We sold the Ford F-150 Raptor last night after only 12 days -- not the two months as dwengier77 predicted. We priced the car aggressively, but knew we would probably have to drop the price during negotiations. Buyers aren't afraid to offer thousands less than the asking price.
After the ad was listed on AutoTrader for $39,900, I got quite a few calls right off the bat. The first people to call were the car flippers. They asked a few basic questions like "Has it ever been in an accident?" and then proceed to make a lowball offer, sight unseen. "I'll give you $36,000 cash!" they'd say, as if we might be desperate to jump at the mere mention of cash. I can't really say if they are real buyers or not, because I never got far with them. These are "take it or leave it" type offers. A real buyer asks you questions like "Has it ever gone off-road? Who drove the car? Has it given you any problems?"
After a few more inquiries I realized that the real Raptor buyers were very savvy. They knew a lot about the car and were more concerned about the high mileage, how it was driven and the price. I was upfront with everyone and let them know it had been driven by multiple people and it went off road a few times. This did scare off one buyer who compared our Raptor to a "rental car," since so many people had driven it.
I received advice from the least likely of sources, a buyer who had offered $35,000 and then changed his mind because, according to him, the more he heard about this car, the less he wanted it. "These aren't regular F-150s that you put a bunch of miles on," he said. "These are toys that you drive on the weekend. You're going to have a hard time selling it with these miles and for this price. If I were you, I would list it at $37,900 and hold firm on that price."
He told me that there were a number of Raptors out there with significantly less miles and being offered at a similar price. These trucks were in other states, but he (and presumably other Raptor buyers) was willing to get the car shipped.
He made a convincing case for dropping the price. I was already going to drop it to $38,900 after a week, but I the more I thought about it the more I realized that it wasn't going to be a significant enough drop. Although our price was competitive with the other Raptors on AutoTrader, our mileage was higher. The next morning, I dropped the price to $37,900 and added "price firm" to the description.
We eventually sold the car to a woman who worked for a casino in Southern California. She was buying the Raptor for her son who was about to graduate from high school. After some discussion, we made a deal at $37,000.
At this point I handed things off to my colleague, Phil Reed. He lives closer to the woman so it was more convenient for her to meet him at his home rather than mine. Here is his account of how the sale was closed:
"The woman showed up after dark with her son and two other guys. One of them could have been a pro football player with a hand so big it was like trying to shake with a bowling ball. I gave them the keys and when I got out to the truck they were under the hood with flashlights. 'Why are the fender bolts turned?' one of them demanded. This was another way of saying that body work had been done on the truck following an accident. So I said, 'I don't know what you're looking at, but this truck has never been in an accident and wasn't taken to a body shop.' Then the woman said, 'Why is the bed all scratched?' There was no way to answer this than to say, 'Because it's a truck.'
"The big guy was the designated driver and he didn't hesitate to tap into the power. If you're considering buying a used car, it's important to verify the condition. But I think you should wait until you own it to start chirping the tires. I was getting a little tired of all this but I was pretty sure the woman had a check in her purse and we were close to closing this deal. So I let it go. Sure enough, they all decided the truck was a good buy and she turned over the cashier's check for $37,000."
Here are the final numbers:
MSRP: $43,300
We paid: $39,992 ($44,689 after tax, title and license fees)
Current TMV: $37,411
Carmax offer: $35,000
Sold for: $37,000
Ron Montoya and Phil Reed @ 29,573 miles
jasond52 says:
10:40 AM, 08/25/11
I was always curious why you didn't have a bed-liner installed or sprayed in.
jdub53084 says:
11:07 AM, 08/25/11
37K truck for a high school grad present?? Hopefully Football player kid has a scholarship..
throwback says:
11:09 AM, 08/25/11
"She was buying the Raptor for her son who was about to graduate from high school."
I would never give an inexperienced driver this type of vehicle to drive, just asking for trouble. Several of us were close on the price, I said $37,400.
http://blogs.insideline.com/roadtests/2011/08/2010-ford-f-150-svt-raptor-room-for-improvement.html#comments
ed341 says:
11:10 AM, 08/25/11
"..one buyer who compared our Raptor to a "rental car," since so many people had driven it." - BINGO
"I was always curious why you didn't have a bed-liner installed or sprayed in." - See above
baastnjp says:
11:54 AM, 08/25/11
When I graduated from high school, do you know what I got as a present? NOTHING! I remember my dad said me, "you are supposed to get an education and graduate. No on should be given a present for not being a high school dropout".
