Orphan Car Price Point Question ?

[Mark Gregory]

There is a 1930 Reo Coupe for sale for $16,000. is this price out of line ? I know that some Orphan cars do not seem to have a lot of demand . But I have seen on the AACA other marques asking prices and I did not think this was out of line . It has been for sale for a few months . There was one completely refinished going for about $20,000. on the internet .

 

http://ottawa.craigslist.ca/cto/5547615687.html

[Matt Harwood]

Craigs List and message boards are not the most effective ways to get top dollar for any car, let alone an orphan. I spend thousands every month on advertising and it still takes months to reach all the corners of the Internet. It takes Google's web crawlers 90 days to index the internet so it also takes time for your car to show up in cross-indexed searches. A few free ads probably won't find a buyer. It has been my experience that it takes almost 40 inquiries on a car before I get a sale. Not always, but on average. That one inquiry you got from a guy expressing interest? Yeah, probably not a sale. 

 

If you want to sell your car for good money, expect to spend several hundred bucks on advertising and marketing. The Internet is awesome, but there's also a lot of debris floating around out there and paying for advertising clears a path for you.

[George Smolinski]

If I had the room & extra cash, I'd look at it seriously. If I bought it, I'd wash the dust & dirt off, get it roadworthy & leave it alone. Unfortunately, someone will probably restore it or worse, hot rod it.

[Matt Harwood]

Also, I didn't notice that it's in Canada, which is likely part of the problem. That is surely scaring a lot of people away. Importing a car to the US is easy, there are no taxes or duties, but the paperwork can be intimidating. I have a broker I use and it's a few hundred well-spent bucks and I'd be happy to put you in touch with her and maybe you can use that to entice some US buyers. Everyone's scared of government entanglement, and probably for good reason, but in this case it's a non-issue. I bring in a lot of cars from Canada these days (sorry about the CAD $) and it's really easy.

[Guest]

Mark, 

              To answer your original question; I don't think the price is out of line at all. That's only $12,000 US. The price of your average Honda or Toyota today. I believe the value is there in its originality. The survivor quality of this car is amazing, 86 years old and still running/driving! Especially when considering it's in Ontario, known for some pretty rusty cars. If I was a buyer for this car I would maintain the originality, right down to the paint. A little buff and clean, regular maintenance and thats all. I think it's a great old coupe!

Greg

 

[keiser31]

I don't know if 1930 REOs had a wood structure under the skin, but if it does and it is solid, I don't think the price is out of line. If it has wood and the wood is rotting anywhere, that is a whole different animal and should be priced a lot lower. If it has no wood and the steel is solid, that is a fine price. As stated earlier, I would also just clean it and drive it after making certain it is road-ready.

[TerryB]

I like orphan cars and for sure that appears to be a nice one!

 

Terry

[Joe in Canada]

Not to far only three Hr. from me. A friend of mine passed away last Aug. He had a large inventory of Reo parts in his building. Everything is just sitting now collecting dust.

[60FlatTop]

It's not a lot of money for a neat car. All it has to do is appeal to a buyer more than all the cars costing less than 15,999. Appraisals don't really mean a lot to me. I've seen some pretty goofy ones.

 

I looked through the ad and didn't see anything like "We drive it 200 miles round trip to visit my wife's sister a few times during the summer." Something about its usability makes a more compelling sales pitch.

How long have you owned it?

Is it currently licensed and insured?

How long have you owned it?

How many miles per year have you driven it?

What regular service has it had and what, if any, major repairs have you done?

If you decided to keep it, what improvement would you make first?

 

There is room in a Craigslist ad to write that stuff and it really will help sell it.

 

AND DON'T PUT "SERIOUS INQUIRIES ONLY" IN YOUR AD. When I see that the first word that comes to my mind is Jerk. It's right up there with "Don't waste my time." And then it ends with "LIVE YOUR DREAM". Does that mean only dream seriously? A serious person won't buy a benevolently neglected 80 year old car.

Bernie

[padgett]

I like orphan cars, most of mine were orphans (or abandoned, or at least seriously misunderstood) when new. Most wound up selling for many thousands of dollars less than MSRP & in September 2/3 (5/7 if we include the Honda Spacy) will be over 25 years old & qualify for  AACA events.

