Thread: Help, I don't understand how this works

Tweet

Hello,
I am seriously investigating buying a 34 or 38 Chevrolet that has been modernized up with V8 engine, corresponding tranny and all sorts of niceties in them. They're both for sale at Gateway Classics. I am a total Newbie concerning this type of vehicle. I had been a Vette owner(4 of them) these last few decades but have decided to go in this direction this 'last' time. I'm 78 and am looking to have 'One More Toy'.
I so far can only see them 'online'. The sales Rep has been very helpful with videos and info and done some in-depth stuff about what I ask for.
But............what about this folks? What am I to look out for? I've seen some PPI companies ads but not really impressed with what they really do; am I wrong?
Anybody know about Gateway Classics?
I look forward to your suggestions and I do hope I can be contributing member someday.

gateway is just a sales broker. they detail and promote the cars for a fee. prices are high but can be negotiated .

list the sales number and we can look them over.

Welcome to CHR!

There's a Gateway Showroom near me, and I have a friend that sold a bone stock '46 Chevy there a while back. Shine is right, Gateway is only a consignment house/broker, NOT a car dealer. They take in cars for no consignment fee, do a photo shoot and video clip, then market the car across the country and OUS with 20 showrooms. The initial 7 days the cars are in their on-line auction, and if sold at auction the seller pays a 12% sales commission, with a buyer's premium in addition. After the auction period Gateway markets the car, and if sold the seller gets his set minimum price, and Gateway keeps anything above. They do detailing and marketing, but don't do any kind of inspections to verify quality. Cars are sold as is, where is, no guarantees and they will arrange transportation. Like Shine says, prices are negotiable.
My friend says that if you go to a showroom and they believe you are a serious buyer they will let you drive a car, but only in their parking lot. The consignment agreement says that the car will remain on property at all times. For me, I would not buy without going to see the car in person.

There is a Gateway near me, in Tampa (actually Ruskin). They have a cars and coffee once a month, which I go to now and then. It’s like shopping for a classic car anywhere. Some of the cars are priced to sell, and some of them have extremely high prices on them. As always, it’s up to you to look the car over thoroughly, and have a pretty good idea of what the car is really worth, or what you are willing to pay for it.

Welcome to Club Hot Rod. Stick around, you will probably like it here.


.

The 2 vehicles I am have noticed are located in Nashville Tn. I live about 5 hours away so dropping in is not something real possible. I agree about seeing in person...........but
the one I am more interested in is Stock: #2144-NSH (nashville tn)
the other they are promoting to me is Stock: #2073-NSH
one less so but curious Stock: #2046R-NSH

that car is way over priced. looks like an 80's build. nothing really special about it. around here it would be 20-25k dollar car on a good day.

Originally Posted by shine

that car is way over priced. looks like an 80's build. nothing really special about it. around here it would be 20-25k dollar car on a good day.

the red one is overpriced? or the blue one? or both of them

the red one. the blue on is worse. the blue car has stock mII cross member in it. which dates it too. both are 80's builds. stock mII stuff under both.
either is a 20-25k car.

We're in a mixed market right now due to a lot of factors, but one of the bigger ones is the group of folks that these kinds of cars appeal to is ageing out of living. I commend you for still being active in your interest at our age.

Often cars end up at consignment dealers because the owner has tried selling himself and he's been unsuccessful, the reasons are many, but price is often the main one. If they set a high to the market expected return to the consignment house, then you add their commission the car gets waaaayyy overpriced. There are a few types of hot rods that still command high prices because of relatively high demand. These would most often be Fords of prime years, e.g. '32-4 and others through the 30s to early40s based on body style. Coupes and roadster/convertibles usually, with sedans falling well behind unless they have some infrequent special features. I won't go into a long story about why Fords prevail over Chevys or others, just take it as gospel no matter your preferences or what seems logical to you. After those few "special" demand units the market is getting softer every day, not exactly quickly, but steadily. Supply/demand fits this market as well.

I've had one experience with a consignment dealer. As is typical the ask was high to the market, but they have to take their shot because you never know if you'll get lucky. I had the advantage that the dealer was close so when I would come in to see the car he could measure me for seriousness. After the car languished for a few weeks I made what I thought was a realistic offer. He went to his owner and presented my offer. I don't have any idea if he adjusted his fee to help make the transaction work. But the sellers had seen the car sit long enough that they modified their expectations for a sale and took the offer. I would like to think that still applies, as with any sale, the seller needs to be motivated and eventually come to reality. Good luck with your education and search.

Uncle Bob is giving you sound, factual advice. My friend that sold a car at Gateway shared that the sales guy told him that they have car owners who decide they would like to sell, but also want a "Barrett Jackson Price" for their car. They want their garage space back and aren't in any rush to sell, so they consign the car and set a high price, but also give a "bottom line, must have" value that they must to get from a sale (also unrealistically high for the market). Every few months Gateway requires them to drop the listing price by a small dollar amount, say $500, so that their listing shows "Reduced Price", but they keep their reserve price fixed. For that the owner gets free, secure, space conditioned storage and doesn't have to deal with Joe Public calling all the time from Facebook Marketplace. With the price set high, he can drop his price by $500 or $1000 several times a year with no fear of the car selling unless a lottery winner decides that's his dream car. The Gateway showroom here has vehicles that have been in the "showroom" for several years, waiting for that "special buyer" who has deep pockets and big dreams.

To your statement that you live 6 hours away so dropping in to actually see the car isn't convenient, I'd offer that unless I knew the owner and the history of the car I would never buy a car online, sight unseen. My Grandad's advice to never buy "...a pig in a poke" still holds true. As Uncle Bob offered, best of luck with your education and search for your next ride.

Originally Posted by shine

the red one. the blue on is worse. the blue car has stock mII cross member in it. which dates it too. both are 80's builds. stock mII stuff under both.
either is a 20-25k car.

thanks. I appreciate your info

Uncle Bob.................thanks for the info, I appreciate you taking the time to explain this type of thing.

Unless I am reading this incorrectly most if not all are 'old' posts? When I look to see if something is available it was sold 'years ago'?

How do I find anything recent?

thanks

In my experience CHR has never been big on sales advertising. You're in the right spot, "Hot Rods For Sale", just no recent listings. CHR has tended to be more helping with technical issues, tips on how to get something done, or what's being built, again in my experience.

Hello,
I am hoping someone might live near Smyrna Tn (Nashville) and would be willing to look at a vehicle there?