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Thread: 2001 Z8 (#60482) Silver/Black with only 1760 Miles - museum quality car - Sold

  1. #1

    2001 Z8 (#60482) Silver/Black with only 1760 Miles - museum quality car - Sold

    I have an owner with an absolutely immaculate Z8 who he has just acquired it from the original owner, and has put it into his collection, but is open to selling it at the right price.

    I personally believe that should be $205,000 to reflect this cars extraordinary condition. It is a very rare perfect time capsule car with all the correct bits, and as you can see by the underside, it is as clean as the day it left the factory.
       
    Andrew Macpherson

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

  2. #2
    I hope it cracks the $200K mark! $$$ $$$
    Skip Hammerman

    2002 BMW Z8 - Meisterschaft GT, PP installed, CDV delete
    2013 BMW X3
    2015 Porsche 911 Targa 4S

  3. #3
    Beyond the Valley of Z8 Madness Z-acht's Avatar
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    It matches the current european prices for cars between 30-40K Km. Maybe you could bring it under the attention of the Z8 club...they have a lot of interested people in their database.
    Ton
    1 of the 71 original Dutch sold cars (jetblack/red)

  4. #4
    Would you believe I am not sure how one reach their database of buyer, despite being a member!
    Andrew Macpherson

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

  5. #5
    Beyond the Valley of Z8 Madness Z-acht's Avatar
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    Contact Heidi Kuffer (Sekretariat at bmwz8club.com)
    Ton
    1 of the 71 original Dutch sold cars (jetblack/red)

  6. #6
    Z8Mania
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    I think the only problem as a collectible is the model year, on the flip side its a first MY car so that can be a selling point..

  7. #7
    Any car in this condition will be going into a collection, and thus the MY, which is a slight plus to us drivers, is of much less concern or consequence.
    Andrew Macpherson

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

  8. #8
    Z8Mania
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    I slightly disagree. I think model year will matter to some collectors. I don't know if it will have a substantial impact on price, but it will have some (even if its small) impact. Don't get me wrong, thats a really nice looking car. I'm sure it would make someone's collection that much better.

  9. #9
    Z8 Millennial Monster hayvenhurstkid's Avatar
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    If it is number 60482 it is a 2001.
    Marty

    2001 Z8
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  10. #10
    You are correct, I keep forgetting my master list is by build date, not model year!
    Andrew Macpherson

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

  11. #11
    Z8Mania
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    I would love to see this crack the 200k barrier. GLWS, its a beauty.

  12. #12
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    It is just a matter of time that this car will break $200K! These cars are more rare than a Ford GT and we all know what they are doing and most of those cars have been abused. Even a salvaged Ford GT is bringing over $200K!


    Quote Originally Posted by Z8Mania View Post
    I would love to see this crack the 200k barrier. GLWS, its a beauty.

  13. #13
    Sport Button On - DSC Off Kevin's Avatar
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    Quote Originally Posted by meandmyredcorvette View Post
    It is just a matter of time that this car will break $200K! These cars are more rare than a Ford GT and we all know what they are doing and most of those cars have been abused. Even a salvaged Ford GT is bringing over $200K!
    They built less Ford GTs than Z8s. If I remember correctly it was about 4,000 GTs and 5700 Z8s
    2003 Z8 Silver/Black AH62031 (Sold)

  14. #14
    That's not that many less, and add to that the fact that there's only about 1500 Z8's left in the USA because so many have been sent overseas, so I think you can safely say that the Z8 is a much rarer car in the USA.
    Andrew Macpherson

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

  15. #15
    Quote Originally Posted by Z-acht View Post
    It matches the current european prices for cars between 30-40K Km. Maybe you could bring it under the attention of the Z8 club...they have a lot of interested people in their database.
    The problem with bringing it back into Europe is:

    a. The import tax will be around 25% of the buying price i.e. $50,000
    b. You then need to have the speedo converted and the rear lights done. If it's into the UK you need the headlights changing and rear light conversion.

    You're probably looking at $65,000 added to the price after registration, shipping and conversions are taken into account. A huge premium over what you'd pay the other side of the pond.

    It's a great car, but what a shame that it's just been stored and not used. Kind of sad in a way.

    I do though have a theory on our cars and other collectables. Have you ever given consideration to the emphasis that we place on mileage? Have you ever seen an AC Cobra or an old Ferrari or even a 507 described as only having done 10,000 miles? In thirty years time when these are really worth mega bucks they'll consider mileage, but really it'll all be about condition. How it was stored will play as big a part or bigger than the miles involved. Service history? It also won't really matter either. It'll be about whether the engine is sweet or not. Not being used can be just as harmful as being thrashed, and if the engine isn't running well they'll have it rebuilt. Because it'll be worth it. Interiors can be replaced and most defects rectified. Many of the old classic cars are better than when they left the factory 50 years on.

