Quote:
Originally Posted by spork2367
30 years ago that was a lot more true than today. There are cars that are investments. If you went and bought a Delahaye, that is about as safe as an stock market investment. If your Delahaye tanks, you better be stocking up ammo.
That being said, most cars and certainly ZR1s as financial tools are more akin to gambling. Could win big, could lose big, would be happy to break even.
I think we're talking about two different uses of the word "market." I'm talking about the people who are buying and selling these, the "marketplace." You're talking about the market as in price.
The market price isn't what they are listed for, it's what the market can support. The unsold cars don't set the market. If every single person selling a ZR1 decided tomorrow to sell them for 100k, that wouldn't change the market price. No one would buy them. The cars that sell set the market. A 500 mile car doesn't set the market for 50,000 mile cars. That may happen in a market where there is extremely limited selection, but there is no need to extrapolate data when we have cars selling across the mileage range.
Keep in mind, statistically if there are 10 low mileage ZR1s for sale at dealerships (and I think that number is closer to 20), and that represents 10% of the low mileage cars for sale, there are 90 more for sale other places. That is a lot. And those are just the ones for sale. I think that it is extremely likely that there are 1000 sub 10k mile cars out there. This was one of the first domestic cars that people attempted to buy as an investment. Percentage wise, based on production number, there are probably more low mileage ZR1s (sub 10k) than any other 25 year old or older performance or muscle car import or domestic.
Except that the Grand National would be like the base Corvette and the ZR1 would be the Grand National X. Priced a GNX lately?
Fox body Saleens are a steal right now. I'm not a mustang guy, but I saw one sell for like 13k. I'd drive the hell out of one for 13k.
They dropped back down as quick as they went up. The guy who paid 80 something and the guy who paid 6 figures at the one Barrett Jackson have to feel pretty stupid. They'll never get that money back.
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The problem with cars like Delahay there less than 500 ever made.
You spend 10 years and six million on restoration.
Then at auction it sales for three million does not make it a good investment.