by Mike –
When the time comes to sell our classic car some of us struggle with how to do so and get the most out of it with the least effort and the least risk.
Yesterday I announced that the rare Iso Grifo Targa had sold here on My Car Quest. I am going to compare the economics of that sale with that of the Grifo that was sold at auction for the highest price paid at a public sale for an Iso Grifo, the purple Iso Grifo 7 Liter.
The purple 7 Liter Grifo was sold at the Gooding auction in Arizona in January 2012 for a hammer price of $320,000. After adding the buyers commission the final price paid by the buyer was $352,000. This is a record price paid at a public sale of an Iso Grifo.
But how much did the seller get? Isn’t that really what matters to the seller?
Below is an estimate of the net proceeds to the seller for the Grifo 7 Liter at auction
Hammer price: $320,000
Sellers commission (5%): $16,000
Listing fee: $1,500
Transportation to the auction (estimate): $800
Net to the seller (Estimate): $301,700
Below is the net proceeds to the seller of the Iso Grifo Targa sold on My Car Quest
Sold price: $332,000
Sellers commission (2%): $6,640
Listing fee: $250 (included in the commission when the car is sold)
Transportation to the auction: $0
Net to the seller: $325,360
Highest net proceeds to the seller of an Iso Grifo at a public sale
The seller of the Iso Grifo Targa netted an estimated $23,660 more than the seller of the Iso Grifo 7 Liter even though the Grifo 7 Liter sold for $20,000 more!
This may be the highest net proceeds to a seller of an Iso Grifo in a public sale.
In addition to these economics the seller at an auction takes the financial and liability risk of shipping their car to the auction, paying the listing fee and shipping the car home if it does not sell. Depending on the distance from the sellers home to the auction this could be several thousand dollars just to find out if there are any bidders that will meet the reserve price.
The seller on My Car Quest only risked $250 and his car will not leave his possession until it is shipped to the new owner.
The buyer of the Iso Grifo Targa paid less on My Car Quest than the buyer of the purple Iso Grifo 7 Liter paid at auction. Yet the seller received more on the My Car Quest sale than the auction sale.
What would you prefer as a buyer or a seller?
The buyer and seller were happy with this result. If you have a special classic car you want to sell let My Car Quest help get it done – click here.
Stay tuned – tomorrow there will be another Iso Grifo for sale on My Car Quest.
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