Buying a car as an investment....thoughts???

 
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buduan
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PostPosted: Thu Sep 22, 2022 10:36 am    Post subject: Buying a car as an investment....thoughts???

https://palmsprings.craigslist.org/ctd/d/palm-desert-1966-ford-mustang-coupe/7536431297.html

'66 Mustang with a V-8 and only 11K miles. What if I bought this thing, enjoyed it for a few years and then sold it. Do you think it would appreciate? Or I could at least get my money back and basically drive it for free for a few years?

I would have thought a car like this would be worth a lot more than $16k. Any car guys out there know much about these Mustangs?
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jonnybravo
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PostPosted: Thu Sep 22, 2022 2:40 pm    Post subject: Re: Buying a car as an investment....thoughts???

buduan wrote:
https://palmsprings.craigslist.org/ctd/d/palm-desert-1966-ford-mustang-coupe/7536431297.html

'66 Mustang with a V-8 and only 11K miles. What if I bought this thing, enjoyed it for a few years and then sold it. Do you think it would appreciate? Or I could at least get my money back and basically drive it for free for a few years?

I would have thought a car like this would be worth a lot more than $16k. Any car guys out there know much about these Mustangs?


Mike would know better but I think a lot of iconic ICE vehicles are going to skyrocket in price once the EV revolution hits the big time.
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DancingBarry
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PostPosted: Thu Sep 22, 2022 3:42 pm    Post subject:

I'm not a car guy, but 11K miles at that price seems off. But maybe not. I feel like the prices of classic cars tend to come down during recessions, but generally are going to hold value over time.

You will want to look for rust issues, which from one of those pics I see what looks like rust in the door frame. According to the vin, this car was originally assembled in San Jose. Had the optional 200hp 289ci 2V V8...that's what they say is under the hood. But note that there are no pics of what's under the hood or under any part of it, actually, so probably rust issues there.

As for a daily driver...Back seat probably doesn't have seat belts if that's an issue. Front belts won't be over the shoulder like you are used to. Also, if you haven't driven these, it may not have power steering or power brakes (not enjoyable experience, imo). You may want to add that which will be more a little more $$$. Also, think about gas mileage. That will cost a bit if you are thinking of this as a daily driver.

Personally, if you haven't, I'd watch the Barret-Jackson car auctions. That will give you a wide range of Mustangs (and prices!), but I also think you can occasionally find Mustangs in this price range that are probably in much better shape. They tend to get those cars in really good shape for the auctions. 11K miles is good. But I'd trust that 100 times more from an auction house like that than Craig's List.
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cathy78
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PostPosted: Thu Sep 22, 2022 9:58 pm    Post subject:

Values of cars like that can of course be tempting, but you shouldn't see it as an investment. One stupid guy on the streets is enough and your investment is trash, insurances are nothing I would trust.
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LarryCoon
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PostPosted: Fri Sep 23, 2022 10:37 am    Post subject:

Looking at Auto Tempest for similar cars -- prices are all over the place:

https://www.autotempest.com/results?make=ford&model=mustang&zip=92688&localization=country&maxyear=1967&maxmiles=20000

The cars above are all 1967 or earlier, and 20K miles or less -- so other factors can make a huge difference. Buyer beware.
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aprevo15
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PostPosted: Fri Sep 23, 2022 11:15 am    Post subject:

That's too good to be true. If it is legit then you can make money on that car.
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DaMuleRules
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PostPosted: Fri Sep 23, 2022 2:25 pm    Post subject:

Got to agree with the "too good to be true" crowd. And I would never buy a classic car as a pure investment. The only way to make money is to find a rare gem, put some money and work into it and hope that it more than pays for itself, which isn't predictable or easy.

I would only buy a classic/collector car as a pursuit of passion—a vehicle you have always wanted to own and plan on keeping for the long term. That way you get that enjoyment of ownership. If by some chance parting with it later becomes lucrative, all the better.
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Mike@LG
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PostPosted: Sun Sep 25, 2022 5:12 pm    Post subject:

That one is too good to be true.

