E89 auction prices

[Z4fanDavid]

So, thought I would pay a speculative visit to BCA Newcaslte today to look at this very basic-spec 2009 23i manual (according to the VIN check routine that's be shared here before). It's a really low-miler, 15,000, with apparently good history (although I couldn't verify it), and the electric hood stuttered before finally closing after a third attempt. Interior was quite scuffed, and a few chips, scratches outside but generally pretty good.

Anyway, bidding started at £9k and rose to £11,400 which was from dealer over the 'net. For the private buyer, after numerous BCA fees (£636 buyer's, plus £42.50 inspection report, plus another £25 for something else I think, plus 1.5% transaction charge for cash), this rises to about £12,300 !!

I left in shock, feeling more interested in the Stratstone one that should be doing a 'move me closer' to me this week - sapphire black 2010 MSport 23i auto with 27,000 miles, approved-used BMW, £12,900.

David

Registration number NV09 DRX First registered date 29/07/2009 Mileage 15,651 (Warranted) Fuel type Petrol Transmission Manual Transmission Colour WHITE MOT expiry date 06/10/2017 Grade 2 Number of doors 2 Service history Yes Service history date 26/09/2015 Log book Present. 19" Alloy Wheels, Air Conditioning, CD Autochanger, Climate Control, CO2 Emissions - 199 g/km, DVSA Mileage - 7k 9k 11k 13k 14k, Last Srvc - 09/15 12k, Leather Trim, Spare Key(s), Srvc Bk - 3 srvc

 

[MACK]

There's probably a few factors that came into play here
1) At BCA the trade always seems to go stupidly crazy for anything with uber low mileage, especially if its a bit different.
2) Its white and the trade still go mad for anything white
3) Depending on your trade level buyers membership they could have paid as little as circa £100 in fees. As they only pay about a £10 for the inspection report and IIRC debit card/bank transfer or on account don't incur costs
4) Did the online buyer clock the roof issue, were they actually watching the video feed live or had just proxy bidded through their online account.

Reminds me of when I was looking for mine, watched one go through BCA Glasgow as an online bidder and it was a 30k ish car on a 04 I think. At the time it CAP'd clean at £5,200 and it eventually went for nearly £6,500+ fees. The car ended up on a pitch for nearly £8,000 and the trader seemed to have it for ever!

 

[Z4fanDavid]

Insightful points; thank you Mack. It did seem insane given general market prices, even for good ones, given that the spec (except for the red leather, which looks good with white) really seems 'poverty' for an E89.

I don't know whether the online feed to trade buyers allows them to look at the line-up for the 50 metres or so before entering the auction pit, but suspect not, and that he won't then have seen the potential hood problem. But, this didn't seem to bother the on-site bidders either so perhaps it wasn't a concern anyway for those with blood rushing to the head...

 

[MACK]

Insightful points; thank you Mack. It did seem insane given general market prices, even for good ones, given that the spec (except for the red leather, which looks good with white) really seems 'poverty' for an E89.

I don't know whether the online feed to trade buyers allows them to look at the line-up for the 50 metres or so before entering the auction pit, but suspect not, and that he won't then have seen the potential hood problem. But, this didn't seem to bother the on-site bidders either so perhaps it wasn't a concern anyway for those with blood rushing to the head...

They won't have seen the roof issue then, the video feed is literally only when its in the auction hall in front of the podium. At BCA they normally activate the roof in the hall as well for this reason so I'm surprised they didn't in this case to be honest.
However most traders have wised up these days that the distance selling regs apply even to the trade in an auction hall if bought by proxy/over the net so he probably thinks he's covered.

 

[Z4fanDavid]

Sorry - didn't mention - once they had got it to work away from the podium they then operated it in front of the podium. Very interesting point about distance selling regs: this would surely incentivise even those present to bid via the net once they've seen the car in the flesh.