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Hagerty Employee

Selling my Porsche 911SC was my worst-ever automotive mistake | Hagerty Media

If you've been reading my columns on Hagerty's website, you know that I'm a technical guy. If you have a car problem and want to fix it yourself, it's my job to (hopefully) teach you how to do it. This week, I'm taking a different route.
Pit Crew

thats the thing, cars and houses and stocks go for years with no appreciation, and then suddenly, before you can blink an eye, double or more.

Ive got several of those stories, I turned 15 in 1980. muscle cars were plentiful and cheap.
my first car was a 69 Mercury Cyclone Cale Yarbrough edition for $275
my best friends car was a 73 Trans Am for $1,200, my brothers high school ride was a 68 fastback Mustang for $650. one of my friends had a lime green 4 speed Super Bee that cost $800

in rural Appalachia, in Carter America, you couldnt give away a gas guzzling muscle car, or a house, because no one had a job and no one could afford the 19% -- yes 19%---mortgage interest rates.

a couple years after I bought it, I sold the Cyclone at an auction for $550, there was a car at the auction I was interested in, a four speed 69 GTO Judge, but the seller had set an outrageous reserve and he didnt get a single bid. I talked to the guy and a couple days later I went to his house and test drove it and didnt buy it because the shifter was all messed up and very difficult to find the gear you wanted. the cyclone would now be worth $50K, who knows what the GTO would be worth, oh and the sellers outrageous reserve ? it was $1,600 . and not one person at the auction thought it was worth that.

and its happened with houses more than I care to think about.
18 years ago we were renting a tiny house in Atlanta for $450 a month, the landlord offered to sell it to us for $80K, but the interest rates then were 9% and the mortgage payment would have been more than the rent, plus coughing up the down payment , plus paying the taxes and insurance and all the repairs on a 60 yr old house.
a few months later when our lease was up, we got evicted and the landlord sold the house for $170k, to a flipper who added a bed and bath and quickly resold it for $275. it recently sold for $650k missing out on that money is what motivated us to find a way to buy our own house, which we did.
last year the house next door to us was for sale for $300k, 13 months later the buyer sold it in two days for $475k