F40 prices sinking fast? Asking below $499k and no takers

Eric

The love by some of low mileage cars by some has nothing to do with the Preservation Class at Pebble.

The cars in the preservation class at Pebble have Patina because they've been well used. Original Patina is valuable. The thing that makes major collector cars really valuable is history, providence, and originality. Mileage is totally irrelevant in a major collector cars. My Ford has the highest mileage of any MK-IV but it's much more valuable than the two lower mile examples that failed to finish the 24 back in 67 simply because it went the distance to 4 OA.

Best

 

(side note - sorry off topic) -

I'm 6' 5", size 11 1/2 shoe, and I fit wonderfully in the Lotus vs. other cars. Still won't give up my F-car, but amazing such a small car has so much room.

 

Well said....

 

With all due respect, I think this is a gross over simplification... I doubt that everyone on this thread that see the market falling are in the market for an F40... and conversely not everyone that believe F40 prices are stable own one now... Many are drawing conclusions or opinions based on the economy, other prices, their experience, past market declines, etc.

 

Well said Joe, but there could be a 3rd group...

Those who have an F40, yet seek another one. Those people want the market to give as it is doing, but then go back to the levels desired and settle.

You know, the guys that have "used up" 91's and are now looking for nice examples in the 1992 vintage.

 

You mean "well sorted".... the 1991 has a spot reserved in Kansas... do not let it go without us talking...

 

Ah no. I couldnt think of a matter more simple. My premise was strictly related to posters here, so lets not go off at 18 different tangents.

You either own an F40 right now, or you dont.

If you dont and want one, youll be dealing with an F40 owner who values the car much more than you do.

Thats all Im saying. Im not including a discussion on worldwide economics and social standing in my premise, but thats my premise and Im sticking to it.

 

Nope... you are still wrong.

I am a poster as evidenced by my previous and this current post. I am not an owner of an F40. I have no intention of buying an F40. And I think F40 prices (like those of almost ALL Ferraris) are headed down due to the economic environment, rising unemployment, and de-leveraging of credit.

I am looking at other assets to purchase including rental properties that were once 50% higher than they are today. I am watching Stradale prices fall which could be an interesting purchase when they track below $125K for a decent example.

No hidden agenda... I feel like I am between the Jim-camp and your-camp at the moment. Prices are falling but are not plummeting... And we are all commenting on whether we think they will stabilize or start to roll downhill faster.

 

Therefore you are not included in my premise.

 

You said the posters fall into 2 camps... Now you are saying I am a poster and don't fall into either camp... Now it is at least a 3 camp theory and per my previous post there are likely many other camps that don't fit your simple definition.

Hence, you are over-simplifying...

 

OK I understand where you are coming from now...I should have specified "those who dont own one AND want one..."

 

not going to sell it...paint it Black after I buy a 1992...maybe.

 

wrap it in flat back.....

 

I don't think it is so easy to compare an F40 with property! As an F40 owner and property being my everyday business the latter is heavily based around finance, gearing, yield etc. so no wonder property has taken a massive knock due to the current difficulties of borrowing. I would suggest most F40 owners pay with cash or may have a small borrowing against the car. Only if they need to realise capital from the sale of their car will they be a forced seller and in turn force prices down. Euro F40s seems to be holding up quite well....but there is no question that they have come off their peak

 

Regarding Property in your market interesting article on the Candy Brothers in WSJ today. One Hide is a bit VOM IMO.

Cheers

 

Just read the article and quite interesting. At the outset I wondered how much the WSJ knew but they summed it up pretty well. The Candy brothers are well know in the market and are extremely clever in their marketing spin. They certainly create a top product but I wonder if the market can sustain the £/Sq.ft prices that they have historicaly achieved. Currently the market can't swallow it - not surprising really. I think you have the nail on the head though with your comment. Watch this space.....

Prime central London has come off 25-30% since the peak and dealers are now starting to work up an appetite again (asuming they can get finance or are cashed up...) The clever ones got out a year and half ago.

 

Candy Brothers--appropriate name. Culture candy? To me this looks like another casualty of our 'pop' culture. A developer who has a statue of a guy shooting a birdie encased in crystals is a little bit too much f-you. Maybe Puff Daddy or 50 cent or Chris Brown would buy this. I am growing tired of our culture of personality. I am just hoping my sons (17 and 14) don't fall prey.

By the way, showing my age, what is "VOM?"

 

I didn't mean to compare an F40 to property... Only that I am not looking at F40s... but I am looking at properties and Stradales... no comparison needed.

My only point is that I see F40 prices falling and I am not in the market for one...

 

It's what happens when you drink too much cheap beer and Tuna salad that's been left out in the sun for too long.

 

Interesting article... Can't believe they paid $500 million for the land in BH that traded for $50 million a few years prior.

Great stuff to pick up now... Fourplex+ are in short sales... Can pick up several right now and even after property tax, 30 year fixed mortgage, all expenses, and assuming some vacancy percentage... they are cash flow positive from day 1 and throw out some great $$$. Fun shopping around right now... I have one that I could pick up now that is 50% under it's 2004 sales price and rents are 4x the mortgage.

Trouble is the banks are so skittish that it is a pain to get the back end closed... no hurry though because things continue to fall

Not to hijack the thread...

 

Sorry to keep the hijacking going, but you're seeing these properties where? Certainly not near Laguna Beach, CA?

 

I can be forgiven for thinking I was in the "Business & Investment section" where last I visited I read a thread started by someone who is also here entitled "The Next Bull Market Has Begun". OK great to know you have the fourplex+ rental property market by the tail, meanwhile back to those tanking F40 prices

 

I think you're right. I bought a ton of stuff in November. (Miners/Dry Bulk Shippers). While I think somethings still have a ways to go on the downside the Baltic Index can't have risen as much as it has since November and mean nothing. China is where the turn will start and the BDI will let you know when that is beginning.

Cheers

 

Yes. Problem is with the banks lending... A lot are walking away from anything above a fourplex at the moment because they are nervous. But the returns are easy money if you can get the deal closed. Have two properties now...

Again... I apologize for the thread hijack.

 

Sounds like a personal experience.

The only thing worse than biting into an apple and finding a worm? Finding half a worm.