2011 Chevrolet Volt: Reserve Not Met
February 08, 2012
The eBay auction on our 2011 Chevrolet Volt ended last night and while we got eight bids, none were high enough to meet the reserve. We started the bidding at $27,500 and after a few days it had gone up to $30,001.99. With about a day left in the auction, we slightly lowered the reserve and the "buy it now," price, hoping it would generate some last- minute bidding.
The top bidder had e-mailed us to ask what our reserve price was. This was like asking someone to show their hand in poker. That's not information you reveal to your opponent in cards, or in this case, a potential buyer in an auction.
The top bidder told us he had wanted a Volt ever since it was announced back in 2007, and added that his Prius was getting old. But the bids never moved from $30K. That seemed to be the most that he -- and other bidders-- were willing to pay for our Volt.
It's a shame we couldn't sell the car to this guy. He wanted the car so bad that he was willing to put $10K on a credit card, $10K in cash, and pay the rest via wire transfer. Much like giving away a pet you care about, you want your car to go to a new owner who will appreciate it and take good care of it. But that three-pronged payment would have been a big hassle for us. And, more to the point, there's a check waiting for us at Carmax for $2,000 more.
If eBay bidders are only willing to pay $30K for a 2011 Volt with 15,000 miles, Carmax is going to have a tough time selling it. My guess is that Carmax probably will list it for $35,000. I'll head to Carmax later today to finalize the transaction.
I'm really going to miss the Volt. Unlike many of my colleagues, I'm more of a green-car enthusiast than a performance enthusiast, so the Volt was right up my alley. It was my favorite long-term car and it helped me change my outlook on EVs and PHEVs.
Ron Montoya, Consumer Advice Associate @ 15,063 miles