Should We Pay Attention to Pricing from Barrett-Jackson?
Barrett-Jackson has long been one of the most respected auto auctions in the world, selling numerous automobiles from various brands and years. Some of the top vehicles are sold for hundreds of thousands of dollars. However, just because the cars are listed at exorbitant prices does not necessarily mean that the true value is represented.
Auction results may serve as an indication of car values, but to discover an accurate representation of a personal vehicle, a potential seller or buyer should look at many cars similar to the one being valued. Auction results may be misleading. Most cars at Barrett-Jackson auctions are customized; the average model may not include custom attributes like a special engine or other restorations.
Are Prices a Barrett Jackson Too High?
Many times, cars at a Barrett-Jackson auction will sell way over true market value. This does not mean that the car is actually worth the sale price or that everyone with a similar vehicle will be able to receive that price as well. Every auction is different and will have a variety of people bidding in the audience. A certain car may sell high at one auction because there happened to be two bidders who entered a competition that drove the price up. At another given time, without these bidders, the same car may have sold for much less.
Barrett-Jackson is also known to bid up cars for investors. Anyone who has attended an auction or watched one on television has seen representatives on the phone who were instructed to boost the bids in order to pad the sale price. Another problem that some people have with Barrett-Jackson auctions is the high price results for clone vehicles.
It may be fun to watch or visit a Barrett-Jackson auction because of the chance to witness some beautiful automobiles and other offerings. However, the prices that are presented do not always represent the true value of the cars being sold.