2 brand new Z8's sold at auction (#61884 & #62120)

[macfly]

These two cars aren't really new to us, as we posted about one of them in early '09, but it seems the owner has decided to flush out at least a full half of his extensive collection of late model BMW's. Included in the upcoming RM Auction, to be held in San Diego on June 19th.
61884 was posted for sale here last year, a silver black '02, and now sold another one from his collection, 62120, black/black '03. This gave someone wanting either of those color combos quite a unique opportunity to snag a litterally brand new Z8.

61884, a silver/black 02 with just 112 miles sold for $110,000 + premium for a total of $121,000. Someone got a really great deal on that!

62120 is a black/black 03 with just 50 miles sold for $130,000 + premium for a total of $143,000.

[Norcal]

Amazing! What might they go for? Shouldn't be much more than 120?

[macfly]

Hard to hazard a guess, but my feeling is that in the heat of an auction full of so many BMW's, these two are the stars of the show, thus they could easily reach $150+k a piece to overseas buyers. However auctions are emotional events, and the mood of the day can hold sway, so if that week Israel decides to bomb Iran, or Greece, Spain, Portugal, Italy and Ireland all default on their sovereign debts, the auction could bomb and they could possibly be had for as little $75-80k a piece. These are uncertain times at best!

[redz8]

Many of the cars set for auction look familiar. I wish the black/black was available when I was looking ...

[redz8]

... they could easily reach $150+k a piece to overseas buyers

I'm very interested to know what a these two will fetch. If it's anywhere near your high end estimate, I have a car for sale

But, in all reality, in today's market I would estimate 130-140K.

[macfly]

Many of the cars set for auction look familiar. I wish the black/black was available when I was looking ...

and so they should, most of the cars in the auction are from the collection that yours came from. I think you got one of the prettiest, honestly you should have no regrets about getting the red/black, it is a classic and stunning combo.

My estimate is based on the price BMW Classic is selling fully reconditioned Z8's for in Europe, and right now they are selling very well, especially in Russia, they recently sold an ex-DE car there for $145k (#60013).

[redz8]

Good point mac. I agree, my wife and I were there in person standing next to 8 (or so) Z8s and the red/black left a big impression.

Besides, I've had it with black cars ... life's too short to spend it all on washing and waxing.

[LarryG]

I tried to purchase the silver car late last year but the owner apparently withdrew it from the market. I was lucky to find my 893 mile topaz/crema car.
While not an expert on Z8 values, it wouldn't surprise me if they each brought more than $150.
LarryG

[pandaman]

Most recent auto week has if my memory is correct a 2003 red/black with very low miles for sale at $119,000. I may be wrong its been at least an hour since I read it.
Pandaman

[macfly]

Yes, I saw that one too, seemed like a rather low valuation for an '03 with low miles.

[redz8]

I think you are thinking of this one. It has 5.5K miles. I think what would have me concerned is the "major title issue" warning on the record.

[Dogsbreath]

RM Auctions has 2 essentially brand new Z8's for auction. The auction is in San Diego on 19th June. You will need to pre-register if you wish to bid.

My understanding is that there is a Silver 2002 - with 112 miles as well as a Black 2003 with 54 miles on the clock

I have no affiliation with RM - just wanted to let members know

The web site is RMAuctions.com or you can call them at 1-519-352-4575.



Dave P
Las Vegas
2001 Z8

[LarryG]

The RM auction is taking place in San Diego today. It will be interesting to see what the two "new" Z8s sell for.
LarryG

[macfly]

I'll keep an eye on the auction results, and post the totals when they come up.

[hayvenhurstkid]

I went into the search auction results and put in lot 143 "Silver 2002" and lot 150 "Black 2003" and the results siad $0, so I am not sure that means they were no sales or the results just are not available yet. I thought they were both being sold with no reserve but I also know the owner is quite eccentric, so maybe they didn't hit the price he wanted and had some side agreement with RM Auctions.

[macfly]

The black/black one I heard sold for $130,000 from someone who was following the auction, but I didn't get a price on the silver one yet. I think they take a week or so to enter the auction results into their system.

[macfly]

Update, just heard that the silver one sold for $110,000 - that is one hell of a good deal!

[LarryG]

A month or so ago I predicted that these two cars would bring over $150,000. I am surprised at the figures Andrew posted. Perhaps selling two similar cars at the auction lowered the results. I do believe that there is an 8% to 10% buyer's premium attached to the selling price.
And I thought that the $115,000 I paid for my 893 mile topaz/crema car in December 09 was a steal.
LarryG

[redz8]

My estimate (see an earlier post) was a range of 130-140K. With the numbers Andrew posted + 8%, the true cost to the buyer is about 125 - 140K. Considering the economy, and the strong $, this is actually not bad.

