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  #1  
Old 06-16-2013, 01:53 PM
Stretch's Avatar
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Deal psychology - as in doing a deal - buying a car

G'day Folks,

I've just had a strange one - well to be honest I have to admit that I too am a "strange one" as well...

...but what do you make of this?


I've been chasing the car of my dreams - it is beautiful with an asking price of 14K.

I went to see it not expecting it to be as good as it was. I was expecting a 8-10K car with a hopeful 14K price tag.

(I actually think the condition of the car is pretty bad - definitely a 3 but rarity and lushness and all that kind of stuff bumps up the price somewhat)

I had a good look around the car but decided not to waste the seller's time and just cut to the chase asking if there was any movement of the price.

I offered 12K next to the car but it wasn't accepted.

With divorce and all the associated problems that that entails this isn't really the right time to be splashing the cash so I got a bit worried about the finances and kind of felt it was a good thing that the offer wasn't accepted.


Even so "the love" got the better of me and I sent the seller an email saying that I loved the car I'd like to buy it but I really can go no higher than 11.5K. I added rather hopefully that perhaps since the car had been advertised for about 4 months and he'd only had low ball offers, a serious and quick sale might be in order...



Surprisingly the seller got back to me saying that he'd give me a 2K loan to be paid back interest free next year - 11K down 2K to pay. This would be a gentleman's agreement. I declined the offer - as kind as it was - because I can not be 100% sure I can honour the deal.

From my perspective I'm not feeling very lucky at the moment and I wouldn't want to let someone down.


From the seller's perspective though it strikes me a bit strange that someone would offer a deal that could potentially go sour. In a way it sounds like the 2K isn't all that important - it seems that perhaps the principle of getting close to the asking price is more important?


So deal psychology buffs - what do you think?
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1992 W201 190E 1.8 171,000 km - Daily driver
1981 W123 300D ~ 100,000 miles / 160,000 km - project car stripped to the bone
1965 Land Rover Series 2a Station Wagon CIS recovery therapy!
1961 Volvo PV544 Bare metal rat rod-ish thing

I'm here to chat about cars and to help others - I'm not here "to always be right" like an internet warrior



Don't leave that there - I'll take it to bits!
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  #2  
Old 06-16-2013, 02:22 PM
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I THINK YOU DO THE DEAL

I think you're right, that the seller has in his mind accepted $11M, knows he's not going to get the $13M he wants, but is willing to take the risk he might get $13M. As you stated "the principle of getting close to the asking price is more important". D*mn wish I could find a seller like that. I also think as you stated, the fact the car has been listed for 4 months & no takers is "finally" weighing on his mind. I know if I was the seller, I wouldn't lose this deal after the lowball offers you mentioned he had received. Are we going to be privy to what automobile you've fallen for before you make a decision?
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  #3  
Old 06-16-2013, 02:50 PM
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Quote:
Originally Posted by Stretch View Post
G'day Folks,

I've just had a strange one - well to be honest I have to admit that I too am a "strange one" as well...

...but what do you make of this?


I've been chasing the car of my dreams - it is beautiful with an asking price of 14K.

I went to see it not expecting it to be as good as it was. I was expecting a 8-10K car with a hopeful 14K price tag.

(I actually think the condition of the car is pretty bad - definitely a 3 but rarity and lushness and all that kind of stuff bumps up the price somewhat)

I had a good look around the car but decided not to waste the seller's time and just cut to the chase asking if there was any movement of the price.

I offered 12K next to the car but it wasn't accepted.

With divorce and all the associated problems that that entails this isn't really the right time to be splashing the cash so I got a bit worried about the finances and kind of felt it was a good thing that the offer wasn't accepted.


Even so "the love" got the better of me and I sent the seller an email saying that I loved the car I'd like to buy it but I really can go no higher than 11.5K. I added rather hopefully that perhaps since the car had been advertised for about 4 months and he'd only had low ball offers, a serious and quick sale might be in order...



Surprisingly the seller got back to me saying that he'd give me a 2K loan to be paid back interest free next year - 11K down 2K to pay. This would be a gentleman's agreement. I declined the offer - as kind as it was - because I can not be 100% sure I can honour the deal.

