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Discussion Starter #1
So am I crazy? The market has taken a hit for sure. I was planning on selling in the spring to shop for a Gallardo, but then corona hit. I decided to put it up anyway. I priced it at 63 which was the cheapest in the nation miles and condition w/ options.

ZERO serious interest in a month. I have had a few low ballers here and there but I never entertained. A dealer reached out to me and made me the 53 offer. He has a BIG lot in Florida with many many exotics. He said it is not to sell and if it was he would not pay over 50. (they have 2 r8's currently in inventory). Rather they want a kick around car for his dad (who also has an Aventador) and his dad like the 'iron man' silver and carbon.

I am actually considering it since they will wire the next day and I can start shopping for my next car the next day. This market is crazy. I am thinking if I hold out....how much more can I really get from a private sale at this point? I lowered to 58k and I would ship for free to anywhere in the country, (2 days ago) and have not had people jumping.

Any thoughts? Thanks guys!
 

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It's low, no doubt about it... but in the end, you must do what's in the best interest for you. We can all say, "don't do it, you're crazy", but we don't walk in your shoes. If you can hold on to it, I wouldn't even try selling this year at all... all you'll get is low ball offers because of the "soft market" bs that lowballers use to get the deals.
Either way, best of luck to you.
 

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All dealer inventory is debt financed and dealers have zero money coming in to service the debt. I would be surprised if they are buying much new inventory at all. So a normal source of demand is probably 100% gone right now. Prices have to go down in response. BUT, that is true of Gallardos too. So, if you're taking a 15% hit from what you think your car is worth to buy a more expensive car at a 15% discount, that's a good move financially. Assuming, of course, that all the guys that own restaurants/clubs/bars/hotels/etc. and might buy a Gallardo can earn money again in the future.
 

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So, at the risk of pointing out what you likely already know, most people aren't shopping for supercars right now. To put things in perspective - the US hit 14.7% unemployment in April. We just added another roughly 3M lost jobs this past week to that total, up to around 38M unemployed since COVID-19 began only a few months ago here. Most economists are expecting we'll hit 20%+ unemployment before it reverses course, and many are anticipating we'll still be in double digits by the end of the year even after a 2H "recovery." Consensus GDP estimates were around -21% for Q2 30 days ago; today they're around -34% for Q2... substantially worse. EITHER one of those estimates would make it the worst quarterly drop in GDP in history. Full 2020 GDP estimates were revised down to around -5.4% from -2.8% 30 days ago, which represents a revision of somewhere around 8 points in real GDP from January before this began.

Long story short, this is the worst economic environment since the great depression as far as unemployment goes - which topped out around 25% unemployment. 30 - 60 days ago many economists were expecting a "V" shaped recovery that would nearly erase the impacts of the whole recession within 12 months. Not so much anymore. Most are now expecting something more akin to a Nike swoosh or "U" shaped recovery with a longer trough. The problem with that longer trough is that many of the jobs we're hoping to come back will be permanently lost if many of the artificial supports (e.g. PPP, extended unemployment insurance, fed bond buying, stimulus checks, etc.) run out of ammo. And despite the poker faces, most leaders know they can't do this indefinitely without risking systemic financial system problems, including hyper-inflation.

So, back to your R8. Like most recessions, ultra luxury goods will plummet in value - boats, sports cars, art, wine, etc. It's typically the time to be a buyer but not a seller. Personally, I've been shopping for a car, and I've been holding the line on an offer I made on one - the seller still has it priced like 2019. But the truth of the matter is that most people with cash are being very discerning on how they spend it... especially considering the volatility of this market will continue to create great investment opportunities. I've personally struggled with this one - do I want more cash tied up in a car, or do I want that cash ready to invest as the opportunities present themselves? Consensus estimates on the S&P are for around 2,925 with EPS of ~$134/share, which implies a pretty stretched P/E - we're trading slightly above that right now in May. So, my bet would be plenty of volatility from here until year end... making a ready cash position very attractive.

But look, nobody has a crystal ball - at the risk of making predictions, I'll just say that I think it's a poor time to sell an R8. It's a LOT of car for $53k, so it feels under-valued to me. What can you buy for $53k that would come close? But what someone is willing to pay is what something is worth, as the old saying goes. So, assuming you've advertised far and wide, and that's the best offer you can get, then that's what it's worth... today. How badly do you want to swap out to the Gallardo? Does $5k or $10k matter to you? If you could get an equally "killer deal" from a Gallardo seller, maybe it's not really a loss then. But if you're selling at a low and buying at a premium, not so good.

I'm generally optimistic that we'll come out of this alright - but it's going to be one wild ride. The whole thing is unprecedented. I've shared with colleagues that it reminds me a lot of Apollo 13 - shut off the guidance computer, fling the ship around the moon, and hope you can boot it all back up again and make it home safely. We're doing something similar with the economy - there's absolutely no precedent that our actions will work, but fingers crossed. Position appropriately.
 

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It is a tough market. Most dealers know how to navigate this market (or at least better than we do), so assume his price is "wholesale" so they can make a profit, so if you absolutely need to unload it, I would price it several thousand above his offer to see if you get any bites before letting it go to his cost price.
 

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Discussion Starter #6
Thanks guys. Yea...tough market for sure. Funny thing, (and I actually believe him), is he said they are not buying it to sell but rather a toy for his dad. They already have a few r8' and just bought another yesterday. He said if it were the 'perfect' car, maybe a little more, but most R8's he looks to buy in the high 40's right now.

