Last week I showed our car to a prospective buyer and I went against my number one selling rule: never sell to friends or family. A friend saw my car’s availability on facebook (which was my fault) and I got in contact with his relative who I knew from my old church. They called me and I quoted them a price, but after our conversation I realized that I quoted them the value that I would sell to a dealer for trade-in value, not reseller value. Well, after much thought, the next day I spoke to them and raised the price by $1,000…LOL! I spoke the truth and gave them my reasoning. They actually took it pretty well, and still asked to see the car.
Now, we would still have done that to anyone and it wasn’t because we were baiting their interest, but what compelled us was more the fact that it was fair market value and we didn’t want to be pressured into buying a new vehicle so quickly if the deal was made. The buyer ended up not wanting our car citing additional costs for repairing scratches and replacing tires. Um…it’s a seven year old car, what’d you expect? The exterior actually isn’t that bad. And new tires? The car more than adequately passes the coin depth examination. They didn’t have to tell me why they didn’t want the car, but I think they wanted to get back at me. Fair enough.
So was the price increase a $1000 mistake? Nah. Spending $0 to buy a new car is always a win. Did it matter that I knew them beforehand? I suppose not, but I sort of feel bad…sort of.