Joeb427

iTrader: (1)

I don't know if this video was posted earlier but.....

pman6

damn good to be rich

SW17LS

Except when you're dead.

Aron9000

This.

Also, I don't really see the point in owning that many cars, especially when you have 2 or 3 of the exact same car, even the same color. Or how many late 80's/90's Saleen Mustangs do you really need??(maybe I'm jaded since I never did like those year Mustangs).

But yeah, there were a couple of cool things in there, that Saleen S7, that resto mod 1969 Camaro, Ferrari 360 Challenge Stradele, the red Ford GT40, that R34 Skyline and Supra.

pman6

tell that to jay leno

collectors have their reasons.

we'll never understand

SW17LS

Another part of it is that a lot of these cars are investments. If a certain car is poised to improve in value, why not own 2 or 3? If there is a short run of a certain model or trim or year, owning multiple helps you as an investor and collector control the market for that particular car.

If you want to watch an interesting show, check out Chasing Classic Cars on Velocity. Especially in the earlier seasons it goes into a lot about the business of these classic car collections.

mmarshall

Aron9000 has a point. Binge-collectors may in fact have have their reasons, but that doesn't mean that those reasons would necessarily make sense to an average level-headed person.

I also agree with SW15GS that sometimes antique or classic cars can be investments (depending on the potential future demand for them) but they are quite risky ones, and there are lots safer ways to invest one's money if you want to minimize that risk.

SW17LS

You'd be surprised. These guys have a pretty good handle on what is going up in value, they watch auctions all the time. It's not unlike investing in anything else.

I8ABMR

damn. Everyone thinks he is obsessed with GTRs but it looks more like the dude was really into Saleen's. It's funny how a collectors cars will tell you a lot about when they grew up.

rominl

iTrader: (4)

this. risky is only for people who don't know. for those who do (and with money), it's matter of setting some money aside and it grows.

i know someone who collects nsx and he has over 4 in his stable. some call him stupid, but if he sells now compared to how much he paid back then, he would have made over 100k

mmarshall

Wonder what will happen to that value now that the new NSX (finally, after so many years) is going into production. I agree, though, that if he chooses to sell now, he could still make a handsome profit, although the IRS considers profit on a car sale as a capital-gain for tax purposes, just like with the sale of a house or stock-shares for a profit.

I suspect, though, that, considering that the new NSX is going to be FAR more expensive than the last one was (I've seen estimates of 150K-180K, independent of dealer mark-ups), demand for used ones won't drop that much, and that will help keep their value up, even with competition from new ones.

I could be wrong, but if my memory is right, you had an NSX at one time yourself, didn't you? I remember a number of years ago, when Doc, right here on Car Chat, bought an NSX, it caused quite a stir.

Aron9000

You also need to factor in the cost of insurance, storage, and maintence for those 4 cars over the years. It adds up, even if you don't drive them much. Factor that in and I bet his profit margin is more like $50k.

Although you are right about if you bought a vintage pre 1974ish Ferrari 10-15 years ago, a classic Porsche or Jaguar, those types of cars have double, tripled, quadroupled in value in the past 6-7 years since the 2008 recession

SW17LS

Of course the IRS considers profit on a car sale a capital-gain. Why wouldn't they?

rominl

iTrader: (4)

every gain can be considered as gain of some kind for tax purposes by the IRS so i don't know what's your point there. i am sure it's still better than sticking the pile of cash under the mattress (when you have a gain).

from what i notice and also what some people say, the new nsx actually makes the old one even more desirable so that's a good thing

i still have my nsx. don't think it's going anywhere anytime soon

50k? this is no ferrari. a huge big time job on the nsx costs about 3k and that's changing most stuff already. insurance? as a daily driver the insurance of my nsx is about 800 bucks a year which is even less than my gs. putting it as a show car and it's really minimal cost. storage is going to be some cost but i doubt it's going to tun that high. doesn't hurt when he has a 5 car garage to begin with.

but then my point isn't on how much the gain is. my point is rich people they know where to put the money and roll on it

mmarshall

With most private owners, it happens so rarely (as most cars depreciate with time) that some people aren't even aware that it's considered a capital gain. Of course, some cars begin to gain value again if they get old enough and there is enough demand for them.