Does this sound right? Getting value of asset from Auction sales?

[bigreddog]

I know I've asked for help on this awhile ago, but I need to know if this sounds plausible.

I have a 2004 Bobcat Mini-Excavator. We use it around our property for moving rocks. We grow them.

Anyways, I owe $4,000 on it. I have a $7000 state wild-card available. Someone here said to try MachineryTrader.com. I signed up and looked over the results today. Their "SELLING" prices ranged anywhere from a low of $8000 all the way up to $17,000. The "AVERAGE" was $11,000. They don't give details as to condition, but mine needs work. Welding, maintenance and a drive motor is gone.

If I were to put $11,000 down as it's value do you think that would fly? When we filed Ch. 13, 3 yrs. ago, it's value was $21,000. But that was when there were very few available and the building industry was still good. Even on Ebay there's three times what I've ever seen before.

Someone give me a ray of hope.

[Tbornetun]

I would look for SOLD auctions. People can put whatever price they want on something but if it doesn't sell, it isn't worth that. Find 3 sold and average them, that will give you an actual value. Make sure you print copies of the 3 sold should you ever need to provide them to the trustee.

[bigreddog]

I would look for SOLD auctions. People can put whatever price they want on something but if it doesn't sell, it isn't worth that. Find 3 sold and average them, that will give you an actual value. Make sure you print copies of the 3 sold should you ever need to provide them to the trustee.

I'm sorry, I thought I mentioned it in my question. Those were SOLD prices. I believe that's why the high range. In my opinion, my unit should be worth alot. But not in this economy. Equipment is being dumped on the market. I print out a copy of every ebay sale, but at MachineryTraders, there's so many auctioned pieces, they just list the serial #, year and price it sold for. I went to one of these auctions in Kissimee Florida once, and there were thousands of pieces of heavy equipment. I talked to someone who works at the dealer I bought it from and he says Nothing is selling. So I'm hoping I can use the $10-$11k price easily.???

[roozterdvx]

there's a big machinery auction place here in Florida between Orlando and Tampa

http://www.rbauction.com/index.jsp

Ritchie Bros. Auctions


you might be able to find some info there...worth a shot

[eddiep]

bigreddog

"we grow them" lol
I know what you mean, we bought our house from Fred Flintstone.

[willbfree]

I checked the completed listings section on Ebay for you and the only one that sold was an $8900 Bobcat. The other six did not sell for their asking price.

http://tinyurl.com/petzdd

[TEW]

It also has a bad drive motor $1500 to 1 k rebuilt, add labor it can be easey to spend 3 k just fixing that drive hydro with out looking into why it want bad.

[bigreddog]

It also has a bad drive motor $1500 to 1 k rebuilt, add labor it can be easey to spend 3 k just fixing that drive hydro with out looking into why it want bad.

I don't know for a fact that the motor is bad. The "rabbit" high speed stopped working awhile ago. I haven't fixed anything hoping the things that need to be done. I had replaced the tracks w/ new ones, 100 hrs. ago. One had broken. Maybe I should put the good one back on? Just kidding. I bought it for residential use. I don't own a trailer or a truck big enough to move it. My wife agreed to let me buy it so I could dig our own foundation and dig up the tons of "weed rock" around our propterty. She said I couldn't buy "ANY" toys or a new truck until it was paid off. That was long before a BK was even thought of. The door needs welding, the rabbit doesn't work, it needs a full hydraulic service, the horn doesn't work, it's all scratched up................ All I know is it's on "04" w/ 1350 hrs. on it and I only owe $4000.