Howdy,
QUOTE (trackbird @ Dec 13 2006, 08:26 AM)

I think the deal is that once a car bottoms out at $1k or less in the Kelly Blue Book values (or the book of your choice), it becomes "worthless". At that point, it becomes worth more to a particular buyer than the book might suggest. For some reason, Corvettes never seem to bottom out like other cars do. However, other desirable cars seem to follow the Corvette pricing trend. It might also be a case of a car that you couldn't afford in high school/college but always swore you'd own one some day. Now, you have a job and the cars are "cheap" at $7k, even if it's an '89 IROC (and book says $850), you can afford it, so you buy it.
I also think that for a smart buyer, a very well maintained car is worth significantly more than a "normal" car... For instance, our '93 MR2 books for something insane (Just did it... $2195 private, $3281 retail). There's no freaking way I'd sell the car for that, since our car is in excellent condition and has stuff like a new motor, new motor mounts, struts, etc. etc. etc. I.e. anything worn out has been replaced and a car that old has a _lot_ of stuff that has worn out. And any other MR2 that someone has maintained very well is going to be similar.
So, if someone wants a nice 2nd gen MR2, their options are to:
1) Find an average one and semi-restore it.
2) Find a car like mine and pay me for it.
3) Find a car like mine where someone doesn't know what its really worth.
#3 doesn't happen enough to depend on. #1 is what you do the first time. #2 is what you do when you wise up.
Edmunds is totally out to lunch with this... They don't understand the enthusiast market in any way. Realistically, they shouldn't even put a value on cars that are 10+ years old.
Perhaps the same thing is happening with 3rd gens.
Mark