Placed an offer on a Delorean today

[David T]

Sorry if I got the impression it was on flats and a non-runner. I understand your hesitation but I was just saying it is possible you could have it all arranged and delivered upon your return from your trip. While all shipping brokers are not bad, enough people have had bad experiences that it really isn't worth the few bucks you save if the car gets damaged or lost. Because you are asking to move over a "main route", Ca to NJ, it is heavily traveled by most shippers at least once a week. That will get you good service and a lot of choices. Horseless Carriage is based in NJ too so IMHO they are a good choice. Get some prices and compare. Try to have your own insurance on it too before it gets shipped.

[Nicholas R]

Congrats on getting your car!

Mom did say my rather unique offer is what put the deal in my favor. The short of the offer is this, I offered her, her family and then other friends (all named) first right of refusal if I ever decided to sell the car and for the same price I paid for the car.

I see this as a win, win. I get to use the car and will recoup my cost, at a minimum and if no family or friend has the money I can then sell for a profit if one presents itself. One step at a time for the moment, hoping to have the title in hand before I depart for my trip, fingers crossed.

This is an interesting agreement. Is it legal in any way or just a good faith agreement? Is it the exact price you paid them for it, or the amount of money you have in it? Just curious because there is no doubt you'll end up spending money on the car. Not a dig at the car's condition or anything, it's just a fact. This is especially true if you decide to perform any upgrades to the car.

Congrats again on getting the car

[About time]

Congrats on getting your car!



This is an interesting agreement. Is it legal in any way or just a good faith agreement? Is it the exact price you paid them for it, or the amount of money you have in it? Just curious because there is no doubt you'll end up spending money on the car. Not a dig at the car's condition or anything, it's just a fact. This is especially true if you decide to perform any upgrades to the car.

Congrats again on getting the car

The agreement is all handshake at this point but I am willing to put it in writing. All that would be needed for me is to send a certified letter to each person stating that I'm selling the car, they have 90 days in which to deposit a check in my name and arrange shipping. If they don't come across I can sell to the public.

I figure whatever amount of upkeep I put into the car is just the cost of owning a car, I would not try recouping that amount. I could get screwed and the transmission might be leaking but that's the gamble, also bear in mind, I did not pay what I think the car is actually worth.

If this car is in the same condition as when I last drove it she's a 25-35K car, Stage II, new seats and other upgrades. Grey interior 5 speed.

At this point I'm in at 15K so if I need a new battery, tires, oil change trans fluid change I'm still at a solid price.

Some of you might be saying there's no way I got a 25K or better car for 15K but I was smart, I listened to the mother and got creative, expressed my love of the car, reminded her of times with her son and in short was the one with the money. Her "family member" wanted it for nothing. The other person that was thought of as a main bidder couldn't come up with the money, he had a big Christmas and was short on cash. Others talked the talk, but in the end came up short when an offer was made.

To top it off, I'm negotiating with one of the other potential bidders now, he was impressed with my creativity and he wants to send me a check for 8K so that he would be person 1 that I call if I ever sell her. For now I told him no, until I actually own the car. But I do like thinking outside the box, and this is one time it seemed to work well.

One I have the car I'll be sure to test drive, and report the short comings I find as well as a general review. The only thing I see me changing is to upgrade the sound system, a couple of 6"X9"s in the rear, a small amp and new head unit will do nicely.

Tick tock, fingers crossed this gets done and I'm driving a new D come mid Feb. (Please, no SNOW!)

[Michael]

If the car is indeed yours there is no reason whatsoever to stipulate any written contracts directing your future choices with the car. You have no idea what you may or may not spend on the car in the future, nor do you know if prices will change. Imagine if for some reason, values went up signifigantly and you wanted to sell, would you sell a (again just thinking out loud) 60k car for 15k to anyone? What if you had to say replace the trans or engine? That's the best part of 10k and you should not paint yourself into a corner with resale terms. It's your car, and if she doesn't require a contract, then don't mention it.

Oh and congrats!!! I'm know you would have chosen to be an owner under different circumstances but I am sure you will do right by your friend.

