[AT] Antique tractors that are too expensive

[deanvp at att.net]

I purchased my used Lincoln 225 AMP arc welder for $100 at a swap meet. It is quite old. I haven’t taken the time to try to figure out how old but I wanted to buy an older one after looking at new ones. I looked at the guts of a new one vs how the old ones were built and decided an old one would last longer and probably weld better.  I’ve had it 10 years and it is ready to go every time I need it.  IMHO, sometimes new isn’t always better. 

 

Dean VP

Snohomish, WA 98290

 

From: AT <at-bounces at lists.antique-tractor.com> On Behalf Of Mike M
Sent: Saturday, December 21, 2019 9:38 AM
To: at at lists.antique-tractor.com
Subject: Re: [AT] Antique tractors that are too expensive

 

I've also seen people bid way too high, they get caught up in the excitement. I was standing next to a guy who was bidding on an old tombstone welder. I wanted it too. I think he ended up paying $300 for it. You could buy a new one for less than that. It's pays to know what things cost before bidding on them. I was bidding, but dropped out at $150, because that is all I was willing to pay.

Mike M



On 12/22/2019 12:13 AM, Spencer Yost wrote:

 

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 <https://scholar.google.com/scholar?hl=en&as_sdt=0%2C34&q=endowment+effect&oq=endowment+> &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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