[AT] Antique tractors that are too expensive

[Cecil Bearden]

Dean:

I had a similar situation.   An estate sale 2 miles west of home.  A 
2204 Massey tractor that had a slight miss.   I talked the seller down 
to 1200  from 2000 and wrote a check.  I didn't go after the tractor 
that evening as I was going to get it the next day Saturday.  At 8am I 
got a call from the seller telling me that she was tearing up my check 
because a guy was there with the original asking price in cash.
Cecil

On 12/22/2019 12:05 PM, deanvp wrote:
> We have all been there on both sides. It has been the same since the 
> creation. Sellers can ask whatever they so desire. IF and that is a 
> big IF they really want to sell, eventualy a mutually acceptable price 
> will be achieved.  I would like to say I have never bid too high at an 
> auction but that would be an outright lie. But most of the time I have 
> pretty good discipline. But it didn't take me very long to realize I 
> wasn't going to make money in the antique tractor hobby. So I now have 
> accepted that I am paying for some enjoyment of a hobby and some self 
> satisfaction of taking something that hasn't run in 20 to 30 years and 
> making it a functional again. I'm not into making trailer queens. All 
> of my tractors know and do real work. But, after 20 years I finally 
> have purchased a trailer queen. A 1935 JD B.  And I probably paid too 
> much for it. But I now have a full sized tractor to take to the local 
> shows in AZ in the winter. But, with all good plans, sometimes it 
> doesn't work out as planned. There are two major issues to deal with 
> here and that is where do I work on a tractor and where do I store all 
> year around. My original offer was made that I would pay a certain 
> amount on the condition that it could be stored and worked on where it 
> was for at least a year. This was accepted by the son of a very good 
> friend of mine here in AZ that passed away in November. He took my 
> Cashiers check to his mother, my deceased friends wife, and she took 
> the check but reneged on the agreement her son had made about storage. 
> I just didn't have the stomach for trying to enforce the original 
> agreement with a grieving widow. So now I am scrambling to arrange 
> storage at a reasonable cost that I had originally built into my 
> offer. In other words I am probably going to lose my ass. So you win 
> some and you lose some. I may have to sell it this winter to mimize my 
> losses.  I now have to do a new benefit vs cost assessment.
>
>
>
> Sent from my Verizon, Samsung Galaxy Tablet
>
> -------- Original message --------
> From: szabelski at wildblue.net
> Date: 12/22/19 8:20 AM (GMT-07:00)
> To: Antique Tractor Email Discussion Group <at at lists.antique-tractor.com>
> Subject: Re: [AT] Antique tractors that are too expensive
>
> If you’ve ever seen the show called Pawn Stars, you see people who 
> always want above top dollar for what they carry in, and get upset 
> when they are offered a fair price. This is even for things that they 
> got at a garage sale for $10, and are offered $300 dollars for. They 
> think that since they were told by the pawn shop owner the real value 
> is somewhere between $300 and $500, they should get $500 for it. They 
> don’t take into consideration that the pawn shop owner has to make 
> money from reselling it and is actually tying up his money for 
> possibly months.
>
> The same goes for a show called American Pickers. These are guys that 
> drive around the country buying antiques for resale and are often 
> asked to pay more than an item is worth because the owner thinks it’s 
> worth more.
>
> When I go to auctions I always wind up passing on things I want 
> because people will bid more for something that they could buy new 
> with a warranty for less.
>
> Carl
> ----- Original Message -----
> From: Spencer Yost <spencer at rdfarms.com>
> To: at at lists.antique-tractor.com
> Sent: Sun, 22 Dec 2019 00:13:19 -0500 (EST)
> Subject: [AT] Antique tractors that are too expensive
>
> 
> We have all seen it:  the tractor the seller is asking way too much 
> for.  Or conversely; why buyers don’t show up for our obviously 
> wonderful tractor that we post in EBay/Craigslist/whatever.
>
> So listening to podcasts tonight, I ran across a podcast that was 
> discussing many things, including a discussion with a psychologist 
> from Berkeley who was explaining the “endowment effect”. I was unaware 
> of this. Though I had intuited it many times I did not know it was a 
> “thing”.
>
> Long story short it explains why people often seem to ask way more for 
> a tractor that I’m willing to pay.
>
> https://en.m.wikipedia.org/wiki/Endowment_effect
>
> https://scholar.google.com/scholar?hl=en&as_sdt=0%2C34&q=endowment+effect&oq=endowment+
>
>
> Interestingly, this is true regardless of how long they owned it or 
> whether it had any other type (e.g. nostalgia) of value.
>
> Unfortunately, the podcast did not describe how I, the buyer, could 
> negotiate my way around this.
>
> PS:   I will be that seller if I ever sell the Pacer. (-;
>
> Spencer
>
> Sent from my iPhone
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