I picked up my car from EAG.

[jalopi]

the 'the market sets the price' argument is only good to a certain point - remember how well that worked for the housing market back in the mid 2000's?

i literally deal with this crap all day. the sellers i work with [banks] slap astronomically high prices on their homes (usually start about 20-30% over the market value) in the hopes that some chump with extra money will come along and actually buy it. 95% of the time the house sits until they reduce the price to a reasonable (read: market value) amount and the house goes under contract. then there's the 5% of times that some chump comes along and actually DOES buy the house at the inflated price.

OP is the chump in this situation. what he paid for the car is NOT the market value - it's the EAG value. if it was actually the market value e30s would actually be going for these prices. unfortunately stupid people can't tell the difference between EAG overinflated pricing and actual market values when they go to sell their own cars, which is the underlying issue here

i also doubt the anger in this thread isn't about people who bought $500 cars and are upset that they couldn't afford something nice like OPs new car - they're fucking mad because transactions like OPs are making the $500 e30 disappear... maybe even $1k e30s as well. i can't remember the last time i saw a drivable e30 for $1k in my area

[nando]

I'm pretty sure that E30s are not anything like the housing market. I don't think you can possibly get a loan for a 25 year old car. the housing market exploded because banks were giving people loans for houses they knew they couldn't possibly afford.

so, the market doesn't set the price, but at the same time you can't find dirt cheap E30s anymore that aren't complete piles of shit? which is it?

[akorcovelos]

If you went through the quality build threads on the forums and totaled up the parts, and put a standard (if not low) labor rate of $100/hr on the time spent on the builds they would all easily total over $20k, regardless of whether it was an OE restoration or Mod build. Most people on these boards can't afford to drop $20k+ on a clean low mileage car, or a prep'd complete restomod done right, but they can swing buying a $3k runner and dumping money into it over months or years.

This guy has the coin to skip the knuckle busting paycheck to paycheck build style most people here have to go through to get a like condition car, good for him!

Congrats on the purchase OP, beautiful car. I loved my 318i, the m42 is a great engine when properly maintained.

[JWHIII]

Definitely a hefty price to pay but as far as I'm concerned if OP got exactly what he wanted then good for him! I have three unmolested e30's. Not because I think of them as an investment I just prefer my cars as original as possible. But if the value of the e30 IS on the rise then all the better!

Beautiful car OP and welcome to the R3V!

[101]

If the car puts a big smile on his face every time he drives it - and he has the coin for it then I'd say he's doing just fine at the game of life.

[Aleksey]

I'm pretty sure that E30s are not anything like the housing market. I don't think you can possibly get a loan for a 25 year old car. the housing market exploded because banks were giving people loans for houses they knew they couldn't possibly afford.

so, the market doesn't set the price, but at the same time you can't find dirt cheap E30s anymore that aren't complete piles of shit? which is it?

You can get a loan for 25 year old car via a credit card ;) I think if you wait you can find a decent E30 it doesn't have to be on market this exact moment.

If we use housing anology, having this E30 lined up next to 10 $500 E30's that 'run' and are not total trash actually brings down the value of this $20K E30. From financial stand point (if we are dealing with big boy houses) that would mean the owner of the house would be paying huge $xxx% of the 'market' value and be forced to force close because the house next door is half the price of his remaining amount. The guy above can back me up on this.

Shitty loans definitely contributed to the bubble but people who signed up for them and defaulted caused everybody else to start defaulting as a chain reaction. Dropping value of every house on the block.

But whatever... we are just going to argue about this back and forth so I'm just going to play I'm happy and enjoy my day :)

All best to the the OP and his car!

[slammin.e28]

OP obviously has good taste in cars (E-type....OM NOM!!) and knows what he wants and got it.

I'm happy he decided to post the experience with EAG here so us plebes can have a glimpse into the inner workings of an outfit that can ask many dollars, and get many dollars, for these cars.

[oliver.r]

OP obviously has good taste in cars (E-type....OM NOM!!) and knows what he wants and got it.

I'm happy he decided to post the experience with EAG here so us plebes can have a glimpse into the inner workings of an outfit that can ask many dollars, and get many dollars, for these cars.

agreed

[nando]

You can get a loan for 25 year old car via a credit card ;) I think if you wait you can find a decent E30 it doesn't have to be on market this exact moment.

If we use housing anology, having this E30 lined up next to 10 $500 E30's that 'run' and are not total trash actually brings down the value of this $20K E30. From financial stand point (if we are dealing with big boy houses) that would mean the owner of the house would be paying huge $xxx% of the 'market' value and be forced to force close because the house next door is half the price of his remaining amount. The guy above can back me up on this.

Shitty loans definitely contributed to the bubble but people who signed up for them and defaulted caused everybody else to start defaulting as a chain reaction. Dropping value of every house on the block.

But whatever... we are just going to argue about this back and forth so I'm just going to play I'm happy and enjoy my day :)

All best to the the OP and his car!

I'm sorry but cars are not houses and financially they aren't even closely comparable.

having your $500 piece of shit parked next to mine doesn't make mine worth less than what it is. Houses work that way because the are anchored to the ground.

