The rate of discount between today and christmas is gonna be YYYYUUUUUUUGGGGEEEE! The wise and the shrewd who have been waiting for this moment have all the patience in the world. 6 months to 1 more year is kid's play. Hell I'll wait another 9 years if necessary. My cheap R129 took the place of my 550 maranello back in 2015 and I have no gripes about cruising in it for the foreseeable future Although I think I'm going to hang onto it rather than sell it in the future. We're not going to open our bank accounts and come in like vultures until the market is flatlined and is nothing more than a carcass. We have the resources and means to weather this storm. The people in the CC market who are now caught with their pants down will not. The game of who will blink first is over before it even begins
I have a bit of a problem with expressing this much glee at others’ misfortune. It’s also a post that could come back to bite you if it doesn’t actually happen.
I hope I'm not giving off that impression. I'm just looking at the facts on the ground as I interpret them. I just know with today's over production and creative financing in exotics, deals will be had soon. I remember in a condo complex where I had units. I paid 100k per....then in 2009, there's were 3 units that went for 26k, 19k and 18k. Of course I was tight and was saying....why do all the deals come when you don't have the money. That's when after everything was fine again, I decided to be the contrarian and raise cash....so, I could be the guy in the right place at the right time next cycle. Shamile Freeze....Miami Vice! Sent from my SM-G950U using Tapatalk
Misfortune? So the people who were using leverage to buy up a bunch of cars in order to artificially choke the market for years, in order to gouge peoples eyes out, rip off their clients, and deceive them i.e. (telling them that their 1996 porsche 911, testarossa, etc. is rare, claims that they know are false), is worthy of my sympathy? Get real! They made a huge and reckless miscalculation/risk and were incredibly dishonest to the people they were supposed to be servicing. They played a game and they lost. Time to bear the consequences. The auctions were also more than happy to trumpet the music and put on the theater. I hope it was worth it. The people who were buyers on the other end of it wont forget and it will leave a big stain on them all for the coming decades. Ill tell you how sympathetic I am, I hope my car goes even lower than it did in the mid 2000s. Flush them all out. I don't think misfortune is quite the term I would use for these people. Self fulfilling prophecy is more like it. You're alot more sympathetic of a man than I am. My sympathy goes to people who actually deserve it. Like the people who are out of work right now and middle class people who are being affected by this. I have zero problem with you having a problem
No, I didn’t mean you. I’m enjoying your commentary on the market and I think you’re right. To wail at others’ decisions and how they enjoy their lives is churlish and resentful. That’s not nice.
I have now a tax question to you US members: as I know if you make a profit as a personal car seller with a car that you owned several years you have to pay gain tax, right? what then if you sell with for example with 50 % loss? those 50 % will reduce then your tax? or how will this happen? in germany the gain tax we have only for the first 12 month for cars and other items ( called speculation tax ) except houses ( 10 years ) , after then there is never a gain or income tax to be payed - until now
Death, Divorce,Taxes and Bankruptcy bring the cars to the sale lot. We may have 500,000 to 1000,000 dead best case.Worst case 3-4 million. There will be bargains out there as estates want to liquidate cars.
not even when you have losses with the next car? independent how long you own the car? what counts all to the gain? only the selling price minus the buying price or also the services and maintenance?
