https://www.foxnews.com/auto/rally-rd-app-lets-you-invest-in-collectible-cars-like-stocks
What will they think of next?
Steve
Wow. Thanks for sharing, Steve. Who would have thought?
That's pretty cool BUT, how does the DMV & Insurance fit into this concept?
Sketchy
This brought to mind the Johnny Cash song One Piece at a Time. ::)
Quote from: Bigfoot on February 18, 2019, 10:38:46 AM
Sketchy
Yeah, you would really have to trust this Company. If I understand this right, the Company finds the Vehicles and Buys them, they then decide how much Profit they want to make on the Car and add THAT to the price of the car, and then decided how many Investors to bring on board and how much to charge each Investor. They sit on the Car for a bit hoping the Value goes up and then sell the Car which they divide the sell Price by the number of Investors and divvy up the Money. They already made their Money from the Investors. For this to work, they will have to get the Vehicles SUPER SUPER CHEAP and sell them at a SUPER HIGH Price. and I do not see that happening to often.
Surprised its taken so long for something like this to be tried. Couple of us discussed the possibility back about five years ago of doing something very similar. Though it would work and be popular in certain circles. Had some down sides and possible flaws but what funds don't. But bottom line - just another discussion that went no where :)
I guess it's fun for guys who want to brag that they own a Lambo, Viper, and a bunch of other cars.
They just neglect to mention that they own 1/1000th of them.
Quote from: J_Speegle on February 18, 2019, 01:27:23 PM
Surprised its taken so long for something like this to be tried. Couple of us discussed the possibility back about five years ago of doing something very similar. Though it would work and be popular in certain circles. Had some down sides and possible flaws but what funds don't. But bottom line - just another discussion that went no where :)
I would be afraid that it would be similar to Hiring an Attorney to defend you in a Case where he tells you he get $200 an Hour and doesn't tell you about all the Other inflated Fee's that you are also on the hook for like Photo Copies, PI Fees, Phone Calls, Meals, etc. and with THIS concept it would be, Car washes, Oil Changes, Insurance, Gas, Tune Ups, etc and when it is sold and the Money is split up among the Investors, you'd be lucky if you broke even.
Is the vehicle never to be driven again until it is sold? Or is it like a time share offering of actual use? Sounds way too risky. If all you can say that you you own an exotic car but can never drive it or show it off, why bother. 8)
Quote from: Don Johnston on February 18, 2019, 03:07:42 PM
Is the vehicle never to be driven again until it is sold? Or is it like a time share offering of actual use? Sounds way too risky. If all you can say that you you own an exotic car but can never drive it or show it off, why bother. 8)
From how it reads, you are only paying $100 to about $500 per Share and the Vehicle stays in their Show Room until THEY decide to sell it, around 90 Days maybe longer or fewer.
That outfit is not the only ones doing it. There is another company in CA doing it. This is a pyramid scheme from word one!!!!
Thank you for investing in the $200,000 car we bought at Barrett Jackson. After driving the car for the last six months and advertising, storage, maintenance cost, insurance and administrative fees we have realized only $100,000 from the sale. But on the bright side my brother in law is enjoying the car.
You know if you cant trust your brother in law, or your friends on a car deal..... Than you really shouldn't trust these scammers on a lets see how many dumba--es we can catch on this deal. >:( Run as fast and as far as possible from this SKETCHBALL arrangement.
Quote from: 98SVT - was 06GT on February 18, 2019, 09:47:12 PM
Thank you for investing in the $200,000 car we bought at Barrett Jackson. After driving the car for the last six months and advertising, storage, maintenance cost, insurance and administrative fees we have realized only $100,000 from the sale. But on the bright side my brother in law is enjoying the car.
I wouldn't bet against that ^^^ scenario... especially if they are short-term deals.
"the Large Print giveth and the Small Print taketh away"? ::) ???
Quote from: 98SVT - was 06GT on February 18, 2019, 09:47:12 PM
Thank you for investing in the $200,000 car we bought at Barrett Jackson. After driving the car for the last six months and advertising, storage, maintenance cost, insurance and administrative fees we have realized only $100,000 from the sale. But on the bright side my brother in law is enjoying the car.
I don't think they would be buying the over bided Cars from those types of Auctions. I would think they would be combing thru the News Paper Classifieds looking for people down on their Luck needing Money and banging on doors of recently Widowed Ladies trying to talk them out of their Late Husbands Classics for Pennies on the Dollar.
Quote from: 98SVT - was 06GT on February 18, 2019, 09:47:12 PM
Thank you for investing in the $200,000 car we bought at Barrett Jackson. After driving the car for the last six months and advertising, storage, maintenance cost, insurance and administrative fees we have realized only $100,000 from the sale. But on the bright side my brother in law is enjoying the car.
Or
Thank you for investing in the car we bought from my brother-in-law that my baby's Momma's cousin appraised for $200k