[Crazy Dazz]

There's a fundamental problem in many of these low-volume markets.

If you want to know what something is worth, you need to look at what is being offered. Unfortunately with these type of markets, that information isn't readily available.
So instead prospective sellers base their valuation on the cars already on the market. When the market is moving, it tends to get more efficient, so it's not necessarily a fatal strategy. But when the market is stagnant, its a recipe for over-pricing and failing to sell.

I was looking at a car recently, priced at $2,000 but open to offers. The vendor told me that he'd had dozens of offers around the $5~600 mark. So what does that tell you?
I offered him $1,000 and he seemed offended.

The other part of the problem is people's fragile psyches.
When you have ****ed away $10k, and hundreds of hours, and all you have to show is a pile of junk, it can be difficult to face the truth and swallow the loss. So as long as you keep it in your shed, you can continue to believe that it was a great investment and you're going to make a profit on it. And particularly when you reach a certain age, the idea of taking that belief to your grave might be appealing. Selling it for what its actually worth crystallizes the loss and forces to face reality.