question on selling an Ondoy car

[magister]

not sure if this is ok. mods, pls lock the thread if this isn't allowed.

plan to sell my 03 vios A/T. it went under water (window deep) for a couple of hours and i had it repaired at a Toyota dealership. it is now in good running condition. (in fact better prior to the flood.)

anyway, the problem is no matter what i say regarding the repairs and amount spent for repairs, and the condition of the car, buyers still see it as a flooded car and shy away from it. i realize that i can't sell it for its true market value and i'm willing to take a hit. my question is, how much lower can i sell the car "without giving it away"? would it be ok to sell it at 50K less than the market value of a car that was not flooded? or am i being too generous? (magkano na nga ba selling price ng non-flooded vios?)

any advice would be appreciated.

thank you.

[number001]

Selling for 50K off the market price of a non flooded car is not realistic. You could try it though.

I know of an owner of a 2007 Civic FD 1.8S A/T. Car was fully submerged but fully repaired and restored by Honda Casa. Owner sold it for "only" Php 250K. Now, I think the fair market value of such vehicle should be more or less Php 650K.

Ps: Nobody can really say that a car that has been restored due to the flood, can actually better than its previous condition. Problems will crop up as the vehicle is used.

[tidus1203]

The market is all about FEAR and GREED! True on the stock markets and true on the used car markets. Flooded vehicles no matter how the owner says its very good and works good is a FEAR indicator to buyers. Sellers can always lie, but FEAR will always prevail on the minds of the buyer. The car might be ok NOW, but again FEAR of the future what if it starts to break down again. FEAR that problems might arise later. FEAR that the seller is selling it to get rid of a headache. FEAR! FEAR! FEAR!

You just have to take a loss, as to how much, I will let the other Tsikoters answer as I am not familiar with flooded vehicle prices...

[[archie]]

Selling for 50K off the market price of a non flooded car is not realistic. You could try it though.

I know of an owner of a 2007 Civic FD 1.8S A/T. Car was fully submerged but fully repaired and restored by Honda Casa. Owner sold it for "only" Php 250K. Now, I think the fair market value of such vehicle should be more or less Php 650K.

Ps: Nobody can really say that a car that has been restored due to the flood, can actually better than its previous condition. Problems will crop up as the vehicle is used.

thats too low even for a submerged unit. it could get more if he/she sold the parts separately.

just a point of comparison... we sold our altis j 2004 m/t model for 275k. it was not in excellent condition but rather... "running" condition. the market value of this altis is * 320k - 350k. our car did not even have a radio, busted lights, smell of an old rag, and non-reclining seats. the power steering was leaking, only one power window was working, master switch was going out of its mind, and the only thing working fine is the aircon. hehe

my advise, sell the car to people that know cars. tama yung estimate mo, 50k less should be fine. if tumawad pa, then say "thats why im giving the car up for that price para may room if something fails." just be honest when selling the car. entice them that toyota car are really reliable blah blah blah

[olidotcom]

+1 ako... mahirap talaga i-benta yan. but in time.. meron ding kakagat dyan. just always be transparent para walang karma.. alam nila na binili nila sayo with the knowledge that it was a submarine at one time of its life.

[dcph172]

imo 50k is low. 50k is just normal fluctuations sa cost between cars of same make and model. imo, in your case, give at least 150-200k discount. you can say, with all honesty, that you car is in good, even great condition. but there are a thousand reason for a potential buyer not to believe you. besides, whats stopping a buyer to look for the same model at same price ng kotse na hinde na flood. even if your offering it at 50k discount, id rather pay 50k more for a car thats not flooded.
best to sell it to someone who knows you personally para maniwala. or better yet, keep the car a few more years. by that time the stigma of ondoy might be long gone. just my two cents. good luck on your sale. =)

[magister]

thank you for all the inputs. my wife actually wants to sell the car already kahit palugi na talaga. we have no intention of hiding the fact that it was flooded kaya nga willing kami to take a hit. ganun talaga. malas lang. i just hope i could sell it at a price that we can live with. i guess mas malaking discount pa siguro kailangan. 100K - 150?? sana ok na yun.

[vinj]

. even if your offering it at 50k discount, id rather pay 50k more for a car thats not flooded.
best to sell it to someone who knows you personally para maniwala. or better yet, keep the car a few more years. =)

I'd go with this statement. We also have a flooded Vios 07. It was repaired and is running well... the only part that is still up for replacement by the insurance company is the original Toyota HU due to non availability of stocks. I'm just keeping an eye on the metal bits under the dashboard for rust. If we decided to sell it, it would go for roughly 300K or less on the market versus a market value of a non flooded unit of 400K to 450K.