Austin Vert - Big Selling Price For a Mach 1.

[Austin Vert]

Hi to all,

I recently put up a post on a 1973 Mach 1 that was up for sale at Vanguard Motors in Michigan, USA, a short time ago. The vehicle had a big asking price of $46,900.00 US on it, and i promised to follow up and get back to the Forum when and if the Mustang got sold, and for how much.

I got a fairly negative response from the Forum, in relation to the high asking price, as to what the car had to really offer, what condition it was in, how authentic it really was etc, etc. That response i expected to get, no problems.

Well the latest news is very interesting indeed, as i noticed yesterday that the car had been sold. I took the liberty of contacting Vanguard Motors to enquire about what price the car sold for. The official response i just got back from the Sales team was (very close to the asking price of $46,900.00 US) BTW - That's $65,243.00 Australian, based on current exchange rates between the US and Australia, and does not include import and shipping costs associated with that purchase.

My response was one of surprise i guess, as i did not expect the car to sell so quickly and to get that high asking price as well. So say what you like about it, but that's what went down in reality, and the fact is that someone out there bought that car for that price, and is now the new owner. That news may make some Forum folk happy, and on the other hand make some angry.

Fact is that new higher asking price benchmarks are starting to happen for our 123 Mustangs around the world, so in that sense, stay tuned as things will slowly change as time goes on. I have my 1973 Mach 1 up for sale here in Australia right now, and have put an asking price of $54,000.00 Australian on the car. That's $38,800.00 US. My Mustang would be on par with the Vanguard Mustang, and better along certain lines as well. My car has been advertised for about 2 months now, and the response has been very negative so far. My feeling is that if i wait a fair time into the future, to sell my car, i will get that special buyer come along,who will pay the figure that i think it is worth, or what i'm trying to achieve.

Well there you go -

Reference -

http://inventory.vanguardmotorsales.com/vehicles/2024/1973-Ford-Mustang-Mach-1

Thanks,

Greg.

 

[mpbsr]

Vanguard's prices are overpriced.

Remember what PT Barnum said.

 

[rocket366]

Thanks for the update Greg!

There are more interested ppl here than post a response.

Paul

 

[John J]

I agree that most of there cars are overpriced. But they do a great job of marketing there cars and are in not in that big of hurry to sell them. Most sellers need the cash and the buyers know that and low ball them and get the car. These guys have been in this business for a long time and know how to sell cars.

They are located about a hour from my house and they have a huge show room full of cars. They sell a lot of them to people out of the state and out of the country.

John J

 

[Austin Vert]

Hi Mark,

Yes, they do have high asking prices at Vanguard for their selling stock. It's true. The fact is though, that car sold FAST for close to the asking price of $46,900.00. Maybe the purchaser was stupid or naive but it sold. The golden rule of selling is that - The market always dictates what price the seller can sell for. I believe that. So it will be interesting to see where the market goes for 123 Mustangs into the future, i guess.

BTW - What quote from Mr Barnum were you thinking of?

P. T. Barnum/Quotes

Every crowd has a silver lining.

There's a sucker born every minute.

Money is in some respects life's fire: it is a very excellent servant, but a terrible master.

Money is a terrible master but an excellent servant.

Cheers Mark,

Greg.

 

[Pastel Blue]

Good follow up Greg.

I relate this to the recent Mecum Auction featuring the 6 K. Fryer High performance 71 Mustangs. The prices on five of them were 69K and up with a high just shy of the 100k benchmark. The oddity was the sleeper 429cj coupe ( note, this is a 1 of 9 made car!) that sold for a song at $30k. Someone got a nice investment at that price, even though the car was showing its age overall.

I am not convinced that purchasers are doing their home work on these cars before settling on a purchase or auction price. It looks good, sounds good, therefore it must be good... Mentality. This thought would definitely apply to the recent purchaser of the car you were following through the dealer.

The car you are referring to was a pretty nice car overall, it all depends on what the purchaser is hoping to find. For someone like me, it's all about originality, so that car is very overpriced in my mind. For others, they don't care about originality, other factors come into play and when all the cards line up, voila! the deal is made.

The prices on these cars are volatile... High some days and very low on others...

As you are aware, the only thing holding your sale up is the relatively small buyer market (base) locally. Your proximity requires a local sale under most circumstances and if an off shore purchaser is to get your car, the shipping costs/paperwork can work against a purchaser coming forward. I guess if I were in your shoes, I would help to make the offshore shipping arrangements as simple and as convenient as possible to entice these potential buyers. Even in Aussie $$ ( which is a little lower then the Canadian $$ in comparison the US greenback) that is a fair chunk of change you are hoping to achieve for your car. I don't know your current collector car market over there, so I am sure your pricing strategy has taken into consideration the current economy?

