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Link down due to sale. Seller was the shop that has maintained the car for the owner since 2012. Mainly a BMW shop. Car was in Cali. To your point, the (1) owner may have been done and just wanted gone. The were $35,000+ in receipts over last 5 years to bring car up to a very nice standard - probably a Hagarty 2 minus. Talked with the guy and I'd have been a buyer at $30K, so I told him to take that offer and run.
How many more months will it take for the exotic shops to be in a financial situation because of their monthly nut to start fire selling their inventory to make payroll and rent? They just can't keep whole selling to each other. Not to mention all the turbos and M491 etc that have gone into restorations a year or so ago that will be landing in this market.
No one answered how higher lending rates will affect the market.
Another issue is higher FED interest rates in the US due to a 3% economy vs the 1% from the last 8 years will strengthen the dollar. Result, making foreign purchases of vehicles increasing more expensive. What will all the exotic dealers do with a dwindling foreign demand?
To someones point above, why buy a Hagarty 4 car for $33,000 that needs $10-15K in engine rebuild, $3-5K in interior, $2-3K, in general clean-up, and etc. for a total of $48-56K? The market is overwhelmed with low quality left and right - up and down. Turbos and M491's in mint condition are really struggling as well. Guys who want toys can easily convince a spouse that $20-30K is doable, more of a sales job at $50K, $75K you'd better have a real good income, and over $100K the spouse better have everything they've wanted in life or you are single. Heck, a great used Harley is more bang for the buck for many. Not me but many when toy prices get stupid.
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