What is "overpriced"

[slabghost]

No secret stuff today costs a lot me than we are used to. But some of it is must have stuff and some we feel is worth the cost and a lot not worth it. So what scorecard are we using to evaluate the value of any given thing? Obviously we don't all use the same scorecards we are all different people.So what gives a given mod, purchase, finish etc. value? Some prefer powdercoating, some painting, some want to get stuff chromed. Different mods have different value to different people. Let's hear how you evaluate value.

 

[desertrefugee]

Uh oh. Ah, what the heck, I'll take a swipe at it.

For me, the direction I take on a project is largely driven by the machine itself. I suppose I sort of subconsciously ask myself a few questions. (And these questions may or may not be part of the purchase decision-making process).

1) Is the bike unusual or "rare". (Overused term). Scarce, maybe. If so, I may consider staying close to factory and, certainly, nothing irreversible.

2) Is the machine realistically worth pouring X dollars into? If you're strictly looking to flip, (I don't) this is where you'd better be paying close attention. You can get underwater in a hurry. If it's more of an emotional or nostalgic purchase, then the answer will always be, "yes".

3) What was the machine originally designed to do?

4) Is it complete, but tattered and is it a scorching hot rod? Or was it? Or can it be?

Lotta questions, but if it's #4, the path is pretty simple. Make it stop and make it GO! Cosmetics are purely secondary. I've had more than a few UJM's that folks would sneer over at the stoplights. The sneer disappeared at the green light.

Question #3: Making a motorcycle do something it was never designed to do can get really expensive. Bags and luggage on lots of bikes are pricey and don't always look very good. Improving performance is never a bad thing, but there needs to be a goal and expectations should be realistic. Is the goal improved cold weather manners, driveability or a raw animal street fighter? To me, that goal is a primary driver on decisions for performance mods.

Questions 1 & 2: If it's "rare" and unique, your path is usually locked into restoration. This gets really expensive. A labor of love. But, if it's infatuation and nostalgia that's driving a particular project, you really can't quantify emotion. I love for a project to LOOK nice. It needs to perform as designed (or better), but it really needs to look decent. This is not the rat project from #4 and #5, but a real love story. Decisions are completely subjective, but my bikes are ridden. They need to handle well, stop well and go well. Not racers, but not slugs either.

...sheesh. Enough rambling. Even though I'm not sure I answered the question.

 

[slabghost]

Okay that answers the types of thing you'd do but what makes a given thing "overpriced".

 

[Rednaxs60]

I'll wade in on the question of overpriced.

1. Paying more than you might think depending on where you live - supply and demand.

2. Paying more for an older bike than for a newer one.

3. Expecting an ROI on a depreciating asset is always overpriced.

Just a couple thoughts at this time.

Cheers

 

[slabghost]

So for you pretty much anything that costs more than the value you'd give it?

 

[mcgovern61]

For me it starts with budget. How much money am I willing to spend or even have available to spend. From this perspective, something becomes "overpriced" if I can find an alternative of equal or greater quality within the budgeted amount of money. Sometimes, that might require a lower value item than what I may have wanted originally, but may still perform the task or function needed.

Next, what is the long term spend of the whole bike. Does the item provide quality and reliability if mechanical or electrical? Will it extend my ability to ride safely? Does the item have ability to extend the life of the bike? These questions might cause me to pay more for an item if I believe the value is there.

Is it a "must have" item that I just desire? If so, I will wait and set money aside monthly. For example: I wanted to convert my '82 back to a Standard with a windshield. The windshield I wanted was the Plexi-fairing III. It was not an in-expensive purchase. There surely were plenty of used ones on Ebay. But, I wanted to start with a fresh new windshield that gave me similar protection as the Vetter faring without the lowers. But, I could not afford it up front. For me, the price was worth it. Just had to take a year of saving money to buy it.

When does the item become "overpriced"? When it's value cannot justify the cost.

 

[slabghost]

Good post.

 

[joedrum]

nothing over priced to me till i look in my wallet ...then it becomes clear...most all things are overpriced ....as for modding my bike ...honda didnt live up to making one for me ...so with honda parts and others i made the bike i wanted....ir has one new part on it ..c5 ignition ...hmmm must be the only part not to much for me ...i guess all other stuff is overpriced to me ....except my vw new tire i just bought and mounted on my darkside wheel that was 60$ my new 20$ headlight ...my given to me turn signal mirrors i think 28$...and my 20$new front fender ...i did get rip off on my 20$ led headlight blubs as of now ...

truely though if i had more money my bike probably wouldnt be as good as it is now cause it would be less of me in it ...

