Quote:
Originally Posted by speeder
That is so true and I've lived it, putting way too much $$ and time into cars. A few years ago, I had a productive talk w a family friend who has been a professional investor for probably 50 years. Not a car guy but really smart and knows people who collect everything.
He basically advised me that collector cars should only be a small percentage of someone's portfolio, no matter how much they are your "passion" or whatnot. He told me some interesting stories of guys he knows who are into speculating on limited edition cars like the Ferrari Enzo or whatever the car du jour is. Told me a story of a guy who bought the first Corvette C7 ZR-1 and brought it over to Monaco because it would be worth triple or something to some crazy rich person who just had to have it first.
Something went sideways w the customs on it and he not only could not sell it, they impounded it for a while and it turned into a nightmare. And this was someone supposedly very astute who had done this before. The point of the story was about getting stuck w something you thought was very liquid, which has happened to me in a much smaller way.
There is an old saying when it comes to collecting, whether it's art/coins/guns/cars/whatever: "Don't buy stuff you don't like because you might get stuck with it."  |
I know a rich cat (new money, not old) who plunked down about 25K over sticker for a 1989 911 Speedster. He thought he would drive it very limited and sell it on for big bucks. He got his wallet trimmed on that one.
I guess they have come back though — he should have kept it.