I have looked at manheim and the few that have gone through line up with this on the auction side.

Like others have said, the 'good' news is I should have more buying power on the buy side. I am wanting a 07 08 Gallardo spyder clean in the 15k mile range. Prior to this craziness, those cars were in the 90s' Now they are selling in the mid-80's.

I could sit it out a year,....but I may pull the trigger. He told me I can give him an answer tomorrow. Cool guy and no pressure. I understand all sides of the deal, and he is offering a no fuss, no inspection, wire money that day and send a transport.

Given I have not even had a bite at 58.... Working with a personal buyer right now might only be a few thousand more and dealing with a bank and or inspections, and time.

Strange.... but a month ago, I felt like 58 was a good number, now I am realizing this has really hurt the market.
 

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****.... I live 2 hrs from you if your going to sell it for 53k give me a holla first please . My son is on the look out for 1
 

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Discussion Starter #9
I am making the decision tomorrow. (srs)

Here is the car 35k miles. All options. Silver w/ carbon blades. Carbon int and engine, Alcantara headliner...etc.
No accidents. Maint hist good. I was 'lucky' enough to have the trans issue that many 08 09 cars have w/ 3rd gear shift fork. I was not going to sell the car with issues so trans was just rebuilt by HCF autosports (US graziano dist).
Stock car, just added rev 9 exhaust (have orig)> I added carbon mirror caps, (have orig too)
Mag ride good. I also have a full mag ride spare set I will consider selling with car.

 

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If you can't wait for a better market and want to do better than the dealership's offer, here is another option. You still need to find a buyer who will do better than the wholesale deal you are being offered, but at a price that is still a good deal for him/her. At the same time, find your next car, in theory at a dealership. Then make your best deal on the car you want. Then, bring your car with your buyer to the dealership for an in and out "trade" where the dealership does the documents for maybe $250.00 to accept your car and sell it to the buyer you brought along for the price you agreed to. Then, since it is your trade in, you apply that $ to your new purchase. This helps you in two ways: 1. You get a better price for your car, above wholesale...still less than value; but, and 2. Save thousands $ on sales tax you don't have to pay on your purchase. The dealership has no risk, as the buyer for your trade will have to wire them the $ to secure that part of the deal. After that, it is pretty straightforward. Some dealerships will do this to help you buy a car from them. Just a thought...best of luck going forward.
 

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Discussion Starter #11
****.... I live 2 hrs from you if your going to sell it for 53k give me a holla first please . My son is on the look out for 1
Sent you PM with my contact. Reach out to me if you want. I'm up late. (hard to get the kids to go to bed when there is no school). Or give me a buzz in the AM. Told the guy I would give him answer tomorrow. I was going to be tonight planning on accepting his offer.
 

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Discussion Starter #12
I think you would be out your mind selling it for that to be blunt .

Yea, I know. I did a nationwide search. And looking at all 08 09 in the country under 40k miles. 60k is the cheapest and those are not nicely optioned or have accidents. "Average" price for similar is 65k range. But I have had an idea since before Corona that I wanted to switch out. Guess I am running out of patience.

Hit me up if you want. Clear title in hand no leins...etc.
 

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Discussion Starter #13
So I had a few people reach out to let me know I was not nuts and that is actually not a bad offer coming from dealer. One guy had a friend only get 48 from dealer on gated 08.

I know the market is down, and judging by the lack of interest in my car, people are not out shopping.

I guess my only consultation is hopefully I will benefit on the buying end as much as I loose on the selling.

Thanks!
 

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in my opinion if it's just $53k i'm getting i'd rather keep the r8. it's like giving it away at that price but at the end of the day do what will make you happy.
 

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Discussion Starter #18
in my opinion if it's just $53k i'm getting i'd rather keep the r8. it's like giving it away at that price but at the end of the day do what will make you happy.

Yea...I know. But I am not getting emotional about it.. At the end of the day, something is only worth what people are willing to pay. With 5 cars currently, I am not going to get another without getting rid of the R8. (other are family and my kids cars). So only one spot open for a toy.

Sitting on it for a year in hoping of getting 8-10 more maybe? In the meantime, it is a year older. I think there are a lot of unknowns in life. What I do know is sometimes you just have to go with your gut. By all means I would like to get more,and really I would rather the car go to an enthusiast than a dealer, but it is what it is.

Money has not been wired yet, so car is available. ;)
 

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Discussion Starter #19
So car has not gone yet. I forgot monday was a holiday. Might not end up going until tues to dealer. Not sure if he is open or not.

Anyway, I dropped all my pricing on the listing to 55. Had about 4-5 serious guys. One coming later. Guy that was supposed to come this morning said his wife was not on board.

I am going to leave it up for sale at this number to private party. Business cant be done till tues w/ holiday so this is still up until business opens w/ dealer.

Guy coming tonight from outer banks. Will update. It is for sale till it is gone ;)

As an adder, I am going to offer full mage ride spare set (2fronts basically new and 2 rear serviceable) for 2000 with the car. If not I will be listing them separate for sale here for 2500.
 

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Don't do it for that low.

Socal
1984 MBZ 500SEC
1989 BMW E24
1996 Nissan S14
2005 Cadillac EXT
2009 Audi R8
 
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