RDMcG

Bloomberg reported today that used car prices in the US fall 4.2% this month and 10.8% year over year, so there is some support for a view that we are over the escalator period. As always , the debate will split those owners who fervently believe that prices will never fall and those who wish to buy who have a view of the right price.

RealityGT

Who's paying $350k for 992 gt3?... madness..

Land prices in Toronto, won't ever go down.. There will be some instability in the condo/townhouse markets as commercial properties are overhauled, but the price of Land is just going to increase.. buy it up while you can.

I buy/reno/flip ...just purchased a home with a $250k haircut in just over a year.. This will be a keeper for my kids when they start Uni, but rental for now.

RDMcG

Very hard to tell the future of GT cars. I had a 2010 997.2RS that I sold a bit above my purchase price (MSRP) with 10,600km on it in 2013.

A blue example sold for USD440k a couple of months ago, So there is indeed some madness out there. My guess is that they will ease back but very unlikely to go below MSRP including the accursed luxury tax. While not paid by the second owner, it is in the base price, and also we have to account for the price increases that are not trivial.

M718R

This is more likely a generational problem than management. The new generations ethics are just very different than say people born in the pre-iphone era. I notice it in every where, not just car dealerships.

tbuff

what do you mean?

M718R

Sorry I was replying to the above comments about staff

#1SomeGuy

I'm hoping cottages keep dropping, ideally they hit bottom in ~2025-2026 as I will have my primary residence paid off and interest rates might have come back down a few points by then. Would be nice to scoop something up for a reasonable amount.

theiceman

so any thoughts on a bump or hold the line ? i originally thought after the last .25 bump they would hold the line, but now i'm not so sure..

and personally i hate being bothered while i look at cars, i hate the B-line for me as soon as i show up in the showroom or look at a car, just leave me alone and let me browse, im not so inept that i cant ask for help if i have a question , i dont need to be waited on hand and foot as soon as i walk in and look at a car. maybe just me though.

pfitzsim

Sounds like a bump is the safe bet at this point. I would assume the last one before we start going in the other direction in late 24’ / early 25’.

theiceman

so you think two months in a row, then nothing for a year and a half ? seems odd.

pfitzsim

I’m far from an expert in the field but a general observation I have in my early 50’s is that with our aging population there are a lot of recreational properties being willed to a generation that I don’t necessarily think wants to own second properties and/or has the ability to maintain one. My wife’s family cottage is a prime example - parents in mid 80’s with 3 kids of which one lives in Alberta and the other Australia. Co ownership simply wouldn’t work and with an approx value of $3M we’re not exactly jumping at the oppty to write a cheque for $2M (which we don’t have) and pay $8k a year in property tax for a couple of weeks on the water. Just my $0.02

theiceman

and who cant you a cool million

KenTO

That's the problem, everyone went crazy for a vacation property during the pandemic but who wants to own and maintain a property for a year and only use it for 2-3 months total if that. I thought about a property in Miami but then figured I could stay at a 5 star hotel for a month or two and it would be way cheaper.

#1SomeGuy

Honestly, my ideal property will be a couple acres with decent tree coverage, doesn't need to be on water or any other specific recreation features...I just want the space to build a really decent sized shop and have a little 2 bedroom at most with it. Heck, even a barndominium would suffice. Ideally within an hour (or half hour even better) of home as I won't give up the city house for it, we prefer to live where everything is close and convenient so moving entirely to a house in the country isn't in the cards. It definitely isn't something I'm looking at for just summer weekends though.

Onami

My Neighbour took a different approach. He spent a fortune on a backyard oasis and high end finished basement (we have walk-out basements). He said his time was too valuable to spend hours on a commute each weekend to get away to a cottage. He ignores the phone from Friday evening through Sunday evening and treats his time as if he is away for the weekend.