I am thinking this lady is lacking some serious parenting skills. Awarding your kid a $37k truck for doing what he was supposed to do (getting an education)? What a great way to tell you kid that he will be awarded with presents for doing what he was suppose to do, and he should expect that with whatever he does in life.
Oh yeah, let's not forget this truck is WAY too powerful to be in the hands of a teenager......let's hope he doesn't get himself killed. Or worst, killing someone else's children who actually may have a future.
mlowery85 says:
12:05 PM, 08/25/11
baastnjp - you said "killing someone else's children who actually may have a future".
What do you mean by that? Is that you being extremely presumptious about the boy who got the Raptor? What kind of car your parents can buy you does not indicate one damn thing about your future. You don't know what kind of future that kid has. Oh the stupidity..
fuhteng says:
12:10 PM, 08/25/11
Be nice guys. Perhaps the son earned this huge toy, perhaps he didn't. You don't know that any better than I do. I don't like the idea of an 18 year old in this thing either, but who are you to judge her purchase? I'm not impressed by their questions or the tire chirping.
jriz says:
12:42 PM, 08/25/11
If a child is raised correctly from the get-go, it shouldn't matter one damn lick whether he or she is given a car in high school or upon graduation. One big present isn't going to screw them up for life. If they were good students, model citizens, appreciate what they are given, understand they are lucky and work hard to live up to the expectations long-since-established by their parents, who the hell cares?
Yep, I was given a new car on my 16th birthday (not a $37,000 Raptor, mind you). My father worked his ass off in order to do such things, and I'm doing the exactly the same so that hopefully I can one day in the future hand a pair of keys to a very responsible, appreciating kid of my own.
This holier than thou argument gets tiresome.
mattshift_ says:
12:43 PM, 08/25/11
damn spoiled kid. yes im jealous even though I told my parents not to buy me anything for my college grad. what did this woman do, remortgage her house? im sure she'll be paying for his insurance and gas too. shes either a bad mom being taken advantage of, or shes a good mom still being taken advantage of.
bodyblue says:
12:54 PM, 08/25/11
"This holier than thou argument gets tiresome."
+ a BAZILLION
Way to go JR! As soon as I read the post I KNEW the crazies would be posting about how horrible it was that the kid got a new car......who in the hell cares??....its none of their business anyway how the lady chooses how to spend her money.
church123 says:
12:58 PM, 08/25/11
Damn, I said $37k would be the absolute max, but thought it would end up closer to $36k.
hybris says:
01:01 PM, 08/25/11
I have to say the kid is lucky. But at least his Mom didn't buy him something truly dangerous like a '85 Porsche or Fiat 500.
tommister2 says:
01:21 PM, 08/25/11
I am impressed. I did not think you would be able to do better than the carmax offer. Well done. That's a lucky guy!
silverstang1 says:
01:35 PM, 08/25/11
you will be missed....
desmolicious says:
01:41 PM, 08/25/11
Dang that truck kept its value!
I think a lot of people here are jealous that a high school grad is driving a nicer ride than theirs.
I wish I got a truck/car/push bike/whatever when I first got to college. I wuz hoofin' it my first couple of years.
teampenske3 says:
01:57 PM, 08/25/11
Farewell good Raptor, we will miss thee...
fordson1 says:
02:03 PM, 08/25/11
"Damn, I said $37k would be the absolute max, but thought it would end up closer to $36k."
I thought $35.5K. But I was exactly right about the bed: "Then the woman said, 'Why is the bed all scratched?' There was no way to answer this than to say, 'Because it's a truck.'"
These people sounded tough, but were suckers with that price - and I do think it was irresponsible to sell to them. A highschool kid - no way with this thing.
I'm not impressed with IL on this deal.
yellowbal says:
02:33 PM, 08/25/11
@fordson1, that's like saying it's irresponsible to sell to because they are stupid and lazy and will crash the car. Don't discriminate, sell to whoever buys it.
