GT2 RS Availablity

[throt]

Everything we buy depreciates. Flipping is a form of income..

[footsoldier]

throt said:

Everything we buy depreciates. Flipping is a form of income..

That's how you might like to see it, unless it's trading in disguise, it's a capital gain, and you would need to get credit for any capital loss on same stuff.

Anyway, I'm not planning to flip, but also can see why people do. It's ok for people to be 'holier than thou' on it, but how many would not take up £250k free cash if offered? Sometimes seems like it's ok to sell drugs, guns and gold, but flip a car and you're immoral!

Edited by footsoldier on Monday 22 January 12:37

[Cheib]

numtumfutunch said:

Doppelkupplung said:

neilf said:

Chatting at my OPC last week. Said they were aware of a customer who had already done a deal to flip his as soon as it arrives, for... £700k

And that is tax free!! I'm not the one to advocate flipping but I can fully understand that.

Tax free?
Really?

OPC knows a customer has done a deal to flip a car and is still going to supply it ? I find that incredible.

I know my OPC knew one customer was going to flip their GT3 so took the allocation away from them.

[WCZ]

I know of one that has sold for £600k (with w pack). seller didn't want to sell, buyer was impatient, had deep pockets and the colour/spec was exactly what he wanted.

it is what it is, you can talk about the 4.0 being the grail but for many the latest and greatest will always be the most desirable and supply is so limited for rhd uk cars

[hunter 66]

Agree , cannot blame market forces and there is a lot of money around .....

[MDL111]

footsoldier said:

throt said:

Apparently tax free it is.. I say tax the profit at a rate of 50%, at least. It'll go to help stop the flipping for sure..

Happy with that, as long as they allow car depreciation to be written off against tax as well..
(which they would have to do, and why it won't happen)

they could just let you write it off against gains of the same tax classification and realised losses can be carried forward for a limited time period - say all collector items ala cars, watches, wine, art fall in a bracket. would be fair approach imo .

[MDL111]

footsoldier said:

throt said:

Everything we buy depreciates. Flipping is a form of income..

That's how you might like to see it, unless it's trading in disguise, it's a capital gain, and you would need to get credit for any capital loss on same stuff.

Anyway, I'm not planning to flip, but also can see why people do. It's ok for people to be 'holier than thou' on it, but how many would not take up £250k free cash if offered? Sometimes seems like it's ok to sell drugs, guns and gold, but flip a car and you're immoral!

Edited by footsoldier on Monday 22 January 12:37

I'd definitely flip if somebody offered my CGT money for a GT2RS - only a matter of time until they come back down again. See 911R, last GT3RS etc for examples of car that were sold at big premiums and then became cheaper again. I'd happily wait and then own a 18 months old used car (likely hardly used anyway), wait until it is no longer the latest etc and bag a nice profit in the meantime. On the other hand if I was rich and losing some money did not hurt me all that much but I wanted to be in a 2RS today, I'd happily pay the premium - life is short etc just as I accept that my cars depreciate, cost a fortune to insure etc

I think it is all fair enough, market forces perfectly at work (and I do think this period of big premiums will not last forever, the next thing will come along at some point). Just read an article that the Hagerty index is back to 2014 levels and dropped a similar percentage value to the drop in 2008 or 2009, so the making money with cars period might be over soon (for the non-professional trader).

[Doppelkupplung]

I was hoping to pick up a GT2RS for 350k by the end of the year. If they're making nigh on 2,000 units with several being advertised by greedy owners it could saturate the market allowing for people to pick up an awesome car at a relatively acceptable price. I'd love a launch spec example with Weissach package.

[MDL111]

Doppelkupplung said:

I was hoping to pick up a GT2RS for 350k by the end of the year. If they're making nigh on 2,000 units with several being advertised by greedy owners it could saturate the market allowing for people to pick up an awesome car at a relatively acceptable price. I'd love a launch spec example with Weissach package.

I suspect if you offer 400k euros on a car in Germany, you might be able to be in a car by the summer. Not one of the first, but as you say as more get delivered, there might be opportunities. 400k is still a nice profit for the first owner

[RSVP911]

MDL111 said:

Doppelkupplung said:

I was hoping to pick up a GT2RS for 350k by the end of the year. If they're making nigh on 2,000 units with several being advertised by greedy owners it could saturate the market allowing for people to pick up an awesome car at a relatively acceptable price. I'd love a launch spec example with Weissach package.

