Tony’s Ford GT price prediction triggered a flashback. Suddenly, there I was, back in Vermont, high on mountain air, staring at the competitors for the Robb Report’s 2004 Supercar Showdown. Parked on the lawn in front of me: a Ferrari Enzo, Porsche Carrera GT, Lamborghini Murcielago and Ford GT. Get this . . .
I pronounced the Porsche Carrera GT the winner for “eliminating worry” about “run-off areas” and “crash barriers.” The same supercar that inspired the carbuzz.com headline Is The Porsche Carrera GT The Most Dangerous Road Car Ever Made?
Did carbuzz’s 2020 polemic puncture the Porsche’s premium price at auction? What about Paul Walker’s untimely end in the Uber-Porker? Nope! In January, a 2005 Silver Metallic example of the German death car broke BAT’s highest-price-paid record ($2m).
Clearly, the hammer price wasn’t based on the GT’s driveability. Clearly, there are plenty of deep-pocketed buyers who don’t give a rat’s *ss how a collector car goes, stops or handles. You know what they do care about? Mileage! The BAT GT had 250 miles on the clock.
Low Miles Good, Big Miles Bad?
The idea behind low-mileage mania: lower mileage cars are better preserved than higher mileage cars. It might be true in specific instances, but it’s not inherently true across the board. Especially when we’re talking about cars with sub-1k mileage.
Exercise keeps cars fit! I know of a Porsche 959 that needed $70k worth of repairs because no one bothered to even start it. For years. But there’s no arguing with the market’s NRFB mentality.
For example, Mecum recently hammered a 400-mile 2006 Ford GT for $640k. A nearasdammit identical car with 11,399 miles on the clock is currently for sale at $400k – and has been for the last 143 days.
Point taken? If you’re looking for the best way to lose money on a collector car – to shed value like a labrador sheds fur – drive it. Every mile you put on a collector car reduces its value, often significantly.
Three Ways to Limit Collector Car Mileage
There are a few ways to limit mileage to preserve a collector car’s value. Monkeying around with the odometer isn’t one of them. At least not one we’re suggesting here.
Buy a car you don’t want to drive – I’m not referring to Pre-War automobiles, vehicles that look sublime, drive like a tractor and stop like a Harley. There are plenty of modern collectible cars that are horrible to drive.
My ’99 Ferrari 360, for example. Thanks to its execrable F1 gearbox and stiff AF all-season tires, I drive it just enough to keep it from seizing up. And maintain its value.
Buy a bunch of collector cars and cycle through them – That way no one car piles on the miles. Unless you’re looking to hire Mr. Lipschitz’ limo driver, don’t forget to buy a daily driver as well. And maybe a daily for your daily (as per Instagram).
Exercise restraint – This is the least satisfying, most practical and most popular solution. Yes, there are car collectors who set and maintain a miserly mileage “allowance.” They aren’t much fun at parties, but they sure do celebrate sell-offs in style.
Alternatively . . .
The clip above presents an alternative solution to the mileage -> depreciation equation: give zero f*cks. Tom Cruise didn’t then, and I bet he doesn’t now. At least I hope he doesn’t. The man’s got quite the car collection and cars are meant to be driven!
I wonder if the new owner of the 250 mile Porsche Carrera GT will mimic the previous owner’s restraint. Another sixteen years at 15.625 miles a year and that 500-mile GT will be worth over four million dollars.
How great is that? Not as great as my 18k-mile Ferrari F360 will be after EAG USA installs a gated six and fits sticky tires on all four corners. It’ll be a revelation to the new owner! Right after I make sure it’s fun to drive . . .
