So here's something different: a 2013 XKR just sold on Bring a Trailer for $50,750. Granted, it was a very nice, low-mileage (18k) example with the Dynamic Pack and Sport Seats, but the selling price was more than I paid for mine 4 years ago with an extended warranty rolled-in. Gotta say the BaT platform has really driven prices up for a lot of previously under-appreciated cars and motorcycles. Any chance the seller's a forum member?

18k-Mile 2013 Jaguar XKR Convertible for sale on BaT Auctions - ending January 12 (Lot #41,673) | Bring a Trailer

 

Simon if BaT is a bidding/auction site like ebay it just means that some idiots got into a bidding war

I've only bid once on something I've wanted and always in the last 15 seconds, if I loose it am never upset.

 

Marky,

BaT is indeed a bidding site but geared very much in favor of boosting sale prices. Unlike eBay, there is no sniping in the last 15 seconds because any bid placed in the last two minutes of the auction extends the auction by another two minutes. On top of that are live comments from the peanut gallery or seller that egg on active bidders. Comments sometimes have useful insight from knowledgeable owners, but oftentimes they just encourage the bidding. It is glorious for sellers. One thing that is nice for bidders, though, is the ability to contact the seller directly for questions or inspection unlike eBay, which restricts communications except through the site.

 

Some models of cars I think BaT has brought renewed appreciation towards like the XK. Many enthusiasts may not have been so familiar with them and auction along with comments has opened their eyes to cars below the radar. I see similar new interest in the Evora and 4C because of BaT. I am bit skeptical if that should be used as a reference on pricing though.

 

I love when BaT users all comment what a deal, congrats buyer! after an auction goes well over market value. Also they add a 5% fee to the buyer I believe.

Can't complain, but their prices should not be considered open market value.

 

Why not?

BaT is an open market auction site where unrelated sellers and buyers interact freely to determine the price at which an item sells. That is precisely what the IRS considers "Fair Market Value" to be.

FMV is not an exact science and varies because no two items are exactly alike, and neither are the buyers.

 

There's a lot that goes into BaT listings. You need 100+ high quality photographs. You need piles upon piles of scanned service listings. You need to answer every question about the condition of ball joint boots and any oil in the intake and what's the paint thickness and whatnot

And it isn't an open market, as they restrict who can post there through some kind of approval process.

I've seen one single car explode in value on BaT and suddenly there are Facebook Marketplace listings for the same model quoting the BaT price. The market is so limited that all it could take is two "money is no object" guys who both want the same exact car at the same exact time.

 

I've looked at BaT but never participated. The current auction prices shown for most of the cars I would be interested in do seem high.

But that's beside the point. If someone, anyone, is willing to buy a car in an auction at what you or I might consider a very high price, then that is the "fair market value" of that car, unless there is some collusion or other factor making the sale less than arm's-length. Cars are unlike some other types of property in that there are several identical examples of each model that can be for sale at any given time. They are unlike paintings, real estate and rare gems, which are unique and generally have a single fair market value each. Two identical XKs - model, features, mileage, condition - can therefore sell on the same day for different prices. But if someone is willing to buy at that price, each is a "fair market value."

 

Where do I meet these guys?

 

BringATrailer.com

Seriously.

I've seen profiles of guys who have dropped millions on cars in a few months.

 

Market value is a range.

One sky high XKR on Bring a Trailer doesn't mean that I can now post my XKR on Facebook Marketplace and it won't sit for weeks. I've seen those cars. One crazy BaT auction and all of a sudden the same car starts appearing on FB marketplace and they sit and sit and sit.

One XKR at a Mecum auction that goes for peanuts because no one was there to bid doesn't mean I'll take peanuts for my XKR either.

 

Yes, car people have a feeling for the value of cars and often call it "market value." But strictly the range of market value at any time is determined by the aggregation of the fair market values at which recent car sales have been concluded. Stuart S was responding to your statement that BaT sales should not be considered as "open market value" by providing the classic definition of fair market value. That definition applies to each car sale, wherever and however that occurs. That you have a good idea of what the "market value" of your XKR may be does not change this.

 

I've seen it where they get sauced and end up buying cars. I almost bought a Bentley Continental GT that the current owner basically got hammered and bought it; realized he didn't really care for it (Porsche guy mostly), and put it up for consignment. The dealer irked me though that I needed a "concrete offer" before I could even test drive it or get it inspected; on a 30k car; so I passed.

 

BaT isn't an open market though.

Their selection is highly curated. With a few exceptions, only the best get let in to sell.

There's a reason people call it BaTty

 

Sorry to be repetitive, but the fact that BaT is selective about who can list on the site does not change the fact that the price at which a car is sold on that site can determine its fair market value.

 

I followed that BaT auction for the $50,000 XKR.

My opinion is that it probably doesn’t represent an across the board revaluation of the XK and XKR iterations. More likely, it shows that these cars are starting to be recognized for what, most here know, are excellent, well engineered cars, that offer good value.

 

I always thought it was "Bring a Trailer" because the car is in such crappy condition, it won't even drive home =]

Still, buy an XK for 10K more than its worth, then a month later a water pump or timing chain fails. What then?

Better off buying one at a lower price and using the difference for maintenance/repairs/upgrades. My opinion.

 

I agree BaT is not reflective of the overall market, but I think it definitely has an impact. As others have noted, there are a number of people who browse through the listings and discover interesting cars or motorcycles they may not have otherwise been aware of or had previously dismissed. Then their interest gets piqued by a well-presented listing with nice photographs and commenters who offer insight about the particular model and who maybe dispel rumors of unreliability, etc. While only a couple may get caught up in the actual bidding, the losing bidders and observers may then go out into the general market and be more amenable to listings that previously languished. BaT is not a great platform for actually buying a car, but by increasing overall awareness about a particular model, it bodes well for the overall market. If BaT creates more buyers, then values can only go up as demand starts to meet supply.

Still curious though if the Seller in yesterday's auction was a forum member. If so, I would love to hear more about the listing and selling experience.

 

I appreciate my XK

 

Sometimes I forget how rare these XK’s are. Unless you have a real interest, these fall off the radar of most people,including car enthusiasts. The more car people find out about them, maybe their “ value” will rise.