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Buying car from co-worker... advice?

D

DeNguyen

Experienced Member
Joined
9 June 2003
Messages
365
Location
Houston, TX
I was gonna make a come back and buy an NSX, but furnishing my new home costs one heck of a lot more than I had anticipated. So I decided to get the next best affordable thing. S2000.

By chance, my co worker (VP) and I (entry level eng) got into talking about cars, and he just so happened to have a black, low miles (36k), 2002 s2k that he says his wife is making him sell. So I check out the car and its perfect. I insisted that he set a price, but he just kept saying that it was up to me. Now thats the problem. He mentioned that he would sell for 19-20k$ but he also told me to look up fair market value and just to let him know. I would love to just pay the guy 19k but fair market value is about $22k. I know its $3k differece, but thats a lot to me right now. Anyway, would you guys just tell him what his car is worth and what youre willing to pay? or just tell him youd pay the minimum of what he asked for and not mention the fair market value? dilema dilema... I would feel bad if he thought I ripped him off.


Anyway, what would you guys do?
 
This guy is a vise president of a company(so he should have a good head on his shoulders) .If he doesn't have the abilty or cannot be bothered to research the current market value then give him the price he suggested and enjoy the car.
 
steveny said:
If this guy is above you in rank do you think this may be a test for you?
Click to expand...


well hes one of four founders of the company and he has very little contact with the engineers. its always possible, but i doubt its a test.
 
DeNguyen said:
well hes one of four founders of the company and he has very little contact with the engineers. its always possible, but i doubt its a test.
Click to expand...

You should be honest with him.
If it were me, and I do this all the time, I would tell him what the market value is and then I would tell him what I was willing to pay. Make it plain and simple.
 
DeNguyen said:
...but furnishing my new home costs one heck of a lot more than I had anticipated.
Click to expand...

It's OT, but I gotta ask because this is somewhere where my wife and I are both really different from the rest of the world it seems. Why does a new house require new furniture. It seems like every couple we know who moves, follows it up within a month or two with new furniture. We're in our third residence / second home, and we've never had the first inclination to do that. If anything, when we move we are in money conservation mode because moving seems to have a million little expenses that add up, even without the big purchases. We've bought 4 pieces of furniture since we've been married, the nicest of which is a solid oak entertainment center that we got on sale for $600. We have decent stuff from hand-me-downs, and as relatives die, the stuff keeps getting nicer. I guess neither of us has ever felt the need to go buy a whole room full of furniture and I want to ask a relative stranger who has dropped serious coin why. If I ask my friends they may take offense :)
 
Or give him the range from trade-in value and retail price. Trade-in value is probably less than $19k. Let's say if it is from $18k to $22k. May be selling it to you for $19k still gives him an advantage without having to deal with tire kickers.
 
Dave Hardy said:
It's OT, but I gotta ask because this is somewhere where my wife and I are both really different from the rest of the world it seems. Why does a new house require new furniture. It seems like every couple we know who moves, follows it up within a month or two with new furniture. We're in our third residence / second home, and we've never had the first inclination to do that. If anything, when we move we are in money conservation mode because moving seems to have a million little expenses that add up, even without the big purchases. We've bought 4 pieces of furniture since we've been married, the nicest of which is a solid oak entertainment center that we got on sale for $600. We have decent stuff from hand-me-downs, and as relatives die, the stuff keeps getting nicer. I guess neither of us has ever felt the need to go buy a whole room full of furniture and I want to ask a relative stranger who has dropped serious coin why. If I ask my friends they may take offense :)
Click to expand...

Maybe he just moved out on his own for the first time and didn't want to take the furniture he had in his bedroom at his parents house he has been using since 7th grade.
 
GHOSTRIDER said:
Give him $20k and ask him to get it detailed real nice. :biggrin:
Click to expand...

i agree with ghostrider... tell him 20k is what you have and if he thinks it's fair, it's a done deal. be honest... even with a stranger, dishonesty only brings trouble. if you tell him exactly how much you are willing to pay, it may also reflect positive on you and your character. no BS is best! good luck!

rob
 
Dave Hardy said:
It's OT, but I gotta ask because this is somewhere where my wife and I are both really different from the rest of the world it seems. Why does a new house require new furniture.
Click to expand...


Like someone above said... I'm a first time home owner. All I have owned previously are a twin sized bed, desk, computer, and a 65" DLP tv (lived with parents). Haha... I really am trying to budget my furniture expenses though, but at the same time I don't want to buy cheap furniture. Maybe if it was an apartment, or any temp living space, but thats not the case. Anyhow...even though I'm not fully furnishing the house, all the little things DO add up to being a lot. Buying another nsx is not on the list of my priorities either. I already have the wrangler for DD, cant/dont want to afford anything over $20k thats just gonna be a weekend driver.

Oh and I don't get a long with my relatives... so no hand me downs from them. My parents are buying me a master bed set, so thats really cool. *ahem*and I do take forum donations *ahem* j/k :)
 
DeNguyen said:
<snip> Anyway, what would you guys do?
Click to expand...
in addition to the other quality responses thus far, i'd add that he's getting *you* to set the initial price and you end up negotiating with yourself - pretty common stuff.

i agree with giving him the spread on pricing (call me silly, but i bet he knows this) and telling him what you're **able** (not want) to pay. be prepared for push-back and suggested increase. if he doesn't, you've offered too much or he's a helluva nice guy. also remember he's (apparently) got some form of motivation since his wife wants him to sell it.

good luck, let us know what happens.
 
