Is this really the right time to auction a GT2RS at no reserve?

[1979-930]

Seem like bad timing to me. But if we do get Great Depression level unemployment after this they could be the smartest ones in the room.

https://bringatrailer.com/listing/2018-porsche-gt2-rs/

[Cajundaddy]

Yes please! I just sold a piece of real estate and that would look good in my garage.

[Matt Monson]

Might be a good time to sell. Lots of people pulled cash from the market freefall and want a hard asset to put it in. If they are ready to sit on it 3-5 years it might be a good place to park a pile of cash.

[1979-930]

^^^I agree with that. I don't pretend to understand the thoughts of those who can park $300k in a car they don't want to drive.
Wonder what would the insurance cost is for the car to just set; $3k a year?
My GT is $1,600; I think.

[sugarwood]

Prices for Porsches only go up.
Buy now or forever be left out.
This car will sell for higher than pre-COVID prices.

[Vaive]

Originally Posted by Matt Monson

Might be a good time to sell. Lots of people pulled cash from the market freefall and want a hard asset to put it in. If they are ready to sit on it 3-5 years it might be a good place to park a pile of cash.

People who sold during the free fall are idiots. S&P500 is off only 14% from its all time high and up 30% from its March low. So yeah these same people might just be dumb enough to buy a high end car right now thinking it will appreciate.

[Vaive]

Originally Posted by 1979-930

^^^I agree with that. I don't pretend to understand the thoughts of those who can park $300k in a car they don't want to drive.
Wonder what would the insurance cost is for the car to just set; $3k a year?
My GT is $1,600; I think.

Some states tax cars as property, and/or base registration in value. That's $5K or more a year in addition to the insurance. Right off the bat you're down 2.5-3% a year. And this is in addition to the risk that the $300K today turns into a $200K car next year. Dumb AF strategy for preserving money in a time of unknown.

[Matt Monson]

Unknown? You were so hot on the market just one post ago.

[Vaive]

Originally Posted by Matt Monson

Unknown? You were so hot on the market just one post ago.

Come on man, with a Cal degree, I expect better from you. I said - paraphrasing - that I don't think it will be as bad as some worst case scenario predictions. That's not the same as being hot on anything.

It could have been a lot worse had the Karens of the world got their way with shutdowns lasting into summer. Thankfully the shutdowns are ending in most of the country and around the world.

[Matt Monson]

For a troll, you are easily triggered.

[JMS935]

Originally Posted by Vaive

Some states tax cars as property, and/or base registration in value. That's $5K or more a year in addition to the insurance. Right off the bat you're down 2.5-3% a year. And this is in addition to the risk that the $300K today turns into a $200K car next year. Dumb AF strategy for preserving money in a time of unknown.

OMG. I wasn’t aware of this, but just googled it. Holy sh|t are some of these taxes insane! A car valued at 100k in Providence Rhode Island is taxed at about $6,000 per year, that’s like paying the sales tax on it on a yearly basis. WTF. Does anyone collect cars in these areas? My car property tax bill would be pushing six figures a year in Providence. What a scam. That’s a damn good way to push the wealth out of your community.

https://www.rifuture.org/ri-motor-vehicle-tax/

[Rawknees'Turbo]

Daaaayyyyuummmmn, imagine the whiplash smiles that fookin' thing would produce! I've got wood!!!!!!!!

[pmax]

Does it have a G50 transmission ?

[Cajundaddy]

Originally Posted by pmax

does it have a g50 transmission ?

pdk

[1979-930]

Originally Posted by JMS935

OMG. I wasn’t aware of this, but just googled it. Holy sh|t are some of these taxes insane! A car valued at 100k in Providence Rhode Island is taxed at about $6,000 per year, that’s like paying the sales tax on it on a yearly basis. WTF. Does anyone collect cars in these areas? My car property tax bill would be pushing six figures a year in Providence. What a scam. That’s a damn good way to push the wealth out of your community.

https://www.rifuture.org/ri-motor-vehicle-tax/

Dam!
First time something made CA taxes and registration look cheap.
That sh|t would squash my car hobby. I couldn’t justify paying the taxes.


Sent from my iPhone using Tapatalk

[Macroni]

Great looking car..... It will possibly sell for full value which is $425,000ish (guess).....

[ShopCat]

To me, no reserve says they need the money and "wait and see" wasn't an option.

[Matt Monson]

Originally Posted by ShopCat

To me, no reserve says they need the money and "wait and see" wasn't an option.

Nah. It’s veey common on special or unique cars. It chums the waters with a guarantee of a sale.

[Matt Monson]

https://www.cnbc.com/2020/03/13/icahn-reveals-his-biggest-short-position-amid-market-turmoil-commercial-real-estate.html?fbclid=IwAR2x2howIz1_FkfSH4VU4HIhf2BEC wZ9BbCnd_BviGwV6qqxTZFKlWCl8zQ

[Vaive]

Originally Posted by JMS935

OMG. I wasn’t aware of this, but just googled it. Holy sh|t are some of these taxes insane! A car valued at 100k in Providence Rhode Island is taxed at about $6,000 per year, that’s like paying the sales tax on it on a yearly basis. WTF. Does anyone collect cars in these areas? My car property tax bill would be pushing six figures a year in Providence. What a scam. That’s a damn good way to push the wealth out of your community.

https://www.rifuture.org/ri-motor-vehicle-tax/

Ain't socialism grand?