The Stovebolt Site Forums The Shop Area General Truck Talk How much should I pay?

Here's the deal. I have an elderly friend who wants to sell me his '52 GMC pickup. It has 85k mi., a 6cyl. all original except the wiper was changed from a vaccum to electric. He bought it new and I don't think it's ever been wrecked. He keeps it in his garage.
My friend is getting to the point where he can no longer drive. He knows that I have admired this truck for years. I would most likely (for now), not restore it, but keep it in it's original state.
I need your help. What is a fair price to pay? I'm not knowledgeable about vintage trucks but I sure love 'em. Thanks in advance for your help.

Fair to him? What do you intend to do with the truck? Are you trying to buy it to make a profit selling it?

A fair price would be one that both parties are happy with.

Some pictures would help us to determine the average selling price.

Is it rusty? Has it ever been painted? Is it ready to drive?

Trucks of that vintage that are all original and have never been restored, but LOOK like they could have been regularly sell for in excess of $6,000.

All original trucks with faded paint, the occasional scratch and dent, and look like a reasonably kept truck that has never been restored sell in the $3,000 to $5,000 range.

Trucks with rust thru, or alot of surface rust but are generally solid and run (may need brakes, tires, that sort of stuff) sell in the $1,000 to $2,500 range.

Trucks missing pieces, or are in generally rough shape fetch anywhere from $500 to $1000.

Those are general price ranges based on what i've seen them sell for online, national classifieds, and from eBay.

Jayman,

Welcome to the bolt.

The value of something like you're describing is hard to determine. Particularly without seeing it first hand or pictures. If you look at my pictures on the link below... The picture that says new truck was a very similiar situation to what you've described.

When looking at any vehicle emotions and differing opinions can come into play and screw around with $$ values.

The friend could be attached to it, and believe it's worth gold, or he could be oblivious, having had it since day 1, and think it's not worth much at all. Or heck, he just may like you enough to make you the deal of a lifetime.

Location can also have alot to do with pricing, i.e. back east, you'll be lucky to find anything without alot of rust.

Here in the mid-west, and again, I'm just going by the little you've said, I would say if you and your friend were to settle on a price around the $6K - $7K area, you would have both done well.

Things seem to have a way of being more expensive there in CA. Good luck, and send us some photo's.

I'm looking for a price that would be fair to both parties. I'm not looking to "steal it", nor do I want to overpay.
I'll have to examine it close but when I last saw it there was no obvious rust. We live in northern CA. so there's no salt on the road. We are inland, away from the ocean. The paint job is original. This truck could be used as a daily driver. I say that because the owner has always taken it out on a regular basis for a short drive.
Sorry, I know it's tough to estimate a value without seeing it or pictures.

I would say to him that there is no way you could probably come close to offering him what it is worth to him with all the miles and memories it must hold for him. Then offer him $2500 to start as that is what a decent running vehicle might cost. If he takes it fine, if not ask him what he thinks it might be worth. If he thinks a lot of you he might come back with a lower price.

The figure you have to decide going in is what is it worth to you.

Jay,
Yes, welcome to the Stovebolt Page! We hope you find a home here with fellow old truck crazies (except for me -- I'm not crazy. I'm not.)

Anyway, I was in an identical situation (more or less) when I bought my '49 1-Ton Chevrolet. I think Fumblin's price ranges are pretty good, based upon my own experience.

A buying situation like that is pretty straight forward as long as you can come to terms with the fact that not only will you not get a killer deal but that you shouldn't get a killer deal. You are right to seek a price that is fair to both parties. Pay that fair price and congratulate yourself for being a good man who can look his friends in the eye.

And when the guys start bragging about the killer deals they got on their trucks, and how they stole them, you can smile and rest in the knowledge that you did the right thing.

And when they ask what you paid for your truck (as if it's any of their business!) you can look them in the eye and say, "a fair price."

Good on ya,
John

Just ask him. If he is your friend and you have known him a long time then it would be ok to just ask him. Sit him down and have a beer and propose that when he is ready you want it and he just needs to tell you what the price is. That is what I would do.

Pick up a copy of the Old Car Price Guide. I often see it on the magazine rack at Barnes and Noble. It gives guidelines on evaluating condition, and then lists a price based on condition.

Sometimes the prices listed seem high, and sometimes they seem low, but at least its a good place to start.

