Why would they buy it?

Automobile magazine article on the sale of a $8 million FerrariThis Ferrari sold for more than $8 million. Yes, million. And it’s probably older than you are.

I tried to think through what would motivate someone to spend that much money on such an old car.

1. It’s art. Yes, it is a beautiful car. And it’s almost as rare as a Picasso painting.

2. The collector is hoping the value will increase. That is a bet; markets could crash and what a singer named Larry Norman sang a long time ago, “A piece of bread could buy a bag of gold,” might come true.

3. The collector has enough money that they are not worried about what brand of laundry detergent to buy.

4. The collector has never been to a slum in Africa or Asia.

5. The collector has enough money to pay insurance for his or her occasional drives. (One year’s insurance must be more than the cost of my house.)

Do you have any ideas on what they were thinking?

Special thanks to Automobile Magazine, where this was featured.

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4 Replies to “Why would they buy it?”

  1. I don’t know what they were thinking, Paul, but quoting Larry Norman? How cool is that!

  2. Honestly it’s a stupid price to pay for a car. I never would. But, I wouldn’t mind if I knew someone who had, and if that person would occasionally put me on their insurance, just for the odd drive. Because some machines really are $8m worth and are also art and sound great.

    1. Good point, Phil — if that owner put me on their insurance for a drive — or if they offered me a ride as a passenger, I could not refuse!

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