Pre-L + GT5-S FS/Mecum/Kissimmee............

The 5S sold at Russo sadly didn't sell for more. The new buyer got a great deal, he actually stole that car. I'm sure he knows.

Originality might have merit if you want to put the  car in a collection, not driven.

Remember, these are 30ys old now, drivability is poor in stock form compared to today. The 5S sold is superior in that respect.

I know this car, if you knew all the improvements it has, you would be scratching your head as to why it was sold so cheap.

Possible WRONG auction, no real buyers, BAD TIMING. We can only guess as to why!!!!

my .02

Again, another owner who under values what he has!!!!!

My question, where did Russo /Steele dig up this buyer from, they didn't even tell the seller, and didn't disclose the selling price the seller, which by the way is a federal compliance issue.

They just told him the net proceeds. Kind of odd don't you think, but that's another issue all together.

What's wrong with this picture

Wayne, in the "Post auction" tent, there was at least  3 people interested in my car. The highest legit offer I got was 220k, R&S said they would make sure I received 200k net to me on this particular offer. When I say "Highest Legit offer" I say that because  a couple of bidders approached me with sneaky nefarious schemes to circumvent R&S altogether to avoid paying commissions. I didn't trust those guys, nor did I want to worry about being sued by R&S later. 

When R&S approached me to sign on the sale, it only mentioned "200k net to me". I asked, how much did the buyer pay all in? They told me not to worry about that, because I was going to get my 200k. So there is a chance the buyer paid a little less than 220k. But I'll never know for sure.

Exactly what I'm talking about David, where is the disclosure of how much the buyer paid. This is a federal statue by the CFPB, which is a federal consumer bureau watch dog.

I would demand a copy of the sales agreement to insure transparency,

Wayne, from the tone of your posts one could equally say you are an owner who overvalues what he has and that is perfectly fine if you are not in the market to sell, but the market dictates what a car is worth at any time, prices ebb and flow. Assessing recent GT5S sales and knowing of one exceptional car available in Europe that could be had landed in the US for similar money I think the market has corrected somewhat from previous highs where GT5S cars were disproportionately valued over other Panteras, for what is basically a fender package. A more rare Si with a completely redesigned chassis components and drive train I can see, but even those are changing hands in the high $200's. 

I was aware that Mecum had a post auction sale clause where they were due commission on any sale within 30 days, so I guess it is pretty standard.

I'm happy for you, now on to the next !!!

Julian, very well stated indeed.

There is no conspiracy to prevent someone from buying a car at auction — quite the contrary actually! If the offers are bad, the money either wasn't in the room, or just isn't there at all. The fact that the very original black GT5-S didn't bid over $180K suggests that the GT5-S market is not what some people would like it to be. Examples are everywhere. Several of the cars that did sell in Arizona were sold for a fraction of their pre-sale asking/estimate numbers — and not just Panteras. Despite some really exceptional results (the red early car selling for $132K), many cars are not selling for what owner/sellers would like.

For a long time the premium for a GT5-S over an equal quality narrow car was anywhere from 30—100%. I know this because I have been following real sales for 10 years now. If a nice narrow Pantera is a $75K car (and clearly many are and more are not), that would suggest a 5-S should be in the $100K to 150K range, maybe a bit more. Mangustas used to be the same multiplier, maybe a bit more. After some very public $300K-plus sales, we are now seeing Mangustas selling in the $200—250K range.

What a seller asks and advertises a car for is NOT usually what they SELL for. And after every sale someone cries that it was a "steal" or something equal, or says "I would have paid MUCH MORE for that car". The phrase "step-up or shut up" comes to mind—and I've kicked myself MANY times for not being bold enough to offer what I think a car I want is worth only to see it sell for LESS.  Jonathan had a hell of a time generating anyone interested in buying his original 1983 GT5 even after he lowered it to $105K.

There are only so many big money multi-hundred car collectors out there, and at some point owning 10 GT5-S Panteras (or Mustangs, or Shelbys or...) must get boring. Eventually those cars will find their way back on the market, and hopefully the road too!

Being both an owner and a buyer, I see both sides of this issue VERY clearly. But the end of the day, I would prefer prices to return to pre-2015 levels so I can buy more cars! Especially a nice GT5-S.

Mark

I'm on board w/Mark. I buy & sell more of these than anyone on earth. Initially I mentioned to the owner two months prior auction, the car will retail around 200k (+ or - 10%) independent of condition/restoration/upgrades. He didn't want to hear it.  From fine art to antique firearms & the collector car market, it's always been a seesaw. The 5S is soft right now. You can now buy TWO L88's for what ONE used to cost. Get used to it everyone, it's the nature of collectibles. If I can sell a chrome bumper mid 140's on stage, add 30% & what do you get? A 5 Steel.

Ok:

This turned out to be a great thread, good info indeed!!!

Sharkey, please get in touch , if I can get a quality build like the one above for

$170k I'm interested

thx

Wayne, I think you’re missing the point. 

Sellers think they have $300K cars. Buyers want sub-$200K cars.

Markets change. And don’t for a moment think that these could never return to be $75K (or less) cars. NOBODY “needs” a GT5-S. If you’re a regular guy whose life takes a turn for the worse, trust me that even a $50K GT5-S could be well beyond reach if you can’t make the mortgage payments.

When bad shit happens widely (war, insurrection, depression, Hypher inflation) the market implodes and our cars are worthless to all but the super rich.

I have personally watched several people trying to sell their cars react too late to required price drops only to get substantially less for their cars in the end than if they had just priced them realistically in the first place. In some cases the gap was 50% but often over 30%.