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How do you know if you're paying a fair price for parts?

Started by Andrew Trout, April 03, 2020, 02:52:52 PM

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Andrew Trout

Due to some life events, I've assumed custody of the 1961 Cadillac that my father and I restored together. With that responsibility also comes the need to start getting spare parts. I've got a bunch already that my father had purchased, and have diligently gone through and cataloged them all in a spreadsheet so I know what I have.

But when looking for more parts, how do you determine if you're getting a steal, a fair price, or if it's a rip-off?

For example, I'm looking for replacement trim parts. The hood and trunk emblems that have become worn from years of lovingly being polished, so some newer ones would be nice. I see some on eBay in used condition, maybe a little worn or pitted. But then I see some real beauties that appear to be brand new. I do the math on the hood, trunk, and crests and ouch that's a lot of money. I can afford to pay itâ€"but is it a good price?

I know there's supply/demand going on, and that allows those with supply to set prices however they see fit. So what tools, process, or experience do you use to say "That's a good price!" or "that's overpriced by about [whatever dollar amount], I'll pass."
Rochester, NY
1961 Convertible

Lexi

Tough one to answer. Best done on a case by case basis with full knowledge of the market, & how "badly"others may require an item. Finding parts at a swap meet or through buddies on the board are usually priced more down to Earth, for example. I have usually found Ebay a place of last resort, i.e. a place to go if I just got to have it now and damn the expenses. Not 100% carved in stone, but Ebay does have the world as a market place so the price of things usually is higher. Great site, but you pay for it. The Caddy parts sites are businesses so my expectation is to pay more there especially if they run a brick & mortar store. At a swap meet the seller normally has a small time frame in which to sell. In contrast, an online vendor may choose to sit on things while selling & wait it out. Are reproduction parts available and if so, how have they impacted the value your parts? Is it cheaper to have some parts restored rather than replaced? What about shipping, import fees and currency exchange considerations if applicable? To get a fair price is to know all current parameters then take it from there. But then again pricing an object can fall into many different classes, all of which present different values. Compare Insured replacement cost to a yard sale where you will be "nickle and dimed" to death, as an extreme example. Everything else would probably fall somewhere in between. Best to really know the present market and take it all in and proceed accordingly. People in the business of selling collectibles and rare or odd items will tell you that pricing such an object is sometimes the most difficult aspect of selling. No simple answer :(  Clay/Lexi

carlhungness

       My favorite college professor told me, "Carl, the more you know about your product the greater your chances of success." Thus your product is parts...sorry to say you have a learning curve to climb.
Pretty soon you'll be a fountain of knowledge of parts for your vehicle, until then, use the Forum, there are lots who have been where  you are.

Tom Boehm

#3
Like the others have said, research and time will give you knowledge of prices. Watch ebay, for sale ads in the Self Starter and on this forum, and swap meets over time to get an idea of market prices.

What I have found is I am willing to pay more for parts depending how fragile (and thus rare) they are. Cosmetic parts fall into this line of thinking.
Chrome, and nameplates just don't last forever and are very expensive or impractical to restore. Hubcaps and runningboard trim is close to the street and gets banged up easily on all cars. Carpets and dashboards fade. There is a limited supply of NOS parts out there that is shrinking every day. Relative to cosmetic parts, a master cylinder is easy to restore.

Here is a personal example. Your car is about 60 years old. I got my 40 Lasalle in 1997 when it was about 60 years old. I saw a set of perfect or NOS chrome parking lights for a 1940 Lasalle at the 1998 Grand National in Chicago. The seller was asking $300. I took one look and thought that was ridiculous and outrageous. A few years later I would have paid that gladly after having expensive replating done with mediocre results.

I paid $750 for a set of reproduction hubcaps with medallions from an individual. That sounds high but I knew that was a good price because the professional vendors wanted much more. I also know that was my only option because there just aren't any good originals out there for sale. I looked for years. Also hubcaps from that era are very difficult to restore. When I was trying to decide to buy them or not my wife said, "remember the parking lights in Chicago?"

My opinion of ebay is generally there is a lot of junk for high prices from sellers who do not know what year car the parts are from. Of course that is a generalization and there are exceptions. Also, ask around to fellow CLC members. Everyone knows which professional vendors have outrageous prices.

GregoryAlan

'What's it worth' posts are pretty useless IMHo...
Most no one is going to have the same need for a used part as you might...

I HATE to use these guys as an example but Mike of the 'American Pickers' keeps saying that the time to buy is when you find it. You might not find another one any time soon. If you find a part that you need and it works with the budget you have for buying that part you better grab it. It's not like you can walk into your local NAPA and find one on the shelf.

dinhnguyen57

Everyone is correct.  It takes a little time to watch what is being bought and sold and at what prices and condition and how frequently they come up on the market to "get a feel" of what is a fair price.  And of course, how much patience you have to wait until the part comes up for sale again.  You'll need to know if they make reproductions, because then likely the parts will remain cheap.  But keep in mind some reproductions are not the greatest quality. 


