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Discussion in 'Vintage (thru 365 GTC4)' started by atheyg, Jul 2, 2004.
Euro 560K https://www.classicandsportscar.com/news/barn-find-miura-sells-ps493000
Wow.....so dump an additional 300 to 400K and you got yourself a show piece with a little bit of equity to boot. Hell...I'd do it if I had the means.
I think the Jag was a bit high, but maybe that's what it takes to get your foot in the door. I'm still blown away by the kind of money Series 1 E-types are going for now.....but that's just the "old man" in me. I remember when those things could be picked up for 10K back in the day.
I just can't believe that someone bought that old '70's Lincoln. I guess there's something for everyone......I can't throw stones.
It went for €560,000 (= $640,000).
I couldn't find the buyer's premium but it looks like they'd have to give north of $700,000 to the auctioneer for the privilege of towing that show queen away.
Ahhh.....I forgot about the premiums. The buyers should have been able to "work off" the premium if they helped cut away the foliage that was consuming their new cars.
That Miura might be a project....but I think it will turn out pretty well. You don't spend that kind of money, only to cut corners on the resto (well....you SHOULDN'T anyway).
Apparently with the premium and the Victor Alpha Tango, an EU resident would be out €677.6K/$770K.
Luckily the telephone buyer is a Swiss resident, bringing their non-EU price down to €658K/$752K.
Matt, you're right. For that kind of crazy corn, they shouldn't cut corners.
The question is will they be underwater after restoration or can they break even?
A Swiss buyer with that fat of a wallet.....cutting corners doesn't fit the story I've concocted in my head. Something tells me that it will be done perfectly.
But that's just me stereotyping wealthy Swiss car collectors.
Exat, People needs cars to restore and afther used, the car will be sold with an extra.
then he has to pay swiss custom and tax to the price he payed
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Depuis 2007 Alfa Romeo c est la marque qui monte
Whether Swiss or not the issue is simple:
Do you want a perfect car, a car to drive a lot and race occasionally, or a car to resale possibly at a profit.
Each of those situations implies different options and purchase situations.
If you want a perfect car to drive occasionally and show , you want a perfect car. Either you buy a car restored by the best shops , usually at a premium as market can spot a first class restoration, or you start from scratch ie an un restored car and barn find is a perfect candidate.
If you are going to race or drive a lot and use your car a lot, you don’t need a concours car and you are happy with a car that looks good where the mechanical parts has been done previously and you do t care too much about their cosmetics ( and specially the part you cannot see!).
If you are buying to resale this is another game and you don’t want 2 to 3 years of work and massive costs and taking market risks during this period; you buy a car that looks good whether it is really good or not and hope to put it back on market promptly at a profit.
Oversimplification as usual but largely categories you will find when you buy and why still people buy barn finds. Not just for the myth but starting from a known albeit decrepit basis is easier and better and less frustrating than starting to correct a poorly or badly restored car.
but even those barn find cars could already be badly restored
I could see it being badly restored.....if it was being flipped. Anything is possible. In my head, I concocted a scenario much differently. I pictured it being whisked away and immediately delivered to a top restorer, only to emerge a couple of years from now at some posh event.
If I had the funds to buy a car like that, and in THAT condition, I think I would have the funds set aside to restore it properly (but....stupid people DO exist). A wise investor wouldn't blow the entire budget on the piece and have diddly squat left over to finish the job.
When you're buying any Miura at ANY auction, I don't think you're attracting the Barrett Jackson crowd. If you are....I think they'd be put in their place and outbid rather quickly.
I could be wrong, though. Just ask my wife. It happens all the time, from what I gather.
PS....in all curiosity, do people actually race Lamborghinis in vintage races? I thought they were more show queens than anything else.
Miura are fully eligible to Tour Auto as in period Edmond Ciclet entered a prototype loosely based on a Miura chassis to compete.
I had planned to enter #3276 my Miura but sold it before to fund the SWB, few years ago. As far as I know only another Miura, painted gold, participated recently in TA.
They are neither the most expensive nor the most complicated cars to enter there, we have seen few GTO, TDF and my own LM although very recently less and less glamorous cars are entered ( although an original Cobra Daytona is for me one of the most glamorous car one can race ‘)
Never seen this picture before, and you?
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Now a comp Daytona conversion.
Thanks for the reply, I thought all the people were gone in another party...
Marcel, it seems that this car was crashed in a very violent way, in what country was it? You had the SN or is something reserved?