I can understand their thinking. i just lost $200,000 on a 2nd home. it sucks. this car is 1/2 of what i was able to get 4 years ago for it. its more of how much lower will these prices go or maybe i should have waited longer till i bought something because i could of gotten it cheaper.
to me i dont care because i love what i have. i can always make more money.
1. The house I live in was $1,000,000. in 2006, today I just reduced the sales price to $550,000. fortunately it is paid for so no one is going to take it away from me.
2. Most high end collector cars are currently worth 1/2 of what they were at the top of the market.
3.Hindsight is ALWAYS 20/20 isn't it? LOL!
How much lower? I don't really think things will go any lower for real estate or cars but I thing they will remain at these low prices for some time to come depending on IF the general economy gets back on it's feet. In 1987 when we had Black Monday on the stock market investors turned to tangible items such as collectable cars as investment that put the prices through the roof. It lasted for less then two years before prices plummeted and it took 10 years to begin to recover. This did not happen this time. Why? Maybe we learned something. However, MOST things are cyclical. Our old muscle cars are going to have a lot of factors that are going to effect any type of economic recovery if that is what you are looking at.
A. The number of people that are tied to the love of these old cars due to fond memories are getting older and MOST are less likely to buy one in their golden years.
B. There are less and less younger people that have an interest in our old cars as they have no memories to bind them to these cars unless their dad had one as an old hobby car, but that is a small number in the big picture. Take a kid to an old car show if you want to help perpetuate the hobby.
C. New muscle cars are effecting the values of our old cars.
D. Fuel cost will effect it as well.
4. If you have a good trade/business that is bulletproof then maybe, but VERY few are. Most people are spending only what they HAVE to today. An example is auto repair for shops that have a clinetle' that drive 5 year old+ cars are really hurting because people are driving these cars with the air not working, and other repairs needed that they are not doing due to the cost. Don't ASSUME that you can ALWAYS make more money. Unless you have a printing press in the basement that you are printing your own money with. LOL!
