Yesterday I was discussing this topic with SJJ28, whose business is buying and selling high-end cars. We came to an interesting conclusion.
My observation, stated frequently here, has been (a) that a clean, well-maintained, moderate-mileage (say 25-50K miles) ’91-92 five-speed NSX ought to sell at retail for $32-34K, and that (b) the cars selling for $30K or less usually are very high miles and/or title problem and/or crash history and/or automatic transmission and/or poor condition.
The conclusion SJJ28 and I came to is that cars as described in group (a) rarely go through dealers. They usually change hands via private sale, either to friends or publicized through media for NSX enthusiasts such as the NSXprime Marketplace or the NSX e-mail lists.
We talked about why this is. Let’s take my own NSX as an example, as it’s probably fairly typical of the kind of car we’re talking about. (I am not interested in selling it at this time, so don’t make me an offer.) It’s a ’91 red/ivory five-speed, not in snap ring range, with 52K miles on it. It’s mostly stock; the only mods on the car are brake rotors, brake pads, and cooling ducts to the brakes, a Black Panther (Odyssey) battery, a battery charger, and a set of OEM 16”/17” wheels (I still have the originals). I consider it to be in excellent condition. What does that mean? I am fastidious about keeping it perfect, and as a result there are no known problems with the car. None. It has been religiously maintained. All maintenance has been done according to the maintenance schedule (except that the timing belt and water pump were done after eight years, but they WERE done). Synthetic motor oil changes every 3,750 miles. I had all the cooling system hoses replaced as a preventive a couple of years ago. I am about to replace the shocks; even though it rides okay, I feel as though it’s time to do this. The clutch was replaced at 38K miles with a new OEM clutch. There is a moderate amount of pitting on the front bumper consistent with that number of miles, but other than that, the finish is in outstanding condition (thanks to frequent, perfectionist detailing and always being garaged). The hood was replaced properly (after getting hit by flying debris on the highway) but no accidents otherwise. The interior is in outstanding condition, with no visible wear on the seats. The car has seen a fair number of track miles. I am the original owner and the title is clean.
Now, let’s talk about how much this car is worth.
If a dealer were selling it, you typically would not know anything about the history of the car. If someone knowledgeable were inspecting it, he would probably report those aspects above that are visible (condition of the finish and interior) but not necessarily know when anything was serviced or replaced. So it would probably be sold by a dealer for $32-34K. If I were selling it to a dealer, he would probably give me $27-29K for it.
However, let’s say that I decided to sell it on NSXprime or the e-mail lists. I would be able to provide the entire history of the car, as described above, and can produce receipts proving all the service that had been done. A buyer would also know, from the receipts and from discussing the car with me, just how much I cared about keeping the car perfect, and that I was familiar with proper NSX maintenance. To the buyer looking for a car that is this well-maintained, it is worth paying extra for such a car and for the peace of mind of knowing that there are no hidden problems. I could probably ask $36-37K for the car, and I could probably sell it for $34-36K.
Now you can start to see why there are so few “perfect” cars at dealers. Why would an NSX enthusiast sell his clean, well-maintained car to a dealer for $27-29K when he could get $34-36K for it in the NSX community?
The problem, as I see it, is that so many folks here keep looking around, expecting to find a car like this for under $30K, and all they find are “problem cars”. As Lud said, there is a reason that they sell for such a low price. If you are looking for a clean, well-maintained NSX, you can find one easily, but you'll have to pay a premium. Right now Doug in California (frisbee54 here – [email protected]) and Todd in Florida (Nsxotic – [email protected]) have such cars for sale, based on their descriptions (subject to an inspection that either would likely welcome from any serious buyer). And you can buy either one for somewhere around $34-36K, and get with it the peace of mind of knowing its history. That extra $5-8K over the lower-priced NSX's buys you not only the lower mileage and the proper maintenance history and the great condition of the car, but also the confidence that you will have by knowing that the car was taken care of as well as can be by the previous owner. It’s a much less risky purchase. Those who are shopping will have to decide whether it’s worth it to them to pay a premium price for a car like that. Just don’t expect to find that kind of car at a dealer, and especially not at a bargain-basement price.
