Assume the importers averaged 80 cars a year of all models over the period 1999 to 2005 which equals 480 new Ferraris. Assume 75% of sales are the "cheaper" V8's which means circa 360 sales of the various 360 models over the cars lifespan in Oz.
OK, so 10% of cars delivered are for sale now, that is an ugly situation for the values of other 360 owners. On the other hand, we're going to see carnage at the top end of the property market and boats too, so the pain will be widespread. Had lunch with a mate today who runs an "outplacement" company for the finance industry - his business is booming!
Actually, I dont think it's such a bad number, interpreted another way it means that cars are turned over every 10 years - that's quite low. If there were 25 to 35% of the 360's for sale it would be a different picture. Still, there are cars for sale that are not actively advertised, so the true number may be higher than 10%. I've been eagerly expecting Ferrari prices to decline, but so far movement in prices has been negligible - (I could be tempted by a 360 Manual HD spec at fire sale prices ) What has declined is the Aussie muscle cars - Brock Commodores etc , I'd say 50% down on 12 months ago. M
Don't think it's an issue, a lot would have paid cash. I'd imagine that if they were financed, they would have used a home equity loan, so all it's done is increase someone's mortage. In any case, I don't think you could get a lease on a 25 y.o. car , perhaps an asset purchase agreement, but only if backed by real estate. Your the expert in this - what do you reckon? M
plenty of them were done on CHP buy lenders like Suncorp Met and capital finance. This was the 1st of the lenders to drop the market. But yes many would have been done by a home loan draw down.
I thought wholesale was close to that anyway, so you might not have to wait too long. To make it a "steal" you need to aim lower, I reckon 125K would be a noteworthy achievement M
Hi Guys, As many of you know, I acquired my 328 by selling my VC HDT Brock just over 12 months ago. The Aussie Muscle Car market has certainly crapped itself. Common sense was always going tell you that the bubble was going to burst. Very few cars are selling at anywhere near the asking prices so determining the actual downfall is very difficult. We know at what prices they don't sell for but unless they are sold at Shannons or similar with a no reserve or very low reserve we still don't know. An acquaintance of mine has a white automatic VC Brock for sale that he listed for $68,000 in March. He was offered $55,000 and declined the offer. He has now got it for sale at $43,000 ono and hasn't had 1 bite in the last 2 weeks. There are simply no buyers out there for these cars. Interest rates have increased, stock market crashed, insecurity everywhere so why would someone want a 28 year old clunker? The speculators and collectors are simply not there. That said, the part that still bemuses me is some of these bogans still want $150,000 for their VK Group A's and $650,000 for their Phase 3's. The Shannons Sydney Motor Show Auction is on in 18 days and I'll bet you pounds to peanuts that very few (if any) of the AMC's will meet reserve. It cost me about $1200 just to list my other car last year so it's not an inexpensive exercise. Here's the link for those interested..... http://www.shannons.com.au/auctions/?id=C9517AFBLGC860HK If any of you are short of a laugh have a look at the asking prices for some of these old clunkers - http://www.australianmusclecarsales.com.au/muscle/aussie Cheers, Bob.
Hi Bob, The guys on Brockcommodores.com still love you - NOT. Aren't you the one that caused the prices to drop ? M #VC 386
Yep......... LOL ....Truth hurts for a lot of them. Those who took my lead did very well. Remember Edgar's outburst, "VC's will be worth $300,000 soon". Yeah right. Bob.
Yes, but some still believe it's possible..... I think quite a few people there were trying to talk the market up, they take their Brock's Commodores very (way too) seriously, at least the surge in prices has ensured the cars will get preserved. Are you banned on that board, I havent seen you "fan the flames" in recent times.. M
Mate, half of them were in the movie! They hate me for selling my cars and hate me more for being proved correct. Aussie Muscle cars were great at 2003 prices. Phase 3's $65,000, VC Brocks $15,000, VK Group A's, $25,000 etc etc. Look at the Shannons guiding price - XA GT is listed at $25,000 more than a Tesstarossa? If anybody thinks that makes any sense then good luck to you. Bob.
No, not at all. I just realised that you can't put brains in statues and refuse to waste my time on peanuts. Some of these guys won't accept that the sun doesn't rise in the west. (In Australia anyway! LOL) Bob.
Where these guys let themselves down is that they are so paranoid and inflexible they simply don't realise what they can get for $100K You could have the best 930 Porsche, a very good 328 GTS and that's just for starters. Some of them just need the light switch turned on. Bob.
