Have enthusiasts finally rejected mark-ups?
Price gauging from dealers and flippers on new models of cars has been a scourge on the industry for decades. Many of us had resigned ourselves to the fact that rich people willing to pay well over MSRP for the latest and greatest car is a problem that won't ever be solved. However, we reported recently on a group of Corvette enthusiasts taking a stand against dealers already pumping up prices in preparation for the new C8 Corvette Stingray's release, and now the first 2020 Toyota Supra to go up for auction on the web has failed to sell at its reserve price that was set at well over retail. Hopefully, this is the start of a wholesale rejection of mark-ups on new models of cars.
The Toyota Supra was one of the hotly anticipated cars of this year, and this is one of the 1,500 special Launch Edition cars. We caught it when it was listed on Bring A Trailer just over a week ago by a dealership in Marietta, Georgia. With just 23 miles on the clock, it looks like the company was trying to flip the car for a nice little extra profit. By the end of the first day, it had a bid on it of just over $50,000 but, by the end of the allotted time, the final bid was $56,700. That's just a couple of hundred dollars over the Supra's MSRP of $55,250 but didn't sell as it didn't meet the reserve the dealers reserve price.
Of course, the Bring A Trailer crowd is a savvy one, but it's not just the hardcore that uses the auction site. There's plenty of dealers out there trying to sell launch editions at a premium but a patient shopper can find one for MSRP or wait for the regular version and save some cash. With cars coming down the pipe such as the C8 Corvette, Porsche Taycan, and Land Rover Defender, we can only hope this is going to become the new normal. In the meantime, we're going to enjoy the fact that this dealership is out the $99 listing fee and how pretty the Launch Edition Supra is.