Resale Prices

[Peeker]

Before we go any further, I am not thinking about selling my car, but I like to do what many others do is look at BaT just to see what they are bringing. I have noticed prices do seem to be coming down. I saw a couple MKIII’s sell the first couple days of this month and couldn’t believe the difference in prices between the two. They are both very similar on chassis number. So it’s not like one is a lot older than the other. The only real difference I see is that one had a Coyote and the other was a pushrod 302. Both had solid axle 3-link, one might have had a Wildwood pedal box, hard to tell, but did not have Wildwood calipers, both appeared to have donor spindles, and both had some miles so they have been broken in but not a substantial difference between them. The difference was one sold for $36,250 and the other for $65,000. If it was just for the engine, I know Coyotes don’t cost that much. Just wondering what I’m missing? Nearly a $30,000 difference between similar cars seems excessive to me.

[Mastertech5]

One found the right buyer and one didn't. Cars are subjective like some other things in life. Timing too.

[mrmustang]

You can't really compare a hand built car, one that was built to a specific owners specifications, wants, and needs, to another. As such, each car will sell for whatever he high bidder is willing to spend. Some days it could be 30K, others 100K, the trick of course is to legitimately find two buyers that want to fight it out for your car, when you do decide to sell.


Bill S.

[Peeker]

You can't really compare a hand built car, one that was built to a specific owners specifications, wants, and needs, to another. As such, each car will sell for whatever he high bidder is willing to spend. Some days it could be 30K, others 100K, the trick of course is to legitimately find two buyers that want to fight it out for your car, when you do decide to sell.

Bill S.

You absolutely can compare. That’s why I pointed out the differences. Kits were purchased approx same time, miles are similar, etc. I understand build quality can be an issue and the engines are different but again, it’s almost a $30,000 difference. Timing can also be a reason but literally they sold one day apart. And by the way, I haven’t seen a FFR Cobra sell near $100,000.

[cv2065]

You absolutely can compare. That’s why I pointed out the differences. Kits were purchased approx same time, miles are similar, etc. I understand build quality can be an issue and the engines are different but again, it’s almost a $30,000 difference. Timing can also be a reason but literally they sold one day apart. And by the way, I haven’t seen a FFR Cobra sell near $100,000.

You can to an extent, but not really. I just sold mine for $78K locally back in May. Took about 6 weeks. It was the right color combo, right engine, right time, right geography and right buyer. A lot has to align to get max price for any car, especially if you aren't willing to wait for the stars to align and you roll the dice in an auction.

Areas where you can compare would be a donor build versus all new parts. I highlighted that extensively in my ad, that everything was new, and it came up frequently during buyer conversations. Another area might be engine choice. A Coyote and 427 are the engines that bring the most value. A 427 is what many expect to be in a Cobra, and a Coyote is install and drive with no worries. Age and model is a factor as well. Although many don't know the difference outside of when it was built and mileage.

Why would an FFR sell for over $100K? Even the most detailed, all optioned builds with all of the trimmings are around $80-$90K tops with paint and body work. People don't pay for labor when new Backdrafts can be had for $10-$20K more. You simply have to know the marketplace and what sells and what doesn't. Even then, you could still fall flat when it comes to an auction. There are no guarantees and no rhyme or reason in that arena. One day might as well be a year. If your pool of buyers is small at that time, then you are SOL.

[Peeker]

Congratulations on the sale. That is a great price IMO. It came out of the FFR jig just after mine. Enjoy the next build. You should have some money to play with.

[AC Bill]

Just because they had been produced around the same time, and that they had around the same mileage, does not mean they are comparable at all. Body and paint work quality can be hugely different. One may have $25k tied up in a professional job, the other done at home by the builder. Pictures don't always do justice to what it looks like compared to when you see it right in front of you. One may have a 150k donor engine, the other a pro-built performance engine. Leather seats, vs vinyl, type and kind of brakes and suspension components can vary in cost by some serious dollars. One might have Smith gauges, the other Auto-meter, One car may feature wipers, heater, footbox blowers, seat heaters. Maybe one had high quality wool carpeting. Some tires may cost under $200, others twice that.
There is a long list of differences as to one car may sell for so much more, in spite of them being both MK3's.

[Peeker]

Bill,

As I mentioned, I realize there are differences and pointed several of them out. If I were selling a car and had a $25,000 paint job, or upgraded components, ie built engine vs donor engine, upgraded suspension vs donor suspension, etc, I probably would have that in the description. I’ve only partially built one but follow that there is a lot of different ways to go cheap or go very high end on these, but from the two descriptions of these builds, they do not seem that far off, especially for the price difference. The sell dates were 9/1/23 and 9/2/23. They are the only MKIII sold on BaT on those dates.