Hi Jayman,
Price is subjective. I wanted my Bolt for several years so I waited for the right time. Money was not the only issue, it was also trust.
My seller wanted to know that I would not(CHOP)or Hot Rod his baby. After giving my word that this Bolt would remain original, he made the price something I could live with. We were both Happy.
I have always wanted a Bolt like my 59, and I think a good price is what ever you are willing to pay.
You say you have admired this Bolt for several years? then think about your price, talk to your family about it, and then talk to your friend. Let your friend know that you will give it a good home.
She sounds like a real Lady. Good luck

Cliff59

Jayman:

I agree with the guys here. Ask him what he wants for it. If it seems high, find some middle ground that you both can live with.

If it seems low, counter with a higher offer that YOU can live with.

Fumblin's pricing looks accurate. We could tell you more with a picture or two, but that's already been hashed (and rehashed).

Hopefully you'll come to an agreement. They're really fun to drive!

(oh, and welcome to the 'bolt!)

John:

Uh huh. Yeah. Suuuuuure.

Cliff59

Great Sig Line. It's very true.

Along with a price offer perhaps offer him rides in it and progress updates as you make any.

This is a real tough call. You want to offer enough to get the truck at a reasonable price to you, but still be fair just as you stated.

Since he bought the truck new and knows the original cost he may not expect as much as he knows the truck is actually worth. He may also be able to provide you with some original paperwork which to some Stovebolters is worth a lot extra.

Tough call, but best wishes for both being happy.

$9,999 or just back off and let me fly down to deal with gent Fred

Yep, plant a stake in the ground and see how far each of you are on the price :rolleyes: .

When I bought my '56 Burb, the seller wanted top dollar. At first I refused to pay that much but after looking for about 6 months at other Burbs that were not in as good of condition, I went back and bought it.
That was 5 years ago and now I see parts truck selling for what I paid for it .

jayman,

Lots of good advice here already. I would only add that no matter what you pay, you have a great deal already. The man came to you with a non competetive deal, plus you know the history and the guy who maintained the truck. You can go back to him and ask questions about how he did things and when he did things. Something I know I would put a very high value on.

Like many people have advised. Tell him you want to be fair and you are having a hard time seeing his side of the equation. Throw a price at him and ask how close you are or just ask. A lot of that will be based on your personality and how well you know this guy.

Good luck and we'll let you answer this question the next time it comes up.

Bill Schickling

The vibe I get is that he probably isn't going to be a motivated seller.. giving up the truck is esencially closing a chapter of his life.. and sometimes thats hard for folks to do.

What the fair market value for the truck is, what you can afford to pay, and what the owner thinks it is worth are often three totally different things.

It's just as easy to point out other folks who've paid $300 for a simular truck as it is those who've paid $10,000.. you'll always have instances on extreme sides of the scale.

Forget bluebook and other sale prices.. sit down, figure out how much the truck is worth to YOU, and shoot him a price thats a shade lower than that figure (that way you have some wiggle room if he counter offers)

That's the way I buy stuff.. I calculate what I think the thing is worth to ME.. if the seller wants more, then I wish him the best of luck and go on my way.

Thanks for all the advice. I spoke with the wife over the weekend and she's supportive. That's one hurdle behind me.
The owner did tell me back around November that a guy offered him $5,000. for it. The point being, he knows his truck is worth some bucks. He recently sold a buddy of mine some antique rifles. The scarey thing is, the seller thought they were worth far more than what they were actually worth.
I'm certain that the same logic will apply to the sale of his truck.
I really agree with the good advice you guys have posted. I'm going to come up with a figure and use it as a starting point. I'm sure he will counter. If he's way out of the ballpark, I'll walk away from it but I know he's a reasonable guy.
I'm buying this for enjoyment, not an investment.
I do wonder though, how has the market been for vintage trucks?

If you like it, buy it,,, you can drive it for enjoyment and it still be an investment at the same time... good luck.............Fred

The market for old trucks tends to run hot and cold.. seems like right now it's on the hot side.. or at least warmer than it's been in awhile.

One thing I suspect fueling the old truck market is the increasing unavailability of old cars.. for alot of guys a vintage truck is way easier and cheaper to get your hands on than an old car.

As the cars get harder to find, and get more expensive, demand will increase for the trucks, which will further increase their value.

I predict we're currenty on the up side of this slope. It'll peak at some point, then level back out to a more reasonable price.. kinda like the '57 Chevys did 15 years ago or so.

So if you're looking to buy old iron, I say now is the time to buy.. since it's only going to get more expensive before it gets any cheaper.

--------- A WORD ABOUT HAGGLING ------------

When looking at a item i'm interested in buying, I ask, "What do you have to have for it?" or a variation thereof. Now I usually have an idea of what *I* think I wanna pay before I ask.

