[Maxillo]

I spent a solid week looking for a used car, burning time/money/tolls, and finally found a good one.

Agreed on selling price of $5500 ($300 less than asking), left check deposit for 10% with very detailed purchase agreement stating that the seller agrees to sell to me, with $5500 due in cash on or before Nov 4th 2005. This was yesterday.

Today I get a call form the seller saying that someone offered him full asking price and he sold the car to that person. He can't get it back because the guy paid for it an took it.

I'm furious! According to Edmunds, the car is worth $6400, and KBB lists it as $6600. I think both are a under estimated as this car was in perfect condition despite being a 97 and having 80K on it. The owner was anal and maintained it perfectly.

This is breach of contract, correct? I am going to ask for compensation from the seller in the sum of the difference between KBB value and agreed selling price, plus costs of travel to see the car ($60 in gas & tolls).

If he does not agree, what are my options? Should I get a lawyer to write a letter?

The seller is a middle aged man that works in a bank. He seemed very responsible and was the one who insisted on a very strick purchase agreement and cash payment. I have told him that I plan to seek legal council and ask for compensation based on breach of contract. He even asked how much, but I told him that I don't know what the law allows and will call him monday.

Any advice would me much appreciated. I'm a Medical resident and have very limited free time to look for a good used car.


cheers....

Mike
------------------
NY,NY

[Mr. Knowitall]

I'm furious! According to Edmunds, the car is worth $6400, and KBB lists it as $6600. I think both are a under estimated as this car was in perfect condition despite being a 97 and having 80K on it. The owner was anal and maintained it perfectly.

This is breach of contract, correct? I am going to ask for compensation from the seller in the sum of the difference between KBB value and agreed selling price, plus costs of travel to see the car ($60 in gas & tolls).

It is a breach of contract. The cost of cover would ordinarily be a remedy for breach of contract - that is, the difference between the contract price and market price. Neither KBB nor Edmunds will be a perfect gauge of market price; you should also get a NADA price as well as two or three estimates from used car managers at dealerships who sell the brand of car at issue. (Arguably, the fact that this guy had the car on the market and was only able to ultimately sell it for $5,800 establishes a local market value of $5,800.)

Your gas and tolls aren't damages, and thus won't be recoverable.

You could get a lawyer to write a letter, or file a small claims action. You're speaking of damages in the $700 - $900 range; you may want to pursue them in small claims court.

[Maxillo]

Thanks for the quick reply.

I'm a little more level headed today. I will probably ask the seller to compensate me $550, which is what my deposit was. That seems sensible to me and I don't want drag this out.

As far as the $5800 selling price setting the local value, he himself told me that he had dozens of calls and email regarding the car but was unable to answer them because he was out of town. I think he undervalued the car.

There was also mention of the wife taking a deposit on the car the day before I saw it, but he dismissed that saying that he never spoke to that party and it was his car to sell, not the wife's.

cheers

Mike