The LaFerrari hammered at $2,800,000; the screen shot posted is the all-in price. So it's not just shy of $3.4, it's just over $3 million... Also, don't forget that the consignor would have netted significantly less than the hammer price as the auction likely could take their pick of LaFerrari consignments and is unlikely to be very flexible on their typical 10% seller fee. It's not at all surprising that you could sell several LaFerraris if you had a buyer at $3.3... If there's a buyer at $3.3 out there for a standard coupe (I bet there isn't), they should be able to buy any car they want. The TDF is owned by a dealer... Same deal with the LaFerrari - doubtful there would be any break on seller fees and the selling dealer no doubt figured they could do better from their showroom than their net from the auction.
You are right about the laFs price. Hammer price used to report the price at the hammer now it seems they pull the feed from the websites which include the comission. You are wrong about the typical fee. Very common to net the selling price and pay no fee... or even get a contribution back... especially there is 300k on the buy side to chop up. SAME WITH THE TDF
RedBlossoms mapped the market since Y1999. In the 'Classic Ferrari Value Development Report 2018' the correlation between value development and several characteristics of models is analyzed. Besides 'age', 'number of cars on the market', 'engine type' etc, also 'value'. Image Unavailable, Please Login
go to settings in the hammer price app and there you can switch between showing prices with or without buyer premiums
I'll bet the big auctions are loving the fact that they have to "suspend future auctions" right now! There's a lot of fed money and cash that's about to get saved or thrown back into the Dow right now, and I'll bet none of it is going to the classic car market.
Of course not. That market will be dead until we have a clear understanding of where we are going. Right now, no one knows.
I saw that. A friend just sold a 550 and they were surprised. Sometime in the past year or so BAT became the place to sell and not so much to buy. I had hope to steal the Vetrorosina 308 at Amelia but it did not happen. However if someone has to sell, now might be the time to buy
It's going to be dead after the virus is dead as well. The market already called the recession, it's here. Just a matter of how quickly it turns the other way. And what that spells is the end of this car cycle. And if you go from history, the prices will be low for years, not months. If you paid 12x market value for a mass produced "modern classic" because it had "very low miles and is a time capsule" you got played. https://www.bloomberg.com/news/articles/2018-08-16/how-does-a-bmw-sports-sedan-double-in-value-over-16-years https://jalopnik.com/this-437-mile-2002-bmw-m5-sold-for-176-000-at-auction-1828778715 If you've been hoarding a bunch of air cooled 911s since 2014, time to start calculating your overheard for keeping them until they year 2050. Or sell them tomorrow, those are going to be your best two courses of action.
Looking at what happened to Ferrari prices after the great recession, it took 3-4 years for prices to recover and return to pre-recession levels. The silver lining here is that the Ferrari market did not drop as drastically as the Dow on a percentage basis and the recovery time was in step with the recovery in the stock market. With history as our guide a case could be made that investing in Ferraris is as prudent as buying into an index fund.
Market for ferraris didn't go nuclear until december 2013 basically, january 2014. The meltdown was in 2007-2008. Bottom line is unless your Ferrari is RIDICULOUSLY rare, then it is NOT an investment. It is a gas spewing, insurance costing, high maintenance, money draining asset. But it is a very very damn fun money draining asset And I won't be surprised one bit that once this virus is whipped, that the auction companies will delay, delay delay the next upcoming auctions "to be on the safe side" LOL
The car market cracked in January of 1990 although the Japanese kept buying for a another year or so. Iraq invaded Kuwait in August 1990.
the meltdown in cars was late 2009...it lagged the sp500 by 6 to 9 months. housing took even longer to bottom, closer to mid 2011. this makes sense as people sell liquid assets first to meet obligations, and then less liquid assets follow and ultimately the house. i wldn be buying any cars right now unless its a one off liquidation, in 6 months there will be plenty of deal especially on the 2012+ stuff. and lets not even talk about in 3 yrs...2020 model cars will see the fastest depreciation if any year before it.
I assume you are talking about new "toys" like C8 Corvettes, Supras, Ferraris, Lambos, etc. Depending on the severity of the downturn and shape of the recovery, I would expect folks to hang on to good condition newer cars for a long time and ease the decline in ordinary daily driver type cars until their finances get sorted out.
i think thats unlikely. alot of the newer cars are newbies who think theyve been added to the club with little downside. when they see what the values of their cars are they will puke them and there arent enough asses for all the cars made. and alot of the newer stuff is bought in credit by people who planned for X cash flow...you can see it mclaren and ferrari prices already...
Correct. Roughly 86% of new car purchases in the US are financed. What happens to the $1.3 TRILLION dollar bubble of owed auto loans... It doesn't take rocket science, unfortunately, it will be bad.
Yeah the people getting laid off right now make up at least a quarter of that trillion-two dollar balance. That market is in for a severe hit right now. 400 hundred billion dollars gone.