I certainly didn't by my Canadian Poncho as an investment not the recent Cadillac Fleetwood either for that matter. Over the past few weeks I have seen my RSP's lose 40%. I had my 1973 Pontiac and 1993 Cadillac appraised for replacement values on the weekend.
Since 2004 the LeMans is up 279% from what I paid and the Fleetwood is up 224% from what I paid in less than a month. They aren't for sale and I have no buyers beating down my door either but it seems like better odds than the stock market.
Yes I think so too, but the old cars prices are pretty leveled up lately as well. I decided that in the beginning of next year, instead of buying the usual amount of RRSP's, I will put money down on my mortgage.
It's a buyers market right now for collector cars. Not a bad time if you have some cash to spend. If you buy the right car, maintain it, and most importantly ENJOY using it it's way more fun than RRSP's and will usually out perform them.
1960 Pontiac Strato Chief Safari 1960 Laurentian Safari 1960 Laurentian 4door(scrapped) 2001 Grand Am Traded on a '96 Suburban 2WD 2002 Hyundai Accent(SOLD) 1968 Grand Parisienne Scrapped and SOLD
I certainly didn't by my Canadian Poncho as an investment not the recent Cadillac Fleetwood either for that matter. Over the past few weeks I have seen my RSP's lose 40%. I had my 1973 Pontiac and 1993 Cadillac appraised for replacement values on the weekend.
Since 2004 the LeMans is up 279% from what I paid and the Fleetwood is up 224% from what I paid in less than a month. They aren't for sale and I have no buyers beating down my door either but it seems like better odds than the stock market.
-- Edited by 73SC at 19:22, 2008-11-03
Well this question comes up most everytime I appraise something. In recent years the demand/demographics have been correct and prices grew dramatically. Even investment brokers were saying "buy old cars". This used to be a great hobby and became a business. I'm not saying that cars won't be worth anything but by the time we are ready to sell the demographic will be out of play, pretty sure we are already on the down side of that imaginary peak. That said we should buy what we like-enjoy it and hopefully the market will at least maintain its value. At least you can drive around in a classic car-stocks aren't real they are just a piece of paper telling us its worth something-kinda like money its no good until you spend it. As for myself-I made no money with RRSP's and cashed them five years ago (first year out of the factory) and with cars I always sold them too soon.
gas is 91.6 in Welland-so much for rushing to buy some fuel efficient crap box-kinda disappointing big old boats were coming available pretty steady forthe right $
I'm not sure what you guys mean about RRSP's losing money? I buy them as a retirement plan, no risk, collect the minimal interest they pay. Are you talking about RRSP's with risk?
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1966 Strato Chief 2 door, 427 4 speed, 45,000 original miles
1966 Grande Parisienne, 396 1 of 23 factory air cars
Fellas, those two cars of mine barely crack 5 figures, so my post was more tongue in cheek than serious. I just want to be sure they are adequately insured. To be honest I was more concerned about the most recent purchase than the Pontiac.
As far as gasoline prices go just be prepared for another fall in the Canadian dollar. Normally a good thing for our economy, but since no one in the US has money and it looks like Obama the protectionist and anti-NAFTA will win, Canadians are likely screwed.
Carl, I am 15 years from retirement so yes I have risk in my portfolio.
Buying an old car has never been a rational decision for me. Overall I have not made any money with them. A few of them I thought I made money on until I added up all the parts and labour that we all tend to forget about. That being said, it's because of my lack of patience and desire for something diferent that keeps me from hanging on long enough to reap the benefits a lot of my friends have seen. I just never seem to have enough money to justify a car sitting for more than a year or two. That's not long enough to get results on an appreciation curve. If I get most of my money back on a car I have enjoyed I'm happy. Remember you can't put a price on a good time or memory!
i bought and sold my way thru university (old cars/trucks for some extra cash anyways...) ...anyone who is willing to work the extra bit can make money at something... flipped a house last year too, simple economics, buy low and sell higher... realistically i have yet to see a car (on average -there are exceptions, and yes some people win the lottery too!) have better payback than decently thought out investments... but i agree you can't drive your stocks, i always open the garage door to take a peek at my car, dont do that with my filing cabinet!hahaha! if everything had to have a monetary payback, then no one would ever take a vacation... and we all need them sometimes...
You guys haven't lost any money yet! It's all on paper. Unless you decide to get out and sell, then you have lost. People now are putting money into Gold. By the way $1.04 for gas in Surrey today.
Don't have a cent invested in stocks or rrsp . I by homes rent them out and let someone else pay the bill . Sure some times people burn you or leave a mess but that's part of the game . Buy run down homes for cash fix them up get appraisal and you have all your money back . And some one else pays of the mortgage
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1957 Pathfinder deluxe 4 door wagon 1961 Pontiac Parisienne bubble top Traded for a Harley sorry guys.
Don't have a cent invested in stocks or rrsp . I by homes rent them out and let someone else pay the bill . Sure some times people burn you or leave a mess but that's part of the game . Buy run down homes for cash fix them up get appraisal and you have all your money back . And some one else pays of the mortgage
Real estate is the probably one of your best investments and retirement plans.