I find most people who seems to know what a fair price is on anything, they've bene looking and monitoring the market for months if not years already.  (not days or weeks.)
1941 Series 62 coupe
1959 Eldorado Seville
1990 Allante
2007 Mercedes S550
2009 STS
2018 Chrysler Pacifica

Andrew Trout

The emblems I'm looking at are from Caddy Reproductions on eBay. They've also got a website, and while I haven't purchased anything from them in the past, I've seen them before. It's not some random person on eBay sell off a parts car piece by piece. They're an established, organized business. 

There's been several great points raised already. I'm very thankful for the answers and thoughtful discussion around this topic.

Right now, there's a strong emotional component I am (and probably a lot of us are) dealing with. Anxiety, uncertainty about what the future will be like, and the desire for something normal, something that makes us happy. The Cadillac I have is priceless to me, so the concept of paying a premium for parts is fine as that car deserves the best possible parts. I, on the other hand, have to be sure I'm spending money wisely. Are emblems the best use of my money? Maybe! For example, having a NOS power antenna is great, but that's not as visible as a near-perfect emblem smack in the middle of the hood.
Rochester, NY
1961 Convertible

Scot Minesinger

Andrew, pictures please, this will enlighten the crowd on how to best respond.  An Eldorado vs. a four door vs, condition will enable us to offer better advise on this topic.

I have three 1970 Cadillacs, and I repair Cadillacs in the 1965-76 era for extra cash as a side job in the evening.  My experience on parts is:

Mechanical parts, it is good to have the basics on hand in stock that are vulnerable to failure, such as but not limited fuel pump, water pump, generator, coil, distributor points, condenser, hoses, belts, starter, carb, fluids, filters, gaskets, and the like.  In general when you need a part that you do not have it will be delayed or cost twice as much, so it is worthwhile to stock these for peace on mind alone.

Non-essential to drive ability trim parts, I would not stock anything.  Buy the trim parts as they become available at a good price, replace the trim on your car and sell the piece from your car back on e-bay or whatever medium works for you.  Price is based on condition for trim parts.  Presuming your 1961 Cadillac has all the trim, you are just upgrading and are going to pay near the top for these items.  Maybe now with Corona, places such as McVey (spelling) may discount these parts.  Look on the all the sources and you will see what they go for. 

Cosmetics drive value more than mechanical on a 1961 Cadillac.  Back to my original question about a picture, on a 1961 Eldorado a $1,000 trim purchase may be warranted, on a 4 door maybe not - strictly from a financial perspective.  For most who would own a 1961 Cadillac it is a hobby, and financial considerations are substantially ignored.  If this is not a passion for you, it may be best to sell when the economy recovers.

BTW, whatever you do, do not store this car outside.  Every month outside probably lowers the car value $1,000.
Fairfax Station, VA  22039 (Washington DC Sub)
1970 Cadillac DeVille Convertible
1970 Cadillac Sedan DeVille
1970 four door Convertible w/Cadillac Warranty

Tom Boehm

Hello Andrew, Here is a thought about reproduction parts. Reproduction parts are not available forever either. I have had my Lasalle long enough to see some sources of reproduction parts disappear just like the NOS ones. A guy named Dan Whalen used to make reproduction plastic for the interiors of pre war Cadillacs and Lasalles. He died a few years ago and no more repro knobs. About 15 years ago McVeys had a run of correct fan and generator belts made for Cadillac flathead V8s.  I bought a set despite the high price because they were the only correct ones available. About 2 0r 3 years ago they sold out and they are not going to have more made. Allcads is the only place selling repro wheelcovers for 39,40,41 Cadillacs and their price is very high. When they sell out I really doubt there will be more.

All that being said, interest in prewar cars is waning and so is the repro parts supply. Interest in '60s Cadillacs is still strong and I doubt the repro parts will dry up in the near future.   

Andrew Trout



It’s a 6267 Convertible. All new interior, repainted dash. Everything forward of the firewall is new or rebuilt, and same for the rear shocks and springs. Rear bushings need to be replaced this year. The main negative is the paint is in rough shape, but that’s an expensive job at the low end.

My father bought this while courting my mother, and I grew up in the back seat going to shows and the local ice cream shop. My father and I restored it to the present condition, and I will ‘finish’ the job as best anyone can finish a car. .
Rochester, NY
1961 Convertible

dinhnguyen57

1941 Series 62 coupe
1959 Eldorado Seville
1990 Allante
2007 Mercedes S550
2009 STS
2018 Chrysler Pacifica