I have been waiting for 35 years for our cars to gain popularity, to increase in value. Slowly, very slowly this has been occurring. As you note, you just need that one buyer who has to have the car... Hopefully, that will occur for you sooner then later.

From what I saw at the auction, buyers were willing to spend pretty good money on our cars if they were in overall good shape. Cheers

 

[73pony]

Great info Greg. Thanks for following up. IMHO your car is nicer than the one that sold and I wish you luck with your sale. Like Pastel mentioned though a lot of the selling price is dictated by the local market and economy but also by the right person finding your car. I wish I had the funds and garage space. Your Mach is beautiful.

 

[Austin Vert]

Hi Ken,

Thanks for your interesting and helpful feedback. I tend to agree with what you are saying here.

Yes, i am aware that i've put a big dollar asking price on my Mustang,and in that sense,wasn't expecting a good response at all. So far, that has turned out to be true. When i pegged my asking price, i took into account several factors which to a large extent justify what i'm trying to get. For example, Just Cars magazine which is considered to be a good reputable source, for the Australian classic car market, had listed the '69 to '73 Mach 1's selling price between $43,000.00 and $64,000.00 AU depending on condition.

Lastly, i agree with you that my biggest drawback is trying to sell my car in a small Australian population market of around 24 Million people. Also, i think it would be fair to say that the '123 Mustangs have been sleepers in popularity over the decades. Public awareness of these cars has been fairly low as well. As time moves on i think they will become more recognized, appreciated, and therefore considered more desirable and collectable, and hence, appreciate in value. OBVIOUSLY TIME WILL ALWAYS BE THE TELLER ON THAT SCORE. Thanks.

Hi Paul, and thanks.

Hi John J,

I think what you say here is true. However, you can't deny that the consistently high asking prices that Vanguard puts on their selling cars, still has the customers coming in from around the world, and one way or another, they eventually walk out their doors. They must be a clever marketing/sales bunch indeed.:chin:

Hi Jason,

Thanks for your feedback and kind words of praise. Much appreciated from me.

Yes, i tend to agree with what you've just said in your reply post.

I'll play the waiting game, and see what father time has to offer me up in the future.

Cheers,

Greg.

 

[DK73]

Wow that is a high price Greg[emoji6][emoji106] But I guess there is something good about it. Because of this year model as ours have not been able to get. The best a pinion from people as being the best Looking Mustang. But I just Love our years of the Mustang... This can get the price up for our model. Because of there is Not so big numbers made? Thank you for sharing this with us all Greg[emoji6][emoji106][emoji1087] Regards Lars

Sent from my iPad using Tapatalk Regards DK73

 

[EBSTANG]

In my opinion,

Your Australian market is smaller, yes. This is true. So what. If you are not in a hurry, who cares? You are in control of what your car will eventually sells for. Wait to get what you want for it, it's yours. Ask whatever you want, it's yours. I always love when people like to tell me what something I own is worth. It is LITERALLY none of THEIR business, meaning it is YOUR business. You and your car's eventual buyer will work that out. If someone wants THAT car, where else can he get THAT car? That's right, nowhere. Hold your ground and wait, it will happen.

Vanguard gets their numbers because they have a "place" of business which makes many buyers FEEL more secure.(God bless them for pulling the #'s up) Your job is to make your possible buyer feel secure with YOUR car and in dealing with YOU. MOST (not all) people want someone to hold their hand through the buying process. Educate them, share your passion for these cars and your enthusiasm will instill confidence in them regarding YOUR SPECIFIC car. That is what sells used cars. You are a good guy and you know a great deal about these cars. Be confident. Comps are for ******* that need to be told what their car is worth! (lol)

 

[Austin Vert]

Thanks for your feedback Lars.

Hey Eric,

Thanks, and you bring home some good points there.Yes. time is on my side for my own sale, so as you say, i'm in the box seat on that score. Regards your feedback on Vanguard, i tend to agree there also. Over the years that i've been keeping track of their website sales, i have come to realize that their marketing and sales strategy is very clever clever indeed. Yes, they do jazz the whole presentation thing up by making you feel safe and secure by dealing with them, and present the sale as a special one off, most collectable, and highly desirable piece of much sort after, classic merchandise that you must own before you die. This car is gorgeous, and you've just got to own it, because you deserve it.They enthusiastically sell dreams and desires. Clever strategy, and it works. The asking price takes care of itself. Good formula. It works.

Greg.

