$875.00 - how big a mistake did I make?

[ISCS Yoda]

I bid on a brick and mortar auction site, which was also exhibited on-line but not to the general public, for almost 8000 dollars in handguns. I knew I would get outbid (I sure HOPED SO) on most of them because my bids were based on reality that I am aware of and values that I am aware of and I didn't bid retail, I lowballed everything and, sure enough, 95+% of my bids were outbid, except one. I accidentally bid what I think is kind of a retail price for a S&W 686-6. My bid was $700 and I didn't take into account the exorbitant buyer's premium on this particular gun; I don't know what overcame me or how I lost focus - so I won this ONE auction item at 700 bucks plus a premium of 25% - another 175 bucks. $875.00 - I was irked! MSRP on a 686 today is $829.00. But a deal is a deal so I picked it up today:

Smith & Wesson Forum - ISCS Yoda's Album: Revolvers - Picture

But here's the "thing", as we sometimes say - the revolver is pristine, it's 100% NIB, it's totally obvious that it was never fired, not counting any factory tests, and when I opened the cylinder - lo and behold - 7 chambers! Nothing on the gun or the box says + or Plus. I haven't been home yet to check my 2.5" 686+ but I was pretty sure it had a + on it somewhere. Maybe I'm crazy.

Anyway, the 7 round cylinder kind of alleviated my annoyance at myself somewhat but I still think I paid too much but I WILL GET OVER IT. The gun is gorgeous.

Comments solicited and no need to be gentle - if I was an idiot you can say it without fear of offense.

***GRJ***

 

[Rick016]

Ya know, I feel bad for how bad of a deal you got. I don't want you to be out $875, so I'll give you $100 for it, that should help cushion the loss to you a little. Just because I'm such a nice guy, lol.

 

[snowman]

Sir,

Do I understand correctly that the 25% premium was on this gun only? If so, why was that? There is an auction house nearby which does 2 large gun auctions a year, and the buyer's premium is the same on every gun.

At any rate, 25% is indeed exorbitant. I wouldn't have bid nearly that high either, but that is me. If you're satisfied with the gun, great.

Regards,
Andy

 

[UNCLE PAULY]

It's just money and the sooner you forget the price paid the sooner you can start enjoying a truly nice revolver.

 

[diyj98]

Anyway, the 7 round cylinder kind of alleviated my annoyance at myself somewhat but I still think I paid too much but I WILL GET OVER IT.

The 686+ is only about $20.00 over the 686 dealer price, but I guess $20 is $20. I'd to boast that I've never screwed up and overpaid by not paying attention, but I'd by lying if I did

 

[bigfatty]

Not too swift with the bid, but hey, you got a 100% 686+, you just paid about $150 more than you should've. Figure that if you bought it at an LGS and paid taxes and fees, you're really out very little. Congrats on the new gun!

 

[Shorty 45 MK2]

Congrats on your newest! It does look nice.

Don't sweat about the price to much in a couple years that will be what they cost most likely. If nothing else it's a learning experience.

 

[ISCS Yoda]

Do I understand correctly that the 25% premium was on this gun only?

No, sorry, every gun had a 25% buyer's premium. Sorry if I didn't explain well.

I guess the 100 dollar offer won't work - BUT I SURE APPRECIATE IT - and y'all are telling me basically the truth as I kind of see it - I spent too much, lesson learned, but I wound up with a gem of a revolver and I'll just ignore the wallet pain and have fun with it. Thanks.

 

[Rick016]

No, sorry, every gun had a 25% buyer's premium. Sorry if I didn't explain well.

I guess the 100 dollar offer won't work - BUT I SURE APPRECIATE IT - and y'all are telling me basically the truth as I kind of see it - I spent too much, lesson learned, but I wound up with a gem of a revolver and I'll just ignore the wallet pain and have fun with it. Thanks.

That's a shame, lol. I'm actually getting all antsy because my 686 Competitor should be arriving at my FFL tomorrow.

I feel like breaking into song!

The gun will show up....TOMORROW! Bet you bottom dollar that tomorrow...there'll be fun! TOMORROW! TOMORROW! I'll shoot ya...tomorrow....


.....sorry, too much?

 

[Florida J Frame]

You didn't pay too much. You just bought it too early. Enjoy it.

 

[ken158]

Never heard of a 25% buyers premium - WOW... that in itself would have me skipping such an auction. Yep - thinking you paid top dollar on this one. When I pay too much, I always look for a great deal afterwards... for cost averaging!

 

[MattNH]

I thought the 15% buyers premium I paid on auctions was high. Just out of curiosity, do you know the seller's premium? Is it 25% as well?

 

[PatriotX]

The difference between what you paid and full retail amounts to little more than a couple boxes of ammo.


A small thing, when the total cost of shooting that beautiful S&W over its useful lifetime is tallied.

 

[jimbo728]

It is still less expensive than an ounce of gold and will appreciate in time, so dont feel too bad. I paid 799 for a new M&P 15 Sport in 2011 when black rifles where hard to find under 1000, if you could find one. Now they are in the mid 500 range. I love it and never looked back.
Jim

 

[moralem]

The way I see it you paid the market rate for a 686 as described. The premium is the administrative fee for having access to the auction. I know I am splitting hairs but if you were to sell the gun you would get the value of the gun back...700 dollars. The 175 is the price you paid to play. I don't know what auction house you are referring to but the one here in Dallas, Heritage Auction, is just too overpriced on any of the very nice guns that come across the auction block. And then you factor in the buyer's premium and you might as well give up before you even try to bid. It is the auction house's job to drive bids up.

 

[italiansport]

I seldom buy at or even watch auctions anymore. The gouging that's taking place is unbelievable. When you stop to consider they charge the seller 10 to 15% and add on the buyers "premium" you get the idea.
BTW: As far as I'm concerned the buyers Premium is B.S as they work for and are accountable solely to the consignor.
Along with the shill bids and misrepresentations regarding condition I long ago started using other sources.
Jim

 

[SLT223]

Did you over pay, yes. You already knew that. By a lot, no. Does it matter, no. Just shoot it, you'll be happy. I actually like the action on the new guns. They're a bit quicker.

 

[Scare-Crow]

Look on the bright side. You only won just the one auction, could have been a helluva lot worse

 

[Kernel Crittenden]

.....Nothing on the gun or the box says + or Plus.......I was pretty sure it had a + on it somewhere.

The guns themselves aren't marked with a "+" or "Plus". Just a model number and dash number like any other Smith. As far as the box, a new -6 box would follow S&W current practice of not listing any feature codes, unlike what they did in days past. There may of been a time, years ago, when the boxes were marked with a "PLUS" or something. But I don't remember ever seeing one. To tell a 6-shot from a 7-shot you'd have to know the product codes (sku) which are different.

Maybe someone has other information.

 

[Kid44]

I don't think you did too bad. As far as how big of mistake you made, that can only be determined by how forgiving your wife is, if you are married