rant Why do wealthy people buy rare expensive cars to not drive them?

[supra_aero]

http://pistonheads.co.uk/sales/1466515.htm

 

Really annoys me. He has it 15 years and does 60 miles a year (5 miles per month - 1 mile a week)

 

WHY?!?!

 

I can only assume they buy it for investment purposes but surely a house would appreciate more than that and give you a rental income far greater over 15 years.

 

Really a pet peeve of mine. Nothing wrong with collecting cars and doing 1000 miles a year or something but 60 miles a year is a waste of a vehicle.

 

I fail to see what joyment they get out of owning a car they don't use.

 

Anyone here collect cars (as unlikely as it is) and not drive them care to explain the reasoning?

 

My dad collects cars but he uses them at least.

[AndrewOW]

Much in the same way we poor people collect 1:18 die cast models, I suppose. Just to have one in a glass case, etc, but can be driven on exceptional occasions, like family members marrying each other, etc.

[supra_aero]

I think die cast models are a different kettle of fish though. If you could experience the speed, performance and detail in the real thing you would drive it I am sure.

 

I think it's to annoy relatively poorer people who drive supras and dream of owning more pricey cars.

[JustGav]

Because they can.

[Chris Wilson]

*Why do wealthy people buy rare expensive cars to not drive them?*

 

So they don't feel a total optimist asking 550,000 Dollars for it many years later?

 

Probably misguidedly though.....

 

Or maybe they have realistic expectations of the reliability of a glorified and horrifically expensive kit car that had little development work thrown at it?

[supra_aero]

Because they can.

 

I guess it's the best answer I will get. Still annoys me, but that's the way the cookie crumbles.

 

*Why do wealthy people buy rare expensive cars to not drive them?*

 

So they don't feel a total optimist asking 550,000 Dollars for it many years later?

 

Probably misguidedly though.....

 

Or maybe they have realistic expectations of the reliability of a glorified and horrifically expensive kit car that had little development work thrown at it?

 

I don't think the EB110 was ever priced competitively from memory - as in it was ridiculously expensive at the time anyway, so his return over 15 years isn't actually that high relative to a high interest account he could have had from a wealth management fund.

 

And I doubt a guy who has spend hundreds of thousands on such a car would care about reliability . Maybe but I doubt...

[Swampy442]

Like many people on here then? OMG thats beautiful

[Matt H]

Why not, I'd collect cars too.. might drive them a bit more but hey

[supra_aero]

I saw one at a private car park in Fulham where you will find lots of very very rare cars. The company manages wealthy owner's exotic cars who don't live or reside permanently in London. They pay them to keep their cars kept under a cover in a secure car park and ask the staff to start and drive them up and down the road once a week/month just to keep them ticking over.

 

A rich guy had asked them to manage one of his 3 EB110s (the other 2 were in different countries - could be this guy come to think of it), and again he never drove them. WHYYYYYYYYYYYYY?!?!?

[supra_aero]

Why not, I'd collect cars too.. might drive them a bit more but hey

 

I can't see you owning a EB110 and doing 60 miles a year. Let's be realistic.

[Abz]

I understand where your coming from Aero but here are a few reasons why:

 

* Collection cars is almost like a hobby, like stamp collecting (You collect stamps but you never use them).

* They hardly have time to drive them, busy with work & the daily Ferrari is all good.

* Because driving it chances are it will break down, catch fire or just blow up.

* Bragging points when his pulling women\men.

* You did say about more investment in property, but what if they spent 1 million on a property and the recession crashed & he lost most of it, shows real estate is not always a good investment plan. The collection industry has not been much effected.

[Matt H]

I can't see you owning a EB110 and doing 60 miles a year. Let's be realistic.

 

I might be too busy on my yacht to have time to drive it though!

[supra_aero]

I understand where your coming from Aero but here are a few reasons why:

 

* Collection cars is almost like a hobby, like stamp collecting (You collect stamps but you never use them).

* They hardly have time to drive them, busy with work & the daily Ferrari is all good.

* Because driving it chances are it will break down, catch fire or just blow up.

* Bragging points when his pulling women\men.

* You did say about more investment in property, but what if they spent 1 million on a property and the recession crashed & he lost most of it, shows real estate is not always a good investment plan. The collection industry has not been much effected.

 

Very good answer Mr Abz. Still annoys me but the answer makes perfect sense. To be fair, if I could I probably would, though I'd drive them all a bit more often (at least I'd hope to).

 

You have a car collection then?

[mr lover]

I asked this same question to a client that I was working for, he had a collection of 25 Ferraris plus numerous other marques, all of which were virtually never driven.

 

His answer was because he liked them, his daily drive was an Audi RS6

[supra_aero]

I asked this same question to a client that I was working for, he had a collection of 25 Ferraris plus numerous other marques, all of which were virtually never driven.