    With regard to the Ford GT they have a sort of racing pedigree that doesn't come with the Z8, and that makes them very attractive. They also have a "Wow" factor that I've never seen with another car. But having owned both, the Z8 is much more user friendly and a far better car to tour in. Large boot and sunshine in the cabin, proper doors. Theres also a dealer network in most large towns. My GT I had to take a 100 miles to what was the only service centre in Europe. Go back three days later to collect. Holidays always kept you on the edge of your seat as well. Break down in the South of France sir? That'll be the end of your holiday and a trailer home to the UK, lovely!!!!

    You pay your money and take your choice, but I'm happy with the "8". Much less hassle. It may be different Stateside, but thats certainly how it was here.

    These cars were built to turn their wheels and it's a shame when they don't. Whoever buys this car will probably squirrel it away and use it as an investment rather than a beautiful and great touring car. That I find a bit depressing. If you're not going to use it and show it off why not buy a painting? At least you won't have to service it.

    As for whether or not it's worth $200K, of course it is. It's stunning, rare and will put a smile on the face of anyone that drives it. They're still under valued at present in my opinion


  16. #16
    Beyond the Valley of Z8 Madness Z-acht's Avatar
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    The problem with bringing it back into Europe is:

    a. The import tax will be around 25% of the buying price i.e. $50,000
    b. You then need to have the speedo converted and the rear lights done. If it's into the UK you need the headlights changing and rear light conversion.

    You're probably looking at $65,000 added to the price after registration, shipping and conversions are taken into account. A huge premium over what you'd pay the other side of the pond.
    You are right about the costs but if you REALLY want a low mileage car than it is still a good buy (265,000USD=156,000GBP=190,000EUR) compared to cars offered on the European market. The European market shows also that mileage is no issue but originality and completeness ( book, model, canvas cases) are demanded.
    Ton
    1 of the 71 original Dutch sold cars (jetblack/red)

  17. #17
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    Gentleman

    These are really good points. The bottom line is that these cars are going to be one of the most sought after vehicles both as an investment and for the z8's driving pleasure. At $200K the new owner can decide. A year from now this may have been a great bargain at $200K. These cars seem like they are going up about 15% a year. DRive it like you stole it and it will still go up.

    Quote Originally Posted by Z-acht View Post
    You are right about the costs but if you REALLY want a low mileage car than it is still a good buy (265,000USD=156,000GBP=190,000EUR) compared to cars offered on the European market. The European market shows also that mileage is no issue but originality and completeness ( book, model, canvas cases) are demanded.

  18. #18
    While I absolutely agree with the sentiment that these cars are meant to be driven and will appreciate regardless of miles ( a rising tide lifts all boats), the abundance of 21st century collectible cars with extremely low mileage will impact the market 10-20 years hence. The collectibles from the 50's/60's/70's were almost universally purchased to be driven, and although many were well-cared for, practically none were hermetically sealed and packed away with an eye toward future collectibility. Unlike today's purchasers of Cobras, 507's, Gullwings, etc, the guys buying our cars in 2025 will have the opportunity of acquiring a Z8 with 1200 miles, and those will command top dollar.

    That said, I bought mine (with 35k miles) with the idea that with proper care and judicious use (1500-2000 miles per year) I can enjoy a wonderful modern classic and realistically expect to get most if not all of my money back when I sell. I also suspect that most people fortunate enough to be able to buy an expensive toy such as the Z8 are probably in a position where they won't be materially impacted by the financial outcome, positive or negative, when it comes time to sell, so it is a shame not to drive and enjoy it.

    Bill

  19. #19
    Great discussion all round. Mine is a driver, and so am I as you know from all the pictures on the site. I moved to California for the roads, and the Z8 is my dream car to enjoy my dream state. That said I've really cut back on the amount of miles I do as my car is now approaching 30k. IMHO low mileage cars like this one have rather backed themselves into the corner of being too valuable to add miles to, so they really should be treated as trophy investments. A 10-15% a year return is a jolly good return compared to a bank or hedge fund, and it's a gorgeous thing to look at in your stable and it's tax free!
    Andrew Macpherson

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

  20. #20
    That said, I bought mine (with 35k miles) with the idea that with proper care and judicious use (1500-2000 miles per year) I can enjoy a wonderful modern classic and realistically expect to get most if not all of my money back when I sell. I also suspect that most people fortunate enough to be able to buy an expensive toy such as the Z8 are probably in a position where they won't be materially impacted by the financial outcome, positive or negative, when it comes time to sell, so it is a shame not to drive and enjoy it.
    That was my approach too when I was in the market for a Z8. Find the nicest driver I could purchase and enjoy it. The fact that my car has gone up in value since 2010 is great, but I still drive it +/-1,500 miles/year. Another potential parameter for future appreciation is color. If you want to own a black/red car, you have to talk to the 342 folks owning these cars. I also liked the blue/creama cars, but with only 138 produced the two I looked at in 2010 for purchase had too many stories.
    My Best,

