1973 Buick Electra 225 2 dr.

[dloftis]

I have the opportunity to buy a 1973  Buick Electra 225 2 dr. with ONLY 1,667 miles on it.
The current owner wants $22k for it  but I think that is high.

High Retail shows $7 to $8k dollars.

I am thinking $10k MAX!

I know the value is in the low mileage; not the car itself since it is not a collectible. 
It has most options but is not what I consider loaded.
It is a triple Burgundy color car with the deluxe wheel covers and the original tires (Flat).  It has been stored indoors it's entire time. 

 

Ideas?  Suggestions? Thoughts?

[John_S_in_Penna]

Low mileage may make an interesting conversation starter,

but it can be a bigger disadvantage than advantage.

That's IF the mileage is truly low:  Expect documentation

to prove it.

 

Respected automotive author Tim Howley wrote an article

pointing out just such possible problems.  The car has low

mileage probably because it has been stored and idle for 

most of its life--and the owner undoubtedly didn't store it

as it should have been.  Therefore, Mr. Howley writes, all sorts of

potential problems may lurk:  in the fuel system and gas tank;

in the transmission;  in a rusty exhaust...

 

A dealer friend of mine said low mileage was worth, to him,

10% to 20% extra.  But certainly it's not worth the gold mine that

this owner thinks, sorry to say.  The car IS collectible, and it should

be preserved, but no one should value it at $22,000, even if

every system was working properly.

 

 

[60FlatTop]

A lot of us buy cars and keep them for 40 or 50 years. Next year will be 40 for my Riviera and I think 50 for a friend's Pierce-arrow. We both paid a premium price and don't really care. If you like it buy it. The only cars I ever owned that I liked were ones that others said I paid too much for. The only regrets I have in life are about cars I didn't buy.

 

If you want to be talked out of buying a car, just ask. There is absolutely no shortage of people to tell you it is too much.

 

Back in the mid-1990's cars started showing up with over 100,000 miles on them. I stopped at one of my usual lots on a Saturday and found a gorgeous red, 5 speed, 5 liter Mustang of the 1980;s for sale, I drove the car and it was perfect, clean and like new. It was $4,400 or $4,200, I forget. But because of the miles, like 105,000 I offered $600 less. I stopped Sunday when they were closed and looked it over, Stupid me, I should have signed instead of monkeying around. In angst all day Sunday and all day at work Monday, I rushed to the lot right after work. It was sold. Stupid, stupid, stupid, Do you think I ever forgot? Right to this minute.

 

You have an opportunity to tell that story or 40 years from now tell how you paid extra for the car you owned for decades.

 

Since that Mustang, cars I want are in my garage in 24 hours.

Bernie

[Pilgrim65]

Bernie, reading your post , I agree although mileage , whether high or low is a factor when buying a car and should be considered, for me to much emphasis is placed upon the stated figure , whether true or not. I have followed many bidding wars on eBay and often been amazed at the low prices achieved for really immaculate cars with say 120k miles . Most often these are top end cars with big engines and although 120k may raise thoughts of major mechanical trouble coming shortly , this is most commonly a miscomseption as well maintained can easily double the mileage without major expense . I have friends driving cars with over 300k, some over 500k .

When  I buy a car I am more concerned with straight body , trim , body finish and most importantly do I love the car. If these criteria are met , like you Bernie would be happy to pay the asking price , if not silly.  To date I haven't been caught out by this approach,  admittedly I once had to source a replacement engine for a 63 Vauxhall cresta , which I obtained for $200 from a scrap yard , not a big problem , car was beautiful and worth it. 

I also think mechanical issues are easier to fix than issues with the other factors mentioned. Here in Cyprus , probably it's a bit like Cuba the locals keep the mechanicals of cars going for decades , rebores, new rings etc are cheap and common place. 

Cheers

pilgrim

[60FlatTop]

16 hours ago, Pilgrim65 said:

I also think mechanical issues are easier to fix than issues with the other factors mentioned.

 

My Park Avenue convertible had a little bubbling in the paint around the third brake light. It is a panel that was fabricated at the time of the conversion. I removed the light about 18 months ago and sanded. Last spring I sanded it again and put some primer on it. A couple of months ago I bought the base coat and clear coat for the panel.

Not only are mechanical issues easier for ME to fix, but it sure takes a lot less time!

 

So Thanksgiving is coming up and I will see a Nephew I only see once a year. I am sure he will say "Whatcha working on this year?"

Bernie

 

Edit: And I can't find the light!

Edited November 8, 2017 by 60FlatTop (see edit history)

[John_S_in_Penna]

So, Mr. Loftis, did you ever buy this car?

What happened to it, or is the owner still

clinging to his high asking price?

 

We'd like to know the outcome of the story!