[mrmustang]

Bill,

As I mentioned, I realize there are differences and pointed several of them out. If I were selling a car and had a $25,000 paint job, or upgraded components, ie built engine vs donor engine, upgraded suspension vs donor suspension, etc, I probably would have that in the description. I’ve only partially built one but follow that there is a lot of different ways to go cheap or go very high end on these, but from the two descriptions of these builds, they do not seem that far off, especially for the price difference. The sell dates were 9/1/23 and 9/2/23. They are the only MKIII sold on BaT on those dates.

Another thing to mention, one I've hammered to people who view auction results as the litmus of "making the market". Those auctions are one off, each one, no matter where they are located, or the type of car that is being offered. They rely on dozens of different factors from the quality of the build, to the parts used, level of detail, even the interior, exterior color combination. They also have something else going for them, as they generally have more than one person buying on impulse. Perhaps they like the bright lime green color (watch the current ERA 427SC on BAT since you like that auction venue), or the shiny undercarriage (the seller uses dry ice cleaning on every one of his auctions), perhaps they get caught up with inflated HP numbers thrown around by the seller (with or without proof), maybe they had a poster on their wall growing up, or in some cases, because they have more money than brains. Those and dozens more will factor in to the final selling price. My "how to sell" FAQ shows the basics, including not to go down the rabbit hole with "that car sold for XXX, mine is almost as nice" mindset. An educate cobra buyer will look past all of the above and stick with how the car was built, what parts were used, the level of detail put in to the build, and again, a host of other items. But again, it's your car, your choices, you can do with it what you like when it comes time to sell, same with your money, and your reasons for selling at that time. As for now, I recommend not worrying about such things, since you have already stated it is not for sale....Get in, turn the key, and drive, as much as you can, or until you can't, then decide whether ownership is for you, or not.

Regardless of our difference in opinion, here is wishing you well.



Bill S.

[Jeff Kleiner]

...I haven’t seen a FFR Cobra sell near $100,000.

One that I did a few years ago sold for $94k in 2021 in a private (non-auction) sale.

After checking out the BAT ads for the two cars mentioned I have to say that aside from their original manufacture dates they really aren't comparable and IMO both went for pretty much what I'd expect.

Jeff

[Peeker]

Bill,

I do drive it quite a bit. Completed early 2022 and just turned 8,500 miles. Just had knee surgery so no driving for 6-8 weeks. Unfortunately, great weather is around the corner and it will be sitting in my garage.

Thanks,
Ed

[cv2065]

Congratulations on the sale. That is a great price IMO. It came out of the FFR jig just after mine. Enjoy the next build. You should have some money to play with.

Oh yes. Now I'll go for one of the high optioned builds that I was speaking about. Will I get my money back like the last one? Probably not, but it will cap out my Cobra build adventure!

[cv2065]

Bill,

I do drive it quite a bit. Completed early 2022 and just turned 8,500 miles. Just had knee surgery so no driving for 6-8 weeks. Unfortunately, great weather is around the corner and it will be sitting in my garage.

Thanks,
Ed

Ah, that sucks Ed. I was where you are back in 2008, although I didn't have a Cobra to drive. Good luck with your recovery. The key to returning 100% for me was to do the prescribed exercises religiously. I had a relative who had knee surgery about the same time as I did. I'm back running regularly, she never did the exercises and is wheel chair based for the rest of her life. Crazy stuff....

[JeffP]

And by the way, I haven’t seen a FFR Cobra sell near $100,000.

Doesn't mean they haven't...
https://thefactoryfiveforum.com/showthread.php?41872-Factory-Fives-Set-Records-at-Mecum-2022

I understand the 'charity' aspect adds to the hammer.. but still.

[J R Jones]

Doesn't mean they haven't...
https://thefactoryfiveforum.com/showthread.php?41872-Factory-Fives-Set-Records-at-Mecum-2022

I understand the 'charity' aspect adds to the hammer.. but still.

Jeff,

https://bringatrailer.com/listing/2021-factory-five-type-65-daytona-coupe-2/
Commonality? Understatement.
jim

[egchewy79]

Can't say that I totally disagree w/ the OP. The coyote cobra does have a nicer engine/trans combo and better fit/finish options, but $30K difference? That's a lot.

[GoDadGo]

Bill,

I do drive it quite a bit. Completed early 2022 and just turned 8,500 miles. Just had knee surgery so no driving for 6-8 weeks. Unfortunately, great weather is around the corner and it will be sitting in my garage.

Thanks,
Ed

All this means is you are greatly motivated to recover.
Don't over do it, but don't under do it either.
Stay Focused & You'll Be Driving Soon!

[MB750]

I believe the issue here isn't tangible assets, but perception of value.

In this case, someone was willing to pay more for the Coyote than for the pushrod 302. Was it worth $30K to make those changes during the build? No, but clearly that value was there with the Coyote buyer.

Ultimately, something is worth what someone is willing to pay for it.