Would I be mad to buy a 360CS at current prices?

[suigeneris]

In every recession and period of low interest rates, the wealthy stick money into alternative asset classes (cars, art, wine, etc) to get a better return than the banks and this arguably led to huge appreciations on (especially) classic and modern Ferrari and Porsche over the last few years. With prices almost tripling over only a few years (from circa £80-90k to £200-220k) on these cars, these buyers have bought but now stopped buying. I've been watching the classifieds for many weeks and nothing is shifting - if anything they bought in the early-mid £100s as they moved up (circa early 2015) and are now advertising them for sale. However, despite buying my last one for £80k, I'd pay current market price for a good example as life is too short. However, not wanting to lose a significant sum of money, the concern we've hit a plateau with these and consideration that something tripling in only a few years rather than a longer period of time can be anything other than "a bubble" has to weigh on the mind of any serious buyer at this level (especially as no one else seems to be buying but everyone is selling - the first sign of a bubble that's going to pop). What does everyone think of the current market for these cars and where do you think its going in the short to mid term?

[suigeneris]

Yes I want to drive it, but that just means buying a "high mileage" car (e.g. £200-220k at current prices rather than £70-80k a few years ago) rather than a low mileage car (e.g. £250k+ at current prices rather than £100-110k a few years ago). I'm really interested to hear where others think the market for these is going *overall*. Can these really sustain at current range of prices when they're not selling? Based on experience/history could these ever return to prior prices or take that much of a knock? Buying at current prices and losing £10k by driving something over a few years is one thing, but its a very different thing to potentially losing 30-40% if the market takes a turn down.

[suigeneris]

There are now 28 (twenty eight!!) Challenge Stradale's for sale on PistonHeads, a few of which have been dropped by £10,000 over the last few weeks, and nothing marked as sold (although there are some extra "active" ads showing sold cars which sold IIRC months ago and dealers using them as wanted ads). This is bonkers - there used to be consistently 8-10 at a time throughout 2013, 2014 and even 2015 as prices crept up. This market is such a bore though - clearly the speculator interest has cooled off and they're overpriced now as many of these have been for sale for months (or in some cases over a year) and nothing is selling.

[suigeneris]

This car started at £219,990 last year, then reduced to £209,990 a few months ago, now has been reduced to £199,990 - https://www.pistonheads.com/classifieds/used-cars/...

[suigeneris]

15HN said:

I remember when they were going up £5k, sometimes £10k if not £20k a week.

Now they're going down £5k every few days...

https://www.pistonheads.com/classifieds/used-cars/...

That car has dropped several times, from...
£219,990 to...
£209,990 to...
£199,990 to...
£195,990
...and summer has just started!! This is when prices used to hold firm but still virtually nothing is selling.