Okay, let's say that you want to know the market value of your ride. You put it on Ebay and set the reserve so high that there is no way it will be reached. Then the auction runs for 7 days and the bid at that time is fair market value. You pay Ebay for the auction and consider it an appraiser's fee. The bidders aren't out anything other than there time and wasted anticipation. I kinda get the idea that this is a fairly common practice but I am not sure if it is ethical. I guess if I have to ask your alls opinion that in itself is a clue. I mean, if I knew deep down inside it was OK I wouldn't have to ask.
Fair Tailgator - there are a lot of un-scroup-uloussssss things that go on through Ebay. I'm sure that what you mentioned takes place at times - BUT. Even though that is not what Ebay intended, I'm not sure there would be any legal issue with it. You will probably get a variation of inputs on this one. There are ways to find out the value according to the current market such as an auto appraiser, antique auto sales site, and I'd even factor into it what it is worth to you. There seems to always be someone out there who will pay what you ask if it is worth it to them. To answer your question I haven't thought about that one, but I might do it if I didn't mind paying the fee. But be prepared to sell if someone takes the bait. Then there are legal issues, it's a binding contract according to law. You might have something I need to think more about. ethical or not TB'sD
Like any other collectible your truck is worth what someone else is willing to pay for it. I would not think what some people on ebay are willing to bid for your truck is market value. True values will vary depending on different parts of the country,demand,etc... I do look at ebay to see what is selling but more to take a look at the trucks for ideals & also information.
Hard lesson learned Bill, let me bore you with one of my endless stories. Dad and I restored a 1949 chevy pu in 1970 using parts that you could still go to the local chevy dealer and get. It was a beautiful truck and i was in the driveway applying DuPont No. 7 polishing compound on it when one of dad's buddies drove up and said that he just wanted to stop by and see what we were working on. He inspected it for about 5 minutes and asked what we would take for it. Well, i was really wanting to get the truck done so i thought i'd throw out a ridiculous number and he'd go away. Long story short, he said he'd take it and to give him 30 minutes to get to his bank and bring us back a cashier's check. I hated to make that phone call to my dad-"Hey dad, guess what? I sold the '49 awhile ago"-silence on the line-"Dad, you there?" "You did what?" My point is: NEVER put a price on something that you don't want to sell. Because there are people out there with more money than sense that will meet your reserve. There are lots of ways to find out the fair market value of your truck. I like to go to www.oldchevytruck.com and look at trucks for sale. That will give you a range of prices that people are willing to pay for trucks.
Then again... Now you know what a "non- restored" truck goes for... $50,000 dollars! So a RE-stored truck should be worth WAY more than that! BUT- to be able to go outside and lovingly slip your arms around the slow gentle curve of that front fender... put your hand on the top of the hood and slowly slide it down, across the fender and over the headlight (without someone saying, "Hey! Get the f#@* away from my truck!!!! What the h%*# are you doing?!!!) is "priceless"! Anyway- if any of ya'll want to sell your rides and then spend the rest of your life talking about what you once had, sell it for a bundle just by putting one of those "Southern" hood emblems on your ride! I'm sure there's nuttin' wrong widdat!!
I don't think E-bay prices mean much , too many variables there . I too once told someone $00,000.00 price just to get him to shut up and go 'way , he then flipped out after I refused to take said amount ~ hey , it's MINE and the first time you asked I said ' not for sale ! ' but then you bugged me untill I gave you a price ~ this doesn't mean I'm contractually bound to sell anything to you . Lotsa jerk-offs on E-[ay too , remember that .
Thanks This is one of the things that make this site valuable. You guys will jump in there on any subject and give good, honest opinions. I have decided that the risk of establishing a fair market price on eBay is too great. I will instead depend on like kind sales on oldchevytrucks.com. As far as insurance price goes I will set it high enough to recoup what I have invested while also taking in the above comparison. Thanks again guys, Bill
Most insurace companies will allow a " Stated Value " , or when they 1st. give you a quote and they ask what you paid for it , tell them whatever you think it'll cost to replace but you'd better have lotsa good 'photos including that de-rusted chassis from below to back up any claims you make else they'll say ' it's just an old truck , here's $3,500.00 ' now go away . Trusr me , I know what I'm talking about here . My truck is just an old work truck and I'm pretty sure I can get another in better shape for about $5,000.00 here in L.A. so I just have the required minimums , if it gets wrecked , maybe I'll get another Advance Design next time.....
All insurance companies will pay off as cheap as they can. Problem with older trucks/cars is whom sets the correct values ? Best thing is too have as much a paper trail as you can. Get your truck appraised by a certified appraiser. Keep good records on everything. Take a bunch of photos. Understand the insurance company is not you friend. If something does happen stand your ground.
Just So ~ EXAMPLE : So , I have a 1967 VW Beetle , it's a one owner , my buddy bought it brandy new and sold it to me a few years ago , it's a never been wrecked Califonia car , ugly copper color paint job from 1989 or so and new upholstery , tires and etc. as I like to drive it any old place at the drop of a hat . My brother was driving it one fine day and stopped for some traffic and WHAM ! some dufus in a GMC G-1500 van rear ends him ~ I don't have collision as it's just an old Beetle and I save the purchase price of the car in reduced Ins. premiums in about three years ~ the GMC guy , he has full coverage but has anyone offered me a single dime yet ? hell no! I would have settled amicably if they'd made a reasonable offer and let me keep the car as I know I can fix it but now we have to have lawyers mucking about in it and they'll wind up not only paying to have my " CLASSIC " V.W. repaired but about $25,000.00 worth of legal fees to pay as well Whatta bunch of dummies Wait , no ~ I'm the dummy as I'm not a fabulously rich insurance company
