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| Would you sell now or sell in 3 months? | |
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| Tweet Topic Started: Jan 22 2011, 04:19 AM (837 Views) | |
| Jim-Bob | Jan 22 2011, 04:19 AM Post #1 |
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Junkyard Engineer
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I was thinking about this. I plan to put my 91 Metro on the market on Monday ( I am keeping my 92) because I really need the money and space. However, I am wondering if, hypothetically, it would be better to hold it for about 3 months until we see $4 a gallon? I figure that at that time the SUV owners may be clamoring for relief once again and willing to pay more. Then again the flip side is that it will only represent a 33% increase in fuel prices and not the 300-400% run up we saw the last time these cars brought serious cash. So... has the market adjusted enough to high fuel prices to negate the benefits of waiting? |
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| Car Nut | Jan 22 2011, 05:56 AM Post #2 |
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You will actually have the biggest pool of buyers with cash in their hands between right now & the end of March. These buyers are also willing to pay more right now than other times of the year. Why is this? It's tax refund time! People have been looking, thinking, wanting to buy, but just haven't had the extra cash to do so. I think to sell for the most profit you'd have to wait longer than 3 months. You'd probably be looking at 6-12 months or more to really "make a killing". More money for your car, less folks with it, if you choose option two. Of course, it only takes one person with the money to complete your sale right? Good luck with whatever. |
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| Johnny Mullet | Jan 22 2011, 07:38 AM Post #3 |
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Fear the Mullet
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Never! |
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| nerys | Jan 22 2011, 09:24 AM Post #4 |
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Grr
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in honesty if money is tight selling might not be the greatest idea unless you can make enough to TRULY make a different. What will have the greater impact? making a few bucks now or LOSING YOUR SHIRT when your metro breaks down and you have to drive a 20mpg car till you can afford to fix it? My biggest fear is that I only have ONE metro (I usually buy cars in pairs) and with my tranny going and my clutch going (acc too hard it slips) I Live in daily fear if this thing dies I have to drive my jeep which means 18-19mpg on E10 probably 16-17mpg in the winter. My monthly fuel costs will climb by well over $440 monthly so yeah thats scary to me :-( ($210 a month for the metro $656 a month for the jeep same 3500 miles) it would not be THAT big an increase because well 100% of my non work drive would vanish as I could not afford $656 a month. even driving ONLY for work and absolutely nothing else I would be looking at $468 in fuel. If someone walked by and offered me $4000 for my metro busted tranny and all I would turn them down because in 10 months I would lose that $4000 in gas costs. I just can not take the chance I would not be able to REPLACE the metro. so it depends on your situation. how desperate are you? this price hike is NOT going to be bad. they figure we will stop at an average of around $3.20 to $3.50 by summer and then its probable going to go down again. its also a SLOW steady increase not the WOW shock and awe spike we saw before. also the value "lags" the price of gas. its not like we kit $4 a galloon and POOF cars are gold it has to SIT at $4 a gallon long enough for people to really start hurting from the price of gas. so well be careful :-) Edited by nerys, Jan 22 2011, 09:28 AM.
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| Good bye | Jan 22 2011, 09:09 PM Post #5 |
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I agree with all the above, but buying is good right now and selling will be good when people get their tax refunds. I have a good friend that is a used car dealer and he has 80 cars right now because the prices are down now. By May he will be back to normal inventory level of about 50 cars. My two cents worth. Andy |
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| billy508 | Jan 22 2011, 09:24 PM Post #6 |
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billy508
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A tax refund and its owner are soon parted. Just sayin......
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| dimetrodon | Jan 23 2011, 05:06 PM Post #7 |
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The only thing better than one working Metro is TWO working Metros. I would not sell it. |
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| CityConnection | Jan 23 2011, 05:53 PM Post #8 |
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Sir, yes sir!
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I'll be selling mine right about the beginning of summer. Gas will be expensive and my 3cyl also has perfect running A/C. I'm not attached to my 93 like I am to my 2000. May never sell that one. |
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| allmountain40 | Jan 23 2011, 06:07 PM Post #9 |
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Given the rampant rumors of what gas prices are going to do, and what they are currently doing, I would hold off on selling. While the idea that people will have tax refunds to blow is legitimate, If gas hits the expected $5 per gallon, you will get a much better price for it and have no problem finding willing buyers. Some will say you are taking a chance that gas prices will go that high, but just look at recent history. In 2007 they predicted that gas would hit $3 a gallon, and it did. In 2008 they predicted $4 a gallon, and it made that too. I feel like these predictions are self fullfilling prophecies because the speculaters seize these numbers and start buying up oil futures wich in turn drives up the price. So, I would hold out and see what prices do. here the price of a decent Geo has doubled in the last three months and we're only at $3.09 a gallon.
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| Car Nut | Jan 23 2011, 06:21 PM Post #10 |
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| Murf 59 | Jan 23 2011, 06:28 PM Post #11 |
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Mine are not for sale. Maybe the Bonneville car if I can't get it on the salt this year. As for gas prices. Its $3.56 here already. And when gas hit $4.00 a few years back. It was already over $5 here |
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| nerys | Jan 23 2011, 09:31 PM Post #12 |
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Grr
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gas should not hit $5 a gallon until its clear we are replacing our gas cars. (then gas will skyrocket) |
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| Jim-Bob | Jan 24 2011, 12:29 PM Post #13 |
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Junkyard Engineer
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Gas is projected to hit $5 a gallon in the beginning of 2012. A lot can happen between now and then (like maybe us being allowed to exploit our own oil reserves) but that is the current projection. It's based not only on the oil market but on the devaluation of the dollar due to excessive "quantitative easing". It's part of the reason the commodities markets are exploding right now as everyone is fleeing dollars and trying to putt their money into something more stable. Most of the mainstream economic publications are also making dire predictions of a significant loss of value for the US dollar as well. Hell, the dollar is even weaker than the Looney. When was the last time that happened? If you said the Carter years, you are correct! I am not just selling the one Metro either. I am also trying to sell off both my V8 hot rods before the price of gas tanks their value. The last thing I am selling is my truck and house before moving back in with my parents to go to school full time. I feel everything is going to crash hard within the next two years and it is likely that I would have lost the house anyhow. Plus, the neighborhood is going to crap due to renters and the only way I can get a better situation in life is with a degree and a better job. Out of my 5 current vehicles I will only be keeping the 1992 Metro as it will have the best fuel economy and be mechanically new when done. Edited by Jim-Bob, Jan 24 2011, 12:36 PM.
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| BillHoo | Jan 24 2011, 12:42 PM Post #14 |
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Wow! the Geo Metro as a commodity for which investors are timing the market! Who woulda thunk it!? |
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