Hey! What’s going on!
I wanted to share a quick story with you, a true story. And I thought that it would be a little informative for you maybe to learn something, right?
I’m starting a little mini-car collection here. More like an investment thing that I’m doing after reading some of Jay Leno’s books.
I really like Jay Leno. He’s a cool guy. Made hundreds of millions of dollars with his TV show. He loves cars, like me. He has a huge garage, which I want to have –full of cars, just like him.
He was talking about kind of like the future collection of cars. What collector cars and stuff he thought would be ending up as collectibles. Like the Pontiac Aztek –that weird looking car, the Ford Taurus that came out, like back in 1996 or something –the weird looking cars. Just some of his reasoning why he would potentially think a car may be a collectible, you know. And I learned a lot from him.
So I think the original Mazda… some of the rx7s. Especially the first gen and third gen, because it was so awesome looking. The Toyota Supra, the Mazda Miata and a few others. I’m not going to share them all with you right now.
I’m in the market. I’m looking for another Mazda Miata. I must have bought and sold 20-25 of them so far in my little career here. I used to get them crazy… $400-$500 at the auction, sometimes $300. Of course the back probably was hit a little. I had to replace a quarter panel on one.
But I would buy these Miatas. ’91, ’92, ’93, ’94, ’95, M editions, the limited edition and also the second gen Miatas. I had a lot of those cars.
I like them because they were small, easy to work on, easy to completely paint if you wanted to paint them. And great driving cars! Really fun to drive. And I think they were made really well.
Anyway, I am in the market again, looking for a first gen Mazda Miata. So I’m on Ebay right now, scouting it out. I’m on the local Craigslist scouting it out. I found a couple.
They’re usually going for about, I guess $3000 to $6000… $7000. I’ve seen them as $12000… you know the original Miatas. I’ve seen them that high right now… 2015 on Ebay. Some of them are going for like $12000.
But you don’t want to invest in a car I think that was bought and held because of future appreciation.
Like you don’t want to buy a Mazda Miata with 200 miles on it for $15000 or $20000. It was never used. Fuel lines rot. Oil lines rot. The car goes bad. If you don’t use a car, the car will go bad.
I actually went to go look at one yesterday. The guy was asking for $3700 for it. And I had a bottom number that I wanted to pay.
I go look at this car. It’s a ’91. 92,000 miles on it. Pretty good condition. It had a back glass on it, convertible top. Really good condition. The guy was asking $3700.
So the guy’s an hour away from me. And I don’t want to go an hour away to go meet him. If somebody’s willing to sell a car… if you’re flipping a car, you got to work. You got to go meet people. You got to go out driving and meet people. It’s the name of the game.
And these are some young punks probably 22… 23 years old selling it. They bought it to do some drifting stuff to it but they didn’t end up doing it and they just want to get their money back.
Anyway, I went there with $3200 cash. I said, “Hey, meet me… I’m willing to drive half an hour to go and look at this car. What is your bottom line best price?”
He keeps saying he’s asking $3700. In his paper it said $3700 or best offer. He wouldn’t tell me his best offer, his best bottom line.
I said, “I need an idea, like what’s the bottom line if I bring cash right now? So we don’t waste our time.”
Because I’m driving a half hour, I got him to drive a half hour, of course! Duh?! You want to sell your car, you got to freakin’ work, right?
But, before I went, I said to myself, “Look, I’m not going to buy it for more than $3200”. 32’s my bottom line.
So I left the house. I left the house without my wallet. But I had $3200 in cash on me.
So we go meet up at a parking lot at a food store. And he’s there with his buddy. And I go take a look at it. I like it. I’m willing to buy it.
I said, “Look” I drove it around a little bit, I said, “Look, I got $3200”.
And he looked at me like I was insulting him like crazy. He said, “You… wouldn’t mean… 32?”
And then he says, “You made me drive all the way down here… “
He says he’s asking $3700 or best offer in the ad.
So I say, “Yeah, you said, ‘or best offer’. $3200 is my best offer. That’s my best offer, buddy”.
He says, “Well, that’s like $500 below. Blah… blah… blah… blah”.
I’m like, “Dude, that’s my best offer. I got $3200 cash right now. You’re going to take it or you’re not going to take it?”
He’s like, “Oh, I don’t want to do that…” Then he goes to 35.
I’m like, “Dude, I don’t have $3500 on me”. I told him, “Look, I even forgot my wallet at home”.
I might have an extra $150 in it to give him. But I don’t think I would have done that.
But I said, “Look, I could probably get you $3350”. Because I really wanted the car.
He’s like, “No. I don’t want it… 32…”
So I was like, “Fine. That’s it, man. Fine. Cheers! That’s it”. And I walked away.
So, sometimes you’ll get an experience like that. You know, if you’re doing this. If you’re buying and selling cars for profit.
And I just wanted to share that with you. It’s normal. You’re going to go out. You may waste a half hour. But the key is to stick to your bottom line.
And I personally don’t think it’s a low ball offer. It’s $3700 or best offer. I wasn’t offering him like $2000 or anything. That would have been a low ball offer. Or $2500… That’s like, “What the F**k are you wasting my time for?”
But I kept on asking him on the phone, “What’s your best offer?”
And he said, “Make me an offer”.
I said, “I can’t make you an offer without taking a look at it, right?” then I said, “What are you asking? What’s your bottom line?”
And he said, “I’m asking $3700”.
So I said, “Yeah, that’s what you’re asking. What’s your bottom line?” So he didn’t want to tell me.
So I said, “Alright. Come meet me. Let’s go take a look at it. Just drive half hour… blah… blah…blah”.
He was pissed off because in his mind that was a low ball offer. Which I don’t think so. Nobody’s right or wrong here. This is the name of the game.
He doesn’t have any experience buying and selling cars. People are going to low ball… even worse!
So, stick to your guns. Stick to your price point. And just find another deal. I don’t care. Who cares?!
I wanted it but I didn’t get it. So who cares?! Another one will pop up and a better one will pop up.
It was in okay condition. It had a little hail damage on the trunk, no big deal. I could have painted that. But that’s the bottom line. Who cares?!
And the cool thing was I didn’t just go there to look at the car. I had to go shopping anyway. So after that, I went shopping. There was an Asian mart. I had to get a bunch of some Asian food stuff. I went shopping then I went home. So I didn’t really waste my time. Because I had to go shopping!
So plan out your viewings and your selling’s like that if you’re going to sell a car and you’re meeting somebody and for some reason they don’t show. But you want to make sure that they do show.
And I cover all of these in the F1 AutoCash Formula 2.0 – howtobuyandsellyourcars course on how to make sure people are going to come and meet you and not waste your time.
This is a pretty long rant. I hope you liked it.
Let me know. Type in whatever your thoughts are below this video.
If you’re a hater… screw yourself!
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