From my perspective I'm not feeling very lucky at the moment and I wouldn't want to let someone down.


From the seller's perspective though it strikes me a bit strange that someone would offer a deal that could potentially go sour. In a way it sounds like the 2K isn't all that important - it seems that perhaps the principle of getting close to the asking price is more important?


So deal psychology buffs - what do you think?
I think one possibility is that the seller is taking a chance on you defaulting or stop making the payment schedule, thereby nullifying the deal. He still has the title of ownership to the car, any and all payments you've made to date, AND, it's 100% still his car.

Another possibility is that he's actually trying to help himself and you. He's had no movement/cash offers at his price for the car, so feels you might be a good risk, and or wants to start the money-flow on the car with you.

Were I the buyer? There's NFW I'd do a deal like this. Were I the seller? Perhaps.

My advice on the deal is that if you don't have the cash sale price to buy it, or cannot get a loan from a commercial lending institution for the amount - then you need to pass on the deal. Too many things can make this deal, dealing with him go South.
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  #4  
Old 06-16-2013, 03:53 PM
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Sounds fishy. I would not accept such terms as a buyer. Just wondering, what car is it?
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  #5  
Old 06-16-2013, 04:05 PM
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For the record - I've politely walked away from the deal even though the car would have been transferred into my name.


If I was an unscrupulous type I could just say I've paid back the 2K when I hadn't - it would be as simple as that - my understanding was that it was a deal based on trust. This is why I was thinking why a stranger would want to trust another stranger to that extent (in this day and age etc etc). I mean it could be a right royal pain in the arse getting money out of someone if they didn't want to pay - I get the impression it has been a right royal pain in the arse getting anyone (other than this silly love struck Englishman) to agree that the car could potentially be worth anywhere near the asking price.




For the reason above (silly love struck Englishman etc) I'll decline to say anything further about the car - it will spoil a joke if it does come off!
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1992 W201 190E 1.8 171,000 km - Daily driver
1981 W123 300D ~ 100,000 miles / 160,000 km - project car stripped to the bone
1965 Land Rover Series 2a Station Wagon CIS recovery therapy!
1961 Volvo PV544 Bare metal rat rod-ish thing

I'm here to chat about cars and to help others - I'm not here "to always be right" like an internet warrior



Don't leave that there - I'll take it to bits!
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  #6  
Old 06-16-2013, 04:08 PM
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Quote:
Originally Posted by Skid Row Joe View Post
...
My advice on the deal is that if you don't have the cash sale price to buy it...

...then you need to pass on the deal...
That is and always has been my attitude

Never a borrower or a lender be...

...well except for a mortgage where you have no hope in %%^^& buying something like a house (in a convenient place) outright.
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1992 W201 190E 1.8 171,000 km - Daily driver
1981 W123 300D ~ 100,000 miles / 160,000 km - project car stripped to the bone
1965 Land Rover Series 2a Station Wagon CIS recovery therapy!
1961 Volvo PV544 Bare metal rat rod-ish thing

I'm here to chat about cars and to help others - I'm not here "to always be right" like an internet warrior



Don't leave that there - I'll take it to bits!
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  #7  
Old 06-16-2013, 04:40 PM
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Quote:
Originally Posted by Stretch View Post


So deal psychology buffs - what do you think?
Personally, the psychology of the seller is irrelevant. You're not going above 12K.........period. Whatever terms he offers to get above 12K are irrelevant.

Leave him with the standing 12K offer.

Either he takes it or he waits a bit more for someone else to go higher.

Some of these fellows do not have to sell the vehicle and will wait............sometimes nearly forever...........for the right price. Nothing you can do about it.
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  #8  
Old 06-16-2013, 04:51 PM
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Quote:
Originally Posted by Stretch View Post
For the reason above (silly love struck Englishman etc) I'll decline to say anything further about the car - it will spoil a joke if it does come off!
So it's a Morris Marina?
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  #9  
Old 06-16-2013, 05:02 PM
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Originally Posted by Skippy View Post
So it's a Morris Marina?
You mean one of them has survived destruction by the Top Gear crew?
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  #10  
Old 06-16-2013, 05:26 PM
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What model car are we talking about here?
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  #11  
Old 06-16-2013, 09:30 PM
A Talent for Obfuscation
 
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Quote:
Originally Posted by Stretch View Post
G'day Folks,

I've just had a strange one - well to be honest I have to admit that I too am a "strange one" as well...

