Mecum auction car

[StainlessNJ]

Mecum has a Delorean coming up for auction:

https://www.mecum.com/lot-detail/AN1115-226398/0/1981-Delorean-DMC-12/5-Speed/

Anyone have experience with Mecum? Is it a good idea to bid on a car at an event you can't attend? (this is across the country from me). Would they often provide additional photos of the frame underneath the car, and other details if I requested? Is anyone familiar with this car and it's owner?
VIN SCEDT26T0BD002032

[DMCVegas]

Honestly, I don't care if it's Mecum, Barrett-Jackson, or the local tow truck company selling derelicts out from impound: Always do your homework on the vehicles first. If you can't go and visit the car in person, then you need make sure that someone you trust enough to be a second set of eyes for you is there inspecting the car as though you were there in person.

Mecum along with Barrett-Jackson have had their fair share of lawsuits over the years, especially for vehicles that have been misrepresented. Now I'm not putting them down to where I would advise against buy anything from them, because there isn't anything wrong with buying cars at auction. But what I am saying is that in any situation it should always be "buyer beware". Places can accidentally make mistakes as much as they can also purposefully omit information. Don't think that just because they're a well know name, that you're going to be immune from buying a bad car. Always research the vehicle before you buy. It looks like you can inspect the car in person. So if you're willing to plunk down tens of thousands of dollars on this car, don't do it sight unseen. Buy a plane ticket out to California and look at the car in person.

[Mark D]

Mecum has a Delorean coming up for auction:

https://www.mecum.com/lot-detail/AN1115-226398/0/1981-Delorean-DMC-12/5-Speed/

Anyone have experience with Mecum? Is it a good idea to bid on a car at an event you can't attend? (this is across the country from me). Would they often provide additional photos of the frame underneath the car, and other details if I requested? Is anyone familiar with this car and it's owner?
VIN SCEDT26T0BD002032

No personal experience with mecum... I wouldn't personally bid on a car that I didn't see in person first but plenty of people do based on photos. I'd definitely want to see the frame first and look through the service records they claim to come with the car. I would hope the auction house would be able to help you out with the additional info if you request it.

Since this is a california car I would hope the frame is good but you never can tell for sure without at least a few good photos. You may want to try calling DMC CA to see if they could give you any history on it, or perhaps contact the owner for you and see if he/she would be willing to call you. You're probably not likely to get the owner's actual contact info from a vendor directly. In the past I've left my info with a dealer and they call as a third party to pass along my info, then it's up to the owner to decide if they want to contact me.

From the photos the car looks like it's in good cosmetic shape. From what I can tell it looks like the seats have been recovered so I'm not sure if that matters to you or not. The rest of the car looks pretty original, at least from what I can see in the photos.

[Mark D]

Buy a plane ticket out to California and look at the car in person.

I think Dave at DMCMW usually recommends this as well... He said something like "It'll be the cheapest plane ticket you ever buy" to go out and see a car and NOT buy it, rather than to buy a basket case sight unseen.

[Dangermouse]

Since this is a california car........

But is it?

Just because it is now in CA, doesn't mean it has spent it's life there. [CA cars seem to end up at BHCC anyway :) ]

I have a note that it was in Utah in 2009 but no idea where it was before or after

[DMCMW Dave]

The problem with major auctions (and minor ones) is that the Auctioneer typically sees the car the week before the auction, along with whatever the seller wants to say to make it sound good. The auction house does not do anything to validate claims or inspect the condition of the car. Read the terms of the auction. So they can't tell you anything about the car, you are bidding entirely on photographs.

If it's an estate auction, then nobody alive knows ANYTHING about the car unless you happen to find receipts from a DMC service shop wadded up in the glovebox. It's easy to get caught up in the auction excitement and make a bad decision.

Most of the really overpriced-for-condition cars I see are from auctions, because all it takes is two people who don't know anything about DeLoreans to bid them way beyond a rational price.

[StainlessNJ]

Thanks for the insight. It seems like a lot of work to fly out there to see a car that 1. I may not be interested in after seeing. and 2. I might not win at auction anyway if the bidding gets crazy.




The problem with major auctions (and minor ones) is that the Auctioneer typically sees the car the week before the auction, along with whatever the seller wants to say to make it sound good. The auction house does not do anything to validate claims or inspect the condition of the car. Read the terms of the auction. So they can't tell you anything about the car, you are bidding entirely on photographs.

If it's an estate auction, then nobody alive knows ANYTHING about the car unless you happen to find receipts from a DMC service shop wadded up in the glovebox. It's easy to get caught up in the auction excitement and make a bad decision.

Most of the really overpriced-for-condition cars I see are from auctions, because all it takes is two people who don't know anything about DeLoreans to bid them way beyond a rational price.

[DrJeff]

...
Most of the really overpriced-for-condition cars I see are from auctions, because all it takes is two people who don't know anything about DeLoreans to bid them way beyond a rational price.

