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Thread: 2002 Z8 (#61376) Black-Black, only 680 miles, $235K - Sold

  1. #1
    Team Z8 zilver8's Avatar
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    2002 Z8 (#61376) Black-Black, only 680 miles, $235K - Sold

    I love the description in the ad, "priced to sell fast". In all honesty, I hope it sells for close to asking... only 679 miles!!!

    BMW Z8 Base Convertible 2 Door | eBay
         

  2. #2
    Wow, can they really get that? Are our cars really appreciating that quickly? I hate to say this, but as a driver, and not a collector, but this is getting a little worrying, this is making our cars undriveable.
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  3. #3
    Z8Mania
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    This happens when the cars become so valuable they become too valuable. I don't know if the pricing is really there but its getting closer every time.

  4. #4
    Too bad the last owner(s) didn't enjoy her more on the road, but a great opportunity for someone now to pick up a low milage Z8. I could see this car demanding that kind of money and getting it too!
    My Best,

    Ed

    2002 Z8 Jet Black//Sport Red
    2012 SLS AMG Obsidian Black/Classic Red

  5. #5
    Sport Button On - DSC Off Kevin's Avatar
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    I don't know if it'll actually sell at that price. Personally think that that car is worth about 200-210. But hey there has to be some guy out there to brake the price barrier.
    2003 Z8 Silver/Black AH62031 (Sold)

  6. #6
    The problem with buying this car is that the buyer can never, ever drive it. If he/she does, then there will be nothing special about it. It's a 2002, not a 2003 and its a very common color, so nothing special there. I'm not even sure it has all the goodies. The value in this car is in the super low miles, so...

    Oh, and I hope he gets every penny of that asking price. The interesting thing is that this is not that atypical of an asking price across the pond.
    C.A. Cardenas (AKA Dan)
    2003 (last one?) Z8 - Hellrot / Sport Rot
    Original Owner - Munich Tourist Delivery
    -- Others --
    1988 M6 - 32K mi. - Original Owner
    1989 DINAN 750iL - 73K mi. - Original Owner
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  7. #7
    Team Z8 Charles's Avatar
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    I love my Z8, but you guys are dreamers. Maybe 1000 mile or less cars have some cache, but once they hit the 20 - 25k mark, look at some of the listings in the mid to hi $90's that do not sell. Now by 2050 or so when BMW builds a limited edition 20000 of the homage Z80, then maybe prices will rocket, but until then there will probably start with some modest appreciation when the cars hit 25 years.

    Ok, Jerry, time to blast me.
    Charles Guerin
    AH61406 - Titanium Silver/ /Black

  8. #8
    I think you just said what we said?
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  9. #9
    Z8Mania
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    Charles, I sense some hostility- what gives?

    If you want to backup your point with data points please present them. I don't see too many cars languishing in the 90s these days.

    I can tell you top examples are bringing big dollars. The delta between the top examples and the more typical ones is probably going to get bigger. MBlitz is right too. This car is all about the low miles.

    That being said, I turned down 200k last summer for my car and its a 2000 with 30k miles. And it was a real offer- and honestly my car isn't really a top car- its a driver with some light mods. And just recently a fellow Z8 friend with a 2003 and about 16k miles also turned down 200k.

    Why? We didn't buy these purely for the money- we love the car. Granted, thats just 2 data points and Im not an expert nor did I stay in a Holiday Inn Express last night. But I've been following these cars and it seems to me they are doing pretty well.

    Heres one, I had a friend who bought a 2003 car- silver black with about 3k on the clock a few years ago for 130 and sold it last year for 180. Thats 3 data points- frankly his is more what I really think the market is. I really don't think my or even my other friend with the 2003 and 16k on the clock are 200k cars yet we turned away unsolicited offers. And if we really wanted to sell, this is probably the best we would see for quite some time.

