of course the value is always based on the individual car in question - i never claimed otherwise. but your own examples prove my generality. and, all other factors being equal, the price delta between usa cars and row cars is now a lot closer to 0 than it was a couple years ago; that is just a fact now.
Actually the one owner car DK just sold had 13k miles. On another thread it was said to have sold for £1.85MM. Condition, ownership, history, over miles. Not to say miles don’t matter.
The last car I know of that sold around 2 months ago had 15k and sold for 1.2 GBP.. 8 weeks ago... I'm not disputing the 1.85 figure. It would be interesting to see a 1 owner 3K car for sale in the UK for comparison but none are for sale. I personally would not buy a car with 15k miles, I would wait until a 3k car was available, with provenance, perfect condition and pay the premium for that car.. The first question that is always asked is ' What is the mileage ' and that has not changed in the last 20 years.. it does not matter if your are buying or selling.. thats the first question.
[QUOTE="msn, post: 148439514, member: 100408] I personally would not buy a car with 15k miles, I would wait until a 3k car was available, with provenance, perfect condition and pay the premium for that car.. The first question that is always asked is ' What is the mileage ' and that has not changed in the last 20 years.. it does not matter if your are buying or selling.. thats the first question.[/QUOTE] It all depends on what you’re buying it for. I put 700 km on my car in the last 6 weeks. I don’t buy my cars as an investment to park cash, I buy them to use as Enzo intended so I’m not as focused on miles.
It all depends on what you’re buying it for. I put 700 km on my car in the last 6 weeks. I don’t buy my cars as an investment to park cash, I buy them to use as Enzo intended so I’m not as focused on miles.[/QUOTE] I could not agree more.. its all depends on everyone's personal preference.. and how they decide to build their collections.
For valuing a car, I brake the car’s quality dimensions (or key attributes) into two categories: A. Mileage (as it’s the most influential value-wise), and B. The remaining attributes like condition, history, provenance, maintenance/service stamps, originality, books, accessories… Then I assign a premium for how good or bad the target car is for each key dimension compared to an average / good car of known value. On the mileage front, I was offered a sub1k km F40 at £1.5m when ‘good’ F40s were at £1m. That suggests a 50% premium for mileage but when one compared the other dimensions like condition, history, maintenance, the low-mileage one was so behind, that I assigned a 25% discount for those. Hence, net it should have been at £1.25m. So, yes mileage has the biggest premium as compared to each other quality dimension (attribute) but things are changing and comprehensive history, originality, and top condition are becoming more important. To conclude, I think mileage would have the highest premium compared to the premia of the other quality dimensions. However, I would probably put it around 30% (2k km vs 13k km) and not as much as 50%
Its always hard to judge, but if you have been waiting say 3 years for the perfect, all boxes ticked example and the collector wants 10 % more than you perceive its value to be.. then you will be waiting another 3 years... sub 3 k cars, which tick every single box.. come up very rarely, and are normally sold before anyone else gets a chance to buy..
while you guys waited to find the perfect car, all of them increased in price by $500K to $1 mil.....so i would say you made a poor choice to delay your purchases.
interesting data point from 2 very big sellers of big boy cars - these purchases are all for cash, far less financing/lease deals compared to 2009. so yes your point is valid Ross, not paying 10% for the right car has been a futile approach.
In an inflationary environment you should: 1. Pay the 10% or even 20% that they demand over your price. Time will show you how trivial that amount is - if you bought into a good model. (I was about to drop my deal on an F50 as the dealership insisted on €445,000 to my €440,000…), or 2. Compromise and get another low mileage car which is available but accept its average condition and history and then improve these last two over time, or 3. Buy an average car of the model you seek (say, F40) and sit on it until you find your dream car. Then sell your average car and buy the exceptional one.
The last part always. As regards inspecting a car, I advise inspection by an F40 specialist who's had a lengthy experience with F40s. That's changing, if you look closely it's apparent in public auction sales, and I can tell you the same is reflected with private treaty sales we do. Marketplaces are in a constant state of change, that's the one constant - change. As the cars get older mileage matters less, as you can see with a 365 GTB/4 Daytona Spyder for example, or a 275 GTB/4. So if one is holding a car in the hopes that it's low mileage will elicit an extraordinary premium one day, in my view that premium will diminish over time as the cars (and we!) get older. The other major change I have seen in the Ferrari Supercar market is the buyers are getting both more affluent and younger, this group have less patience and mileage matter less to some of them, they don't seem prepared to worship at the altar of low-mileage. I'll illustrate some examples here soon. Again, not every F40 is allowed by it's owner to sit several years nor do all F40s have deferred maintenance, this notion is often false. That's true. As I mentioned earlier, it's best to have an F40 specialist examine the car, most F40 buyers have relatively limited F40 experience even though they believe they know enough This is becoming the key and I predict that within the decade will be the determining factor as markets become more refined and the participants become more knowledgeable. Mileage is still a factor but it's not everything to a prudent buyer, I say provenance and condition are equally if not more important. Our client didn't even ask the mileage when he had the opportunity to buy the last GTO delivered, the Niki Lauda 288 GTO.https://petrolicious.com/articles/niki-lauda-s-ferrari-288gto-is-a-museum-quality-mechanical-marvel Ditto the people who made us an offer recently, they only asked about condition and proof of provenance, no discussion of the cars miles at all - incidentally it has around 8,500 miles or so, I'd have to check to be precise. I love all your formulas (!) and I'm glad you agree that provenance & condition are becoming more & more important. I don't think it quite works like that IMO, certainly not for most of my clients, they'll just go ahead and buy something else, there is a lot of choice out there if you want to spend $2m to $5m plus today. Again, many people don't wait, they simply buy what they can or buy something else, not everyone must have an F40, or have another one if they've tried it in the past, and, let's not forget that there are @ 1,300 examples of them, there are more F40s worldwide you can buy privately than are advertised, for example. The only time I get someone wanting to use a financing/lease deal on an F40 is never. An excellent approach keeping one on the ladder, so to speak, I have sold four (4) F40s to the same gentleman over the past decade, each one successively 'better' than the last one, and we made money on each of the ones we sold, today he's kept 'the one', everyone is happy, me included.
i am sure if you look through a few more of the posts in this thread, you might find one that you have left unquoted and unanswered....... then again....maybe not
Great example. This was possible because (a) you have a wide selection across time to offer to clients (given your extensive contact base), and (b) you are customer-friendly in your professional fees (hence allowing car flipping without significant loss of capital).
80761 was restored by Michelotto Automobili https://www.michelotto-automobili.com/ in Monselice for Christopher Stahl.