Some of y'all need to be patience. The BoC has just started raising rates, RE across Canada is falling and cheap money is disappearing. A lot of the supercar sales up here in Canada were fuelled by big profits in RE but those days are coming to an end. Wait till Sept and we should start seeing prices correct.
Huracan pricing bubble
I don’t know about anyone else, but these prices are getting out of control. Evos with 5k+ mileage asking for 350k plus?? Performantes in the high 300 low 400 range? 610s approaching 300? At some point this has to relax a little. I’m just some old guy venting that when he finally has enough to purchase the cars that the asking price keeps getting higher and higher.
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It is amusing and a little bit strange that we can now talk about selling our preowned cars for a profit, and even have to concern ourselves with the notion of capital gains. Strange times indeed.And no, most people won't be stupid enough to declare a gain on their car lol. I don't care whether we are supposed or not but I already pay enough taxes to this stupid government. Same thing when people make a gain on collectibles (watches, cards, shoes etc), I doubt they will declare that as well.
Used 2021 Lamborghini Huracan LP 640-4 STO | iLusso Stock #A17997
Used 2021 Lamborghini Huracan LP 640-4 STO Stock # A17997 in Costa Mesa, CA at iLusso, CA's premier pre-owned luxury car dealership. Come test drive a Lamborghini today!
www.ilusso.com
Lowest price I’ve seen….
Nice example except the interior is a tad filthy. For ~ $500K they could have at least done some interior detailing. Who owned this car, Oscar from the Odd Couple?Used 2021 Lamborghini Huracan LP 640-4 STO | iLusso Stock #A17997
Used 2021 Lamborghini Huracan LP 640-4 STO Stock # A17997 in Costa Mesa, CA at iLusso, CA's premier pre-owned luxury car dealership. Come test drive a Lamborghini today!
Lowest price I’ve seen….
Oh I am patient lol. I am waiting for someone to drop out of the tecnica list so I can get one haha.Some of y'all need to be patience. The BoC has just started raising rates, RE across Canada is falling and cheap money is disappearing. A lot of the supercar sales up here in Canada were fuelled by big profits in RE but those days are coming to an end. Wait till Sept and we should start seeing prices correct.
And it's not a resale spec. Interesting.Used 2021 Lamborghini Huracan LP 640-4 STO | iLusso Stock #A17997
Used 2021 Lamborghini Huracan LP 640-4 STO Stock # A17997 in Costa Mesa, CA at iLusso, CA's premier pre-owned luxury car dealership. Come test drive a Lamborghini today!
Lowest price I’ve seen….
It has quite a lot of miles. Owner probably didn’t plan to resell it. I wonder if all those colors are wraps or ad personam from factory. If they’re not wraps, that’s an awfully low price for the car. Those color options had to be $35-50K all included and the car would have a $400K plus MSRP.And it's not a resale spec. Interesting.
Lambos are in fact standard-issue cars for crypto millionaires and get-rich-quick types (unfortunately); these are the individuals who've suffered the most in this pullback. Amazon is trading at pre-pandemic levels, the entire FAANG index is down almost 40% YTD actually. The average Pagani owner might not bat an eyelid but most people now finance Lambos which often means their dry powder isn't unlimited and they're just 'wealthy' as opposed to having FU money.Slow down maybe, recession I'm not sure. I'm not talking about everyone but many people are making more money than ever working from home and that's good news for my biz at least.
I'm still perplexed why anyone worries about a recession if they can afford a Lambo.
I said it before but for me when I bought my current car, I thought poof money gone. I do not think of depreciation because I know when I sell it'll be practically worth nothing, I'm putting so many miles, wearing out the tires, wearing out the engine etc. I bought it to drive it every day, every day I have fun and I would be miserable locked in my house every night watching TV. I've been watching TV for over 20 years when I was an employee. Now I can afford putting premium gas so I'm catching up in the happiness department. I'm having a blast.I think not everyone who has a lambo has a lot of FU money to not care about depreciation. I, for example, only have enough extra cash to buy one luxury car as a toy and would let go of my 992 TTS this summer to maximize my gain. Hopefully, I might get a tecnica next year, but who knows. Also not to mention a lot of the crypto ppl favour lamborghini and Mclaren, and a lot of their investment vaporized over the last two months. They probably would like to cash in as opposed to keeping the car just so they can enjoy haha.
And no, most people won't be stupid enough to declare a gain on their car lol. I don't care whether we are supposed or not but I already pay enough taxes to this stupid government. Same thing when people make a gain on collectibles (watches, cards, shoes etc), I doubt they will declare that as well.
As far as declaring gains I would, you see my screen name means several things including the black clouds that are always following me, always. I'm being tested all the time, weekly, monthly. The only way to not get burnt to a crisp is to stay in the shadows out of the sun. Just like a burglar doing many scores, eventually they get caught, it's just a matter of when. You see a 250K car probably doesn't go unnoticed in the CRA files either, they have full time investigators, they are catching up on those who cheated covid checks, even those who work for the RCMP who cheated are getting caught!
