Quote:
Originally Posted by redux
The price will go up, but ours won't. I'd a reckon there at least 150 garage queens with less than 5000 miles on the clock (I know 4 with less than 1500) ready to flood the market as soon as someone sells theirs a for 80 to 100K. The well used examples are going to be forever stuck in the $50,000 range if we're lucky.
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The garage queens you cite will be a tiny sub-market.
Collectible cars really take a price hit after a certain mileage is reached, and this does adjust over time according to age. Nonetheless, there probably aren't too many examples of highly valued collectible cars with more than 100,000 miles on them. Mileage is not just mileage, but wear and tear. A car that has done 50,000 mostly freeway miles in 5 years will have less wear and tear than one with the same mileage after 15 years that was used exclusively for short jaunts in town.
On the other hand, if the 1M becomes a true cult car, then I could see people buying extensively used ones and putting tens of thousands into them to become truly "refurbished" to factory specs. You do see the very occasional 2002 that has been given that treatment, however in that case the reward is not there since the 2002 was such a huge volume vehicle; only the 2002 tii would truly merit that treatment and I doubt that there would be a monetary return for doing that, since most of the 2002s have varying degrees of body rust damage, not to mention cracked dashboards, etc.
Given the relative rarity of the 1M, I think it will evolve into a one-off market, with lots of variation in price depending on condition.