No, I read your entire post and I'm saying it's full of shit. That's maybe a $6k truck. All your post says is that there's a lot of stupid fanatics out there that think these things are actually worth something.
These things have damn near a cult following at this point. Whether you think it's worth that or not is completely irrelevant. They're worth what the market will bear, and that's WELL over $6k.
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Clean 3rd gens with under 60k miles will fetch $15k+ here all day long. Don't believe me? Keep an eye on 405 motors here in Woodinville, WA. They love selling 3rd gens with low miles and they never have an issue moving them.
This paragraph says it all. ECON 101.
I live in San Francisco. A few weeks ago, I saw a barely 1000sq ft home with 2 bed 1 bath that needed TLC that fetched a million U.S. dollars. All cash. Call me crazy but to me it was no where near worth that much. But all you need is a single buyer, and thats what the market will bear. Thus the ridiculousness that is SF real estate.
Ridiculous for us normal folk, but you have to remember, some people have so much money that blowing $1 million cash on some piece of shit house like the one you described doesn't really hurt their bank account.
Most likely for the property itself. The real estate market here is out of control too. I've got a rental duplex in an up and coming area and I get offers on it all the time. 100% of the price is on the property as anyone who would buy it would immediately demo the existing structure and rebuild.
This paragraph says it all. ECON 101.
I live in San Francisco. A few weeks ago, I saw a barely 1000sq ft home with 2 bed 1 bath that needed TLC that fetched a million U.S. dollars. All cash. Call me crazy but to me it was no where near worth that much. But all you need is a single buyer, and thats what the market will bear. Thus the ridiculousness that is SF real estate.