 

[desertrefugee]

slabghost » Wed Nov 16, 2016 5:44 pm[/url]":whj2vk2t]
Okay that answers the types of thing you'd do but what makes a given thing "overpriced".

To be perfectly honest, and within reasonable bounds, I have never felt price to be an obstacle to an upgrade I really wanted to do.

It has to feel right.

If I don't feel truly compelled to do one upgrade versus another - or versus perfectly serviceable stock configuration - then there's no reason to do it. Call me impulsive, but there have been cases where, if inspiration strikes, the order is placed before I know what happened. That's feeling something. To me, it just seems like agonizing over a purchase, especially an upgrade, is not the way to approach it.

So I usually just hang out in the garage a lot and listen to the machines going up and down the street and look at the ones parked here and there and kind of draw inspiration from there. Damn the budget. As if anybody has ever sat down and drawn up a budget before they started a project.

By that time, nothing is expensive.

 

[dan filipi]

Everything has to have a value to me connected to it. I'm usually fine paying more for something that I really want, versus paying more than its value to me if I have no other choice. I don't like being levered into something I feel doesn't have its value to me. That is overpriced to me. One case is $250 each for stock burb tailights from the dealer. I found both for $150 new aftermarket. They actually look better than stock but retain the stock look.

Honda OEM head gaskets are over priced. These things were made assembly line cheap yet we pay an inflated price because as I was told by a Honda parts guy, each year they add inflation to them. I suppose that's just how they have to run business to stay in business.

To me the C5 ignition is only a little over priced. I say a little because I know what his costs are and all the time he has in custom designing his own parts, parts machined here in the US which adds to his cost alone. Partly my value in his products are because everything is American designed and made from American parts, and he personally ensures good quality control.

I've also learned over the years that quality isn't cheap. A lot of R&D goes into building a good product that will last and I'll be happy with its performance.
Many things may seem overpriced until you research the alternatives then you discover it really isn't.

 

[desertrefugee]

joedrum » Wed Nov 16, 2016 6:43 pm[/url]":it7do803]
...truely though if i had more money my bike probably wouldnt be as good as it is now cause it would be less of me in it ...

Dang, Joe. That's about as heavy a thought as I've had all day. I could not agree with you more, o brother. Here's to the Hooch.

 

[brianinpa]

I could have bought a brand new Gold Wing for $25,000 plus extras. Instead I chose to buy vintage Gold Wings because they were a LOT less expensive. To me, brand new is overpriced and as long as I don't spend that much on these vintage bikes, I'm ahead of the game.

 

[Rednaxs60]

slabghost » Yesterday, 5:23 pm[/url]":3ih78f05]
So for you pretty much anything that costs more than the value you'd give it?

Overpriced is not reflective of the value I would give an item. Overpriced is when availability can be had from several sources for the same item. When an item is rare and possibly a "one of", and is needed, cost becomes a non-issue. in this case, either it is bought or what you have goes the way of the dodo bird and you move on to newer and better things.

What is the importance of the item also becomes an issue. I was watching a show on vintage cars and this one fellow had a '66 Thunderbird that he has owned for over 40 years. He has made changes necessary to keep his pride and joy running. I think this kind of mindset is what keeps us going as well.

I have kept track of the costs to bring my '85 LTD back to as new as possible. It was an eye opener how quickly the costs add up when doing some mods or just replacing worn parts. The bike is about 98% as smooth as my 1800, and provides excellent cruising for us. Now I will amortize the costs over the years that I expect out of the bike and since I'm starting at almost new, I should get a lot of years and mileage out of the bike. Of course this is without a catastrophic failure. I am also trying to mitigate this by finding a second one that will provide the redundancy I want.

Another issue can be the benefit of keeping oneself active and feeling accomplished. There will come a time when I will not be able to do what I have done to this bike, or anything else. I feel good when I finish the work I have scheduled, and this feeling is priceless.

My last thought on this is what do you want. The model airplane hobby is quite expensive, but to these folks it is not. Our vintage GWs and other older bikes are pricey as well. Maybe it's not about being overpriced, it's about what we have to do in order to enjoy what we do. It's not about the destination, it's about getting there.

Just some early morning thoughts with coffee in hand.

Cheers

 

[slabghost]

Excellent post and very good points.