  10. #10
    Beyond the Valley of Z8 Madness Z-acht's Avatar
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    In the last 18 months I have seen prices increasing in Europe with 10%. The last top price I heard of was the selling of one of the 105 european Alpina's for 240K euro. And this car had (repaired) collision damage !
    Ton
    1 of the 71 original Dutch sold cars (jetblack/red)

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    My brother just paid eqivalent 0f $180,000 for a black/red 2001 Z8 with 33000 miles on the clock and thought he had got a bargain, the same dealer Hexagon London has just sold a 2000 model silver/black with 12000 miles $240,000. On that basis the car seems good value and wouldnt surprise me if that car sells to the European market.

    I know of an Alpina that is being offered privately hera in the UK with 3000 miles on the clock for $325,000 no takers yet but if I hear that it sells will update the forum

    Have to report that in Europe prices are only going one way - up!!!!!!

  12. #12
    Sport Button On - DSC Off Kevin's Avatar
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    Agree 100% with everything just said. With the global economy were in today even car prices are dictated globally. It's only a matter of time before we start seeing European prices here in the U.S.
    2003 Z8 Silver/Black AH62031 (Sold)

  13. #13
    Z8Mania
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    And the fact that the differences between Euro and US Z8s are very minor. I ***think*** its just the speedo cluster and the radio frequencies. I think Andrew knows for sure.

    And Barneyboybmw, remember, black/red is the most desirable color for the Z8!

    As a side note, the guy who offered me the 200 shares the same detailer as I and he kept pestering the detailer about my car so the detailer asked if I'd speak with him and he was adamant he wanted to buy the car, and he has a lot of other cars so I think he can afford it. I said its not for sale and he said name your price and I said: $500k. That ended the discussion. Basically for that price its worth the trouble to me to sell it and find a new one.

  14. #14
    Beyond the Valley of Z8 Madness Z-acht's Avatar
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    And Barneyboybmw, remember, black/red is the most desirable color for the Z8!
    Ditto! it is how the Z8 intended to be.....see the Z07
    Ton
    1 of the 71 original Dutch sold cars (jetblack/red)

  15. #15
    Sport Button On - DSC Off Kevin's Avatar
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    Quote Originally Posted by Z8Mania View Post
    And Barneyboybmw, remember, black/red is the most desirable color for the Z8!
    Love the Black/Red Combo. That and the Blue/Tan are my favorite two.
    I sent you a PM but it was over the phone and in the train so I'm not sure if it went through.
    2003 Z8 Silver/Black AH62031 (Sold)

  16. #16
    Sport Button On - DSC Off Kevin's Avatar
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    Was just looking on eBay, there also an 03 Z8 2 owner car 23K miles asking $168,800. Car is listed by Bentley Gold Coast.
    2003 Z8 Silver/Black AH62031 (Sold)

  17. #17
    Wow, this is pretty exciting news, it seems our cars are really taking off now. Maybe some of my own recent valuations have been too low based on these new figures. I'll be most interested to see the first US based Z8 break the 200 and the 250 barriers.

    Rumor is that $300k was the top price paid for the first one sold from Beverly Hills BMW back in '00. It was whispered that it was a red car and went to Pete Sampras, who was high on his winning ways at the time, but I've never been able to substantiate that.
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  18. #18
    When I travel to Switzerland and Germany, the car guys there seem to know the Z8 and its place in BMW's history while folks in the US are more apt to need some background information. With this interest in the Z8 at least in that continent, the increasing prices in the EU with the US following make sense to me.

    The latest issue of Car and Driver had a write-up on the future of car collecting with respect to aging baby-boomers. From the author's perspective, the children of baby boomers are less interested in cars, so there will be a future glut of American vehicles driving down prices (i.e., supply greater than demand). Classic cars from the European manufactures, however, will continue to appreciate or at least be more stable in price because of European collectors.
    My Best,