[redz8]

Per the results link posted above, the Silver Z8 sold for $121,000 and the Black Z8 sold for $143,000.

[macfly]

I think that is the total with buyers premium, because my figures came from someone following the auction on the phone.

[Norcal]

Yes, that is correct. Phil was calling me too as the auction was underway. I believe the black car was a phoned-in/internet bidder and the silver buyer was on-site.

110 + 10% = 121

[Norcal]

BTW: Anyone know of other 8-10 year old cars going for so close to MSRP?

[macfly]

Maybe the Enzo, thats about it! The Z8 really is a super special machine, so happy that we chose so well!

[///M Blitz]

is the Mercedes SL55s selling for half to less than half of what the Z8s fetched. One of the SLs had just 529 original miles and sold for $60K. Those cars were priced about the same as the Z8 when new (and more with options). We have a first row seat to the making of a true modern classic.

[macfly]

My daily driver is a 2003 SL500. I have the original window sticker from when it was first sold, it cost $128,000. I thought I had a mad bargain at $68,000 five years ago when it was a not even three years and 23,000 miles old, but today it is just worth $22,000, meaning I've lost 70% on it in that time while my Z8 hasn't lost a dime!

BMW should be very proud of the Z8.

[Norcal]

I would love to see a comparison graph/chart. Z8 vs contemporaries over time. A 360 which was 150k goes for about 100 (with some miles). Perhaps similar to the Z8?

[redz8]

I'm surprised that the 87 M6 with about 10K went for $22K. I was under the impression that clean/low-milage M6s are about $35K.

P.S., I saw that M6 and it was in mint condition.

[macfly]

Ian, why not create a graph, you're the viz-dez maestro. Take all the cars the Z8 was roadtested against, and say 2002 as the average year, and see what you can visualize.

The principal players were the F 355/360, AM DB7 V12, MB SL 500 & AMG SL55 and the 911 cab.

[LarryG]

Does anyone have any thoughts on why the black car sold for a higher price? Color?
LarryG

[macfly]

Auctions are weird events to really judge across the board prices, two people really, really wanting the same thing is all it takes to push something higher.

However the black car is an '03, and with just 150 or so actual '03 Z8's it makes it rather more collectable/desirable. The last batch of cars, all the Alpinas and the interwoven Z8's, had a different electrical bus, DVD nav and a bunch of other little upgrades that gives the '03 cars an edge to a collector. For those of us who just like to drive you'd never notice the difference, but for the connoisseur of details I'd say it is worth the premium to have an '03.

[Norcal]

The principal players were the F 355/360, AM DB7 V12, MB SL 500 & AMG SL55 and the 911 cab.

911 turbo (turbo cab if they made one. They didn't here in the US)

Funny, in the couple of months prior to buying my Z8, I tried to buy a 360... wouldn't even put me on the wait list. Test drove the AM 12cyl cab... too civilized
ordered a Porsche Turbo, and a c2 optioned up like a GT3 (couldn't get one in the US then). Never even considered the SL

Canceled P cars, bought Z8!

(got GT3 in 07, sold this year)

[ZMates]

I was just beginning my career when the Z8 came out so I was definitely not in the market for one. My plan was to get one used once the price came down...they never did until the dollar collapsed, and the imports started to flood in. They were still selling at or above list price here in Switzerland until the crisis hit.

[///M Blitz]

I'm surprised that the 87 M6 with about 10K went for $22K. I was under the impression that clean/low-milage M6s are about $35K.

P.S., I saw that M6 and it was in mint condition.

Tony, the car had 40K miles according to RM. Part of the reason why it went for so little is that it's an '87. The 87s had the big (and ugly) 5 mph bumpers, which were not well integrated. There were other issues with the 87s like the delaminating leather dashes.

The 88s were BMW's first "World cars" and had the 2.5 mph bumpers like the European cars. If it had been an 88 it would have fetched at least $5k more, maybe $10. Rug Cunningham's 88 M6 with 37K miles sold a few months back for $35K so your numbers are about right.

I've been offered $55K for my 88 M6 with 32K miles; of course, it has been in several magazines and has won several Concours.

[macfly]

There were other issues with the 87s like the delaminating leather dashes.

Knowing that makes even surprising that BMW didn't have that sorted on our cars!

[redz8]

That's good info to have. The owner had 2 (maybe 3) M6s and the one I inspected up close had 10K miles. This must have been a different one.