 

[Carolina_Mountain_Mustangs]

I remember that car well went back and called it up. There were more things incorrect on the car than correct. They got a buyer that something on that car appealed to him or her and they fell for it. Here is the link. http://www.ebay.com/itm/Ford-Mustang-Mach-1-/381556238353?forcerrptr=true&hash=item58d6862811:g:gz0AAOSwe7BW0dBQ&item=381556238353

When I see the hood painted incorrect, engine compartment nothing is right, wrong headlight doors, etc, etc. They are used car salesmen not restored car salesmen for sure. When I contacted them once and started telling them what the forum was saying about the car they said, "we don't care what a bunch of mustang guys sitting behind a computer think about this car someone will buy it". Supposedly they did sell it but also remember games are played on eBay to jack up the prices everyday.

I myself have items on eBay priced way above what the market is but they are very rare parts and some rich guy somewhere will need that part with that early date code and pay the price. If not it just sits there and gets more rare.

There are people out there that make more money than the $46,900 in a day so it is not a problem for them to lay it down for whatever they want. They are not trying to sell to the average guy but to the guy that can buy anything he wants when he or she wants.

I think you should ask the higher price for your car it is such a pain to get another one over there and pass their inspection it is worth it.

I had looked at a car that another forum member posted a link to craigslist. I contacted the seller and ask questions and found out that the cowl had not been replace and they replaced the rusted floors and painted the car so it still leaks. He to did not care someone was going to buy it. They did here is his post copied and pasted back to me this week.

well I sold it for $15000 I had 2 guys in a big war the first to make it with the cash got it and he told me after he paid me he has been looking for a long time and could not believe how nice this car was and he said he was so happy to get it for $ 15 so I guess you were right they are not worth anything so I will keep buying them by the way I paid $6000 for it.

So he flipped the car making $9,000 profit. The new owner will soon wonder why is my carpet getting wet?

Barnum was right for sure. It is good to have the forum for those that do not know what is right or wrong to fall back on for advice. Got to eBay and look at the sold cars recent. You will see some sold several times because of all the jokers on there just bidding to kill time and never paying. You will also see lots of 71 - 73 cars going under $6,000. I would much rather have a great original unpainted car than a totally incorrect car that has to be rebuilt.

 

[DK73]

Well thank you Greg [GRINNING FACE WITH SMILING EYES] [THUMBS UP SIGN] But yes I agree with you about the strategy they use.. But I agree to about the fact that it not always are as good, as they want them to bee.. But is it not always the case of selling a car? When you are putting a lot of hard work on them. Cleaning up outside and inside before selling [WINKING FACE] Regards Lars

sent from my 2303. Regards Lars DK73 Denmark

 

[Austin Vert]

Hi David,

Thanks for your feedback. You make some very good points there. I guess at the end of the day, we all live in a democratic, capitalistic society, with free enterprise, so given the fact that the profit motive has always been there, people have a right to wheel and deal in the way they want when it comes to pricing items for sale, but again, i think at the end of the day, it's the market that ultimately dictates what things sell for for all of us.

Greg.

 

[Stocktrader]

I'll never understand why so many people on this forum who own these cars complain about the high prices for cars or parts.

They are lower than pretty much anything else than a Pinto.

And if someone pays $400 for a map light be happy. I've got 2 of them.

Its much easier to retire knowing you have a Mustang worth 100 grand rather than one worth 2 grand. Am I right?

The market is telling us the value of these cars and what used parts are left is going up. Get used to it or get out of the hobby.

 

[Austin Vert]

I'll never understand why so many people on this forum who own these cars complain about the high prices for cars or parts.

They are lower than pretty much anything else than a Pinto.

And if someone pays $400 for a map light be happy. I've got 2 of them.

Its much easier to retire knowing you have a Mustang worth 100 grand rather than one worth 2 grand. Am I right?

The market is telling us the value of these cars and what used parts are left is going up. Get used to it or get out of the hobby.

Hear what your saying there ST,

I guess it comes down to what one's point of money reference they are coming from, in terms of how rich or well off or financial they are. For example, a Mustang restorer guy who is not all that well off money wise, and is trying to restore his car on a budget will complain and feel the pinch at paying out $400.00 for the map light. On the other hand, a rich, well off guy wouldn't think twice at that amount of money for that part.

The 123 Mustang hobby attracts all types of people with different budgets who are trying enjoy the dream and the ride.When costs and prices end up getting too high, the little money guys eventually end up getting pushed out of that particular market or action. For example, how many of our Forum members deal in/ restore, and buy and sell Aston Martins?

Greg.

 

[scarpent1]

The other thing to think about is the alternative of buying a new Mustang GT is $33k to $40k+ and then you have a belly button car that everyone has one. It is not everyday you see a one of these Mustangs and some people would rather have something unique that they can make their own.

Scott