The Cena NFGT was a no sale at 1 million.
Wondering if the values at auctions are representative of the retail car market?Here are some thoughts:
- The market for everything is soft. This is not conjecture. I think McLaren will actually pay you to take their cars at this point. The new cars are available at huge discounts and even the low production stuff like the Senna is repeatedly failing to get bid to MSRP at auction. A low KM P1 sold for under MSRP recently, which was unthinkable at one point. Lambo is similar. Go ask the dealer what kind of deal you can get on an Aventador S on the floor. Many Porsche GT cars are no longer commanding monster (or any) premiums over retail. A bunch of no sale 918s in the region a little over MSRP. There were a couple bust auctions of major collector cars overseas in the last couple months.
It really, really, really doesn't take a genius to figure out the primary driver of "why" - there are a crazy amount of high dollar cars to choose from. Too many. McLaren practically introduces a new thinly changed derivative every other month. My local Aston dealer has a massive amount of cars sitting on their lot with giant red discount tags hanging in the windows. You can buy untold 911 variations at $200k+. Hell, you can buy yourself any of a half-dozen different SUVs that are $200k+ now, a market that pretty much did not exist at all when the 05 GT came out. This is to say nothing of the recent opportunity cost of having dollars stuck in cars when you have to actively try to not get double digit returns in the market.
- Auctions are not representative of the retail car market. Auctions are not representative of the retail car market. Auctions are not representative of the retail car market. Auctions are not representative of the retail car market. Auctions are not representative of the retail car market. Auctions are not representative of the retail car market. Period. Many of these auctions are spectator sport as much as anything else.
My prediction for upcoming auctions - people will pick and choose whichever side of the numbers they like (buyer or seller), and it will all mean little relative to what actually happens in the retail market.
not bidding but would like to keep tabs on it.All the BJ ones are Saturday the 18th. Are you bidding? Sunday, 19th.
Yeah but that movie was bullitt ... best car chase scene everDon't forget $3.4M plus fees for a 52 y/o, ridden hard and put away wet, movie Mustang.
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Yeah but that movie was bullitt ... best car chase scene ever
And the driver was the king of cool himself. A brown Country Squire would've brought good money had Bullitt drove it in that movie instead of the Mustang.
Another reason for softness in the collector market is the stock market. When stocks suck people with money look for more speculative ways to get a return. But when any idiot can get 20%+ in stock, why risk a car investment?Here are some thoughts:
- The market for everything is soft. This is not conjecture. I think McLaren will actually pay you to take their cars at this point. The new cars are available at huge discounts and even the low production stuff like the Senna is repeatedly failing to get bid to MSRP at auction. A low KM P1 sold for under MSRP recently, which was unthinkable at one point. Lambo is similar. Go ask the dealer what kind of deal you can get on an Aventador S on the floor. Many Porsche GT cars are no longer commanding monster (or any) premiums over retail. A bunch of no sale 918s in the region a little over MSRP. There were a couple bust auctions of major collector cars overseas in the last couple months.
It really, really, really doesn't take a genius to figure out the primary driver of "why" - there are a crazy amount of high dollar cars to choose from. Too many. McLaren practically introduces a new thinly changed derivative every other month. My local Aston dealer has a massive amount of cars sitting on their lot with giant red discount tags hanging in the windows. You can buy untold 911 variations at $200k+. Hell, you can buy yourself any of a half-dozen different SUVs that are $200k+ now, a market that pretty much did not exist at all when the 05 GT came out. This is to say nothing of the recent opportunity cost of having dollars stuck in cars when you have to actively try to not get double digit returns in the market.
- Auctions are not representative of the retail car market. Auctions are not representative of the retail car market. Auctions are not representative of the retail car market. Auctions are not representative of the retail car market. Auctions are not representative of the retail car market. Auctions are not representative of the retail car market. Period. Many of these auctions are spectator sport as much as anything else.
My prediction for upcoming auctions - people will pick and choose whichever side of the numbers they like (buyer or seller), and it will all mean little relative to what actually happens in the retail market.
Another reason for softness in the collector market is the stock market. When stocks suck people with money look for more speculative ways to get a return. But when any idiot can get 20%+ in stock, why risk a car investment?
BTW, totally agree about McLaren - their dumb “25 in 5” strategy (25 new models over five years) guarantees values that sink like stones. Mine was the lousiest investment ever, 275 in, 85 out, but even at that sucky sale price I was so happy to see it go.
Here are some thoughts:
.....This is to say nothing of the recent opportunity cost of having dollars stuck in cars when you have to actively try to not get double digit returns in the market.
If you will be out here in Scottsdale next week shoot me a PM and I'd be happy to show you my Tungsten GT in person.Thanks for posting results.
I'm headed to BJ to check out the GT's. I haven't seen one in 2 years and have never seen the NFGT. Unless there's a great deal to be had I doubt I'll get one. I really want to see a Tungsten car before buying but BJ doesn't have any. There's a silver 2005 VIN 003 for auction but will probably be too high. It sold in 2016? for $600k+ at auction.
That'd be awesome. Will do, thanks.If you will be out here in Scottsdale next week shoot me a PM and I'd be happy to show you my Tungsten GT in person.
Your prose is so masterfully written that the words sometimes slide into my brain without registering! Is that enough credit for you?Give me some credit Dave!
Your prose is so masterfully written that the words sometimes slide into my brain without registering! Is that enough credit for you?
BJ Vegas | Mecum FL | |
10/5/2019 | 1/11/2020 | |
Seller Received | $271,400 | $312,800 |
Hammer | $295,000 | $340,000 |
Buyer Paid | $324,500 | $374,000 |
Auction Fee | $53,100 | $61,200 |