That's a great post, and IMHO...right on the money (no pun intended.)Originally Posted by brookedale091462
History would tell us prices are heading down instead of up. IMHO it has already begun quietly downward.
Since 2000, fifteen years ago, quality collector cars are up 1000% or more. That's ten times your money in fifteen years. Amid the rise there were numerous corrections of 30% or more. 300SL's and certain Ferraris like 250 cabs went from 200,000 USD to $2,000,000. Along the way they jumped from 200k to 600k then back to 300k before climbing to $1,500,000 back to $1,000,000 then onward to $2,000,000.
If it wasn't for a serious lack of investment options caused by ultra low interest rates the rise in hard assets would probably have been modest. Who would not trade in their stocks for a solid bond paying 7%? I certainly would.
Many have just given up on 1% bonds and the stock market and decided to go "old school" and just own what they can see, feel and touch; Homes, cars and to a lesser extend art.
On an even longer sight line I hope the long term appreciation in hard assets isn't over. Having said that, I can't think of many cars I own or have owned that I would buy today for their asking prices.
Hoping I have just become an old cogder(sp?) and just don't "get" the new world of economics.
Arguing for those who think value is still out there. Yesterday I visited a garage with six Gullwings inside. KBB would tell you they sell for $1,500,000-$2,500,000. The car for sale at Canepa is worth every bit of it's lofty asking price for its "second to last" status. But for those who are on a relative budget there are cars being bought for under $1,000,000 that need a little elbow grease and in this forums Porsche arena I know of two 67S's that have sold this year for around 100k. Each needs the aforementioned elbow grease but are complete cars. I mention this because there are so many car addicts who feel the window of opportunity to buy their dream cars has passed. They should be encouraged to keep trying. Many great cars exist in the garages of owners who keep them hidden away because they love their country(s) but fear their government(s).
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