Courtesy of MCT
The $0 transaction listing on the purchase of a 2007 Chrysler 300C sold to former Buckeye Thaddeus Gibson was inaccurate, as the Ohio Bureau of Motor Vehicles listed the car as having been sold for $13,700 in June 2007, The Columbus Dispatch reported Wednesday.
The Ohio BMV will continue to investigate, however, because dealer Aaron Kniffin said the prices of cars sold to Ohio State players were not accurate, according to The Dispatch. Ohio law requires that dealers list accurate sales prices.
The question many are asking now is if that price was fair. The national average for dealer retail value of the model by Edmunds.com is $18,326.
To me, it seems highly unlikely that the price Gibson paid was fair. He bought the Chrysler the same year it was made, meaning the price had to have been significantly higher four years ago, before depreciation.
I realize many other factors can play into the pricing, such as optional equipment and mileage, but the lowest price on Edmunds.com for a bare-minimum 300C with 100,000 miles was $12,780. That figure is after four years of depreciation.
Though a collective sigh of relief can be taken by Buckeye fans for today, I have a feeling that the car scandal is far from over, and that the amount Gibson paid for his car may actually turn out to be bad news.
Before anyone panics, keep in mind that there is some leeway in the pricing of cars. Value can be somewhat subjective, and there might actually be some rationale behind the price, a rationale that someone, somewhere, just might accept.
Also keep in mind that I am not a car expert, but rather a sports enthusiast who feels I would not have been able to land that price in 2007.
Fans can hold the brakes for now, but if more low prices like this continue to pop up during the investigation into the four dozen cars Kniffin sold to OSU athletes, brace for the accelerator.