Deliberately offering to buy an item for far less than it's worth to take advantage of some poor desperate, out-of-work, soon-to-be-homeless sucker's bad luck. The item will then be resold to finance this person's worthless lifestyle.
"C'mon, I aint loballin'. That old Corvette needs new tires & stuff, so I'll give you a generous $1200."
Fogey/fogy /fougi/ sl. (early 18C+, orig. Scot) old-fashioned, stuck-in-the mud.
Person with old fashioned ideas which he is unwilling to change: Come to the disco and stop being such an old fogey!
You think me an old fogeyand an old tory, his thoughtful voice said. I saw three generations since O’Connel’s time. I remember the famine. Do you know that the orange lodges agitated for repeal of the union twenty years before O’Connel did or before the prelates of your communion denounced him as a demagogue? You fenians forget some things. (James Joyce, Ulysses. PenguinBooks,1992. p. 38)