My Very Own Ferrari
From the Print Edition:
Rush Limbaugh, Spring 94
(continued from page 3)
David Gooding, the head of the car department at Christie's auction house in Beverly Hills, says it's a great time to buy. "The prices have come down dramatically. We've seen the bottom end. There are some great cars on the market right now priced reasonably."
Sheehan agrees. "I perceive we are at the bottom of the market. Prices have been relatively stable for the entire year."
Cole also sees it that way. "This is a good time to buy a Ferrari. There are some great buys. Daytona Coupes are starting to make sense again at $125,000."
There's also some activity in the marketplace. "There's a lot of action going on. We've gone from one or two sales a month to 10 or 12. In another year, I expect to be up to 20 cars a month," Sheehan says, explaining why he, too, believes the bottom has been reached and the time to buy is now.
Roush tracks prices through the classified ads that run in his market letter, and he says we've seen the bottom.
"Over the last two years, the average price was down about 40 percent," Roush says. "The first six months of this year, the average fell just 5 percent."
But none of these experts sees the market shooting back any time soon, and certainly not to the level of the crazy '80s.
"The market is still being held down by a lot of 'bankruptcy' sales," Roush says. "Banks and lending institutions own cars, and after awhile they're ready to take a loss and write it off. That's why there are some freak bargains out there."
"In the long run, they will appreciate, but it's not going to happen in a year or two," Gooding believes. "It's going to take five years plus before we start to see things turn around."
And what is the cost of some of those "bargains?"
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