So I finally sold the Alfa.... thank God!!
Great car, but I sold it for nothing! Lost $6000 on it from the original sale price in 1 & 1/2 years.
As much as I love the look of Alfas, and the way they drive, I will never buy another one again!! I think i'll stick to Italian motorcycles only... they don't lose much value!
Good luck to all, and thank you for those who replied to my posts. Signing out... forever!!! ;)
Ciao Mario, I do like the italian bikes as well.
$6,000 over 18 months = $333.33 per month
Warning to people reading this while doing research to buy a car, you will most certainly loose money on a car (not just Alfa's), especially if it is fairly modern.
Cars are not Assets, but owning and driving an Alfa has a value money doesn't represent..
$6k depreciation over 18 months is pretty good........
Note to all young punters. To avoid any future heart ache "Buy the cheapest car your ego will let you"
Gully
Bump,
Mario if your still on board or listening. I went back to have a look at your original post on 7/3/11. Unfortunately large parts have been removed . Just out of interest was the price you achieved ( I don't need to know the figure) much different from the red book price members suggested you would achieve. As opposed to your orignal asking price .
Not trying to be a smart arse but sometimes with a second hand car, what you personally think the car is worth and what the market is telling you it is worth can be two different things.
Quote from: aggie57 on April 14, 2011, 07:46:56 AM
$6k depreciation over 18 months is pretty good........
I agree dont think thats a huge loss, part and parcel of newish cars I guess, my Honda Accord Euro which I purchased new dropped 12K in 2.5 years, whereas my 147 purchased privately 2nd hand and 18 months old copped 7.5 K in a whisker under 3 years.
Rule of thumb approx 6K per year for a new car
I now drive a $1500 Alfetta.................. :)
QuoteI now drive a $1500 Alfetta
Hey , now there's a good investment. At $1,500 sooner or later it will have to move from depreciation to appreciation
:)
Yeah, in 9 years it'll be worth at least $1600 ...
We should have discussed a first right to purchase, should you decide to sell the mighty Alfetta.
On the basis it should depreciate by $6000 a year, in twelve months time you can give me $4500 and I'll take it away ;)
Not sure about 6K per year for new cars. 159: 60K 4 and a half years ago, now little interest at 22K :(
Quote from: L4OMEO on April 14, 2011, 03:29:50 PM
On the basis it should depreciate by $6000 a year, in twelve months time you can give me $4500 and I'll take it away ;)
Caveat there was "fairly modern" ... the 25 year old car (mind you; it had electric windows) has lost all value it possible could... unlike Joe's 159, which can still go lower as the years go on.
Mario7
Just thank your lucky stars that you didn't buy a SAAB new and then tried to sell it. SAAB's and depreciation go hand in hand and are far, far worse than any Alfa.
As others have posted, the sheer fun and pleasure from driving an Alfa is worth far more than depreciation.
If you are worried about depreciation, set you sights on any one of the many boring washing machine-like offerings available from Asia. Most of them are boring, ill handling crap on four wheels and after a short drive you will be wishing you had stayed with your fast depreciating Alfa. Depreciation aside at least Alfas a fun to drive.
my advice if you're worried about depreciation, don't buy a new car :o
Not trying to outdo anyone here, but the wife crashed our 3 year old 159 last month. So that's 60k 3 years ago and maybe 19k now :-*
Just like new cars whether Italian (ie. Alfa) or any other make they all significantly depreciate. I think this is clear to all, and for sure if this worries you don't buy new or near new.
The thing here though is that Mario never explained whether he had a new Italian bike or a classic one. If new than from my observations of the bike market is that he is kidding himself IMHO, as you can spend $20-40K on a new one and in a few years it too will be only worth somewhere around a 1/2 to a 1/3rd of the original price.
On the other hand if he was into classic bikes, say like a bevel drive Ducati from the '70s or similar (ie. Laverda, Moto Guzzi, etc) then for sure he is onto a winner, just as owners of classic Alfas ie. 105s, 101s etc etc. My brother in law has both a 73 750GT and a 72 750ss (the one down from the legendary Green Frame). These bikes and similar are significantly increasing in value.
Just read the replies (couldn't resist coming back to the forum). I'm not dissing Alfa's - my mistake was buying it as an every day car. I dont worry too much about depreciation, but I do worry about excessive depreciation and I would put the Alfa in that category.
I bought the Alfa when it was almost 3 years old... Not brand new! My Ducati was 2 years old when I bought it and it only lost 2.5k in almost 4 years. No, it was not a limited edition or sought after model. It was in fact one of the least popular models in Ducati history - the 999s! It almost sent Ducati bankrupt. Yet it still held good value.
I think I am fairly realistic and I know vehicles lose most value in the first few years. But the Alfa continued to dive hard after 3 years. No vehicle i've ever owned has done this.
But in saying all this, the Alfa was a joy to drive and own. It was fun, looked great and I really will miss it. My gripe is that I dont understand the market and think Aussies really dont know what they're missing! If they think Holden's are more reliable than modern Alfa's, they're disillusioned!
Mario - most of us own and have owned plenty of cars other than Alfa's. The point most of us are making is that a new or nearish new car will always depreciate and even for a 3-yr old car $6k in 18 months is not a huge amount.
As a comparison, Redbook lists $16,700/$13,500 for max private sale/trade in value for a base 2008 Holden Commodore Omega. The equivalent 2006 model is listed at $10,500/$7,900. Scarily close to your experience with the 147. And if someone paid top dollar for the 2008 car and it depreciated to the lowest level over 2 years to be the same point as the 2006 one its closer to $9k.
Buying a car or motorbike doesn't make a lot of economic sense to me, no matter how I try and do the sums. But did anyone see that great quote from Nick Mason in an interstate "Drive" section last Thursday? "If I could get back all the money I've ever spent on cars, I'd spend it on cars." Haha, I love it!
http://watoday.drive.com.au/motor-news/blogs/drive-blog/did-they-really-say-that-20110428-1dxxo.html (http://watoday.drive.com.au/motor-news/blogs/drive-blog/did-they-really-say-that-20110428-1dxxo.html)