$875.00 - how big a mistake did I make?

ISCS Yoda

ISCS Yoda

US Veteran
Bronze Supporter
Joined
Feb 26, 2013
Messages
9,143
Reaction score
15,085
Location
Dallas, Texas
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***
 
Register to hide this ad
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
 
ISCS Yoda said:
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.
Click to expand...

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 :)
 
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!
 
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.
 
Do I understand correctly that the 25% premium was on this gun only?
Click to expand...

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 :D - and y'all are telling me basically the truth as I kind of see it - I spent too much, lesson learned, :rolleyes: but I wound up with a gem of a revolver and I'll just ignore the wallet pain and have fun with it. Thanks.

:cool:
 
ISCS Yoda said:
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 :D - and y'all are telling me basically the truth as I kind of see it - I spent too much, lesson learned, :rolleyes: but I wound up with a gem of a revolver and I'll just ignore the wallet pain and have fun with it. Thanks.

:cool:
Click to expand...

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?
 
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?
 
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
 
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.
 
Last edited:
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
 
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.
 
ISCS Yoda said:
.....Nothing on the gun or the box says + or Plus.......I was pretty sure it had a + on it somewhere.
Click to expand...

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.
 
Thanks for posting this. It makes me feel much better about some of the "expensive lesson" buying and selling I've done very recently. The $150 loss on trading in a so-so, recently purchased used Ruger SA .44 spc. on a new 586 4" blued classic is ok since the new Smith is an amazingly accurate, cosmetically and mechanically flawless gun. If that new 686+ looks and shoots well, a little over-pay on it will soon be forgotten.
 
Seriously? Not even worth thinking or worrying about.Sometimes you pay a little extra,sometimes you get a little break....What difference does it make? You're not needing to liquidate it tomorrow,are you?
I want to trade places with you,if this is your biggest concern right now.
The only thing that should be of concern is the condition,and you got a home run on that.
 
Last edited:
I'll tell you a little story that should make you feel better.
I bought a Colt New Service from a guy walking around a gun show for $600. The barrel said .455 Eley and the face of the cylinder hadn't been faced for anything else. The action was loose, but hey, I had an unmolested .455 Eley!
Turns out later I see that someone had bored the chambers straight through, probably for .45 Colt, thus ruining the cylinder. To top it off, I had a gunsmith try and straighten out the action, and now it is worse than it was... a $600 paperweight!
Feel better?? :)
 
So many great comments - I'll try to reply to some.....

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

Yes, but you spent your money already anyway! :rolleyes:

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

That's my story and I'm sticking to it! :o

It is still less expensive than an ounce of gold and will appreciate in time, so dont feel too bad
Click to expand...

Same story! :o

I don't know what auction house you are referring to but the one here in Dallas
Click to expand...

Speaking of lessons learned, and in attempt to not disparage the auction house, or advertise it, I ensured that the hanging tag on the gun didn't show the website or it would reveal the auction house. So, let's just say I also live in Dallas and you can take it from there.....LESSONS LEARNED! :eek:

This next is funny.....

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

YA THINK!!!!! I got reports every day of the outbids and I got REALLY nervous right close to the end thinking OMG!!! I really did NOT intend to spend that much money or buy that many guns. Then, day before the end, I was down to two guns, and then the one - WHEW!!!! :cool:

If that new 686+ looks and shoots well, a little over-pay on it will soon be forgotten
Click to expand...

I agree - and I'm very excited to shoot it, it felt so nicely balanced when I held it! Besides, it's only a couple of years ago I think I paid 300 or 350 bucks for a 6" 586, so there's dollar averaging right there! :rolleyes:

I hope it is a good sense of humor that is behind this thread
Click to expand...

TOTALLY!!!!!!!!!!!!!!!!!!!!!!!!!!!! ;)
 
Meh. You may of lost a few bucks, but you have a fantastic revolver in your hands.

Shoot it and you'll forget about the whole thing.
 
OUCH! That Colt New Service story is PAINFUL!

As for this:

I want to trade places with you,if this is your biggest concern right now
Click to expand...

In reality, at this very moment, yep, that's my biggest personal concern. And the concern is really over except for this fun discussion. I have virtually no issues that concern me in my life presently. No brag, just fact. Life is good. Tomorrow, who knows.....

Heck, last week I was on the Syria/Israel border, listening to artillery shells and heavy machine guns, watching the smoke and fire, and thinking, "26 years in the military - and I finally made it to a war zone!" That's where folks have some serious concerns but, here I am, fat, dumb, and happy in Dallas, with a new 686+. No complaints!
 
Not a good deal but in a few years it will be and you will be happy and forget about what you paid for it. Shoot and enjoy.
 
Buyers Premium Ripoff

Please explain why there is a buyers premium in addition to the percentage the Auction company receives from the seller. Personally my goal is to make any purchase as low as possible but with all the additional charges you need a calculator so you can figure your budget correctly. There is an auctioneer in this area that charges a buyers premium who asked me why I never came to his auctions and I told him he wouldn't see me as long as he continued to charge the buyers premium, he hasn't forsaken charging and he remains in business. I'm sure its just me and everyone else goes ahead and pays the premium without grumbling. I would suggest that if we all refused to participate in these overcharging events they would change their minds.

OP, You did get as nice revolver and may be the only mistake you made was participating being aware of the Gouging Overcharging Buyers Premium!
 
Last edited:
You must log in or register to reply here.

Similar threads

S
What did I miss on this 34 no dash?
Replies
20
Views
1K
.38SuperMan
.38SuperMan
M
Antique Merwin & Hulbert revolver shaving mug
Replies
5
Views
567
mrcvs
M
Say When!
Am I “THE VILLAGE IDIOT” ...again?!
2
Replies
51
Views
4K
gwpercle
gwpercle
bigmtnman
Uh-oh ! Post War Heavy Duty 6 1/2" coming my way
Replies
3
Views
703
22hipower
22hipower
Eagle1*
Well I did it, new L frame 686PC.
Replies
11
Views
1K
Bullseye Smith
Bullseye Smith

Latest posts

Back
Top