Known as "winners curse". The bidder most likely to win has the most optimistic view of the value/condition of the asset. The larger the number of bidders and the less information there is available about the asset the greater the 'premium' the winner will pay. Auctions are set up to amplify this effect, with only pictures available, multiple bidders, and false urgency. It can be frustrating to see what should be a deal go for silly money, but if you recognize the winners curse conditions it is better to just walk away.

Getting a good deal means doing the opposite, lots of information to make a value assessment, and no other bidders, and no artificial deadlines. You might not have the best pick of cars in this pool, but the deal you get can make give you funds to get things remediated.

Jeff

[StainlessNJ]

Thanks everyone - By the way, what's this guy thinking with this price? Was it really painted for John DeLorean's brother?

http://www.hemmings.com/classifieds/cars-for-sale/delorean/dmc-12/1779433.html

I would think maybe 35K would snag me a nice car these days, but I guess not...



Known as "winners curse". The bidder most likely to win has the most optimistic view of the value/condition of the asset. The larger the number of bidders and the less information there is available about the asset the greater the 'premium' the winner will pay. Auctions are set up to amplify this effect, with only pictures available, multiple bidders, and false urgency. It can be frustrating to see what should be a deal go for silly money, but if you recognize the winners curse conditions it is better to just walk away.

Getting a good deal means doing the opposite, lots of information to make a value assessment, and no other bidders, and no artificial deadlines. You might not have the best pick of cars in this pool, but the deal you get can make give you funds to get things remediated.

Jeff

[David T]

Thanks everyone - By the way, what's this guy thinking with this price? Was it really painted for John DeLorean's brother?

http://www.hemmings.com/classifieds/cars-for-sale/delorean/dmc-12/1779433.html

I would think maybe 35K would snag me a nice car these days, but I guess not...

There are enough Deloreans, especially in the NY metro area, that you don't have to buy one on the other side of the country. Shipping will add a minimum of $1K to the cost. More if you decide to go too. As for this one, I would have to see something convincing to make me believe that claim. Even if it is true ask yourself, does it really increase the value? Call PJ Grady if you have $35K to buy a nice one. I am sure he can get you something.

[DMCVegas]

Thanks everyone - By the way, what's this guy thinking with this price? Was it really painted for John DeLorean's brother?

http://www.hemmings.com/classifieds/cars-for-sale/delorean/dmc-12/1779433.html

http://dmctalk.org/showthread.php?12568-Custom-painted-D-for-John-DeLoreans-brother



I would think maybe 35K would snag me a nice car these days, but I guess not...

If you're really willing to spent that kind of money, check with one of the DeLorean service centers to see what refurbished, or consignment vehicles they have available. You can get a really nice car for that price, absolutely. But you really need someone reputable on your side if you're not yet extremely well-versed in what intricacies to look for with a DeLorean.



I think Dave at DMCMW usually recommends this as well... He said something like "It'll be the cheapest plane ticket you ever buy" to go out and see a car and NOT buy it, rather than to buy a basket case sight unseen.

Very true. One of the first cars that I ever looked at was from California, but was parked about 2 blocks or so from the ocean. It was a really nice car with a complete history and TONS of documentation, but when I found moss in the door channels and some rusty bolts on the chassis, I got cold feet and passed. It wasn't a bad car, but it was certainly above my level of skill and comfort at the time.

[Delta DeLorean]

Mecum has a Delorean coming up for auction:

https://www.mecum.com/lot-detail/AN1115-226398/0/1981-Delorean-DMC-12/5-Speed/

Anyone have experience with Mecum? Is it a good idea to bid on a car at an event you can't attend? (this is across the country from me). Would they often provide additional photos of the frame underneath the car, and other details if I requested? Is anyone familiar with this car and it's owner?
VIN SCEDT26T0BD002032

I did sent a email to Mecum if and how I can bid on this car.
The comunication with them was very good, but i am not going to bid on the car, because i am sure i am not going to be the highest bidder and then i spend 100$ registration fee for nothing.
The told me the seller likes to see it sold for 40000 to 50000$ dollar! But the reserve is lower, because this price is not very realistic.
Because i am from Europe i had to deposit 10000$ before i can bid.
So with my budget from around 25000$ for a delorean i am going to pass on this one.
And no, they don't send any additional photos from the frame, they don't think they have them.

[Flicky]

I'm surprised the bid made it up to $30,000. Reserve was not met. Good to see a rather standard condition car is getting that on a very quick push out auction. I'm also surprised a rusty framed, neglected, BAE car is near 30K on ebay right now.

[Bitsyncmaster]

There was also a 23% internet buyers fee which kind of makes buying it via internet cost more than a plane ticket to/from the auction.

[Mark D]

I caught the auction on TV the other night. They only gave it around 15 seconds of coverage while the auctioneers talked about a different car when it was on screen... As others already said it made it to 30K and didn't meet reserve.

[Ikeaboy1]

Cumulatively, I've driven thousands of miles to physically inspect Deloreans that did not live up to description. I'd never buy one I wasn't able to lay eyes on.

And these cars, for whatever reason, photograph really well. I've seen cars that look perfect in high resolution photos look like fixer-uppers in person.