Silverstone Auction

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Jet
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Silverstone Auction

Post by Jet » Mon 27 Jan, 2014 08:41

Last edited by Jet on Mon 27 Jan, 2014 14:30, edited 1 time in total.

Pat Slade
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Re: Silverstone Auction

Post by Pat Slade » Mon 27 Jan, 2014 08:54

Doubt it was manufactured in 1990 with chassis no of AL0170. Or perhaps this is another misprint like the Reg. number!

Pat

Pat Slade
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Re: Silverstone Auction

Post by Pat Slade » Mon 27 Jan, 2014 09:02

Perhaps I am being a trifle a..l. But just noticed the indicator repeater on the front RH wing is upside down, compared to my UK car.
Perhaps it is an import or has had wing damage?
The photos are not helpful to review the condition.

Pat

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pingu
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Re: Silverstone Auction

Post by pingu » Mon 27 Jan, 2014 11:46

Either the roof leaks, or the passenger pi$$ed themselves :) .
Pingu

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Jet
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Re: Silverstone Auction

Post by Jet » Mon 27 Jan, 2014 14:26

Pat Slade wrote:Doubt it was manufactured in 1990 with chassis no of AL0170. Or perhaps this is another misprint like the Reg. number!

Pat
The day it was registered being different to its Manufactured date.

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Green Genie
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Re: Silverstone Auction

Post by Green Genie » Mon 24 Feb, 2014 15:00

The website says unsold...

http://www.silverstoneauctions.com/1990-bmw-z1

ETA
Website now showing sold for £18400

http://www.silverstoneauctions.com/1990-bmw-z1
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TJS
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Re: Silverstone Auction

Post by TJS » Mon 24 Feb, 2014 22:06

I had a good look at the car on Saturday.

The interior needed work, nothing a little tlc wouldnt solve. The yellow leather needed to be recoloured and the seat material was faded and thin (as usual) but I have seen worse. The leather around the dash and instrument pod had shrunk and was creased. Not sure if plenty of liquid leather would help, certainly it would do no harm. Radio unit was a non oem replacement

It had an aftermarket exhaust, two twin pipes and the bonnet had been repainted, not particularly well, but again retrievable. Part worn Contis on unmarked wheels, a couple of new decals on the centre caps required.

The colour was described as Lhassa Green, but look standard Z1 metallic green to me. The near side, rearmost front wing mounting hole was split fore and aft and the wing was not probably not fully secured, the rubber washer was crushed so probably over tightened. A couple of the under tray / front wheel arch screws were missing, again easily solved. Correct screws in the front light units. The cambelt service sticker was on the fuse box cover and almost illegible with overwritten dates. If the cambelt was replaced by a BMW dealer I would have insisted on a new sticker, they are cheap enough.

The top was down and the car locked so the sound and action of the doors was unknown. Relatively low mileage and reasonable service history with potential to be a very good car when the above issues are dealt with.

TJS

For me the star of the auction was the attached .... excellent condition and great history ! The pre sale estimates were a real tease !!

http://www.silverstoneauctions.com/1959 ... coupe-2932

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Racing Tortoise
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Re: Silverstone Auction

Post by Racing Tortoise » Mon 07 Apr, 2014 18:54

So Hexagon bought it at at the Silverstone auction for £18.5k and are seeking to flog it for £30k. I defy anyone to deny that this is not the same car. Has same mileage, same exhaust, same-looking interior.

http://www.hexagonmoderns.com/car_sales/BMW-Z1/9335.htm

That is an outrageous mark-up. Two things I note from this: (i) never buy a car from Hexagon as it is massively overpriced and (ii) I am not in the right line of business...
Currently: bereft of Z1
Previously: 1991 Ur-grun Z1 and 1991 Traum-schwartz Z1

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TJS
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Re: Silverstone Auction

Post by TJS » Mon 07 Apr, 2014 21:11

Good spot. It's the same car, the cam belt sticker on the fuse box cover gives the game away. The lemon leather interior has been re coloured. As per my earlier post the car certainly had potential, just needed some tlc.