[opethmike]

The first, and most important step, of DeLorean ownership is to give Michael a long hug.

[About time]

If the car is indeed yours there is no reason whatsoever to stipulate any written contracts directing your future choices with the car. You have no idea what you may or may not spend on the car in the future, nor do you know if prices will change. Imagine if for some reason, values went up signifigantly and you wanted to sell, would you sell a (again just thinking out loud) 60k car for 15k to anyone? What if you had to say replace the trans or engine? That's the best part of 10k and you should not paint yourself into a corner with resale terms. It's your car, and if she doesn't require a contract, then don't mention it.

Oh and congrats!!! I'm know you would have chosen to be an owner under different circumstances but I am sure you will do right by your friend.

I agree, no reason to pigeon hole myself into a corner, but my word is very important to me and a deal is a deal. Now if I get this car and it's a 15K car and was misrepresented to me that changes things. But if this car is everything I remember it to be I will honor my word and offer it at 15K if I sell her.

If she's then advertised/burning oil or the tranny is slipping etc. I'll offer her right back to all interested parties. I assume the risk of my blowing an engine or some other expensive item. The family members don't really have the money needed to buy this car from me, the mother has it but doesn't want the car (she's in her 70's), so that leaves close friends. There is something to be said for keeping it in the fold.

Mike you're a thinker, I'm sure you can come with a creative way to offer the car for sale to friends/family at a time they can't afford it. (if I ever wanted to go that route.) Freeing me up to sell it as I please.

[About time]

I do wish there were a "LIKE" option on this forum, many comments I'd like ton acknowledge but don't want to make an entire post to just give a thumbs up.

[Michael]

I agree, no reason to pigeon hole myself into a corner, but my word is very important to me and a deal is a deal. Now if I get this car and it's a 15K car and was misrepresented to me that changes things. But if this car is everything I remember it to be I will honor my word and offer it at 15K if I sell her.

If she's then advertised/burning oil or the tranny is slipping etc. I'll offer her right back to all interested parties. I assume the risk of my blowing an engine or some other expensive item. The family members don't really have the money needed to buy this car from me, the mother has it but doesn't want the car (she's in her 70's), so that leaves close friends. There is something to be said for keeping it in the fold.

Mike you're a thinker, I'm sure you can come with a creative way to offer the car for sale to friends/family at a time they can't afford it. (if I ever wanted to go that route.) Freeing me up to sell it as I please.

Ohhh flattery will get you far here!!!

I keep a record of what I have spent on mine. I have it organized into three catergories: maintainance, repairs, and modifications( things like sway bar strut or stainless steel label kit). I realize the first two costs should be looked at as the price to pay for driving and enjoying your car and should not be looked at as recoverable especially over the long run, but you should at least keep a total to initally get the car road worthy and presentable(tires, service, cosmetic issues, etc.) and you should at the very least recover that if you ever decide to sell. Changing values will probably not move a lot over your tenure, but maybe once you get it the way you want it (that is if it even needs anything at all), check NADA, place a value on your car and if the time to sell ever comes, see if the same car in the same condition is still the same value and add that percentage to your sales price. Say your car when ready would be valued at 30k, say you paid 18k for it to get it to that point, you said you would sell it back for what you paid but if that car's value climbs drastically, that would not in any way be fair to you. Recheck the NADA value of the same car and if it has risen to 33k instead of 30k, add 10% to your sale price. If it shows your car as being worth 40k, add 33.3% to your price. That would allow the resale back to the family to be fair to both you and allow you to keep your word to the family.

That's just an idea, you can probably build on it with more thought or even think of something completely different but personally I don't like the idea of boxing yourself in because if values go down the family will not give you above market for it. It's almost a win/win for them. You are buying the car and like you said, not only taking chances but putting in effort, time and money.

[Michael]

The first, and most important step, of DeLorean ownership is to give Michael a long hug.

It's in the tech manual

hugs.jpg

[Parzival]

It's in the tech manual

hugs.jpg

Now that's funny!

Will you settle for a high five?