Automobilia etc....

walkenvol

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Salvage and rebuild. Real numbers.

Some of you know, I like to buy lightly damaged cars from insurance auctions. Just wrapped up my 8th one over the course of several years. Thought I'd share what it's like using actual numbers.

2015 Lexus is 250 convertible. 51,127 mi. Damaged on front let side. No airbags blown. I hire out the paint and body work. Got a little lucky because several replacement components were in trunk. Still had to buy several components.
Purchase 8700.
All costs from auction fees to county tax at registration 5,900
Total 14,600

Clean title comp ~ 25,000
Taxes would be 2300
Total 27,800
View attachment 359527
I’ve fixed 4 totals, 3 that I bought at the insurance auction and one that one of my grown kids wrecked and was going to be totaled but he took less from the insurance company and kept the car. It’s a fun project if you’re the handy type and have the time and space to mess with it. I’ve average about 30% of retail after I’ve fixed them. I typically go for stuff that’s over 6 years old and just over 100K on mileage. It’s easier to find used parts for something that was a big seller and had fairly long model runs. Get a common color and I’ve been able to avoid any painting. It’s mostly bolt off - bolt on although sometimes things need some persuasion to line up.
 
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YankeeVol

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My plan was to buy a Mustang GT350 (Mach 1) as my retirement gift.

After much debate, I’m pretty certain (99.99%) I’m going to go with a 2SS 1LE Camaro.
Placed an order for a GT Premium. Performance package. Active exhaust. MagneRide. Digital dash.

Black with the red/black interior. 6 speed because I'm a man
 
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That’s the point of vehicles. I don't get why people buy something and let it sit
Might as well drive it unless the buyer just wants to look at their investment. Buying a new vehicle and sticking it away in a garage will rarely give a better return than the most conservative of investments. I guess it would be a cool thing to own a few decades out and having a new classic… but who is that patient?
 

YankeeVol

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Might as well drive it unless the buyer just wants to look at their investment. Buying a new vehicle and sticking it away in a garage will rarely give a better return than the most conservative of investments. I guess it would be a cool thing to own a few decades out and having a new classic… but who is that patient?
Vehicles aren’t investments.
 
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Vehicles aren’t investments.
Sure they are. There is a post above that claims a recently purchased Toyota has been driven 25,000 miles and is now worth $10,000 more than when it was new. That’s a great investment. Collectible cars are actually in the group of investments known as alternative investments (along with art, private equity, hedge funds, venture capital, derivatives, commodities, crypto, etc.). Those are all stores of value. Vehicles may not be the best investments but they certainly can be considered investments.
 

YankeeVol

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Sure they are. There is a post above that claims a recently purchased Toyota has been driven 25,000 miles and is now worth $10,000 more than when it was new. That’s a great investment. Collectible cars are actually in the group of investments known as alternative investments (along with art, private equity, hedge funds, venture capital, derivatives, commodities, crypto, etc.). Those are all stores of value. Vehicles may not be the best investments but they certainly can be considered investments.
The used market it crazy. but it will go back to normal (once new inventory gets back to normal).

Vehicles are a depreciating asset. Unless you're spending a good amount of money on rare ones, you aren't likely to make money.
 
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Firebirdparts

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Buying a new vehicle and sticking it away in a garage will rarely give a better return than the most conservative of investments.
It's too much even to say that "rarely" you can pull it off. I just expect anybody storing a new car will eat a monstrous loss and then some bottom feeder like me swoops right in and will take a big discount. Once in a while I'll see one of my dream cars for sale, basically new, and yesterday was one of those days. Tough to fight it off some days.

I've only ever seen one new car actually appreciate, and that was the Ford GT. If I had thought they would go up in value I would have bought one, but I just couldn't make myself believe it. All my nice cars are examples where some other guy took a haircut on.

Anyway, I apologize for starting the thread in such a banal direction. I just wanted to know if he was going to drive it much. Sometimes people can't make themselves do it.
 

YankeeVol

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It's too much even to say that "rarely" you can pull it off. I just expect anybody storing a new car will eat a monstrous loss and then some bottom feeder like me swoops right in and will take a big discount. Once in a while I'll see one of my dream cars for sale, basically new, and yesterday was one of those days. Tough to fight it off some days.

I've only ever seen one new car actually appreciate, and that was the Ford GT. If I had thought they would go up in value I would have bought one, but I just couldn't make myself believe it. All my nice cars are examples where some other guy took a haircut on.

Anyway, I apologize for starting the thread in such a banal direction. I just wanted to know if he was going to drive it much. Sometimes people can't make themselves do it.
That's why he's selling it. He had a '13 Mustang Boss 302 that he sold when he bought the Bullitt. Said he was going to drive it more than the last one. As you can see, he didn't accomplish his wish. Plus at 67, it's not the easiest vehicle to get in and out of.

I wanted a Mach 1 (even with the better manual transmission, not worth the price of admission). I placed an order for a '21 GT that has everything minus the Recaro seats. This '19 Bullitt has every option minus the Recaro seats. I don't see paying $8K more for a new one when the '19 Bullitt is practically brand new. Hell, I sell "new" courtesy units that have 3,000-4,000 miles on them.

For what I'm paying for it, I could easily flip the Bullitt for at least $5K.
 

walkenvol

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I fly down Sunday to pick the car up. It's a 779 trip back so I'll basically double the car's mileage
Fun car story. I bought one on eBay about 15 years back in Palm Beach Fl. Found a plane ticket super cheap out of Atlanta the next day. Daughter was in school at Ga Tech at the time and was needing a car to commute to an internship. Got up early the next morning and drove to Tech’s campus and left her a car. Walked over to the subway station (amazing how many folks were still out milling around at 4:30 in the morning) and rode it to the airport. Guy picked me up in the Palm Beach airport. Checked out the car and did the paperwork then hit the road going north. Back home in TN before dark - my own version of planes, trains, and automobiles
 
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YankeeVol

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Fun car story. I bought one on eBay about 15 years back in Palm Beach Fl. Found a plane ticket super cheap out of Atlanta the next day. Daughter was in school at Ga Tech at the time and was needing a car to commute to an internship. Got up early the next morning and drove to Tech’s campus and left her a car. Walked over to the subway station (amazing how many folks were still out milling around at 4:30 in the morning) and rode it to the airport. Guy picked me up in the Palm Beach airport. Checked out the car and did the paperwork then hit the road going north. Back home in TN before dark - my own version of planes, trains, and automobiles
He actually paid for my ticket down (used points, but still). Car is a blast to drive. Made it to Baton Rouge last night and drove the rest of the way today.
 

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