[eilig]

Hey guys. Thanks for the input, and also for the observations regarding the car and price.

It was not my intention to ignite a debate on the methodology used in establishing prices for musclecars. But since this discussion seems to be continuing along, maybe I should chime in with some additional thoughts...

Most of you have mentioned using comparables in establishing value, and thus selling price. I agree -- but that's the whole point -- there ARE NO comparables. There aren't any other one family-owned, Jade Green, 1970 W-30's out there with documented 18k original miles. This seems to be the ONLY ONE.

A situation in which no comparables exist then must rely on other principles to dicate price. So let's briefly reflect back to our college Economics 101 course...

The term "price" as used in economics always refers to the RELATIVE price of the item. Economics emphasizes relative price because the behavior of buyers and sellers depends on relative, not absolute, prices.

Markets are composed of buyers and sellers. A demand curve shows what buyers wish to purchase at various prices, and a supply curve shows what sellers wish to sell at various prices. The point at which these two curves intersect dictates selling "price."

In this case, the supply curve is essentially not a curve at all -- it's a single point, because there seems to be only ONE of these cars in existance. As such, "price" is established only by demand. Because this particular car is fairly desirable, there is a reasonably strong demand, which quickly pushes the price quite high.

Example: The 1962-1964 Ferrari GTO. There were only 39 produced, so again, supply isn't really a curve at all, it's a fixed constant. This particular car is extremely desirable, which means the demand curve is very steep. Thus, the car changes hands these days for anywhere between $8-$12 million. Is this "price" reasonable? Is this car THAT much better than any other car on the planet? That's certainly arguable. But again, none of that matters. The only thing that matters is the "relative price." In other words, the amount a buyer is willing to pay a seller who controls one of a very limited supply. And if one buyer is not willing to pay enough, there is another buyer eager to replace that buyer at a higher relative price. There's your demand curve.

Basically, this is just a fancy way of saying that price IS relative. In this case, the seller (my ill father) is the sole party in control of the supply. He has a relative price in mind, and it's a high one due to a 35 year bond that has formed between him and this car, and due to the fact that there aren't many other cars on the planet RELATIVE TO HIM that are more desirable than this one. If a buyer comes along who agrees, then a relative price will be established, and the car will sell. If not, then it won't sell, and dad will be happy that he still owns his prized gem.

Colin -- You hit the nail on the head. You said, "If it's something that NEEDS to be sold..." The car does not NEED to be sold. As some of you may have noted, I have other cars for sale as well, which will aid our situation. Yes, of course dad would be happy if it sold at this price. But if it doesn't, he'll still own it, which will also make him happy. So either way, he's happy. And basically, as I look at this poor man who can no longer walk, relies on huge doses of morphine for pain control, who had a stroke during his last 8 hour surgery, and who currently faces another 12 hour long surgery that the doctor is afraid to peform because he questions whether it's survivable... Hey, I ain't gonna argue with the man. I only want him to be happy for his remaining days. If he's happy, I'm happy.

I hope this rambling post will shed a bit more insight on what is obviously a difficult situation. Thanks for reading, and thanks for the well-received sentiments many of you have expressed. Much appreciated.