Gentlemen, Given recent posts, Am I in the right room to be educated about the Testarossa and its market value trend?! This is starting to sound a lot like a P&R thread. I have a lot of respect for the amount of knowledge experienced members share with us, and also respect different opinions, no matter how outlandish they may be, provided they abide by the rules and regulations of this board. I’d like to appeal to the best in each and everyone of us. Not a fan of enforcing the rules with a hammer without giving everyone a chance to get back on track. Trying to get back on topic, I’d like to tell a story: I live in a small time market (Southern Europe) and even big time European markets are very different than north american markets in some respects. Nevertheless, over here, from 2008-2009 onwards, there were Testarossas for sale in the 60.000 Euro region and they had a troubled time selling. Now, not only they’re in the 110.000 - 130.000 range, they stopped popping up for sale. Testarossas, 355s and 458s almost stopped popping up. So in my neck of the woods, the Testarossa doubled in value in the last 7 or so years. And the fact that they’re almost non existent in the market, tells me owners aren’t trying to cash in on the appreciation, but rather enjoy the car as a symbol of an era, to drive and enjoy (in these cars, fun comes in the way of racking up mileage). I guess the current market situation will put a downward pressure on Testarossa prices like in most Ferraris and supercars for the foreseeable future. The beauty of it is Testarossas don’t seem to care or to be panicking. They couldn’t care less, because they’re in love with their car. I like that. A lot. Kind regards, Nuno.
if this has been discussed, apologies, I searched the VIN here and nothing came back. https://newjersey.craigslist.org/cto/d/edgewater-ferrari-testarossa-9k-miles/7095907661.html Miles at 9000, pretty cool, but doesn't look very well cared for inside. FL plates, in NJ. Anyone's here?
I'm not a speculator of cars as they are just so much harder to sell at any point in time. But to those that are and if they are leveraged and need out, good luck. Probably not an ideal time to sell.
If you have to be Don's "Johnson" it's a great color. Price seams exorbitant, even several years ago. I never understood why a company like Ferrari thought that the doody-brown dash was good looking. It is the worst thing about so many Testarossa, TRs. Could not imagine picking that when specing a car. Anyone know why so many did? Some Boxers have the same affliction.
In Europe the market is currently frozen in most countries - regarding testarossa, the current advertised prices in France, Germany, Italy are now below EUR 100K and 120K gets you a 512 TR (note that all these ads actually predate the big mess we're in, nobody can sell now so there are no new ads). This being said, indeed in the mid-2000 the testarossa bottomed at around EUR 50K, and in the speculative enthousiasm of 2015 they reached EUR 150K. For most (if not all) cars there was already a downward trend from 2015 highs (as a soft return to reality) but now we're entering a real recession, my guess is that it will not be only an adjustment but a real pressure on the market. I will not be surprised if testarossa's go down to EUR 75K in the coming months.
The cars went way too high too quickly in 15 and have seen corrected. Lots of cars were bough you be flipped and eventually it caught up. For instance Jan 19 fusion motors in LA bought an 86 at Barret jackson and has been trying to sell it for 15 money in 2019 ever since. They are not the only one. I agree with your assessment of further prices going down but that’s across the board I guess not just the TR. Sent from my iPhone using Tapatalk
cars are still selling sight unseen,the ford gts that i was interested in 3 of them all sold last week and for strong money .i am holding off ,some of these guys are sitting onalot of cash and are bored too
Glad to see u positive again. I think, if any prices go further down, it will take a few months . I’d not overreact One way or the other right now. Sent from my iPhone using Tapatalk
They're too late. The window to "get out" is closed. As are Wayne Carini's delusions of being a financial planner.
The lambo guys out did ferrari. we have luggage, but they get masks too. The perfect accessory. If anybody know how to get one, please advise!
Sorry to hear that, but it might be like what the guy was talking about a couple of pages back.....that money flowing out of the market may go back into true collectibles. On the FGT market, the low priced end of the market is just gone.....when I started looking seriously to buy last Sept through end of Feb, there were always 3-4 cars in the $200k-$240k ask bracket: Doug DeMuro's car (bought a little before that time) Canadian 83k mile car (ask $190k) Stradman - He hit the BIN button at $220k 2 Houston cars with $235k asks Oklahoma car (offered to me at $215k) My car (sold for $182k) The red car in Florida sold for $200k 2 salvage cars sold for $190k-ish NC white car with a $238k ask (accident history)
prices are the same i dont see them going down till 3 months or so .but its not looking good for our country gonna take along time to get back unemployment is at historic highs its bad just trying to im in no hurry especailly now im just looking at ads and not pressing the buy it now