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Re: the madness has returned?
Posted: Tue Sep 13, 2016 3:56 pm
by Nick Moss
john ruston wrote:What does that last post mean?
As soon as people mention investment and yield run the other way.
Cars should be bought as toys and people who consider them investment are crazy.
Maybe, but some are making a lot of money from them.
Go to the right bank to borrow a few million to buy a classic car, after a couple of years tell the bank you want a payment holiday, "no problem sir, we'll roll the repayments up into a balloon payment that you pay when you sell the car".
I had a chat with Richard Hudson-Evans at CLM, he is employed to inspect cars for the finance houses. He had been sent to assess an Aston Martin at a storage facility. The car was under a cover and had been there, untouched for 5 years since bought at auction. He found the auction catalogue and invoice in a plastic bag in the boot.
That's mad!
Re: the madness has returned?
Posted: Tue Sep 13, 2016 5:04 pm
by redrobin911
Yes Nick - people are putting lots of money into these cars, I suppose if you had tons of cash it would be a great way to earn a living and to my mind not that much different than property development was 15 years ago. But it would be a decent business if you bought 6 cars, restored some or whatever then sold in 12-24 months and rolled the money, less the profit which you would live on, into the next batch? Much more fun being a classic car developer than a property developer (sorry to any property guys on the forum). The other aspect of what's happening is if you spread your "tons of money" over several relatively lower priced cars you minimise the risk associated with owning one expensive one if the market goes tits up on that model. Interesting thoughts though......
Re: the madness has returned?
Posted: Tue Sep 13, 2016 8:21 pm
by markm
964RS wrote:markm wrote:I remember not too long ago circa 2012 being offered a 993 GT2 for £300k, how values have risen. Incredible
But not all GT2's are worth 1.8m Mark. Just this one was....most would be half that at BEST. So £300k-700k is probably about right and in line with everything else similar
Dat true
Re: the madness has returned?
Posted: Tue Sep 13, 2016 11:33 pm
by richkaz
Lots of high prices for barely run in cars at Salon Prive 2016.
1990 MB 190E 2.5 16 Evo 11 with 885 miles - £ 202,500 !
https://www.silverstoneauctions.com/the ... /view_lots
the madness has returned?
Posted: Wed Sep 14, 2016 7:33 am
by hot66
What a waste of a car
Out of interest, anyone know how much it was new back in 1990.
Wonder if the owner would have got himself a better return buying a nice cottage in the country back then instead