    Ed

    2002 Z8 Jet Black//Sport Red
    2012 SLS AMG Obsidian Black/Classic Red

  19. #19
    Interesting perspective, and one that makes absolute sense. Most young folks I know are more interested in their phones & tablets than their cars. Cars are appliances that are leased and traded, not objects of desire cared for with pride and affection. On top of that traffic is so congested, and policing so draconian that it's hard to have the same degree of motorized fun that we did as kids today. This is very much the subject of every classic event I attend, where the faces have all aged with me over the last twenty years, and there are almost no young'uns in attendance.
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  20. #20
    Sport Button On - DSC Off Kevin's Avatar
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    From what Ive seen I don't think the love of cars has decreased by any means. Heres proof its alive, these were car shows run every Thursday night in the summer by a friend of mine at which the majority of people who attended were in the 15-30 years old category (obviously those under 18 were just there to watch). At them were all kinds of cars and all kinds of people all gathered together, exotics, muscle, euro, classics, tuners
    #occupyglencove WEEK 6 - YouTube
    2003 Z8 Silver/Black AH62031 (Sold)

  21. #21
    Z8Mania
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    Quote Originally Posted by Kevin View Post
    Was just looking on eBay, there also an 03 Z8 2 owner car 23K miles asking $168,800. Car is listed by Bentley Gold Coast.
    AVOID AVOID AVOID AVOID

    IM SERIOUS

    AVOID!!!!!!!!!!! BENTLEY GOLD COAST AT ALL COSTS



    They had a deal with me and they sold the car right out from under me.

    I realize any car deal is buyer beware and they are a car dealer, but if you can't trust they will close a deal, they are not worth the effort.

  22. #22
    Z8Mania
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    As to what happens to the future of collector cars. I think the market will be alive and well and probably bigger and stronger. And I used to be on the other side of this issue. I just think its easy to simplify things and the market is really made up of many different markets.

    I think we should be worried about collector cars when luxury car sales tank in favor of pure point A-B transportation. What drives anything beyond pure and simple transportation are the associations we make to those brands etc. Last time I checked MB, BMW, Audi, Cadillac, Lexus, Infiniti, etc, are doing just fine.

    Yes its true that todays youth is really into their gadgets; and yes, its also true that the economy is pretty stagnant. I also think- big leap of faith here- todays youth (globally) will be more prosperous than ever before. And when they grow up, they will want the various things people want and some of them will want collectible items such as artwork, and yes, cars. The favored brands might be different. But something tells me they won't be so different.

    Heres a side note- my neighbor's son is 14 years old and he loves cars. He would literally move into my garage if I would let him. I think there still are kids who are into these things.

    Cool stuff Kevin!

  23. #23
    Beyond the Valley of Z8 Madness Z-acht's Avatar
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    And when they grow up, they will want the various things people want and some of them will want collectible items such as artwork, and yes, cars.
    I am sure the next couple of generations of car lovers have been born. Look at this website (Exclusieve Auto?s | De Meeste Foto?s & Laatste Nieuws ? Autogespot) : these are pictures from mostly young guys who saved their money for a decent camera. But they like different cars....like my son says: give me the Z8 I sell it and I buy a Lamborghini. He is 32 now and I hope that in 10/15 years ...or so :-) he will enjoy the Z8.
    Ton
    1 of the 71 original Dutch sold cars (jetblack/red)

  24. #24
    Z8Mania
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    Our tastes certainly do change over time. I find a lot of it gets locked in during our adolescence and teen years. Which Lamborghini would he buy?

    The only one that really holds my interest is the Miura.

  25. #25
    Beyond the Valley of Z8 Madness Z-acht's Avatar
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    I think he would buy a Gallardo now.
    Ton
    1 of the 71 original Dutch sold cars (jetblack/red)

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    In the UK we have seen a substantial increase in Classic car prices over the last year, for example Ferrari Daytona 2013 $400,000 today $625,000 EType Jag Series 1 Flat Floor $125,000/325,000, these are cars in excellent condition but not concours as for Aston Martin DB 4/5/6 and early Porsche 911 the skys the limit.

    One of the reasons I think we have seen such a rise, is if you sell a car for a profit in the UK it is all tax free, if you had $250,000 on deposit lucky to get 1.5% and then pay tax on the interest.

