How I Bought A Ford GT For $0
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I just bought a 2005 Ford Gt - here is how much it was, why the car made sense to buy, and how it might end up costing me $0 to own - Enjoy! Add me on Instagram: GPStephan
See, even though most of you know me as a frugal, financial minimalist who stretches the value of a dollar in every way possible…deep down, I’m obsessed with cars. When it comes to myself, I want to make a distinction: I DON’T mind spending money on things as I enjoy, AS LONG as I believe I’m getting a good deal, or I’m buying something that will hold its value.
See, when most people think about buying a car, they see it as a DEPRECIATING ASSET - meaning, its value goes DOWN over time until, eventually, it winds up in a scrap-yard or repurposed for parts…but, not this.
Certain cars defy the gravity of depreciation, and - just like owning a piece of real estate, or a stock in a successful company - cars CAN, and very much DO - go up in value the longer you own them. In fact, when I started digging deeper - certain cars have even outperformed the stock market, and have made their owners quite a lot of money.
In 2016, it was reported that the value of classic cars increased by 40% in 2014, and by nearly 400% since 2005…not to mention, these cars topped the list for the highest demand “Alternative asset,” outpacing both art and coins….for many, classic cars were seen as a store of value that would appreciate over time.
Then - In 2018, Bloomberg reported that an early employee of Microsoft sold his 1962 Ferrari 250 GTO for $48.4 million dollars, more than 25% higher than the previous record just a few years prior. Hegarty analyzed that the returns for a vintage Ferrari were roughly 300% during the same time that the stock market was up 158%, even with dividends re-invested.
Last year, in 2020, was more of the same, with booming demand for car sales above $1 million dollars.…that was when 18 Hegarty Analysts proposed their top 10 bullish “investment grade” cars that were likely to continue going up in value…and on that list was this very 2005 Ford GT.
Now, obviously - I want to say that I’m not buying this car expecting for it to outperform the stock market, or to be a better return than real estate…I’ll be honest, I would be SHOCKED if this beat a traditional investment, anytime soon…but, for me, as I started researching the car…I began to realize more and more that this was something I could own, ENTIRELY FOR FREE, while getting to enjoy it at the same time.
I was also specifically interested in THIS car because of it’s affordable maintenance…despite it looking like a space-ship, it’s still a Ford car, with Ford parts, and Ford reliability. It’s nowhere near the maintenance cost of Ferraris, Lamborghinis, Aston Martins, or pretty much any other high end car.
Now, as far as the financials of this car that I’m sure you want me to talk about: the final sales price was $306,000, registration is about $500 per year, and insurance is another $1500 per year. Assuming I drive this 1000 miles per year, at 15 miles per gallon…gas should be about $200 per year, and barring any unexpected maintenance…the total out of pocket cost, on average, should be $183 per month.
With tax depreciation, however - that could lead to a $22,000 savings, which would completely cover the out of pocket expense of ownership. If the value goes up, I make money - if it stays the same, it costs me nothing, and if it goes down…I still got to own a piece of automotive history without breaking the bank.
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