 

[slabghost]

I too look at comparisons. If several options all do the job that I desire it boils down to the lowest cost. If new is no longer an option then I'll make do adapting old stuff or do my best to adapt a newer version that won't just "fit". I also put more value into an item I believe will bring more peace of mind than worry.My vehicles are old but still they are made for the same purposes. To haul the driver and desired cargo from one point to the next. I could rebuild my truck or car for less than half the cost of similar new vehicles so to me the "new" are overpriced. On the other hand popular value (kelley blue book) says my vehicles are not worth fixing. This of course assumes you want to be able to get return of investment when/ if you sell. If it fits me and my life I prefer to keep it. And keep it as trouble free as I can.

 

[desertrefugee]

Well, although this may not fit “exactly” into this discussion, it does highlight the notion that, sometimes, things that you wouldn’t expect to be expensive can suddenly qualify. So, then it’s “overpriced”! Sometimes unexpectedly. And through no fault but your (in this case “my”) own.

Everyone should always consider installing quality parts to insure quality outcomes. Take GL1000 carburetors, for instance. The Randakk kits are pretty much universally recommended. And they cost about $150. I’m rebuilding the carbs on the “sidecar” ’78 and since they really looked good, I cheaped out on the kits and paid about $80 for a no-name Japanese brand.

So, now there’s trouble in paradise and I believe I have the float needles from the kit to blame. I won’t swear to in until I PULL THE STINKIN’ RACK again. I guess I could’ve dinked it up on the job, but I don’t think so.

If I happen to now need to buy more parts, any anticipated/perceived savings will be gone and this job will end up being expensive AND overpriced.

Ugh. I should know better.

 

[Ansimp]

desertrefugee » Fri Nov 18, 2016 6:27 am[/url]":tphrt08x]
Well, although this may not fit “exactly” into this discussion, it does highlight the notion that, sometimes, things that you wouldn’t expect to be expensive can suddenly qualify. So, then it’s “overpriced”! Sometimes unexpectedly. And through no fault but your (in this case “my”) own.

Everyone should always consider installing quality parts to insure quality outcomes. Take GL1000 carburetors, for instance. The Randakk kits are pretty much universally recommended. And they cost about $150. I’m rebuilding the carbs on the “sidecar” ’78 and since they really looked good, I cheaped out on the kits and paid about $80 for a no-name Japanese brand.

So, now there’s trouble in paradise and I believe I have the float needles from the kit to blame. I won’t swear to in until I PULL THE STINKIN’ RACK again. I guess I could’ve dinked it up on the job, but I don’t think so.

If I happen to now need to buy more parts, any anticipated/perceived savings will be gone and this job will end up being expensive AND overpriced.

Ugh. I should know better.

This pretty much is my experience with my cheap eBay purchases. I am prepared to take a risk on the quality if the cost is low enough that trashing the crappy product is not an expensive lesson. Most times I have had favourable results with my cheap purchase so I will continue to find reasonable quality for a low price.
I do think that most of my mates will tell you that I am a cheap *******! :smilie_happy:

 

[rudolphwolven]

* * *
...Overpriced...?............are you sure...?
It also could be a matter of (personal) interpretation.......for instance; the subject is either considered as a hobby-project or as a restauration mandate project for a professional restorer / bodyshop.
Renovated low mileage (11.000 mls) 1975 GL1000 K1:
Cost of labour / 1.400 hours at $ 50,-...........$ 70.000,-
Cost of new parts....................................$ 5.000,-
European resale-value before restauration......$ 5.000,-

Offering on European market place.......... Euro 89.555,-

https://ww3.autoscout24.de/classified/28 ... owcase=A_N

(Click picture to enlarge)

 

[dan filipi]

$ 70,000 labor.... :smilie_happy: So true. sure can't count all our "shop" time.

 

[desertrefugee]

rudolphwolven » Thu Nov 17, 2016 3:13 pm[/url]":3n1h2ozs]
* * *
...Overpriced...?............are you sure...?
It also could be a matter of (personal) interpretation.......for instance; the subject is either considered as a hobby-project or as a restauration mandate project for a professional restorer / bodyshop.
Renovated low mileage (11.000 mls) 1975 GL1000 K1:
Cost of labour / 1.400 hours at $ 50,-...........$ 70.000,-
Cost of new parts....................................$ 5.000,-
European resale-value before restauration......$ 5.000,-

Offering on European market place.......... Euro 89.555,-

https://ww3.autoscout24.de/classified/28 ... owcase=A_N

(Click picture to enlarge)

I don't want to say, "Irrelevant.", but a man's labor is pretty much worthless on a home project. Unless he hires a professional. Only movie stars can afford to have a professional to their restoration for them.

I'm definitely not a movie star...