My husband purchased a Ford GT500 for $30,000 over the sticker price. He called this conceived value. However, when I requested that my husband sell the car back to the dealer immediately, the dealer said the car no longer has the same value. Is this a deceptive practice and is there any recourse?
You have run smack into the modern-day mania of banking on future collectible value for a new car. Buyers, who see that 40-year-old Shelby Mustangs are bringing prices comparable to luxury houses, are spending huge sums over the sticker price for the 2007 models.
This, of course, overjoys dealers because of the $30,000 your hubby paid -- and the already built-in markup associated with the base sticker price of about $41,000 for the coupe version.
This isn't deceptive pricing; it's the result of supply and demand. There are more guys like your husband who want the GT500 than there are cars being produced.
But all is not lost. There appears to be a strong resale market on eBay and other sites for the GT500, and you can perhaps recoup a significant amount of the purchase price by selling it yourself.
And, not to be morbid, Carroll Shelby, the man whose legend is giving these cars their aura of collectibility is in his 80s. There probably will be a narrow window after his death when anything with his name on it will jump in value.
So keep an eye on the obituary pages.
|Here are this week's reader questions:|
|•||Don't bet the farm on future value of collectible cars|
|•||We paid $30,000 over sticker for a car. Can we get it back?|
|•||Leasing a car to lower debt-to-income ratio. Can I get out of it?|
|•||What's the best way to get right side up in my car loan?|
If you have a question for Terry, e-mail him at
Driving for Dollars.