Wall St. Journal article re: prices

[glenn]

Today's WSJ says prices are falling--------

[Douglas]

Here's the article online:

http://online.wsj.com/article/SB122757588574055233.html

[Peter van Es]

Well, gentlemen, here's my take on this.

• much as I would like it, our cars are not in the US$ 100,000++ category. As a result, the need for a fire sale with our cars is much less than if you've got a mortgage on a $5M home, no job, and a $1M Ferrari. Although I'm personally very hard hit by the overall stockmarket collapse, I won't be selling the Pagoda soon: it's value is small beer compared to my losses  :'(
• I'll be on the lookout for a cheap Ferrari 250 GT Cabriolet Pininfarina Series II. Hey guys... buy when it's cheap. Hey, a cheap -- but perfect -- 300SL will do me fine too. Call me when it's at about $250K.

Regrettably, do note this (Image from Wall Street Journal article quoted):




The two cars I want are dropping the least in price.

In all fairness, if you have a Pagoda in the US, someone in Europe will still pay you serious money for it. Just make sure it's in good state, and that you sell it well.

Peter

[JamesL]

Oooh er

Look. American Muscle cars are falling faster than you can say "Hemi". Anyone else not surprised?

Still, even a Ford Deluxe has more value than Citigroup stock.....(Sorry Peter...)

[Eryck]

Cars are falling like rocks in Hong Kong as well.   However, everything else seems to be falling, watches, homes, all types of luxury goods and it's only the beginning.  I think the world has changed and that fantasy land of the last 5 years or so is gone forever.  Too bad I don't have more cash to buy everything up! 

[Louis]

It's a buyers market !!  Those that can, will reap the benefits of this....   

[Mark280SL]

I'm hoping that this drop in car values and the overall economic climate will also prompt lower prices for some of the higher priced parts that seemed to have gone sky high in the last few years! somehow I doubt that though.

I'd love to see my car become more valuable but on the other hand I bought a pagoda because I wanted one for years, love them, and was finally able to get one that I wanted, not because I was looking to turn it over for a quick profit in the short term.

I just hope the economy does not slide so far that I have to worry about not being able to keep it and do what I want with it. I'm feeling hopeful though...I feel like something good will be coming soon.

[benzportland]

I think it's always a good thing to see prices fall off some so that new buyers can enter the market.  In the long run it could lead to even more interest in maintaining and preserving good cars.  As others have mentioned it is not just cars.  My other "expensive hobby" is early and classic era (1900 to 1935) Lionel Standard Gauge trains.  More sought-after sets which were selling for 6,000 plus a year ago are going for about 2,500 now, if they are selling at all.  The market is flooded and there are fewer buyers.