previous owner had the heads redone the body and interior were fantastic and he dumped it because he did not want to spend "$3,000 to fix an old mercedes" He repalced it with a few year old small mazda. Again this does not make sense to me, he could have written the $3,000 check had a mercedes with a new transmission and also had a car that was payed for. Instead he spend $15,000 on a car that is newer yes, but has seats, safty features, body quality and comfort that do not meet the standard of the Mercedes Benz that he traded for.

Also reminds me of another friend that I have who is into Volvos...(the old Rear wheel drive models) (before ford took over) She had a 91 940 se with a lot of miles and a few door dings she decided she wanted to find a nicer version of the same car maybe a coulple years newer. She found one with half the miles that hers had that was a one owner. The guy wanted $5,000 for it a 1994 Volvo 940 Turbo sedan. She went to the bank and the bank told her, "sorry, we do not loan on vehicles seven years old and older" I told her to go to a credit union and she found sucess. I found that very funny. The same bank without a thought will loan a 18 year old kid $12,000 to go out and buy a brand new dodge neon that will depreciate as soon as he drives it off the lot and will continue to deteriate and likely be work out at 25,000 m iles per year after four years and he still has another three years to pay for it! 3

Maybe I'm set in my ways, but I'm not seeing the logic in peoples choices.

I couldn't agree more. In fact just the past few days here around work I have basically given myself an ulcer with all the arguing going on at work.
All my co-workers are telling me to get rid of my car and buy a new one cause I am having to put a few things here and there on it and it's "not worth it". I was like why should I not spend say 3000 dollars to get my car up to par, and be "throwing my money away?" Instead they think I should buy a new 20,000 dollar car.

raymr · #8 09-20-2007, 09:15 AM

Quote:

Originally Posted by E150GT

Instead they think I should buy a new 20,000 dollar car.

You know where they are coming from, strapped to their car payments: Misery loves company.

Zeus · #9 09-20-2007, 09:40 AM

People sometimes couldn't understand why I was proud of my 300E and why I kept it so long. They'd say "that car is ancient, things like the A/C don't work...why not get a new one?"

I had to explain that it drove like very few other cars did. Such a great combo of luxury, safety, solidity and handling. That the roof raises up to a full 90o to work on the engine, that the same engine had over 300,000Km on it, all with original parts. That I could change the brakes in 10 minutes a side. That I OWNED IT. No payments. Mine. Every Km I drove her was more value for money. Yes, a few things started to go - sunroof lifter broke, AC evap went, but I consider these minor things in return for the package as a whole and what I paid for it.

E150GT · #10 09-20-2007, 11:34 AM

Quote:

Originally Posted by raymr

You know where they are coming from, strapped to their car payments: Misery loves company.

Sooner or later I will get a newer car, not new though. I just don't get excited about the cars today, except for the ones I can't afford. I would love a newer s-class, but It's just above my budget for now. Actually it's a lot above my budget.

Hatterasguy · #11 09-20-2007, 12:46 PM

Everyone likes new because they think its better. I like not having car payments.

G-Benz · #12 09-20-2007, 12:55 PM

Quote:

Originally Posted by SwampYankee

The prevailing mindset of many Americans is that cars are disposable and you just replace them every 3-5 years. Which is part of the reason leases are so popular (and why new cars are only designed with that first 5-10 years in mind). Plus DIYers are few and far between.

That's fine with me, I'm perfectly willing to buy a 3-5 year old car after that first initial chunk of depreciation.

Although I do have to admit that I've sold a few cars prematurely when faced with a good sized repair bill. I tend to get bored with whatever I'm driving after a while, but I do usually put a 100K+ on one before I move onto the next one.

I agree with all points.

However, I truly believe that the W124 is probably the last DIY car I'll ever own. I suspect when the W208 gets long on the tooth, I'll have to dump it as well. Far too complicated to work on without some serious diagnostic tools.

I leased the W164 simply because I needed something reliable and fresh for long trips. The technology on these new models is something I would rather not EVER venture into in the comfort of my garage. So before it has a chance to burp (and require a $3500 repair), I'm getting out from underneath it.

I would like to enjoy no car payments at all, but the reality is, I don't have time to continuously spend time in the garage tweaking this and that. My daughter's massively bloated schedule allows little time for that. And I'm not a Walton or Gates, so the prospect of plunking down cash for a new offering is out of the question.

SwampYankee · #13 09-20-2007, 01:15 PM

G-trust me, I can relate! It's getting easier for me to assign dollar values (relating to auto repairs) to my time. So far, only 2 kids are old enough to require us to drive all over the state. It's only a matter of time before the other two join them. I'm far from a mechanic but I enjoy tinkering with all of my cars. However if it's not a project I can get done in a half-day on the weekend it's gotta go to the mechanic.

But all you need to do is look at the lines at the quickie lube places to see how little most people will do. And I'll admit to having to resort to using my local mechanic for a simple oil change on occasion

pj67coll · #14 09-20-2007, 01:48 PM

I completely agree with the sentiments in the original post. I've even been in almost the exact same situation with both banks and credit unions re trying to buy an old Caddy DeVille and old Mercedes. No problem financing some brand new piece of crap like my 02 Rio, but forget a decent car that I'd be far more easily able to make the payments on like a good old Caddy or Mercedes for just a couple of g's. Makes you wonder if a bank or credit union is actually worth a damm.

- Peter.

cjlipps · #15 09-20-2007, 03:50 PM

I think a lot of the "problem" is perceived (read false) economy. People would rather buy a new $13,000 "car" that gets 30 mpg instead of an older Benz for $4000 that gets 20 mpg. They are saving gas but not money. At 2000 miles per month and $3 gas they are saving $100 per month. There's a 90 month break even point there on the initial cost alone! That doesn't include interest on the loan, insurance, depreciation or the unquantifiable things like safety and comfort. Also, for $13K you are getting manufactured obsolescence that will probably never see 90 months of use.
In short, I'm with you.