 

His answer was because he liked them, his daily drive was an Audi RS6

 

Kind of answer I was expecting (not the answer I want to hear )

 

 

 

[Gaz6002]

It's an investment. The truly great cars will appreciate loads, and buying a car in this climate can become a better way of making or keeping money than leaving it with the banks.

 

Some bankers in London have paid £25k over the list price to get their hands on a Ferrari 458.

[supra_aero]

It's an investment. The truly great cars will appreciate loads, and buying a car in this climate can become a better way of making or keeping money than leaving it with the banks.

 

Some bankers in London have paid £25k over the list price to get their hands on a Ferrari 458.

 

I know I sit next to these sorts of people. You should hear how they bad mouth the GTR

 

They have no idea I am into jap cars (well all cars in general), its all porsches and range rovers they talk about.

 

Very snobby people indeed.

[Abz]

Very good answer Mr Abz. Still annoys me but the answer makes perfect sense. To be fair, if I could I probably would, though I'd drive them all a bit more often (at least I'd hope to).

 

You have a car collection then?

 

If Die-cast models count then yes

 

I only have 3 cars & I am planning to sell one this week. I don't think I'd be able to collect cars, I'd want to drive them often. Though if I was filthy rich or if I found out one of my uncles is actually an oil baron from Dubai I would have large garage filled with some classics. These would be more preserved than anything & more to look at & sit in (would have to be near new condition) and would use things like the Supra, Ferrari F430 & Range for the daily driving!

 

Well tell us about your Dad's collection?

[Gaz6002]

I know I sit next to these sorts of people. You should hear how they bad mouth the GTR

 

They have no idea I am into jap cars (well all cars in general), its all porsches and range rovers they talk about.

 

Very snobby people indeed.

 

Well... to be fair... the people I sit next to do too

[supra_aero]

If Die-cast models count then yes

 

Well tell us about your Dad's collection?

 

He is into prestige cars, like mercredes 500 sl's, bmw 7 series and rolls royce's.

 

Not my thing really. We aren't particularly close. Plus he lives in US so that doesn't help either.

 

Well... to be fair... the people I sit next to do too

 

I've nothing against people who like ferrari's etc. - I love them too but I dislike people who dismiss cars because of the brand and badge.

[Abz]

I know I sit next to these sorts of people. You should hear how they bad mouth the GTR

 

They have no idea I am into jap cars (well all cars in general), its all porsches and range rovers they talk about.

 

Very snobby people indeed.

 

You working in the stock market trade in Canary Wharf?

 

When your rich it doesn't really matter. When I was in Deloitte a Partner of the firm use to leave a brand new SL500 in the undergound car park in the office. Once I got in the car lift with him (I was on my bike!) and mentioned I noticed you always leave it in the office? He advised that he leaves it around so then he can go out at lunch & sometimes get away quickly if he needs to leave the office, has picked up a couple of clients in it as well so its justifiable

[supra_aero]

You working in the stock market trade in Canary Wharf?

 

When your rich it doesn't really matter. When I was in Deloitte a Partner of the firm use to leave a brand new SL500 in the undergound car park in the office. Once I got in the car lift with him (I was on my bike!) and mentioned I noticed you always leave it in the office? He advised that he leaves it around so then he can go out at lunch & sometimes get away quickly if he needs to leave the office, has picked up a couple of clients in it as well so its justifiable

 

 

No city - St. Pauls. The cars at the Merrill Lynch car park are quite impressive I have to say. Incredibly any member of staff is allowed to waltz in there even if you don't own a car parked there. Filled with Porsches 911s and Aston martins. Especially on Fridays, as that's when a lot of people leave their city apartments to go to their country homes and whatever.

[Abz]

No city - St. Pauls. The cars at the Merrill Lynch car park are quite impressive I have to say. Incredibly any member of staff is allowed to waltz in there even if you don't own a car parked there. Filled with Porsches 911s and Aston martins. Especially on Fridays, as that's when a lot of people leave their city apartments to go to their country homes and whatever.

 

Ah! I work in our Chancery Lane Office next to Old Bailey Court but we have our Fleet Place Office which is closer to the Merrill Lynch Office, wonder if you ever seen my Supe driving into the office? Same story in Deloitte... in the Strand Office (They no longer have this office) I've got a picture of myself crouching down next to a Aston Martin DB9 with the numberplate ABZ on it

[caseys]

Because they can.

 

That and the 'keep it pristine' Japanese midset.

 

They love ferraris and lancias too (May be an italian thing?) - Most of the rare £££ Lancia Deltas and Stratos (£100k+) are in Japan.

[JamesC]

Maybe he didn't like the Vauxhall Carlton dash?