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  • Property-a-holics

    New car or another BTL!!!

    I am wondering with the race for cars to be hybrid or pure electric that the days of classic cars running on petrol may be numbered - the add to the gloom that from 2022 new cars will have to have limiters fitted and with driverless cars who knows how popular classic cars will be

    They don’t generate an income and there are costs going out on them - the rises in values makes it worthwhile but there is a limit to how many years they can continue to outpace inflation 

    I friend of mine has a Ferrari 246GTS in pieces awaiting a nut and bolt restoration - when you look at the parts it is surprising how much people will pay - a lot of the components are really quite primitive boarding on nasty - when completed because of its provenance it will sell for circa £300k - or in my world will cost £35k a year to hold - £700 per EVERY week - I assume people will pay it because they think in a years time it will be worth £340k ..but one day the music will stop and who knows how much the price will fall by
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    "when you look at the parts it is surprising how much people will pay - a lot of the components are really quite primitive"

    Same with paintings. Those few tubes of paint weren't saying a lot back in 1500 before Leonardo da Vinci started spreading them all over some sheet of blank canvas that he later named 'Salvator Mundi' (and which sold in 2017 for $450M).

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    Coincidentally, back in 1985 I'd saved £10k to buy a car - either a Ferrari Dino 246 or Renault 5 Turbo 2 (beauty or the beast) but I was living in a rented flat and I thought, shit, I suppose I should really think about getting myself onto the property ladder first. Thankfully, I did, because it makes the £290k gain on the Ferrari look a bit stupid (I do wish I'd looked into a share in a Leonardo da Vinci sketch though!).

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    Highly expensive paintings (several Million plus) and the works of Leonardo da Vinci (bought by Bill Gates) are seen as stores of wealth in a portfolio of other types of investment

    I think some people like myself are attracted to them and some (Not me I hasten to add) seek to justify them on the basis that there are investments, but they are high risk and in a down turn will come crashing down as they produce no income and cost money to hold and maintain.

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    I was just making a stupid comment. That sort of thing is galaxies away from where I am.
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    Whilst it may be galaxies away from where you are, it is easier to see what is going on and realize that luxury goods are very volatile and shoot up in value in the good times, but can easily crash in the downturn.

    Somebody I knew had a deposit on an XJ220 in the early 1990's and there was a great deal of hysteria and he sold the contract on (Jaguar would not recognize any assignment)  , the market crashed and this £500k car could be had a few years later for £125k . He thought he had sold the contract on and Jaguar would hear nothing of it and pressed him for payment. I can recall he had to pay a proportion of the price to get out of it.

    Two DB5 he paid something like £100k each, were both sold in the downturn for £100k for the pair

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    Yeah I think a well priced 911 at the bottom of its price curve will give you depreciation free motoring. You'll still need a grand or so to keep it running though!

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