Discussion
It annoys me how every 'specialist' is now a financial advisor. They are trying to increase car prices using the reasoning that it will only increase in value. As we all know this isn't true and it is time people bought cars to drive them not polish them. So far as an advert goes I am laughing hysterically. How much...oh yes more than a house in France or a small ski chalet in Austria.
Is this the same car that was for sale in Cheshire last year? I remember a very low miles one for sale but never with a price shown.
I guess if he can flip it for a big profit then well done, thats what the business is about, it seems that if you can find a low miles Ferrari you can then attach the word "investment" and the sky is the limit.
IMO the Testarossa is an iconic model though, it's when these daft figures start appearing on barely driven 360's and relatively new 430's then things have gone into meltdown, I wonder when the first 150K 360 will appear ( excluding CS of course).............
I guess if he can flip it for a big profit then well done, thats what the business is about, it seems that if you can find a low miles Ferrari you can then attach the word "investment" and the sky is the limit.
IMO the Testarossa is an iconic model though, it's when these daft figures start appearing on barely driven 360's and relatively new 430's then things have gone into meltdown, I wonder when the first 150K 360 will appear ( excluding CS of course).............
2.5pi said:
Now sold apparently..
If someone has bought this anywhere near the asking price, then they've got a lot more money than sense!!! If they tried to flip this immediately, they'll probably be lucky to get £100k for it. To even stand a chance of a profit, average Testarossa values would have to rise another £80-90k. It's a big ask and likely a terrible investment.
If they keep this for a while, there's simply no way they can put any mileage on it unless they want to destroy the cars value.
Jimbo0912 said:
If they tried to flip this immediately, they'll probably be lucky to get £100k for it. To even stand a chance of a profit, average Testarossa values would have to rise another £80-90k. It's a big ask and likely a terrible investment.
If they keep this for a while, there's simply no way they can put any mileage on it unless they want to destroy the cars value.
Or maybe, just maybe, someone wanted a Testarossa, bought the best example on the market (as most people say you should) and is now going to drive away happy. For some, £350k is just annual bonus money and is neither here nor there in the grand scheme of things. Y'know, maybe they consider this a fun car as opposed to a profit generation vehicle.If they keep this for a while, there's simply no way they can put any mileage on it unless they want to destroy the cars value.
lambosagogo said:
Or maybe, just maybe, someone wanted a Testarossa, bought the best example on the market (as most people say you should) and is now going to drive away happy. For some, £350k is just annual bonus money and is neither here nor there in the grand scheme of things. Y'know, maybe they consider this a fun car as opposed to a profit generation vehicle.
Maybe you're right but people with that kind of money still usually want value for money. Some of my clients are very wealthy (multi millionaires etc) and yet are some of the tightest people you could ever come across. In my other personal experiences, this is far from unusual.
Jimbo0912 said:
Maybe you're right but people with that kind of money still usually want value for money.
Some of my clients are very wealthy (multi millionaires etc) and yet are some of the tightest people you could ever come across. In my other personal experiences, this is far from unusual.
Absolutely. The higher up the ladder of net worth you climb the more descerning people become. This is not a vanity f car ( f40, f50, enzo) that wealthy pricks need to have in their collection yet never get driven. Ferrari made as many as they could sell so god knows someone would pay that for it. Its not even a nice car to drive. Some of my clients are very wealthy (multi millionaires etc) and yet are some of the tightest people you could ever come across. In my other personal experiences, this is far from unusual.
Ravi355 said:
Jimbo0912 said:
Maybe you're right but people with that kind of money still usually want value for money.
Some of my clients are very wealthy (multi millionaires etc) and yet are some of the tightest people you could ever come across. In my other personal experiences, this is far from unusual.
Absolutely. The higher up the ladder of net worth you climb the more descerning people become. This is not a vanity f car ( f40, f50, enzo) that wealthy pricks need to have in their collection yet never get driven. Ferrari made as many as they could sell so god knows someone would pay that for it. Its not even a nice car to drive. Some of my clients are very wealthy (multi millionaires etc) and yet are some of the tightest people you could ever come across. In my other personal experiences, this is far from unusual.
[sarcasm]
Clearly F40, F50s and Enzos are the domain of people collectively referred to as "wealthy pricks" by proper, salt-of-
the-earth folk who have to make do with Carrera GTs (and aren't at all wealthy)...
[/sarcasm]
Look, someone savvy enough to have £350k to spend just purchased a car. It may be an investment, it may have been for sh*ts and giggles. Who can say for sure. All I know is that people buy cars for many different reasons and the behaviour may seem odd to those with other buying habits. Getting worked up about what other people do with their money is a bit daft isn't it?
Clearly F40, F50s and Enzos are the domain of people collectively referred to as "wealthy pricks" by proper, salt-of-
the-earth folk who have to make do with Carrera GTs (and aren't at all wealthy)...