    No better reason than to invest in a Classic, there have also been a marked increase in provincal classic car auctions (nothing on the scale of yours in the USA) circa 150 cars a time selling 80% of stock, check out www.classic-auctions.com or www.historics.co.uk


    Incidently my 14 year old son has alresdy told me the family E type is his car,my 11 year old daughter has already placed her claim on the Z8, the next son mid 20's has a 1966 mini cooper as his every day driver!! Long may there enthusiasum continue.

  27. #27
    Beyond the Valley of Z8 Madness Z-acht's Avatar
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    Ton
    1 of the 71 original Dutch sold cars (jetblack/red)

  28. #28
    Quote Originally Posted by Barneyboybmw View Post
    One of the reasons I think we have seen such a rise, is if you sell a car for a profit in the UK it is all tax free, if you had $250,000 on deposit lucky to get 1.5% and then pay tax on the interest.
    I think your theory is spot on for the rise in collectible car values, why not own a hard asset that can be enjoyed? The Economist recently had an article on the P/E values of equities reaching an all time high because investors are seeking higher returns... Anyone notice a recent market adjustment?

    Back to the article, the author felt that US muscle cars and hot rods were the ones at risk of future devaluation because of shrinking demand (e.g., 57 Chevy). The vehicles from European manufactures, such as those cited above would be a better investment because of a potential global market keeping demand high.

    PS: I'd like to live in your garage for a day too Jerry
    My Best,

    Ed

    2002 Z8 Jet Black//Sport Red
    2012 SLS AMG Obsidian Black/Classic Red

  29. #29
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    I have a ford GT , same is happening, Prices going north of $250,000. Many cars going to overseas collectors! Z8 with similar production numbers. Prices being driven by collectors not drivers, hence high price for low milage examples. Old Ferraris hitting the stratosphere!! (sold all mine, maybe too soon!). Unfortunately they were getting too valuable to drive. Fear the same for Gt and Z8. Maybe the solution is to buy a high milage second car at a good price to drive!!

  30. #30
    Z8Mania
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    Yes. People now days don't want to experience depreciation. The people buying a Z8 or a FGT or a Porsche CGT are not just looking for a great driving car, high up on the list is a desire to avoid depreciation and if possible experience financial appreciation. More so, with ever increasing ability not he part of these cars, traffic density and enforcement, I think its entirely understandable.

    I saw an episode of Chasing Classic Cars where the person was selling a vintage Ferrari and it just looked like the car became so much more valuable than even his house. Of course he never said that but it seems to me that was the main reason for his selling. I think he mad the correct financial decision but it was a little bit heartbreaking.

  31. #31
    Well I guess the good thing is that we're enjoying an appreciating asset. It certainly gives pause for concern though, as I never thought their value would go stratospheric. It really underlines our role as caretakers for the next owners. The only thing that saddens me is the idea that someone would return my car to stock when it drives so much better the way it is. I guess the next owner will likely never drive it with the gusto to realize if he's paying half a mil for it, or whatever it'll be worth then.
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

  32. #32
    Z8Mania
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    I don't like thinking I am a caretaker for the next owner- unless thats my children- because its MY car. But I can understand how you see it like that. To me, I look at owning the Z8 as owning an important part of automotive history and as someone who enjoys cars, and collecting cars. But its my car so if I want to put a massive supercharger on it, I will!

    As to returning it to stock, I think if you were going to market the car for sale thats certainly one way to do it, but I think all the mods we've done, with the exception of the PP, are easily reversible so I would market the car as it is: a driver thats been driven, often hard; but never abused. There are plenty of people out there who want a nice driver. I think unless the car is really pristine with under 8k miles the top of the market will not be something you can target anyway.

    I've often thought about buying a collector Z8 and then sending my current one to Dinan for some more power.

    I guess my opinion is: don't over think it- just enjoy.

    And I think the rising tide in Z8 values will lift all boats except perhaps cars that have been really trashed.

  33. #33
    This car has sold!

    No word on the selling price, but it looks like there's a very good chance this is the first Z8 to break into the 200's since back in the heady days of the turn of the millennium.
    Andrew Macpherson

    Expert Z8 Inspections, with full support for both Z8 sale and purchases.

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