I suspect if you offer 400k euros on a car in Germany, you might be able to be in a car by the summer. Not one of the first, but as you say as more get delivered, there might be opportunities. 400k is still a nice profit for the first owner

Remember you have to pay for it - so not 400k profit .

[MDL111]

RSVP911 said:

MDL111 said:

Doppelkupplung said:

I was hoping to pick up a GT2RS for 350k by the end of the year. If they're making nigh on 2,000 units with several being advertised by greedy owners it could saturate the market allowing for people to pick up an awesome car at a relatively acceptable price. I'd love a launch spec example with Weissach package.

I suspect if you offer 400k euros on a car in Germany, you might be able to be in a car by the summer. Not one of the first, but as you say as more get delivered, there might be opportunities. 400k is still a nice profit for the first owner

Remember you have to pay for it - so not 400k profit .

Ha very true, that sentence was maybe a little on the short side ... “at 400k it is still....”

[LordOfTheManor]

The Welsh OPC I’m sure will top any dirty deed written here....but then there’s something to be said about their reliability in this part of customer service

They tell me that they’ve even started repairing their customers cars with areosoil’s after losing
their bodyshop......they wouldn’t do that would they

Edited by LordOfTheManor on Monday 22 January 21:01

Edited by LordOfTheManor on Monday 22 January 21:02

[LordOfTheManor]

The Welsh OPC I’m sure will top any dirty deed written here....but then there’s something to be said about their reliability in this part of customer service

They tell me that they’ve even started repairing their customers cars with areosoil’s after losing
their bodyshop......they wouldn’t do that would they

Edited by LordOfTheManor on Monday 22 January 21:01

Edited by LordOfTheManor on Monday 22 January 21:02

[RSVP911]

MDL111 said:

RSVP911 said:

MDL111 said:

Doppelkupplung said:

I was hoping to pick up a GT2RS for 350k by the end of the year. If they're making nigh on 2,000 units with several being advertised by greedy owners it could saturate the market allowing for people to pick up an awesome car at a relatively acceptable price. I'd love a launch spec example with Weissach package.

I suspect if you offer 400k euros on a car in Germany, you might be able to be in a car by the summer. Not one of the first, but as you say as more get delivered, there might be opportunities. 400k is still a nice profit for the first owner

Remember you have to pay for it - so not 400k profit .

Ha very true, that sentence was maybe a little on the short side ... “at 400k it is still....”

[hunter 66]

Simple whenever it comes to cars .... man maths takes over ...

[Yellow491]

throt said:

Everything we buy depreciates. Flipping is a form of income..

And taxable! If car not used and registered on the road.

[Taffy66]

Yellow491 said:

And taxable! If car not used and registered on the road.

Correct.! It all depends what you declare on your annual tax return..If you flip on a regular basis(even if you drive them first) and you get an IR tax investigation and they define you as a trader then you could be prosecuted for tax evasion.!.Its important to differentiate between tax avoidance and tax evasion.
As an example i currently run two new hybrid Porsches through my business where a proportion of the list price is allowed to be written off against your taxable income..This is a perfectly legal loophole to reduce your tax liability however when you come to sell the car the proportion of the sale proceeds is taxable income based on how much was initially written off.
Buying a new GT Porsche and using it for private use and then selling for a profit should be classified as 'unearned income' unless done on a regular basis where the IR could reclassify the profits as 'earned income' and be taxable income..
Beware flippers as the IR will catch up with you one day..

[throt]

Comfort ..

https://www.youtube.com/watch?v=4zgLLwMuukc

If its okay in that its okay then in anything..

[PantsFire]

https://youtu.be/yl7J3TwGUVQ?t=8m33s

So this guy owned a 918 and is part of the VIP program in the US, so he was offered and owns a 911r, and in this video had just cancelled his GT3 order but goes on to mention the GT2RS has a one year production schedule and they'll make as many as they can during that time.

[davidc1]

throt said:

Comfort ..

https://www.youtube.com/watch?v=4zgLLwMuukc

If its okay in that its okay then in anything..

Jeez.. comfort seats. Tragic.