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Years ago when I was a young man loading purchases into customer vehicles at Home Depot, I had a customer come up and ask for help. I asked her to pull her vehicle up to the front of the store, you know, the loading zone, and she refused. She said it's the last Camaro they're building so they're going to be worth money and doesn't want to drive it up to the front, she wanted to keep it in the back of the lot. Ummm, okay but you want me to load mulch into it???
People who buy cars like this and think they are going to some day hit pay dirt on it have no idea how wrong they are. How often do we see cars that people bought and stored go across the block at Barrett Jackson and they bring MAYBE what the person paid originally, but usually less.
My one Son has a mint, low mileage 2005 Z06 vette and we were just talking about it last night. He has no disillusions that the car will ever be worth a ton of money. It will just be a clean old car someday.
Mrs Jezer to Jezer; 'What's that sports car doing on the driveway?'
Jezer; 'Oh, didn't I tell you? It's Miss Jezer's University fund. Rather than put the funds into a savings account, or even buying some Royal Mail shares I thought I'd put it into this.'
A few late model cars have spiked in value on the used market, 2005/06 Ford GT, BMW Z8, BMW 1 Series M come to mind. I suspect the 911 GT2 RS/ GT3 4.0 will follow suit. Maybe the 2013 Corvette 427 Convertible (one year build, fastest Corvette Convertible ever built).
Sadly the Vipers, Camaros/Mustangs/Corvettes just become used muscle cars for about 20-30 years and then a mint one gets a crazy auction price and suddenly the demand is up again.
Problem is the current generation of kids could careless about cars and this will hurt the collectible market in years to come. I had a guy tell me once, every generation loves the cars they loved in high school which are the ones they want to buy years later when they have the resources to own their high school dream car.
Yeah and just to show how hyped/ overpriced things got:
1978 Corvette Pace Car sold for $80,000. Search ebay and you can buy 3 mint condition, super low mileage ones and still not spend 80k! Car wasn't that great, not much of a collectible and they even noted the one that sold at the auction wasn't even in great shape despite having 4 miles on it!
Mrs Jezer to Jezer; 'What's that sports car doing on the driveway?'
Jezer; 'Oh, didn't I tell you? It's Miss Jezer's University fund. Rather than put the funds into a savings account, or even buying some Royal Mail shares I thought I'd put it into this.'
Lets just say this guy spends 65k on the car, another 20-25k in insurance/fuel/maintenance for a total "investment" of 85-90k over the next 15 years noting that a bulk of it is spent in the first 5 years (buying/paying for the car). Now assuming this collectible goes the way of the best Corvette made in recent years 1990 ZR1, it was 100k new including markup, currently a 20-25k car meaning 75% of the "investment" is gone!
Now 65k getting 4% over 10 years is $96,215.....4% isn't exactly heavy lifting either!
They made it a sob story because they hope news coverage forces the dealer to do more then just give them the value of their totalled used vehicle.
Nothing more to see here.
Fair enough if the dealer gives them a suitable replacement . The dealer destroyed their car. Why should they be at a loss no matter what they owed on it??
It sounds like they bought a new Camaro and cooked up a story about it being for their granddaughter to ease their guilty consciences about making such a self indulgent extravagant purchase. If they wanted a muscle car, just buy it. But its not a collectible.
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