    Ed

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

  21. #21
    Yep, I do kind of regret selling my Blue/Crema, my sense is it will be one of the most valued combos in the future, that cabin is just glorious.
    Andrew Macpherson

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

  22. #22
    Beyond the Valley of Z8 Madness Z-acht's Avatar
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    f you want to own a black/red car, you have to talk to the 342 folks owning these cars
    Noooooo......341 to go
    Ton
    1 of the 71 original Dutch sold cars (jetblack/red)

  23. #23
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    Current Market

    IT appears that the market is starting to heat up big time!!! I recently saw a 2001 Silver/Black car in the west coast with about 700 miles sell for $225K. They had an asking price of $235K on the car so your chart is right on the money. I think that it is a matter of short time that it will be the norm for all low mileage ie, under 5K mile z8's to be selling for over $200K.

    Looking good for all of us! Just keep on driving and enjoying them. Here is one of my other rides.

    Quote Originally Posted by macfly View Post
    Great discussion all round. Mine is a driver, and so am I as you know from all the pictures on the site. I moved to California for the roads, and the Z8 is my dream car to enjoy my dream state. That said I've really cut back on the amount of miles I do as my car is now approaching 30k. IMHO low mileage cars like this one have rather backed themselves into the corner of being too valuable to add miles to, so they really should be treated as trophy investments. A 10-15% a year return is a jolly good return compared to a bank or hedge fund, and it's a gorgeous thing to look at in your stable and it's tax free!
             

  24. #24
    Z8 Millennial Monster hayvenhurstkid's Avatar
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    If you sell for a profit it unfortunately is not tax free. As with any asset that increases in value it is subject to a capital gains tax.
    Marty

    2001 Z8
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  25. #25
    Z8 Ate My Homework! Norcal's Avatar
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    So... By that logic, Marty, can I take a loss on any of my other automotive "assets" to offset any earnings... Or against ordinary income? I bet I can't. But if they expect me to pay when I have an upside, I should be able to write off losses on my last 10 cars! For example, my wife's 750il that was 85000 new in 2007, and now worth 25k with only 40,000 mi!

  26. #26
    Z8 Millennial Monster hayvenhurstkid's Avatar
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    You can only write off depreciation if it is a business use car otherwise you get zip. Another case of government with their hand in your pocket.
    Marty

    2001 Z8
    2014 Range Rover sport Autobiography
    2013 Ford Raptor
    2011 Porsche 911 turbo S coupe

  27. #27
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    My accountant advised me its better to pay taxes on something that no taxes on nothing! Someone has to pay for the debacle they call Affordable Care Act! Check out your last tax return and see what impact it had on you. You will be surprised. Just ask your CPA. Ouch! @*@#

  28. #28
    Z8 Millennial Monster hayvenhurstkid's Avatar
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    My premiums with Blue Cross have skyrocketed up.
    Marty

    2001 Z8
    2014 Range Rover sport Autobiography
    2013 Ford Raptor
    2011 Porsche 911 turbo S coupe

  29. #29
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    This is what I do for a living. My company provides benefits consulting for companies. ACA has taken a major toll on health insurance premiums. There is nothing affordable about this act!!! Did you hear that folks that completed the online enrollments only had to note their incomes without providing tax returns. Now the govt is finding that a large number of those folks falsified their income information to qualify for subsidies and are trying to figure out how to get their money back. Not surprising.

  30. #30
    Z8 Ate My Homework! Norcal's Avatar
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    Can you create an investment LLC? Put all your cars in it, and offset the z8 gains? That's assuming I ever sell it!

  31. #31
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    Interesting conversation. I have never been in a situation of having a car appreciate. If there is a major work done are you able to maintain receipts and add it to the base value of the car to offset calculated gains? What about general maintenance?

  32. #32
    Z8 Ate My Homework! Norcal's Avatar
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    You would think so....

  33. #33
    Z8Mania
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    I can't believe its much different from when you have any other capital gain or loss- no?

  34. #34
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    I wonder how closely this is watched on a car sale. I am sure that we have all bought and sold many cars in the past. I have never been asked what my gain or loss was on my tax statements.

  35. #35
    Z8Mania
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    Every year a few weeks before tax time my accountant sends me a checklist and one of the items is: have you bought or sold a big ticket item like a car or a boat... I don't know how this gets treated but now you all have inspired me to ask in the next few days when I get a chance. I'll report back.

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