[/sarcasm]
Look, someone savvy enough to have £350k to spend just purchased a car. It may be an investment, it may have been for sh*ts and giggles. Who can say for sure. All I know is that people buy cars for many different reasons and the behaviour may seem odd to those with other buying habits. Getting worked up about what other people do with their money is a bit daft isn't it?
Edited by lambosagogo on Saturday 21st March 21:02
Always wondered whether putting the words "And Will Continue To Appreciate In Value" into an advert leaves them open to retribution under mis-selling regs in the future if it doesn't appreciate. Obviously you'd have to be fairly silly to take them at their word but they're still mis-selling.
lambosagogo][sarcasm said:
Clearly F40, F50s and Enzos are the domain of people collectively referred to as "wealthy pricks" by proper, salt-of-
the-earth folk who have to make do with Carrera GTs (and aren't at all wealthy)...
[/sarcasm]
Look, someone savvy enough to have £350k to spend just purchased a car. It may be an investment, it may have been for sh*ts and giggles. Who can say for sure. All I know is that people buy cars for many different reasons and the behaviour may seem odd to those with other buying habits. Getting worked up about what other people do with their money is a bit daft isn't it?
The comment is aimed more at those that just collect them. Nothing to do with being wealthy. I have come across too many people who collect them to have a complete set and brag about them then really appreciate them from a drivers point of view and actually get them and put and use them. the-earth folk who have to make do with Carrera GTs (and aren't at all wealthy)...
[/sarcasm]
Look, someone savvy enough to have £350k to spend just purchased a car. It may be an investment, it may have been for sh*ts and giggles. Who can say for sure. All I know is that people buy cars for many different reasons and the behaviour may seem odd to those with other buying habits. Getting worked up about what other people do with their money is a bit daft isn't it?
Edited by lambosagogo on Saturday 21st March 21:02
Agree with a lot of the comments here.
IMHO, one of the main reasons as to why we're seeing some silly prices is because fund managers and wealth investors (with rich clients of course - or they wouldn't be good at their jobs!) et al are pushing up prices rapidly. I'm told these people are buying from auction and prestige dealers without ever seeing the cars rather they go straight into storage.
IMHO, one of the main reasons as to why we're seeing some silly prices is because fund managers and wealth investors (with rich clients of course - or they wouldn't be good at their jobs!) et al are pushing up prices rapidly. I'm told these people are buying from auction and prestige dealers without ever seeing the cars rather they go straight into storage.
AMG Merc said:
Agree with a lot of the comments here.
IMHO, one of the main reasons as to why we're seeing some silly prices is because fund managers and wealth investors (with rich clients of course - or they wouldn't be good at their jobs!) et al are pushing up prices rapidly. I'm told these people are buying from auction and prestige dealers without ever seeing the cars rather they go straight into storage.
As someone that runs a storage facility & sources cars for such individuals, that's exactly what's happening. The more well to do enthusiast is being pushed out of the market due to a market led by the increasingly richer client base of those wanting to invest away from traditional commodities.IMHO, one of the main reasons as to why we're seeing some silly prices is because fund managers and wealth investors (with rich clients of course - or they wouldn't be good at their jobs!) et al are pushing up prices rapidly. I'm told these people are buying from auction and prestige dealers without ever seeing the cars rather they go straight into storage.
Even so the above price is cuckoo but I'm sure someone will buy it...I have a delivery miles TR for circa £100k less so for them to ask for £350k is hilarious in comparison...But having said, it only takes 1 person to say "Yes".
@AMG Merc, @ironictwist, @Ravi355 – Thanks for your insights and I've said for ages now that this is largely speculator driven. However, I’m absolutely convinced that this can't continue indefinitely.
The market is absolutely f**king crazy at the moment and I'm certain we'll see the first £1m Daytona advertised within the next 6 months. Considering you could pick a really good Daytona for less than £200k 4 years ago is sheer and utter insanity.
There are a lot of Italian cars with crazy valuations currently and they're not even that rare! I’m sure we'll see a £2m 288, a £1.5m F40 and Dino's pushing £500k by the end of the year.
20%+ compound gains per year seems totally unstable to me. Who knows where this will end?!
The market is absolutely f**king crazy at the moment and I'm certain we'll see the first £1m Daytona advertised within the next 6 months. Considering you could pick a really good Daytona for less than £200k 4 years ago is sheer and utter insanity.
There are a lot of Italian cars with crazy valuations currently and they're not even that rare! I’m sure we'll see a £2m 288, a £1.5m F40 and Dino's pushing £500k by the end of the year.
20%+ compound gains per year seems totally unstable to me. Who knows where this will end?!
Edited by Jimbo0912 on Friday 27th March 23:21
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