...but what do you make of this?


I've been chasing the car of my dreams - it is beautiful with an asking price of 14K.

I went to see it not expecting it to be as good as it was. I was expecting a 8-10K car with a hopeful 14K price tag.

(I actually think the condition of the car is pretty bad - definitely a 3 but rarity and lushness and all that kind of stuff bumps up the price somewhat)

I had a good look around the car but decided not to waste the seller's time and just cut to the chase asking if there was any movement of the price.

I offered 12K next to the car but it wasn't accepted.

With divorce and all the associated problems that that entails this isn't really the right time to be splashing the cash so I got a bit worried about the finances and kind of felt it was a good thing that the offer wasn't accepted.


Even so "the love" got the better of me and I sent the seller an email saying that I loved the car I'd like to buy it but I really can go no higher than 11.5K. I added rather hopefully that perhaps since the car had been advertised for about 4 months and he'd only had low ball offers, a serious and quick sale might be in order...



Surprisingly the seller got back to me saying that he'd give me a 2K loan to be paid back interest free next year - 11K down 2K to pay. This would be a gentleman's agreement. I declined the offer - as kind as it was - because I can not be 100% sure I can honour the deal.

From my perspective I'm not feeling very lucky at the moment and I wouldn't want to let someone down.


From the seller's perspective though it strikes me a bit strange that someone would offer a deal that could potentially go sour. In a way it sounds like the 2K isn't all that important - it seems that perhaps the principle of getting close to the asking price is more important?


So deal psychology buffs - what do you think?
Seller take back financing. Don't worry, the "gentlemen's agreement" would have included a lien on the vehicle title...
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  #12  
Old 06-16-2013, 10:41 PM
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Nope. Nope. Nope. Nope. Nope. No feckin way.
Tell him what you'll pay and if he won't take it tell him to have a smurfy day. It's not the only car on the planet and it's only a car.
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  #13  
Old 06-17-2013, 03:53 AM
Stretch's Avatar
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Quote:
Originally Posted by Brian Carlton View Post
...
Some of these fellows do not have to sell the vehicle and will wait............sometimes nearly forever...........for the right price. Nothing you can do about it.
I agree - sometimes there is nothing you can do to get some people to sell for a lower price.

However, this is the first time I've been offered a personal loan for the difference from a private seller.
__________________
1992 W201 190E 1.8 171,000 km - Daily driver
1981 W123 300D ~ 100,000 miles / 160,000 km - project car stripped to the bone
1965 Land Rover Series 2a Station Wagon CIS recovery therapy!
1961 Volvo PV544 Bare metal rat rod-ish thing

I'm here to chat about cars and to help others - I'm not here "to always be right" like an internet warrior



Don't leave that there - I'll take it to bits!
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  #14  
Old 06-17-2013, 03:54 AM
Stretch's Avatar
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Join Date: Sep 2009
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Quote:
Originally Posted by Skippy View Post
So it's a Morris Marina?
Ahhh busted!
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1992 W201 190E 1.8 171,000 km - Daily driver
1981 W123 300D ~ 100,000 miles / 160,000 km - project car stripped to the bone
1965 Land Rover Series 2a Station Wagon CIS recovery therapy!
1961 Volvo PV544 Bare metal rat rod-ish thing

I'm here to chat about cars and to help others - I'm not here "to always be right" like an internet warrior



Don't leave that there - I'll take it to bits!
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  #15  
Old 06-17-2013, 07:15 AM
t walgamuth's Avatar
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He probably has a good feeling about you or would not have offered to loan the money. If I really wanted the car I'd thank him kindly for the offer and thank him for the compliment and offer a small addition to the cash price as a token of respect then wait. I'll bet you can make the deal for a little more money.

If its a really nice example I'd not want to lose it for a little money.
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