There's an uprising in cars from the 80s and 90s because of Radwood shows. Fun japanese cars are skyrocketing due to their reliability.

I'm not as clear on muscle/classic cars, because they all fluctuate for different reasons. I can only really speak for Porsche for multiple decades.

Just try to stick to everything original, manual transmission, rear wheel drive, and that's most of the formula. Clean title with 1 owner is the jackpot.

Chances are, that car isn't 11,000+ miles. Odometers were only 5 digits back then, so who knows how many times it has rolled over. Even the title can't verify the absolute accuracy of that.

If you want to see what clean(er) 80s and 90s cars look like, CarsandBids.com is the auction site to go to as a reference point.

If you want to see all sorts of crazy clean expensive cars, Bringatrailer.com.

But just to give everyone a heads up, the entire market has been cooling off for the past couple of months, slowly but surely. The pricey stuff now is the enthusiast stuff (I have a GR86 now), the GR-Corolla, Supra manual transmission, Civic Type R, Nissan Z are all expected to have large markups). Japanese, manual transmission.
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jonnybravo
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PostPosted: Sun Sep 25, 2022 5:45 pm    Post subject:

Longo dealerships aren't doing any markups. My friend got a deposit on a Supra manual a few months back. I tried doing so but they stopped taking deposits. Just an fyi if someone is lokng for a GR Corolla (although those are probably spoken for at least a year out too).

Market is still pretty brutal but I'm definitely seeing a LOT of price cuts on listings like you said Mike.
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Mike@LG
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PostPosted: Sun Sep 25, 2022 7:05 pm    Post subject:

jonnybravo wrote:
Longo dealerships aren't doing any markups. My friend got a deposit on a Supra manual a few months back. I tried doing so but they stopped taking deposits. Just an fyi if someone is lokng for a GR Corolla (although those are probably spoken for at least a year out too).

Market is still pretty brutal but I'm definitely seeing a LOT of price cuts on listings like you said Mike.


I tried going through the same but it would have been a 6 month wait.

The fact they stopped taking deposits and the GR Corollas are spoken for says how hot the market is for the Japanese enthusiast cars, not so much for classics/muscle cars
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jonnybravo
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PostPosted: Sun Sep 25, 2022 7:09 pm    Post subject:

Mike@LG wrote:
jonnybravo wrote:
Longo dealerships aren't doing any markups. My friend got a deposit on a Supra manual a few months back. I tried doing so but they stopped taking deposits. Just an fyi if someone is lokng for a GR Corolla (although those are probably spoken for at least a year out too).

Market is still pretty brutal but I'm definitely seeing a LOT of price cuts on listings like you said Mike.


I tried going through the same but it would have been a 6 month wait.

The fact they stopped taking deposits and the GR Corollas are spoken for says how hot the market is for the Japanese enthusiast cars, not so much for classics/muscle cars


It's guys like us dude. Growing up in the 80s and 90s lusting after the cool Japanese cars of that era and now we're all grown up and mostly have the means to indulge. If I can score a manual Supra, it'll be the last ICE vehicle I'll ever own. I want to go back to a stick in the worse way.
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lakersken80
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PostPosted: Sun Sep 25, 2022 7:12 pm    Post subject:

1966 Mustang with only 11k original miles and only selling for 16k? I would say it sounds too good to be true.
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audioaxes
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PostPosted: Sun Sep 25, 2022 10:48 pm    Post subject:

i think the fact its trying to be sold on craigslist is a red flag. A legit classic like that would be sold on an appropriate site.
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aprevo15
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PostPosted: Mon Sep 26, 2022 9:14 am    Post subject:

Looking at their site, they do have a lot of cars and a lot of them are priced at market value. Looks like the Mustang is sold. Maybe they put the mustang on craigslist to get you to come in so they can sell you something else.
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buduan
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PostPosted: Mon Sep 26, 2022 2:01 pm    Post subject:

Yeah, I made an appointment to go see it but they called me back and said it was sold.
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