[auburnseeker]

I think it's a great car and not far from me.  Good thing I'm building a garage and don't have the extra $$ or I would give it some serious thought.  I think it's a good looking car at the price of an A Ford Coupe  in this neck of the woods. 

I too would go the preservation enjoyment route.

 

Some more detailed photos probably would have helped sell this car faster.  None of the interior or any kind of real underhood shots Makes one automatically think it's pretty rough. 

Edited May 8, 2016 by auburnseeker (see edit history)

[Akstraw]

Just for fun, I looked this up in the 2016 Collector Car Price Guide.  For condition four (driveable vehicle needing no, or only minor, work to be fully functional), their estimate is $6200.  I also compared to some other 6-cyl 1930 coupes in same condition; Oldsmobile $4400, Pontiac $3600, Chrysler  $5800.   Of course this is only one reference, and  I am sure there are many who would disagree with, or discredit the source.  My point is, you can compare to similar cars to estimate the value.  Ultimately, a car is worth what a buyer is willing to pay.  The Price Guide estimates, coupled with the fact that this one has been on the market a long time, would lead me to conclude that it is priced too high. 

Some of us might see it as a reasonable deal at the asking price; but alas none have actually backed interest up with cash.   I (sadly) believe that interest in cars like this is on the decline.  High cost to restore, lack of storage space, not usable/enjoyable at modern highway speeds, and declining population of those who have personal memories of these cars are just a few.  In addition, open cars seem to have greater appeal and value than closed cars. 

[alsancle]

Since you mentioned it, let me to be the first to chime in about the worthlessness of price guides.   They have almost zero value when trying to calculate the market price for a car.  

[mercer09]

I would buy a Buick first- very similar look and excellent quality. Now if you need parts, some can be found for the Buick, not so much for the REO.

 

I once had a 25 Hudson- looked like a Rolls. Couldnt find ANY parts................. a frustration in enjoyment! sold it............................

[4Hud]

On ‎2016‎-‎05‎-‎08 at 2:34 PM, mercer09 said:

I would buy a Buick first- very similar look and excellent quality. Now if you need parts, some can be found for the Buick, not so much for the REO.

 

I once had a 25 Hudson- looked like a Rolls. Couldnt find ANY parts................. a frustration in enjoyment! sold it............................

That's why there are the great resources availed to us by the marque clubs. Join the club, make connections, you'll find parts.

[John_S_in_Penna]

On 5/8/2016 at 0:27 PM, alsancle said:

Since you mentioned it, let me to be the first to chime in about the worthlessness of price guides.   They have almost zero value when trying to calculate the market price for a car.  

 

I agree with you, Al, that price guides seem to be "behind the curve"

on some of the obscurer makes.  But not always.  For example,

antique car insurer Hagerty has valuations on its website.  No can say that

Hagerty, who is in the business of valuing cars, has no knowledge of pricing. 

[Mark Gregory]

Thanks for everyone's insight to this question . This was not my car but a stranger's and I wanted to help the Reo Marque get some exposure . He has contacted me and said the car has SOLD in the last few days . Maybe the positive comments here helped sell the car ?Thanks 

[Guest Skyking]

On 5/7/2016 at 9:30 AM, Matt Harwood said:

Craigs List and message boards are not the most effective ways to get top dollar for any car, let alone an orphan. 

 

 

I totally disagree!  I listed one of my Metropolitans on Craig's list and was contacted by a seller's network who set me up with their progam and I got 30K for the car,  and their fee was only $299.00  If it weren't for CL I would have never found that network.  NEVER UNDERESTIMATE

Edited May 11, 2016 by Skyking (see edit history)

[padgett]

I agree, for a number 3-4 car CL is often the best avenue. 1-2 cars are in a world of their own and while I can appreciate them, have no desire to own one. Toys are for playing.

 

Marque groups (like this one) are really not a good place to sell for top dollar because everyone knows too much about them. A particular or special car may trade here since people know what they are but not anything even made in the 100s.

 

The best prices are from the "oooh bright shiny" set & why sky boxes get free drinks.

[mercer09]

On 5/8/2016 at 4:34 PM, mercer09 said:

.....

That's why there are the great resources availed to us by the marque clubs. Join the club, make connections, you'll find parts.

 

I did just that and after 2 years-no help.  Careful what you wish for........................

 

orphans are great if you have a complete machine shop set up.