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Originally Posted by BigJohn
I was told many years ago that automobiles are transportation or hobby; definitely not an investment!
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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.
Quote:
Originally Posted by rush91
How can we be the market? When there are at least 10 ZR-1's sitting in dealers showrooms, with LOW LOW miles, and they are at the top pricing tier? That sets the market, that sets where all the other prices fall. I know better to ask $40,000, for a 1991 w/ 40,000 miles....but I could price it at that. And it would never sell....Those top tier, never driven more than 500 miles, they set the market.
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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.
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Originally Posted by 32valvesftw
The reason I bought the ZR-1 is that it is an oddball and the reason the prices APPEAR to be low for the same reason. I say appear cause late 80's early 90's cars especially American cars are not yet big collectables. A good comparison might be the Grand Nationals yes they retain more of their original value but their prices have been in the same range for many years. IROC Z's are still pretty cheap, Fox Body Saleen's are similar.
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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.
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Originally Posted by LGAFF
Yet 185hp trans ams are going through the roof, lol
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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.