[This message has been edited by nsxtasy (edited 01 March 2002).]
My observation, stated frequently here, has been (a) that a clean, well-maintained, moderate-mileage (say 25-50K miles) ’91-92 five-speed NSX ought to sell at retail for $32-34K, and that (b) the cars selling for $30K or less usually are very high miles and/or title problem and/or crash history and/or automatic transmission and/or poor condition.
The conclusion SJJ28 and I came to is that cars as described in group (a) rarely go through dealers. They usually change hands via private sale, either to friends or publicized through media for NSX enthusiasts such as the NSXprime Marketplace or the NSX e-mail lists.
We talked about why this is. Let’s take my own NSX as an example, as it’s probably fairly typical of the kind of car we’re talking about. (I am not interested in selling it at this time, so don’t make me an offer.) It’s a ’91 red/ivory five-speed, not in snap ring range, with 52K miles on it. It’s mostly stock; the only mods on the car are brake rotors, brake pads, and cooling ducts to the brakes, a Black Panther (Odyssey) battery, a battery charger, and a set of OEM 16”/17” wheels (I still have the originals). I consider it to be in excellent condition. What does that mean? I am fastidious about keeping it perfect, and as a result there are no known problems with the car. None. It has been religiously maintained. All maintenance has been done according to the maintenance schedule (except that the timing belt and water pump were done after eight years, but they WERE done). Synthetic motor oil changes every 3,750 miles. I had all the cooling system hoses replaced as a preventive a couple of years ago. I am about to replace the shocks; even though it rides okay, I feel as though it’s time to do this. The clutch was replaced at 38K miles with a new OEM clutch. There is a moderate amount of pitting on the front bumper consistent with that number of miles, but other than that, the finish is in outstanding condition (thanks to frequent, perfectionist detailing and always being garaged). The hood was replaced properly (after getting hit by flying debris on the highway) but no accidents otherwise. The interior is in outstanding condition, with no visible wear on the seats. The car has seen a fair number of track miles. I am the original owner and the title is clean.
Now, let’s talk about how much this car is worth.
If a dealer were selling it, you typically would not know anything about the history of the car. If someone knowledgeable were inspecting it, he would probably report those aspects above that are visible (condition of the finish and interior) but not necessarily know when anything was serviced or replaced. So it would probably be sold by a dealer for $32-34K. If I were selling it to a dealer, he would probably give me $27-29K for it.
However, let’s say that I decided to sell it on NSXprime or the e-mail lists. I would be able to provide the entire history of the car, as described above, and can produce receipts proving all the service that had been done. A buyer would also know, from the receipts and from discussing the car with me, just how much I cared about keeping the car perfect, and that I was familiar with proper NSX maintenance. To the buyer looking for a car that is this well-maintained, it is worth paying extra for such a car and for the peace of mind of knowing that there are no hidden problems. I could probably ask $36-37K for the car, and I could probably sell it for $34-36K.
Now you can start to see why there are so few “perfect” cars at dealers. Why would an NSX enthusiast sell his clean, well-maintained car to a dealer for $27-29K when he could get $34-36K for it in the NSX community?
The problem, as I see it, is that so many folks here keep looking around, expecting to find a car like this for under $30K, and all they find are “problem cars”. As Lud said, there is a reason that they sell for such a low price. If you are looking for a clean, well-maintained NSX, you can find one easily, but you'll have to pay a premium. Right now Doug in California (frisbee54 here – [email protected]) and Todd in Florida (Nsxotic – [email protected]) have such cars for sale, based on their descriptions (subject to an inspection that either would likely welcome from any serious buyer). And you can buy either one for somewhere around $34-36K, and get with it the peace of mind of knowing its history. That extra $5-8K over the lower-priced NSX's buys you not only the lower mileage and the proper maintenance history and the great condition of the car, but also the confidence that you will have by knowing that the car was taken care of as well as can be by the previous owner. It’s a much less risky purchase. Those who are shopping will have to decide whether it’s worth it to them to pay a premium price for a car like that. Just don’t expect to find that kind of car at a dealer, and especially not at a bargain-basement price.
[This message has been edited by nsxtasy (edited 01 March 2002).]
