We are traders and did book some profit at some point (not enough) but are long today and also long the dry bulk shippers. Some things are ridiculously cheap. Bought that puppy for 6K drove it for years and sold it for 14K. Really wish I'd kept her. Best
Jim, that's my point. You didn't say that $2M was "market price" for a 275. I think that is what others are interpreting you are saying. 80% off $2M is about $460k. I think that anyone here can see them falling to that price if the economy continues to slide. That is only about 50% of what Bill says "market price" is. That is very close to aping the stock market. Regards, George
Too cool and the story is about what the car hobby is all about. You, your car, the fun and memories that cannot be replaced. As a good friends father told me once when he visited us in college, "when you are 80 and in a rocking chair, all you have are memories, go get some good ones!" I toast the spirit you have for this passion that is Ferrari. Thank you very much for posting those photo's and telling that amazing story. Cheers
+1....... She can leave ME, but she'll never lose that memory of the gravel trap slide in Yosemite, towards a 6,000 foot cliff. The lake was frozen solid, down below, and covered in ice fisherman...... I DID save it of course, and after awhile the brake pedal returned....
Did not call your car any such name!! I love all the home remedies you came up with to do the repairs of your car. I think every one would agree that the 62K you put on the speedo of that yellow 275 would be a fantasy for all of us. I would gladly put up with all those distractions. Is there a car you can think off that we all drive today with out any thought to it's future status or value that will become what the 275 GTB's have become? I can't. PS I was fun keeping up with you at night, you where in your P4/5 after we left the yacht at Key Biscayne marina circa PBSCW/Cavallino 2007. I was in the orange Murci Roadster. Gene
That's the only car of mine that my wife can fall asleep in. It's really quite usable and the wipers and defroster even work. Best Photo from that day on the way down to the Yacht. Image Unavailable, Please Login
Sure is. Meg took those photos. We've been riding together for 40 years. Image Unavailable, Please Login
I wonder if any of these folks own old F-cars? http://finance.yahoo.com/banking-budgeting/article/106352/Billionaire-Blowups-of-2008
Seems like one heck of a ride. Do you think she had any idea what she was getting into the first time she slid into the passenger seat with you?
Sad days indeed... if one looks at the markets and the real economy in the western hemisphere, one cannot be feeling good. Anyhow, thought we should revert to the thread as this weekend's Arizona auctions will reveal another part of the valuation saga. I’ve been pretty vocal about my views for some time - and so have others - but to say the least I would love to be wrong and see the economy looking healthy and robust. Btw - to spice things up - read the UK classic car magazines (the generic stuff we all read), and the latest spin form the "trade" (aka used car salesman) was that people will buy collectables because they are hard assets and don’t depreciate etc..., but as you would expect no one asked the simple question: why then not buy real estate, its a hard asset, you can get leverage and you get some yield back (through rents) - rather then pay for storage and maintenance.. But as I was reflecting on this I realized: no one wants to listen; it’s the last fool theory... Bernard M, ever heard of him??
BJ is starting to tell the tale. The room has many empty seats and car after car is selling for less that the value of it's paint job, parts, and restauration costs. GM dumping a ton of cars through the auction isn't helping. Resto Rods are a disaster. There are a number of very interesting cars that will be offered this weekend at Gooding and RM.
The 1989 Corvette ZR-1 (well used!) SS (snake skinner) lightweight edition going for north of $170,000 yesterday was, I thought, strong. The "money" isn't gone from the car market, but we are surely seeing good cars finally being returned to their rightful owners from former custodians. The 1969 Camaro going for $34k shows that the nose-bleed prices are long-gone, though.
Some of the GM stuff could prove well-bought (though some can't be titled). Some still paying up for not fully correct cars. The 34K Camaro wouldn't have been a nose-bleed car pre-armageddon. Better stuff coming up ...
I think reasonably priced good cars will still find buyers but I do think that a lot of buyers are leaving the hobby for the time being and that many cars will return to much more reasonable levels.
The cherry, matching numbers, camaro and chevelle SS's at BJ which are trading hands for far less than the cost of their frame-off restorations foreshadow what is to come for the rest of the global collector car market. I guess the upside, somewhat ironically, is that these cars wouldn't have had restorations if it wasn't for the free-flowing credit which is what lead to the economic disaster which we're now living through. Those factory gm prototypes are a joke and just a helpful prop given by a big sponsor (GM) to BJ to boost an otherwise gloomy auction period. I've never seen so much crap listed for auction and quite frankly I don't think a 1996 impala ss with a factory 6-spd manual tranny will ever be worth anything - even if it is 1 of 1.
This is one of those priceless quotes that should NEVER be taken out of context. A quick story. In April of 2008, I was in Michael F's (real estate guy) office at Morgan Stanley (MS had joint ventured a property with us). He point out the window at a building under construction--where King and Spaulding law firm was to be a tenant--and said that rents in that building would be at $200 PSF before it was finished. I said to Michael, "Last time I heard someone proforma rents at $200 PSF was 1988." Michael looked at me funny and said, "I was in 10th grade in 1988, so I don't know what you mean." As you said before, "Those who do not learn from the past are condemned to repeat it."
This one surprised me...~ $160k for a 1993 Camaro with a scrap title and a factory hood painted two-tone. Lot Number 902 Auction Scottsdale 2009 * Sale Price $159,500.00 Year 1993 Make CHEVROLET Model CAMARO ZL1 Style "572" CUSTOM COUPE
Think that's the one Jon Moss had built to run against the Boss Mustang Coletti's team built. Pretty cool, if so.