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Prices Soaring


rizla603104

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1 minute ago, Paul Coleman said:

The car actually hammered for £53k but the price they quoted included the buyer's premium. I saw the car and he'd done a great job on it and must have been gutted to lose money on it after 2,000 man hours :(

If that's the case then he should have set a reserve.

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Makes no sense to buy a car for full restoration and outsource the work. Better to buy one done and know the full cost when you buy it. I have learned that after my experience with two restorations.

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I also thought the orange S1 would fetch more. It should have sold for more given the restoration costs. I felt that generally, the classic car prices at the Classic Car Show and Anglia Car Auctions last week were a little soft. Could it be a sign of the classic car market weakening a little ?

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TVRs have always seemed on the cheap side to me. Might have something to do with the large engines and thus high taxes in most countries (including bhellgium, you'd probably pay more to get that car registered here than to buy it...).

I have made many mistakes in my life. Buying a multiple Lotus is not one of them.

 

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On 29/06/2021 at 22:14, Paul Coleman said:

The car actually hammered for £53k but the price they quoted included the buyer's premium. I saw the car and he'd done a great job on it and must have been gutted to lose money on it after 2,000 man hours :(

For some people is it not the case that their hobby or passion IS the car restoration - i.e. the researching, the improvising, the digging up the spares, the engineering, the fabrication etc.  This is what gives them satisfaction and fulfilment from their hobby, hence why you often see beautiful restorations going for less than the cost of the resto. Not everyone does there hobby to make a "profit".

These days it seems that unless you make a financial "profit" then there is no "value" in something. It's a shame. I just think these days people don't understand what "value" or "worth" is unless they can put a price on it and it shows a profit. Quite sad really.

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I agree, if it's a car you want to keep the actual value is not important, just what it's worth to you. But if restoring cars is your hobby and you sell on once finished, you'd expect to at least break even. To enable you to buy the next project if nothing else, and not just see all your hard work disappear in a money pit. Might as well buy a boat then. 😉

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I have made many mistakes in my life. Buying a multiple Lotus is not one of them.

 

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36 minutes ago, Escape said:

I agree, if it's a car you want to keep the actual value is not important, just what it's worth to you. But if restoring cars is your hobby and you sell on once finished, you'd expect to at least break even. To enable you to buy the next project if nothing else, and not just see all your hard work disappear in a money pit. Might as well buy a boat then. 😉

I agree re break even - but I doubt you'd get the commercial rate return for YOUR labour that went into it - that's the "hobby part" - but of course, the full value of the parts used etc so at worst you won't physically be out of pocket. I read the posts above as INCLUDING your labour. Good luck with that unless your business is restoring vehicles and therefore the car owner has agreed to pay for the labour.

Alcohol. Sex. Tobacco. Drugs. Chocolate.  Meh! NOTHING in this world is as addictive as an Evora +0. It's not for babies!    

The first guy to ride a bull for fun, was a true hero. The second man to follow him was truly nuts!   

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On 01/07/2021 at 08:05, Escape said:

I agree, if it's a car you want to keep the actual value is not important, just what it's worth to you. But if restoring cars is your hobby and you sell on once finished, you'd expect to at least break even. To enable you to buy the next project if nothing else, and not just see all your hard work disappear in a money pit. Might as well buy a boat then. 😉

That last part reminded of a sign I once saw in a harbour. It was written in the style of a dictionary definition:

 
boat
/bəʊt/
noun
 
1. a hole in the water into which you throw money
 
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That's exactly what I was referring to! 😁

More on topic, I didn't mean the return needs to be proportional to the number of hours spend. As said, we're not talking about someone doing this for a living. I had a similar discussion with a mate tonight, about changing cars. He buys and sells all the time, I tend to keep what I have. He does always try and get something in return, either money to be able to buy his next fancy, or at least break even knowing he got the enjoy the car for some time at no cost. He is now facing a dilemma: he put his Range Rover up for sale, after I bet him a bottle of Ardbeg single malt he'd get at least €5k. He got offered €5.5k after just 2 hours, but is at a loss what to replace it with, so hesitant to actually sell.

Note to self, really need to sell some cars...

I have made many mistakes in my life. Buying a multiple Lotus is not one of them.

 

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The final sell price of a restoration can be a big concern unless you're planning on keeping the car. The dilemma I have is that I want to "resto-mod" my Esprit (power steering, updating interior, lighting etc) more for reliability and usability but I know that to get maximum price it has to be original. 

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On 29/06/2021 at 22:14, Paul Coleman said:

The car actually hammered for £53k but the price they quoted included the buyer's premium. I saw the car and he'd done a great job on it and must have been gutted to lose money on it after 2,000 man hours :(

 

On 30/06/2021 at 22:19, Bling said:

I also thought the orange S1 would fetch more. It should have sold for more given the restoration costs. I felt that generally, the classic car prices at the Classic Car Show and Anglia Car Auctions last week were a little soft. Could it be a sign of the classic car market weakening a little ?

The Orange S1 that sold at the London Classic Car Show, referred to above, looks like a stonking bargain against this one: https://www.ebay.co.uk/itm/373651040368

Of course, the asking price may not reflect the final sale price.

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