lesmore49 wrote:
suprz wrote:I have watched the Barrett Jackson auctions on tv and i am always amazed at the prices and the disposable incomes some people have!
I'm a car and motorcycle buff, but I have to say I shake my head in wonderment when I see some of the prices these vehicles go for at some auctions. The auctions have lots of hype and when the bidding is so competitive...some bidders I think, actually forget what they're bidding for, just get caught up in the super heated bidding.
There's no doubt that the vehicles at these auctions are in great shape, sometimes in better shape than when they rolled out of the factory with 0.5 miles on the odometer.
I know why enthusiasts want these old vehicles...for some it's the vehicle they wanted when they were younger, but couldn't get for one reason or another.
Or maybe they had one, sold it and regretted unloading it. All sorts of reasons...but good, honest, passionate reasons.
Unlike non enthusiast speculators that buy a '66 Hertz Mustang for the sole reason that they can turnover at a huge profit, in maybe 2-3 years.
To them it's just the same as hog belly futures. No passion, no yearning....no nothing.... except pure dollar signs.
Unfortunately, they can tend to ruin it for the average guy who wants a '66 Hertz Mustang to restore, drive, really appreciate it for what it was...a limited production high performance car from yore.
The price has shot up so much for many older high performance. partially as a result of speculators 'discovering' this niche investment, that it has made it almost nigh impossible for many, real enthusiasts to afford the vehicle of their dreams.
Speculators buy and sell just about every thing in this world. I don't have any difficulties in someone turning over a good buck, but I sometimes wonder how much we, the average consumer end up indirectly, paying more for just about everything, as a result of their wheeling and dealing.
We'll never know, but I would say it's considerable.
It's all speculation.....even the asking price. If a car is selling for twice what it's worth, what's to stop it from selling for 10 times what it's worth, or more? There is no cap on what someone will ask for something, only what one is willing to pay for it. That is market demand.
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