Happy Mothers Day to those for whom this day is named. This is the 18th Mothers Day without my marvelous mom.
Today also marks 26 weeks that my wonderful wife and I have lived in our Arizona home. Yep, a half year has come and gone.
The wheels of time turn relentlessly.
One might dismiss the remarks of Andrew Bailey, Bank of England Governor, as being those of an old fogy. (By the way, Bailey is 62.) Nevertheless, this is what Bailey recently said about cryptocurrencies like Bitcoin, “They have no intrinsic value. I’m going to say this very bluntly again. Buy them only if you’re prepared to lose all your money.”
Once again, sovereign fiat currency is backed by a nation’s ability to tax and to borrow. Cryptocurrencies are backed by nothing except people’s faith in them.
I also believe that the dramatic rise in the value of many of these “instruments” will be halted by the same event that legitimizes them: governments regulating cryptocurrencies. It is also possible that countries will begin to issue their own digital currencies.
In this article from Classic Cars, Andy Reid (no, not the NFL coach) shares some tips for buying your first collector car. The article is worth reading. I particularly liked this passage:
“Complication does not mean computers, but could mean a non-syncro gearbox, a 2-stroke engine that requires oil to be added to the fuel at each fill up, or expensive service needs.
You may find out that after doing this you don’t really want a classic Hemi Cuda or an MGB but instead want a newer Dodge Challenger Hellcat or a BMW Z4. This is where you need to listen to both your heart and your head.”
Without deep pockets and/or excellent mechanic skills many collector cars will simply be too much to handle for many owners. A relevant passage from Reid’s piece: “However, you also need to understand that, at a fundamental level, no collector car, especially one 25 years old or older, is going to be perfect…This is not the owner hiding anything from you but simply a fact of life with older cars.”
As I have written before, while at this particular moment in time I am not in a position to buy a car like the one shown below, my lack of mechanic skills would also give me pause before purchasing such a vehicle, although in the end my heart might overrule my head.
Yes, this is another picture of a Studebaker Gran Turismo Hawk. If you plan to watch the upcoming Mecum Auction from Indianapolis, pay particular attention to lot F276 (meaning the car will cross the block on Friday, May 21st). I have mentioned this car before and it would be the best of both worlds because it looks like a GT Hawk, but has a modern drivetrain, suspension, brakes, etc. Still, this is where the deep pockets would be relevant assuming I had room for another car.
Dirty Dingus McGee estimated that the car cost at least $100,000 to build and might have a reserve of about $60,000. The latter is simply beyond what I want to spend right now for an automotive “toy.” Of course, I have no place to park it, anyway.
I would very much like to read any thoughts or suggestions you have on buying a collector car, whether or not it would be your first.
If you like this blog please tell your friends and share the blog URL (https://disaffectedmusings.com). Thanks.