Another Bubble Bursts: High-end Classics
Monster trucks aren’t the only ones taking it on the market chin; collectible car values are dropping through the floor as well. Today’s Wall Street Journal has a good overview of the situation. “In recent years, the vintage car market has soared, led by the priciest European models. But now, as the economy worsens to the point where even the wealthiest collectors feel pinched, demand for million-dollar sports cars is starting to skid.” Ferrari Daytona Spyder’s are a benchmark vehicle, and the benchmark is sliding to the point that at a recent California auction a fine Spyder failed to sell. Not only million dollar Ferraris and Mercedes Gullwings going begging though, 1965 Plymouth Hemis are down over 20% and pre-war everyday vintage cars like a 1940 Ford Club Coupe have skidded by 40% or more. Plunging investment account values, busted home equity lines of credit and sudden career collapses have turned a lot of buyers into sellers. “Recently, two of Michael Sheehan’s clients came to him looking to sell their Ferraris in a hurry — an unusual request. ‘They needed cash now,’ says Mr. Sheehan, a longtime Ferrari broker in Newport Beach, Calif. The cars, a $110,000 1982 Berlinetta Boxer and a $950,000 1972 Daytona Spyder, wound up selling for about 25% less than they would have sold for just a few months ago. Both sellers themselves were in hammered industries: One was a home builder from Chicago, and the other a former Lehman Bros. executive from New York.” The upcoming January Scottsdale auto auctions should make for some interesting reality television. If you have the desire and the nerve, now might make an interesting time to latch onto a copy of your childhood fantasies. Just don’t mortgage the house to do it.
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- Probert I have used both level one and level 2 charging at my house. I use this for local needs. I have a fairly regular 350 mile round trip. I charge after about 125 miles one way, at a level 3 at a KIA dealer. I could do it in a straight shot, but this leaves me plenty of reserve if I need it in the city.I charge at the same place on the way out, adding about 40%, and I'm home free.A number of chargers have opened since I got the Niro 2 years ago, so I have a fair amount of flexibility on this route. I have used EA chargers on the route, and also a handy, and friendly Harley dealer charger.
- Dan65708323 I think Ford it going to go under. They can't lose 3 billion ever year for years. All their EV's are on stop sales. Good luck Ford.
- Kcflyer LC 500
- Kcflyer Sure, we lose money on each one, but we will make it up on volume :)
- VoGhost You want to hear something mind blowing? Ford last year lost $34K on every BEV it sold. Tesla made $10K per vehicle sold. So stop telling me that once the legacy ICE automakers get into the EV market that they'll wipe the floor with Tesla. My stock is making way too much money to take you seriously.
Ronnie, you're right about _real_ 914/6s. Lot of conversions out there, though, as I'm sure you know.
If you think the original are going to take a hit, let's see what happens to the clones, er, tribute cars. They have little more intrinsic value than the 318 or 6 cylinder cars they are based on, yet were regularly going for plus 6 figures (and I am not evening counting hemi clones). Those cars are going to tank!