Quote:
Originally Posted by bpu699
Well, we must live in different realms...
Banks, as a whole, have dramatically cut lending. This is ubiquitous... I don't know how to respond to this, as its pretty obvious...
You asked who the people are who finance these cars. Dare I say, most do. I agree with you, and I pay cash, as do you. Realize, we are fortunate to be in a position to do so...
Putting forth the defense that "I don't need to sell" is a fallacy. If you list you car, you, at the very least, "Want to sell." Whether you need to or not, is up to you.
Honestly, most of the counter arguments to my point of view seem to rest on the fact that the economy, somehow, has not fallen or has not effected sellers of porsches. It just ain't so... Thats a belief that can be maintained only as long as you remain on the sidelines. If you wish to sell, welcome to the brave new world...
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Okay, I really did not plan on getting into this brouhaha, but I have read enough now, I have to speak my mind...
There are at least two different realms in our country right now, mid-America and then both coasts. I live in Texas, and although housing prices have flattened or dropped in the past year, they are now starting back up, and home sales are still pretty good. My daughter & her family just signed up for a new home in the Woodlands / Spring area of Houston - 6 months wait, prices were competitive, but no signs of desperation, and no problem getting a good loan. Nobody's home around here ever went up by 30% in a year, so none ever fell that much either.
If I buy a house for 250,000 and sell it 10 years later for 500,000 I gained 250,000 in value, overall. It does not matter if it went up 9% for 10 years, or dropped 50% in one year and then went up to $500,000 over the next 9 years. To me it is the same, because the only value that matters is the one that lands in my bank account. (except for property tax purposes)
I look at my old cars the same way. They are not in the same category as my family cars, nor are they investments. They are for sale however. I am not advertising them, don't need to sell them and do not even really want to sell them, but at the right price, i would sell them. Part of that consideration is knowing that when I sell either of those cars, I will never have a replacement car that is as nice, and as much the way I want it to be again. That makes me look at the value as a pile of money that I would do something with that I would enjoy and value as much as the car I just sold. I hope that makes sense to you.
There is saying in the collector car world, concerning genuinely collectible cars. You did not pay too much, you just bought too soon.
If the cars you are looking at are in that category, like my 70 S Coupe, you will never get a 30% off bargain, because there will always be a buyer out there willing to buy it too soon if it is the right car for them.