I'm really impressed on how well the Raptor held its value. Buying and selling this truck over a year cost ~$208/month. Cheaper than leasing a Hyundai Accent.
doss1 says:
02:37 PM, 08/25/11
Some people just can't stand those privileged enough to spend their money on what they choose; for who they choose. Just because this lady probably has the wealth, not income, to buy her son a $37,000 truck instead of a $5,000 one doesn't make her a bad parent. I'm extremely happy that this woman has the means to buy her son this truck without batting an eye. I hope someday I will be able to work hard enough to bless my children similarly.
As far as too much truck for the teen. There is a $5,000 dollar truck on my local craigslist that has 650hp. What if some kid saved his own money to buy one of those, would there be an objection to that? It reminds me of a topgear episode when some German tennis player (sorry the name alludes me, I don't watch tennis) bought a brand new Porsche 959 as his first car. Yes, he topped it out on the Autostrade in Italy, however, there are grown men that would do the same thing. The car you own doesn't make you responsible, it's the driver.
inteller says:
03:02 PM, 08/25/11
so you sold it for $1000 more than what "low baller" "car flipper" would have paid to take it off your hands sight unseen. Wow, so you saved $1000 to hassle with it for 10 more days. You sellers never cease to amaze me. I'm not a car flipper but I enjoy working a good no hassle deal like anyone else. I make "low ball" offers all the time and yet that doesn't separate me from the "real buyers" because I do have "cash in hand" even though that seems to mean nothing to you.
Sellers on the used car market have got to get back to reality soon before reality catches up with them. The used car bubble is about to burst along with all the inflated asking prices out there.
teampenske3 says:
03:10 PM, 08/25/11
@ doss
German tennis player? You mean Boris Becker?
gslippy says:
03:40 PM, 08/25/11
I wasn't sure you'd even match the Carmax offer of $35k, but I hope all the effort was worth the extra $2k. For me, it wouldn't have been.
theace415 says:
03:51 PM, 08/25/11
all my dad gave me when i graduated High school was a meal at Sizzler ........ :(
distortedlife says:
05:17 PM, 08/25/11
Haha I didn't even get a "Good job son". Oh well...LMF
wrinklebump says:
09:55 PM, 08/25/11
'he doesn't deserve it' arguments can be discarded out of hand, but when most high school grads are lucky to squeeze a new laptop out of the 'rents, gifting a $40k sports truck (one that barely clings to double-digit mpgs, no less) to a kid doesn't exactly demonstrate fiduciary responsibility.
i'm generalizing, but this is an excellent way to give a person an unearned sense of entitlement. every single person here has met the _________ university dude with a 135i (complete with window sticker of _________ university) and a bad attitude.
buckeye96 says:
04:48 AM, 08/26/11
I don't understand why you guys don't take better care of your trucks. I have owned 4 trucks and they have all had a bed liner in them. It saves the abuse on the bed and extends its life. Its not a lot of money and shows that you care a little for your vehicle.
fordson1 says:
04:58 AM, 08/26/11
"This holier than thou argument gets tiresome."
Tough, ain't it? You put the whole deal out there for comment.
dwengier77 says:
06:54 AM, 08/26/11
I said $36500, i was pretty close. I did not think you guys would lower the price so fast. Sorry about the 2 months but at the price you started at i did not think you would get a serous buyer. My two month estimate was on you really trying to get around the $39,000 you started at. By the way Helios1 you need to calm down a little .....
done37 says:
07:00 AM, 08/26/11
So anyways, I did say that it would sell for 37k. Waiting for my award. Thank you in advance! ;)
doss1 says:
09:41 AM, 08/27/11
@teampenske3
Yes, Boris Becker. That would be him. Thank you for the clarification.
myob says:
02:22 PM, 08/29/11
A $37,000 for a high school graduation gift. And people wonder why they can't get a reliable work force with a good work ethic. The little darlings won't work anywhere if they don't get a corner office and $75K to start. Even though they majored in English Lit and have never worked a day in their lives.
rav_ugotit says:
03:37 PM, 09/ 2/11
I dont think there is necessarily anything wrong with the guy getting a raptor. When i graduated high school my mother gave me the 2003 Toyota Rav4. For a 17yo black guy that car wasnt necessarily the coolest car out there but it was my babe. I love that car. Now im 19 and still have the Rav4 w/ 132000 miles on it and i recently purchased a Mercury Montego (not as fun to drive as the Rav but its a hell of alot more comfortable). Now to all of those people who are saying he is spoiled no one has yet to mention whats going to kick him in the balls! INSURANCE! lol