Expert on the car market and auctions, Doug DeMuro, discusses topics such as shared ownership, car auction websites, stress of entrepreneurship, car-related accessories, challenges of electric car charging, the experience of owning a certain car model, adding start buttons in cars, vehicle registration rules, pursuing passions in buying cars, features of a truck, and experiences in Dubai and plans to drive the Formula One track.
Owning concept cars requires a commitment to financial responsibility and the willingness to tackle maintenance and storage challenges.
Managing a large car collection is time-consuming, costly, and can affect the ability to fully enjoy each individual car.
Investing in high-quality vehicles that align with your preferences and needs leads to a more fulfilling ownership experience.
Resisting the urge to hoard cars and focusing on a manageable collection enhances practicality and enjoyment.
Cars with unique features and designs, like the Vector W8 sold on Cars and Bids, can be truly eccentric and quirky.
Finding a balance between spending on your passion for cars and maintaining financial stability is crucial.
Deep dives
The allure of collecting concept cars and the challenges they present
Collecting concept cars can be enticing, but maintaining and storing them can be difficult. While concept cars offer unique designs and features, they often come with significant maintenance and storage costs. The allure of collecting these cars diminishes when faced with the reality of the time and effort required to take care of them. Additionally, the value of concept cars can fluctuate drastically, which makes it challenging to gauge their long-term investment potential. Ultimately, owning a concept car requires a commitment to both financial responsibility and the willingness to take on the challenges that come with it.
The drawbacks of owning a large car collection
Owning a large car collection may seem appealing, but it comes with significant downsides. Managing a large collection is time-consuming, costly, and often requires significant storage space. Additional challenges include registering all the vehicles, maintaining and ensuring their condition, and dealing with potential depreciation. Moreover, having a vast car collection may result in less time to enjoy each individual car fully. It's important to carefully consider the practicality and responsibilities associated with owning a large car collection before diving into such an endeavor.
The importance of choosing quality over quantity in car ownership
When it comes to car ownership, quality should always take precedence over quantity. Rather than accumulating a large number of cars, it is more fulfilling to focus on owning a select few that align with your preferences and needs. By investing in high-quality vehicles that you genuinely enjoy, you can have a more meaningful and enjoyable ownership experience. Choosing quality over quantity also allows for better maintenance and care, ensuring that your cars stay in great condition. Ultimately, the goal should be to own cars that you truly love and appreciate, rather than chasing after quantity.
The challenges of hoarding cars and the need for practicality
Hoarding cars can lead to numerous challenges, from managing limited storage space to dealing with maintenance and registration costs. While it may be tempting to accumulate a large number of vehicles, practicality should always be a consideration. Owning a car collection should be a balanced and enjoyable experience, where each car gets the attention and care it deserves. It is crucial to resist the urge to hoard cars and instead focus on a collection that is manageable and aligns with your lifestyle and resources.
Quirkiest Car Sold: Vector W8 with aircraft screens and unique gearbox
One of the quirkiest cars sold on Cars and Bids was a Vector W8 with aircraft screens and a unique gearbox. This car had three-across seating and an Oldsmobile Toronado gearbox, making it a truly eccentric vehicle.
Lowest Price for a Nice Car: Porsche Panamera priced at $15,500
One of the lowest-priced, yet nice cars sold on Cars and Bids was a Porsche Panamera priced at $15,500. With its luxurious features and impressive performance, it offered a great value for its price.
Highest Price for the Least Car: Hummer EV priced at $260,000
The Hummer EV holds the title for the highest price for the least car, with one selling for a whopping $260,000. While the Hummer EV boasts impressive off-road capabilities and a bold design, its high price tag might not justify its features and overall value.
Surprising Sale: Mega Cruiser at $310,000
One of the most surprising sales on Cars and Bids was a Mega Cruiser sold for $310,000. With its limited production numbers and unique design, the Mega Cruiser caught the attention of collectors, resulting in a significant sale price.
Importing a manual E38 from Europe may not be worth it
Importing a manual E38 from Europe may not be worth it, especially if you can find a manual E38 in your own country or consider performing a manual swap on an existing E38.
Justify spending on your passion for cars
Spending on your passion for cars can be justified by recognizing that not all hobbies and interests make financial sense. It's important to prioritize your happiness and enjoyment of your hobbies. However, it's also important to be reasonable and not go broke pursuing your passion.
Comparing the rise of electric cars in China
China is making significant strides in the electric car market, with over 50% of cars on the road being hybrid or electric. Domestic brands are popular, including Tesla and the Ticon. China's progress in the electric car market is outpacing many other countries, highlighting the importance of sustainable energy sources and the potential for the future of electric cars globally.
Consider waiting until spring to sell a Corvette C7
If possible, it may be more beneficial to wait until spring to sell a Corvette C7, as there may be more buyers during that time. Selling in the spring, when the weather is warmer and more people are looking for sports cars, can potentially lead to a higher selling price.
Finding work-life balance as an entrepreneur
Finding work-life balance as an entrepreneur can be challenging, especially when running multiple businesses. It's important to prioritize family and downtime, and recognize when to take breaks and recharge. However, being an entrepreneur often requires additional time and effort to grow and sustain businesses.
Reflecting on the challenges of being an entrepreneur
Being an entrepreneur comes with its own set of challenges, including financial risks, mental hardships, and constant pressure to succeed. It's common to experience self-doubt and feelings of failure. However, overcoming these challenges can lead to personal and financial growth.
Balancing financial sense with pursuing your passion
Not all hobbies and interests make financial sense, but the pursuit of passion should be prioritized. It's important to find a balance between spending on your passion and maintaining financial stability. It's okay to spend money on things that bring you joy, as long as it's done responsibly and within your means.
Considering the value of micro brands heavily advertised on Instagram
While some micro brands advertised on Instagram may be of poor quality, it's not fair to dismiss all of them. Some micro brands produce high-quality watches and offer unique designs. It's important to research and evaluate each brand individually before making a purchase.
Expectations for ordering a new GT3 without ADM
While it's possible to foresee a time when a new GT3 can be ordered without ADM (additional dealer markup), currently, dealers often charge ADM due to high demand and limited supply. The market determines the final selling price of the car, and if demand remains high, ADM may continue to be common.
Justification for spending on cars as a passion
Spending on cars as a passion can be justified by recognizing that it brings joy and fulfillment. While cars may not always make financial sense, pursuing one's passion is an important part of life. It's essential to find a balance between financial responsibility and indulging in activities that bring happiness.
Doug DeMuro on the car market, auctions, his weird Mercedes, the convertible G-Wagon, why he is done buying supercars, and more!
Recorded November 13, 2023
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