A client of mine probably did a slip up one time, he had a stack of his papers the thickness of 20 inch, he had to send these to the CRA, he told me since then every year he had to send everything in and they were scrutinizing every single page.
Most of the STO's listed on the market are flipper cars which why the mileage stands out but still, the price is aggressive for the spec and I assume the dealer must have paid in the low 4's.It has quite a lot of miles. Owner probably didn’t plan to resell it. I wonder if all those colors are wraps or ad personam from factory. If they’re not wraps, that’s an awfully low price for the car. Those color options had to be $35-50K all included and the car would have a $400K plus MSRP.
Lol @ the CRA going after supercar sellers. They can't even go after RE flippers and the information is public knowledge.
Low 400s is barely over sticker if those colors are factory and not after market wrap etc…..I think those colors are after market wraps thoughMost of the STO's listed on the market are flipper cars which why the mileage stands out but still, the price is aggressive for the spec and I assume the dealer must have paid in the low 4's.
While I understand where you are coming from, you're comparing your Vette to a Huracan, which people rarely utilize/treat the same way, and then assuming that that is typical ownership behavior for cars like the Huracan. Even if that were the case, which it most certainly is not, you're still expecting the majority of other owners to share your views and practices, without being willing to acknowledge that how you operate in regards to your fun car is not the norm.I said it before but for me when I bought my current car, I thought poof money gone. I do not think of depreciation because I know when I sell it'll be practically worth nothing, I'm putting so many miles, wearing out the tires, wearing out the engine etc. I bought it to drive it every day, every day I have fun and I would be miserable locked in my house every night watching TV. I've been watching TV for over 20 years when I was an employee. Now I can afford putting premium gas so I'm catching up in the happiness department. I'm having a blast.
You should also consider the fact that there are plenty of folks who saw what the market was doing, initially, and decided to basically buy and drive an exotic for free, or even make money doing so, and now that the market corrections are imminent, are cashing out.
That's fair enough. For me I got the TTS and while I love the car and it is very fast, I wanted a little more drama. If I am gona trade it in anyways, I would much rather get the most back from it. I can't drive the car monday to friday (not good optics to pull up in an expensive sports/super car) anyways and I store it for winter, so I am really losing out on may be 16 days of driving by letting it go early hahah. But like angry banker said above, possibly more lambo are getting out up for sales because those crypto ppl need cash all of sudden now or they can no long afford it all of a sudden. They simply might not be in the position to afford losing 10-15% depreciation next year for a 300-400k luxury car.I said it before but for me when I bought my current car, I thought poof money gone. I do not think of depreciation because I know when I sell it'll be practically worth nothing, I'm putting so many miles, wearing out the tires, wearing out the engine etc. I bought it to drive it every day, every day I have fun and I would be miserable locked in my house every night watching TV. I've been watching TV for over 20 years when I was an employee. Now I can afford putting premium gas so I'm catching up in the happiness department. I'm having a blast.
As far as declaring gains I would, you see my screen name means several things including the black clouds that are always following me, always. I'm being tested all the time, weekly, monthly. The only way to not get burnt to a crisp is to stay in the shadows out of the sun. Just like a burglar doing many scores, eventually they get caught, it's just a matter of when. You see a 250K car probably doesn't go unnoticed in the CRA files either, they have full time investigators, they are catching up on those who cheated covid checks, even those who work for the RCMP who cheated are getting caught!
A client of mine probably did a slip up one time, he had a stack of his papers the thickness of 20 inch, he had to send these to the CRA, he told me since then every year he had to send everything in and they were scrutinizing every single page.
As for the tax thing go, if you are doing private sales, there is really no receipt or anything to trace. The car is not like a house where you use your address to file for tax, they are not going to know whether you still have the car or not. And if you are trading it in to the dealer where there are more paper trail, I am guessing you will be trading it for another car anyways. And if you are trading for a more expensive car, you are not gona be "making any money" per se. That's my take on this matter, perhaps if we have a Canadian accountant here, he/she can clarify haha.
@2Tired I was sharing my point of view, I do not expect anyone to adopt anything, of course not. No one is ever exactly as the same as the next guy, everyone has their way and opinion. That was my take on things.
I’m glad I paid all cash for my Huracan given the recent market turmoil. See a lot of guys struggling.
I did a quick check on car gurus, add another 4 H for sale,
Total 41 cars not counting the listings that are hard to find.
Total 41 cars not counting the listings that are hard to find.
Canada is bound for a harder correction than the US based on how much of the GDP is in housing and how much a pullback there will impact discretionary spending
Maybe i should sell my EVO not driving much.......
Why are they struggling? Have they had a reverse of income since they bought? Seems like compensation is going through the roof everywhere. Maybe they were relying on stock trades? I don’t know anybody who is hurting based on leverage right now. Personally, I’m getting the largest loan I can at 3.24% so that when @AngelOfMurci says it’s time to invest I’ll turn and blow that interest rate out of the water. I’ll never see that loan rate again in my lifetime so I’m taking advantage of it.I’m glad I paid all cash for my Huracan given the recent market turmoil. See a lot of guys struggling.
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