Hexagon have always been overpriced. However, I hope it sells as it would demonstrate that Z1 have been undervalued compared to other classics. Dealers buying at auction and reselling very quickly is nothing new.

The under noted Lotus Esprit was sold late last year at the H&H Duxford auction for £18.2k The car, recently serviced, had a poorly fitted engine cover and a scuffed leather seat, both easily fixed. Bought by a dealer and advertised at £34k 10 days later and since sold.

http://www.classic-auctions.com/Auction ... 36490.aspx

http://www.uksportscars.com/view/lotus- ... le-esprit/

At the same auction I was the under bidder for the Aston Martin, again bought by a dealer and sold for £62k

http://www.classic-auctions.com/Auction ... 36522.aspx

Perhaps buyers prefer to purchase from and pay the dealer mark up for peace of mind. All the above cars needed very little mechanically, maybe a professional valet for £1k (?)

TJS

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pingu
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Re: Silverstone Auction

Post by pingu » Tue 08 Apr, 2014 10:27

Hexagon bought the car with no guarantee (other than a standard 1 hr warranty, perhaps).

The new owner will get a 12 month warranty, possibly with the same cover as a full BMW AUC warranty, but funded by Hexagon. It will have 12 month MOT, 12 month VED and possibly a guaranteed MOT pass next year. These are worth a lot of money to a lot of people.

They have also tarted the car up, which is also worth a lot to most people.


Buying at auction is a BIG risk. I've won more times than I've lost, but I have lost - and it hurts. If you want to take the risk, pay £18.5k, if you don't, pay £30k.

[edited to add: there would have been a buyer's premium on top of the £18.5k as well, so the probably paid close to £23k to get it to the state that it's in now, if you include transport, tarting-up, wages, etc.

The good news is that you know that a £25k bid should still be profitable for them :wink: ]
Pingu

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Racing Tortoise
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Re: Silverstone Auction

Post by Racing Tortoise » Tue 08 Apr, 2014 11:43

Sure, but I never saw a dealer accept nigh-on 20% under the asking price on a used car.
Currently: bereft of Z1
Previously: 1991 Ur-grun Z1 and 1991 Traum-schwartz Z1

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pingu
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Re: Silverstone Auction

Post by pingu » Tue 08 Apr, 2014 12:37

Racing Tortoise wrote:Sure, but I never saw a dealer accept nigh-on 20% under the asking price on a used car.
Have you ever asked? :wink:

I wouldn't expect them to accept £25k on the first ask in the first week of it being on sale.

I do know that Hexagon sell cars below the for sale price because I have a 330 on my driveway that was 2.5 below the sticker price. That was 10% off. I gave them the highest price I was going to pay and the next month they phoned me. I said my price had dropped by £500 and they took the deal.

If you offer the £25k now (and tell them you are serious with cash waiting) and walk away, they won't sell it now, but they might in a month or two. Every month on their books costs them circa £1k.

If they can turnover £25k with £2k profit in less than a month, that is better than getting full sticker price in six month's time.
Pingu

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Racing Tortoise
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Re: Silverstone Auction

Post by Racing Tortoise » Tue 08 Apr, 2014 12:57

Yes. And never better than circa 10%.
Currently: bereft of Z1
Previously: 1991 Ur-grun Z1 and 1991 Traum-schwartz Z1

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Green Genie
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Re: Silverstone Auction

Post by Green Genie » Wed 07 May, 2014 14:05

And now on video...

http://youtu.be/8O9xPxvxKkQ
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TJS
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Re: Silverstone Auction

Post by TJS » Fri 23 May, 2014 13:30

Pity they describe the colour as Boston Green ..... BMW specialists !!

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Jet
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Re: Silverstone Auction

Post by Jet » Fri 23 May, 2014 15:10


felix
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Re: Silverstone Auction

Post by felix » Sat 24 May, 2014 10:54

The reserve wasn't met - that car is on mobile.de for €47,500.

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TJS
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Re: Silverstone Auction

Post by TJS » Sat 29 Nov, 2014 08:49

The above ex auction car now listed as sold ..

http://www.hexagonmoderns.com/car_sales/BMW-Z1/9335.htm

TJS

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