My Car is an Appreciating Asset
Hello, my name is Andrew. I’m from Montreal, Quebec, Canada where we have an abundance of delicious maple syrup and artisan beer.
I have an intense passion for sports cars. It all started on a trip to Costco (or Club Price as it was called then) when my father bought me my first model car; the iconic MK4 Toyota Supra. I found myself staring at that toy for hours, inspecting every square millimeter of detail.
I told myself that I would one day own that car and it was my dream car until 5 years ago when I found one and bought it. At $9000.00 a red right hand drive 1993 Toyota Supra MK4 imported from Japan was the perfect fit for me.
I live in Canada so there weren’t any issues with buying a right hand drive vehicle at the time. However, a year after I bought it the province of Quebec banned the registration of right hand drive vehicles. Cars that were registered before the law was passed could remain on the roads due to exceptional status.
This meant I could still drive my new Supra and also that it’s value would increase in my province as “legal” RHD vehicles got more scarce. The value increased so much that following the purchase date my insurance company sent an evaluator to assess to the value of my Supra. The evaluation came in at $14,500.00! I was already in the money.
I do all the maintenance work on this car myself and I keep it stored inside a heated garage during the winter months to maximize its value. Most cars lose value over time and are widely regarded as “money pits”. This is not the case for my car; which Toyota stopped producing in 2002.
Today, if you search the classifieds for this particular model you’d be lucky to find one selling in good condition for under $20,000.00. Do you have a car or other asset which is not known to commonly appreciate in value but does so anyway? Comment below with your story on how something you have and cherish appreciates in value.
The only asset which I have that appreciates in value is myself and my knowledge. I can't think of anything else. Nice car, I know you would take good care of her.
Knowledge has to be improved, challenged, and increased constantly, or it vanishes. - Peter Drucker
Keep up the steemit speerit dev :) Thanks for the compliment!
I do keep investing in that sense. My pleasure :)
A car is never an asset - read the definition of an "asset". I know some russians who have garages full new of never driven luxury ones.... they call it a "car portfolio". But then you have to go for the rare limited ones I think :-)
I drive a S8 V10 and see it just as drivable moneybox... but cool & powerfull, lol.
Asset:
-a useful or valuable thing, person, or quality
-property owned by a person or comany, regarded as having value and available to meet debts, commitments, or legacies
If I were to default on a loan the bank could take my car as collateral. If my net worth were calculated, the value of my car would be included. A vehicle is an asset if you own it and a liability if you loan it.
As for collecting cars.. I would love a full garage of exotic luxury cars! That would be a dream come true :D My boss had that that same S8 but had to downgrade to an A8L as it was too much power for him... V10 vs V8 (he 75 years old). Awesome car regardless of the engine tho congrats!
The 2nd engine is good now - they got a new plasma-coating or so. Yeah I still don`t want to sell it, lol. I even would have no plan what to take today. Maybe some day a RS6 or so ;-)