DeNguyen said:
I was gonna make a come back and buy an NSX, but furnishing my new home costs one heck of a lot more than I had anticipated. So I decided to get the next best affordable thing. S2000.

By chance, my co worker (VP) and I (entry level eng) got into talking about cars, and he just so happened to have a black, low miles (36k), 2002 s2k that he says his wife is making him sell. So I check out the car and its perfect. I insisted that he set a price, but he just kept saying that it was up to me. Now thats the problem. He mentioned that he would sell for 19-20k$ but he also told me to look up fair market value and just to let him know. I would love to just pay the guy 19k but fair market value is about $22k. I know its $3k differece, but thats a lot to me right now. Anyway, would you guys just tell him what his car is worth and what youre willing to pay? or just tell him youd pay the minimum of what he asked for and not mention the fair market value? dilema dilema... I would feel bad if he thought I ripped him off.


Anyway, what would you guys do?
Click to expand...

Well, tell him you looked up fair market at $22k on KBB or whatever, but that you've seen auctions all across from 19-22 or whatever. Tell him that you are willing to buy at 19-20 and be done w/ it.
 
Dave Hardy said:
It's OT, but I gotta ask because this is somewhere where my wife and I are both really different from the rest of the world it seems. Why does a new house require new furniture.
Click to expand...

This is because people are typically moving UP in house size and prestige and want furniture to match. Well, not "people," women.

I just solved this by buying top-shelf furniture at the outset. You may end up spending $12,000 for a medium sized room, but at least you won't have to spend it more than once.
 
Denny,

I think the $19-20k is right for the car. My coworker picked up a Sebring 02 with 12k on the odo back in Feb from a dealer for like $23k OTD and the prices have been dropping like crazy lately.

Since you aren't in the market for a NSX right now, do you think you would be interested in buying my S2k so I can shop for a NSX? :biggrin:

Otto
 
Denny,
I'm looking for an 02+ S2000 as well and I think, based on the info you provided, that $20K is the fair price. Most 02's with that mileage are selling between $20-$22 based on condition (of couse someone always gets some crazy low price deal somewhere, but thats the exception, not the rule). If the car is clean, then $20K should make you both happy b/c he gets more than the $19K he put on the table and you get it for what it should sell for and not more. Did you move to TX already? You might have a tax bill also - I know we have taxes on used cars in CA. Now...back to the search for my own S2000. :smile:
 
otto_joe said:
Denny,

Since you aren't in the market for a NSX right now, do you think you would be interested in buying my S2k so I can shop for a NSX? :biggrin:

Otto
Click to expand...

If you sell it to me for a good price, yes, definately...



Mickeylex, I'm not gonna make the permanent move until early January. I still have stuff to finish up here before I leave.
 
Last edited:
fair market value isnt going to do much in this situation.. He cannot expect to get that since if he didnt have to do any work to sell the car.. Put it up on ads. Show the car to buyer... Bring it to a dealer for trade and buy something else. All those things cost time and money.

I would first ask what he wanted for the car again.. if it is still 19K-20K.. make a quick offer: "OK, I'll take it for $19K" If he accepts.. that is a deal.. shake on it..

If he wonders about FMV and all. You can provide the trade in value and fair market value to him then give him an offer.. Also tell him.. That the best you can come up with and he didnt have to use the time to market and sell the car.. Quick easy transaction for both of you.

I hated showing people my car when selling because protential buyer have to drive your car and then they pick on all the faults.. also throwing bargaining pitch...
 
otto_joe said:
Denny,

I think the $19-20k is right for the car. My coworker picked up a Sebring 02 with 12k on the odo back in Feb from a dealer for like $23k OTD and the prices have been dropping like crazy lately.
Click to expand...

The dealer must have seen this guy coming from a mile away. 23k for an 02 sebring is WAY TOO much money even back in Feb.
 
steveny said:
The dealer must have seen this guy coming from a mile away. 23k for an 02 sebring is WAY TOO much money even back in Feb.
Click to expand...

That's out the door. Tax is 8.75% over here! :eek:

Otto
 
otto_joe said:
:rolleyes: OK, I guess I wasn't too clear, it was a 2002 Sebring Silver S2000. :tongue:

Otto
Click to expand...
HAHAHAHA...Sorry :redface:
I bought one of the other Sebring's back in the spring. I love it. I can push shopping carts around the parking lot with it. Park it anywhere without worry. Leave the top down. Door dings make me laugh. :biggrin: Sometimes it is nice to drive a POS, no worries.
 
steveny said:
You should be honest with him.
If it were me, and I do this all the time, I would tell him what the market value is and then I would tell him what I was willing to pay. Make it plain and simple.
Click to expand...

I agree with steveny, tell him this is what they're asking in other classifieds, but then just say, but this is the amount I have to play with. Then it's up to him to hassle with trying to get more for the car or not.
 

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