[Wh33lhop]

In this thread: broke young DIY hobbyists berating much more seasoned guys with money, because they "totally could have done it cheaper" in their parents garage.

[slammin.e28]

In this thread: broke young DIY hobbyists berating much more seasoned guys with money, because they "totally could have done it cheaper" in their parents garage.

[Mr. Burns]

In this thread: broke young DIY hobbyists berating much more seasoned guys with money, because they "totally could have done it cheaper" in their parents garage.

bingo.

we finally get a guy with a perfect example of what a pristine E30 is, and he's lambasted for paying too much.

goes to show that unfortunately the E30 scene is catering to guys in hoonigan-wear wondering what to plastidip next with BK Lounge budgets.

[TimeMachinE30]

bingo.

we finally get a guy with a perfect example of what a pristine E30 is, and he's lambasted for paying too much.

goes to show that unfortunately the E30 scene is catering to guys in hoonigan-wear wondering what to plastidip next with BK Lounge budgets.

Jealousy. "If I had this" "If it was my money" yadda yadda..

[Aleksey]

I'm sorry but cars are not houses and financially they aren't even closely comparable.

having your $500 piece of shit parked next to mine doesn't make mine worth less than what it is. Houses work that way because the are anchored to the ground.

If that $500 POS works and runs it without any cosmetic defects then it actually does in one way or another. That's how market valuation works across the board in any sector.

To make this more visible, if he paid $200K and parked next to a lot full of $5K E30s that run strong and have no major defects his car at market rate would be valued at $200K?

You can pay for a knife that was used 30,000 times .vs a knife that was used 100,000 times. If they both cut bread; first knife is not worth 100x mark-up to majority of population.

This car is going to be driven / not displayed at museum. The valuation will drop every single day he drives it. It will drop further w/ any job he has to perform on a car. If it's a major job then it will be a 'bubble' and he will devalue his car completely.

You can't argue with market value and valuation. I deal with this stuff regularly; if buyer thought this is a good deal that does not mean it was a good deal and all of you are simply speculating how great the car is without any evidence. Purely on the price tag. In investing; we call that a bubble.

There was absolutely zero proof on how 'great' the car is besides few pictures and everything is based purely off those pictures... and 30K milegage which to me is nothing (I just sold my grand fathers Accord with 58K miles from 2002; it was far from mint once you dig deeper).

And then you simply assume the car is amazing because of the dealership it was acquired from. Again... fan boy/circle jerk without any solid evidence.

We can pretend all we want and try to act like purists blah blah; but this was not a good deal based on information that was provided.

This place is for discussion and obviously there will be groups of people that are split on it. If you are going to post 20K E30 people will question that decision.

[jim87]

the 'the market sets the price' argument is only good to a certain point - remember how well that worked for the housing market back in the mid 2000's?

i literally deal with this crap all day. the sellers i work with [banks] slap astronomically high prices on their homes (usually start about 20-30% over the market value) in the hopes that some chump with extra money will come along and actually buy it. 95% of the time the house sits until they reduce the price to a reasonable (read: market value) amount and the house goes under contract. then there's the 5% of times that some chump comes along and actually DOES buy the house at the inflated price.

OP is the chump in this situation. what he paid for the car is NOT the market value - it's the EAG value. if it was actually the market value e30s would actually be going for these prices. unfortunately stupid people can't tell the difference between EAG overinflated pricing and actual market values when they go to sell their own cars, which is the underlying issue here

i also doubt the anger in this thread isn't about people who bought $500 cars and are upset that they couldn't afford something nice like OPs new car - they're fucking mad because transactions like OPs are making the $500 e30 disappear... maybe even $1k e30s as well. i can't remember the last time i saw a drivable e30 for $1k in my area

If that $500 POS works and runs it without any cosmetic defects then it actually does in one way or another. That's how market valuation works across the board in any sector.

To make this more visible, if he paid $200K and parked next to a lot full of $5K E30s that run strong and have no major defects his car at market rate would be valued at $200K?

You can pay for a knife that was used 30,000 times .vs a knife that was used 100,000 times. If they both cut bread; first knife is not worth 100x mark-up to majority of population.

This car is going to be driven / not displayed at museum. The valuation will drop every single day he drives it. It will drop further w/ any job he has to perform on a car. If it's a major job then it will be a 'bubble' and he will devalue his car completely.

You can't argue with market value and valuation. I deal with this stuff regularly; if buyer thought this is a good deal that does not mean it was a good deal and all of you are simply speculating how great the car is without any evidence. Purely on the price tag. In investing; we call that a bubble.

There was absolutely zero proof on how 'great' the car is besides few pictures and everything is based purely off those pictures... and 30K milegage which to me is nothing (I just sold my grand fathers Accord with 58K miles from 2002; it was far from mint once you dig deeper).

And then you simply assume the car is amazing because of the dealership it was acquired from. Again... fan boy/circle jerk without any solid evidence.

We can pretend all we want and try to act like purists blah blah; but this was not a good deal based on information that was provided.

This place is for discussion and obviously there will be groups of people that are split on it. If you are going to post 20K E30 people will question that decision.

Whoa now. You guys better agree or you might get banned