Ferrari's And The Global Meltdown

Art thought it was safe to jump back in long before it was and he told me he was doing just that. I gave him some advise about leverage which if he followed saved him some $.

In the short term Warren, my Dad, Art, and I have been wrong. Those that can survive the short term will be just fine.

 

+1 just experienced the same thing at the local mall.

 

Short term being the last 1.5 weeks? Time'll tell who had that right - if it's Warren, he'll own the joint!

Could be long term recovery might parallel that of Detroit, metaphorically (or not) ...

http://www.yenko.net/ubbthreads/showflat.php/Cat/0/Number/338226/page/0/fpart/all/vc/1

 

While poetic, and possible, I don't think that's a likely scenario. At least not for another few hundred years.

 

Nor do I but I really hope everyone realizes what's at stake and acts accordinaly. Especially the World Leaders.

 

Here in Portland, business seems to be a bit slow everywhere but Walmart

 

Somebody queue up the scene in 'TERMINATOR' with the flashback(flashforward?) to the future where
the MACHINES have taken over the world, the sky is dark and dumpster diving would be a lifestyle improvement.

Honestly, it should be apparent to any observer that the Feds of the World will do whatever it takes to
avoid 'The End of the World'. Why ? Because there is no other valid choice.

Inflation? So what. New Legislation? So what. Public perception? So what.

HOWEVER, I do agree that digging out from under all of this is gonna be a long haul...

 

Here in Portland, Oregon, I've been getting the finger since I bought my 308 three years ago. People wouldn't let me merge, they cut me off, and every time I got gas someone would say something like "I wish my parents were rich."

Sounds like I need to consider a move to NJ...

 

Ditto

 

Dude, you're living in like Granolaville, aren't you? (Portland) What do you expect if you're not in a Pruis?

Anyway, some of the responses to my question have helped me understand.

I'm personally really sick of these people as they make it hard for me to get good deals on things because their plastic still works. I wonder how these folks will cope when a real crisis shows up in their lives. I know there are some well-to-do people out there and that's cool, I'd just like to get a good deal now and then. If the credit card millionairs will go away for a while, I'll have a better chance. I was shopping for a car recently (kind of a perpetual thing until my lease is up) and getting the cold shoulder from dealers around here who say everything is "peachy".

RMX

 

Raising taxes and punishing the rich who create jobs is the worst possible thing to do now

Socialism is a luxury we cannot afford. Acorn messed w the credit system and helped create this toxic debt mess. The bankers were doing just fine until the Socialists decided to give mortgages to people who could not pay them

I am hoping for the best but preparing for the worst

Jim, what do you see as the key steps that must be taken or avoided in order to avoid a worldwide depression ?

 

An aside: does anyone here think I will get a better deal on a car (convertible in Florida) in a few more months? Or do you think it's at its worst now with credit being a problem and lots of people having trouble financing their lifestyles on home equity?

RMX

 

He's just saying that because he's going to get a dinner out of me on a bet that he won.

Art

 

I have a similar house for sale in Homosassa, FL. 1300 s.f. brand new, on .5 acres waterfront for $379k. It is here:
http://www.realtor.com/search/listingdetail.aspx?ctid=25379&ml=3&typ=1&pfbm=10&ofbm=100&sid=2066f1da47d246f4a0570014fb966e54&lid=1098987984&lsn=4&srcnt=420#Detail
Do you think this is a good deal?
BT

 

I would be curious to hear the opinion of the pros regarding the proposed guarantees on all bank deposits in the developed nations. On the face of it this seems like it might improve the trust between institutions, trust which has been lacking in recent weeks.

Another item that make me uncomfortable were the proposals to buy into banks from governments. In the long run this IMO would be a very bad thing, as it alters the playing field for free competition.

If I was a conspiracy believer I would think that the crisis has been hyped somewhat, to inspire panic that the end of civilization is near. Then the constituents demand the governments do something, and willingly give away their rights and freedoms as part of the "fix".

Back to the topic of cars. You will likely see many niche manufacturers disappear (Spyker, Koenigsegg, Salleen?). Big names like Lambo and Ferrari will probably survive, just because of their name and the backing of a large parent corporations. Even if they have to drastically reduce production, just their name is worth keeping or selling for the long term.

BTW, if you like Corvettes and Vipers, buy them now. GM and Chrylser will likely go the way of the dodo by the time Obama runs for re-election. Ford may not make it through 2009.

 

An aside: does anyone here think I will get a better deal on a car (convertible in Florida) in a few more months? Or do you think it's at its worst now with credit being a problem and lots of people having trouble financing their lifestyles on home equity?

RMX

6-8 months from now there will be some smoking deals out there.

 

I think it very likely could get worse before it gets better. I feel things will get worse for small businesses because lack of confidence in the economy will cause many people to be much more conservative with their money and savings. More businesses will be closing as a result, which will further dampen the economy, which will result in more strain on businesses, etc. in some level of recessionary cycle. I think that can only result in downward pressure on prices in the next year. I'm starting to shop for a home, and even though there are some great deals out there, I'm not in a big hurry to jump in. Not trying to predict a bottom, I just feel home prices will be falling even more. JMHO.

 

I think dealer showrooms have been empty for a while

if you show up w cash I'm sure they"ll be more than willing to give you a great deal

 

Agreed. Beyond that, IMO, this event has caused a change in the public's attitude. Call it a wake up call or a shock to the system but its effects will be with us for a while. Or at least until we forget and make the same mistakes again.

 

Hub, read my thread on trying to buy a used Vette vert a few weeks back. They're in Oz.

RMX

 

its pretty simple guys...there are not enough people left with sufficient liquidity to pony up $200-400k for a used car that has thousands of other exact copies. there will be people with enough liquidity to buy relatively rare pieces of art on 4 wheels. the 599, the 430, the 360, the 550/575 et al do not fall into that category.

 

They'll get a rude wakeup when they check their bank accounts

 

so getting back to FCars !!!

We all now the market for newer Fcars is toast right now. But where do yhou see the market going for older driver cars ? I mean for 328's, 348's and 355's ? Let's take a '96-97 freshly serviced 355 Spyder offered for $62K or '90-91 348 TS for $40K today. Where will they be in 2 weeks, 2 month and within a year ? Is there really room for these cars to drop another 20% ?

 

I think everything has an oversold bottom where buyers will step in and stabilize it . I think for the 328 we are basically there. The 348 has a little more room to fall (but not much), 355 still has some room as there are folks that still believe they are going to get $80k for their car. I think 355s will stabilize in the 50s-60s while 360s will in the 70s-80s. My thoughts are for good cars...not beaters and not pristine super low mile examples.