In Reply to: Buying from a relative...help! posted by Scott on April 23, 2001 at 14:55:16:
The asking prices are a very poor indicator of actual value. A lot of owners are asking ridiculous prices. Nobody on this board is going to pay 20K for an E30 M3 except for the fools.
The market guides are an excellent resource because they provide an independent and unbiased source of information about actual selling prices. You will not find unbiased information on this board about actual selling prices because most everyone on this board is an owner with a vested interest in keeping the values artificially inflated.
The CPI value guide, for example, lists an '89 BMW M3 in excellent condition with a value of $12,200. http://www.cpivalueguide.com/
"How do you determine the values listed in the Guide?"
The editors of CPI Value Guide collect and analyze tens of thousands of pieces of data from auctions, dealer sales reports, and public sales. The editors also confer with various car clubs to get a better feel for what’s happening in the market. Each vehicle is reviewed individually, and the value listed is determined by reviewing the available information."
I would offer $12k for the car, and show your relative the value guide.