Hammer Time: Good Buy, Bad Buy
It was a pearl of mediocrity among a putrid vat of automotive shit. A 2005 Chevy Malibu. It came equipped with a V6, alloy wheels, a lime green paint job that would make Kermit proud, and only 47,000 miles. The sole great car relatively speaking among a hundred plus repos by a title lending company.
The bidding started at $3000, then $4000, then…It went for $7200… plus about a $350 auction fee.
At this point a lot of folks start laughing and mouthing the words, “Holy Shit!”. The car not only went for retail… but high retail. Super clean to the extreme plus $1500 in monopoly money. No sane soul in this business would have dog-fighted their way into buying that car.
But then only four days later, something even more incredible happened. A 2009 Chevy Malibu. Same green color. Same alloy wheels, no roof, V6 combination. This one with 57,000 miles.
The bidding started at $13,000, then $12,000, then…
Only two buyers happened to be interested in the vehicle. It just so happened that one was directly behind the other. $12,000 went to $10000, and then… after some more time sitting on their heels… a final starting bid at $8000 by the guy in back.
Guy in front bids $8100. Guy in back of him bids $8200. The auctioneer asks and pleads for another bid. After ten seconds of beggary.
Sold! 2009 Chevy Malibu. $8200. Clean condition but bought for $500 less than rough book. About $3000 less than what it deserved wholesale.The guy in front complained and complained. “You did not take my bid! Why you no take my bid!” But the deal was done. The guy in back of him just earned a big ear to ear grin.
As for the rest of the stuff? One other fellow bought a 2011 Chrysler Town & Country with 34k miles for only $15,500. That was a nice buy, and it reminded me that I better start selling on Ebay again. I got a ’95 Miata in red and 94k for $2675.
Everything else was already at tax season prices.More by Steven Lang
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I think the G6 GTP/GXP 3.9 was offered in Stick shift only as a 2 Door Coupe. As a rental car any of the G6 were not loved. They always seemed to have some kind of mechanical issues. Customers hated the high belt line, small windows, tiny trunk and non stealer gas milege. We were happy when the turds were gone just to have HHR's and Cobalts bringing on the hate. The late models of those were built better. Thank G-D.
....."why you no take my bid?"....more than a hint of something going on there, Steve. Either discrimination, corruption, or old fashioned favoritism. You don't usually add extraneous comments, so which was it?....or is that another story for another day?