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RE: Well....
Erik, only dallas has the "I paid more for my boat than you" mentality.
Here in Houston, it is "I got mine for less, you suck at negotiations!"
I doubt that make you feel any better, but every region can vary drasticly even within the region.
I do agree that there is an inherant value that each "object" has, but then again if someone is willing to pay a lot more than it really is worth, then it now has that value.
Also think of it this way, my boat may be worth $35,000 if I really wanted to sell it, but someone would have to offer me $45,000 for me to consider selling it. That means that while the value of the boat in the market is $35,000, my value of the boat is $45,000. So value of an object is very dependant upon the situation involved. I am not looking to sell, and love the boat, hence my value of it is higher tha someone else's that wants my boat. That is supply and demand in action. I have supply, you have demand, you pay what I want or I keep supply, and you keep demand. NADA is irrelevant.
Right now I am in the market for a new truck. NADA tells me my truck is worth $16,000 trade in, but the dealers best offer is $13,000. I have tried to sell the truck private party for $15,500 with no luck. That means that the value of the truck to me right now is less than NADA's value for trade-in, and it will probably be nearer to the dealer's offer. Again supply and demand. The dealer has the supply, I have the deamnd. If I want his supply, I will have to pay his demand.
The fine line is in the negotiations, and persuading the other party that his supply or his demand is not as strong as your supply or your demand.
Erik, only dallas has the "I paid more for my boat than you" mentality.
Here in Houston, it is "I got mine for less, you suck at negotiations!"
I doubt that make you feel any better, but every region can vary drasticly even within the region.
I do agree that there is an inherant value that each "object" has, but then again if someone is willing to pay a lot more than it really is worth, then it now has that value.
Also think of it this way, my boat may be worth $35,000 if I really wanted to sell it, but someone would have to offer me $45,000 for me to consider selling it. That means that while the value of the boat in the market is $35,000, my value of the boat is $45,000. So value of an object is very dependant upon the situation involved. I am not looking to sell, and love the boat, hence my value of it is higher tha someone else's that wants my boat. That is supply and demand in action. I have supply, you have demand, you pay what I want or I keep supply, and you keep demand. NADA is irrelevant.
Right now I am in the market for a new truck. NADA tells me my truck is worth $16,000 trade in, but the dealers best offer is $13,000. I have tried to sell the truck private party for $15,500 with no luck. That means that the value of the truck to me right now is less than NADA's value for trade-in, and it will probably be nearer to the dealer's offer. Again supply and demand. The dealer has the supply, I have the deamnd. If I want his supply, I will have to pay his demand.
The fine line is in the negotiations, and persuading the other party that his supply or his demand is not as strong as your supply or your demand.
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