I've heard the following responces..

"Well I paid.." That's not what I asked.. and I don't particularly care if you paid $50 or $5,000.
I don't want to know what your house payment or your kids braces cost, either. Just tell me what you're asking for the thing.

"I had a guy offer me.." Well, that dosen't matter much to me either, unless the item is listed as OBO.. and still i'm going to assume you're not telling me the truth. If I feel the price the guy says someone has offered is too high, then I usually say, "darn, man.. you should have took it!"

They usually respond with something like, "Yea.. I should have.. by the time I realised I should have sold it the guy..

a. found something else
b. had his phone disconnected/moved
c. died
d. they lost his number

If the guy responds, "Yea, i'll probably take that offer" then shake their hand, thank them for their time, and mention if that deal dosen't go thru, to give you a call.

8 out of 10 times, you'll get that call.. 5 out of 10 times they'll ask before you leave, "What's it worth to you?"

Seller motivation has alot to do with it, too. If they've had the truck sitting in their yard for 20 years, they probably aren't worried about selling it today unless the city is breathing down their neck to clean up the yard, or they're moving.

In the case of old dudes who've owned the thing for years, aren't moving, aren't in a pinch for cash or need to move the vehicle.. well these guys could probably care less if they ever sell it.. and if they DO sell it, they're going to want top dollar.

Most are convinced that whatever you offer, it MUST be worth more than that. Which is why I try to avoid ever making an offer before they tell me what it is they're asking.

Anytime you seriously list or offer an item for sale you have an idea of what you need to get for the item.

Some people offer items for sale, not so much because they're ready to sell, but because they want to get a feel for what they could sell it for . Even large companies occasionally entertain offers.. not that they really are that intrested in selling, but it gives them a "Real life" idea of their value.. of course if somebody comes along with a monster offer, they'd probably sell.

In general, i'd say that truck would have to be in real good shape to be worth 5 large.. like no rust, original paint that could be buffed back out to a shine kinda shape.

Hey, I don't know if you guys remember this post or not but...I recently bought this truck! It is a five window 1951 GMC. I originally thought it was a '52. I appreciate your comments from the original post back in 2006. Your advice helped in the buying process. What happened is that my elderly friend passed away earlier this year and his wife offered the truck to me. It's in real good shape. My friend kept it garaged and kept it waxed. I have some receipts and know that he maintained it well. I have the original owner's manual. Everything works except the am radio. I even have an old hand held flood light. My friend bought the truck new here in town and ordered a camper shell for it the same year which I also have in storage. I'll get some pictures posted soon.

how much..

So what was your final price since we were all involved in helping establish it It sounds great, especially with the original camper shell. Where are you located?

I'm in Roseville, CA.
As far as the price goes, suffice it to say I paid what was considered a fair price, plus some. I'm glad I didn't lowball. Right after I bought it I had a voice mail calling me various four letter names. I received a call shortly after from a relative of the deceased who felt that I basically stole the truck. He knew nothing of the value and finally calmed down. Sheesh. Pics to follow.

I am glad you got your truck, however you are far kinder then I would have been with the relative.

The truck could have been priceless to the relative, especially if it was a son or daughter who grew up with the truck.

Look forward to the pics.

Sounds like you did the right thing all along--trying to be fair from the beginning.You will find a lot of guys here of similar mind set.Congratulations, the wife obviously appreciated your efforts. You might offer to take her for a ride occasionally, it may bring back some great memories for her.
welcome to the group here and don't forget the pictures!
Glenn

If he doesn't want to put a price on it, make him an offer. Just offer him $500 for it. If he wants a lot more, he will sure come back with a number. Fair is what he accepts, not what some book says it is worth.

Unless you are dealing with a child, He can hold his own. If someone said he would give me a vintage Corvette for $4500, I wouldn't say that it worth $45,000 just because I felt it would be fair. I would take it. If I feel guilty, I can always send him a check for more later. I bet most of you wouldn't do that.

I don't mind paying a fair price, but I certainly won't try to pay more for something.

Finally, here are some pictures for ya

http://s1219.photobucket.com/home/carsnguitars

Nice truck. Fair to me would be around $3500 to $4000 if it runs as good as it looks.

That's one nice original truck,good luck with it.



Tim

Very nice truck.

My dad had that same rear bumper on the truck I have in the 70's. Those tie down hooks too. The black cali plates are cool.

Sorry about the passing of your old friend. I bet he’s glad you ended up with it.

This thread started back in 2006, very interesting


Good luck


(More Pics!)

So you gonna tell us or keep us guessing?