I think its funny that Clarkson believes that retirement savings are a complicated nuisance for his children. How easy is it for most children to address a classic car collection, to include the completed cars, partially finished restoration projects, parts farmed out to various shops, parts cars, dirty rusty parts unlabeled in boxes, spare fasteners, tools, storage space, insurance, receipts, literature and reference materials? I suspect most of us have a substantial investment in what I call life support systems for our cars, which very few of our children would be able to understand.
Classic Cars as investment - article by Jeremy Clarkson in Sunday Times - 5 August 2018
- Thread starter Marco 54
- Start date
great thought , I was thinking about that scenario but with my wife in case of an early demise and who I would entrust to deal with it so she wouldn't get screwed
Two options: a) leave them to me, b) collect Rolex watches instead, much easier to transfer.
My son worked with me on my cars when he was a teenager and also worked with a group of guys maintaining a classic car collection, so he knows enough about this that I am confident it won't be a burden for him. I have given some thought to passing my cars and related stuff to him directly if I die before my wife; otherwise most of the stuff will not get used and may decline in value from disuse.
To some extent this question depends on how much money is involved and what you want to happen with the money that is tied up in the cars. My coupe is my only classic car; the two other old BMWs are probably worth only $10k between them.
I have thought that a grantor trust might make sense if I had a lot more money tied up in cars. That way I could retain a life interest (and use the cars while I am here), designate a trustee and direct what happens to the cars when I am gone. This, of course, is expensive, but it would set up a plan that takes the burden off of my wife. But even if a good plan is established, the problem of who to entrust to execute the plan would arise here too.
My wife says that if I die, ( make that when I die ), she dreads the thought of what to do with all the "stuff" in the garage.
Well, like a lot of things, it all looks valuable to me but to others it's a nuisance. To the unknowing my range of Festool power tools is the same as any other but to those who know, this is Rolls Royce gear. The same for many of my woodworking tools. Do I expect her to get the best outcome for all of this?
On the other hand - I remember a hoarder, well known in local BMW circles, who wouldn't sell anything for less than dream prices; prices that no one saw the sense in paying, almost on principle. His pile included an M5 engine half buried in the ground, Lotus Elan left out to rot, a 2002 ditto, 2 M5 sedans, etc. Over the years it all deteriorated and rusted away till it was virtually worthless.....and then he died. His daughter called in the scrap yard and it was all taken away, all that precious treasure. She just wanted to sell the house and get out of there.
On the other other hand - Many imagine finding some little old lady passing on her departed husband's 250 GTO Ferrari. You know thew scenario - "Oh this old thing, it has sat in the barn for years and it's probably worthless but would you be a dear and take it away for me?"
Well, like a lot of things, it all looks valuable to me but to others it's a nuisance. To the unknowing my range of Festool power tools is the same as any other but to those who know, this is Rolls Royce gear. The same for many of my woodworking tools. Do I expect her to get the best outcome for all of this?
On the other hand - I remember a hoarder, well known in local BMW circles, who wouldn't sell anything for less than dream prices; prices that no one saw the sense in paying, almost on principle. His pile included an M5 engine half buried in the ground, Lotus Elan left out to rot, a 2002 ditto, 2 M5 sedans, etc. Over the years it all deteriorated and rusted away till it was virtually worthless.....and then he died. His daughter called in the scrap yard and it was all taken away, all that precious treasure. She just wanted to sell the house and get out of there.
On the other other hand - Many imagine finding some little old lady passing on her departed husband's 250 GTO Ferrari. You know thew scenario - "Oh this old thing, it has sat in the barn for years and it's probably worthless but would you be a dear and take it away for me?"
Belgiumbarry
Well-Known Member
my wife thinks it will cost more to get it all away out of my garage than the value of it... i doubt that ! 