Book value vs. "Market Value"

[hockeypuck_74]

Mainly for Washington folks, but anyone that has thoughts please feel free to weigh in.

The past couple of weeks I've started looking at selling my Cobra. The car has been great and I love it to death, but I don't drive it. 7 times last year and 5 times the year before. The most miles I've put on it was on my drive down 101 to San Fran and then back up 5 during 06 on my honeymoon. She's basically a garage queen that comes out on occasion on super sunny days with a temp above 70.

So I started to look at Edmunds, NADA, and Kelly Blue Book. Even with low miles (19,700) the numbers are fairly low. Yet when I look in the paper, Autotrader, web forums, and even Craigslist/lot sales locally, the numbers seem significantly higher.

Does anyone know a good guideline on what the market values seem to be set on? Are these people asking astronomical numbers and finding buyers even if they're a few thousand above the retail ask in the NADA/KBB/Edmunds books?

Thanks for any thoughts you have to provide.

 

[vr4_007]

How about you pot some pics and a mod list, that way we can have something to work with. Im in the same boat as you, however, I may just return it to stock and have someone take over payments.

 

[hockeypuck_74]

I'd probably need to take some more current photos, but the car basically looks the same:

2.90 RR pulley, UPR CAI, Magnaflow catback and x-pipe (w/ cats.) Amazon tuned Diablo chip (this was in the days before the Predator) and a BBK T/B. When it had the TOB recall, I bought a Fidanza flywheel and had them install that with a heavier-duty clutch (I've got the name somewhere....I just can't remember anymore.)

I have most of the stock parts (pulley, TB.) I picked her up on Dec 4 '02 and know pretty much how every mile has been put on the car. I looked down at the ODO today while taking her out to the store to enjoy the sun and am about 20 miles shy of 19,700.

She's a good car. Seems silly to keep her taking up one of my garage bays when she should be driven. Although when I drive it, I remember why I bought it - convertible plus it's just a fun feeling car. But she only comes out when the weather is right. And even then if I'm by myself I'm either on my KTM 990 or my Kawi ZX-14. On rainy days the Outback comes out. I never drive the wife's car (Mini. I feel dirty just sitting in it. Non-S. Blasphemy.)

I guess to the original point, though, what's the big discrepancy between what seems to be market vs. book value? Are the books just out of touch, or do they assume a certain level of abuse given how the cars are built?

 

[Lethal SVT97]

nice color cobra ya got. don't sell it unless you really have to. market sux. plus you'll miss the car when its gone...:beer:

 

[hockeypuck_74]

Thanks - and yeah, I'm sure there will be some missing of it. Thing is, I just don't drive it and a car like this should be driven. 700 miles in two years and I just can't really justify taking up garage space.

Wife and I have talked about building a kit car in its space or doing something else. Car has been paid for for years, so all it's doing is holding down concrete.

Good to know about the market - I may toss it up anyway. Because I don't need to sell it, I can always keep it if the market doesn't look right. I just have to find a list of things that were done (i.e., the IRS bushings, the subframe connectors, etc.)

 

[whippledsonic]

nice vert. the market is horrible right now for selling anything it seems. i have got about 48000 miles on mine and have owned it since 2005. bought it with 30000 on it. it comes out every time the weather is nice. built mine to play at the drags with and daily drive when the weather is nice. could not ever sell mine. do you know that you have 1 of 355 verts made in sonic blue. kinda rare. maybe someday it will be worth alot, maybe. if you decide to sell, might want to wait for the market to come back. jmo. good luck.:beer:

 

[hockeypuck_74]

Thanks for the feedback all. I remember falling in love with this car before it was even built - drove a silver coupe at a friend's dealership. Walked into their office and said, "What do you have in a vert?" We cracked open their invoices and picked a blue. When I got the call that it was in (this was Spokane, and I live on the west side) I drove over that night (blowing off a hockey game I was supposed to be playing in...rec league, so I figured they wouldn't miss me) and picked it up the next day. And of course it started to snow in the pass on my way home.

It's been a great car - to the drive-in with the wife or just going to do errands. People always seem to look.

 

[93&99cobrasvt]

ya its a real tough market, i wish u the best of luck its a beauty if i didnt just buy my first house id place an offer. Best of luck

 

[wythors]

Bear in mind that there is a huge difference between asking prices and actually selling the car. I have a friend that has been trying to sell his modded Terminator since last spring. A quick look at "completed listings" for 03/04 Cobras on eBay shows very few actually selling and the prices, generally, are not all that high.

 

[venomus 03]

Market is turning around.....used car sales are up 10% and I finally after 4 months sold my 2004 cobra vert with a rebuilt title for 18k yesterday. There is a buyer out there.

 

[mikeshimek]

thats good to hear!

 

[93&99cobrasvt]

good job matt, its going to cali i heard