82 replies to this topic

[dascind]

Members

 

An interesting article in the Sydney Daily Telegraph Motor Section (10.1.15) about an SLR 5000 Torrie. Article says its expected to fetch up to $500,000 - yes that's a lot of dough. Estimate is based on its history - former Brock raced et al.

 

Whether it achieves the price or not, it does raise the question about the nature of 'collectors'. Generally a 'collector' (of cars, stamps, toys ,books, antique furniture etc) will always have the money to pay for what they want or desire to have in the in their own collection or cabinet so to speak. Bread, butter and bills are not priority!

 

The frantic bidding that occurs on sites like eBay generally reinforce this statement of collector intent.

 

Anyway, interesting reading.

 

Cheers Dave

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[purrlx]

Is that the car Dusting owns

[GMH-01X]

Rod Hatfield owns it

Az

[Covert]

I understand the significance of its history but thats a lot of cash  

[xu2308]

Well u never know, the HDT LJ XU1 that finished 2nd in the 1973 Bathurst Race sold for $500,000

[yel327]

Geez, imagine what a significant ex Race car would be worth if they ever turn up, if that is worth 1/2 million? Something like Bruce McPhee's GTS327 or Colin Bond's GTS350 or other later Bathurst winners.

[yel327]

I could have bought the '78 winning car for about $30k in the 90's, can't remember the exact details but it was local to me. I'd still rather a Series Production winner though, which for Torana means the 1972 car.

[Redzone]

The 72 car should be worth at least a mil i'd reckon. Dad sold it for 7k :0

[RallyRed]

...nice

 

With the current talk on possible tax changes to superannuation....things like this may be a good tax free investment?

 

But I do wonder how long before some Canberra genius figures out they can tax profitable car sales?

 

Not sure if the market will support that price...but wow, what a car to own.

[yel327]

They'd never tax car profit unless you are a dealer, otherwise they'd have to allow you to claim losses on them as well!

[RallyRed]

hmmm...if that's the case......maybe a tax IS a good idea Yel....reckon I've lost on nearly all of em!  ha ha

[Bigfella237]

I'm no accountant but there is such a thing as capital gains tax, if you buy something as an investment and make a profit when you sell it then you have to pay tax on the profit (as if it were income).

 

What you need is a capital losses credit but sadly the sceme only works one-way... in their favour!

[xu2308]

 I heard the Dentist that owns the Green GTHO Phase 4 Falcon was offered Two Million $$$$$ for it and knocked it back.

[yel327]

I'm no accountant but there is such a thing as capital gains tax, if you buy something as an investment and make a profit when you sell it then you have to pay tax on the profit (as if it were income).

 

What you need is a capital losses credit but sadly the sceme only works one-way... in their favour!

 

There is capital gains tax, but that legislation also allows you to claim losses. If the Tax Office started taxing private motor vehicles as a capital gain, we'd all claim the losses on most cars when we sold them.

 

If a business (or business undertaking like a Superannuation fund) bought and sold a car and made a profit or loss then there is tax implications. For a loss the business gets to claim depreciation except for some circumstances when the vehicle is a commodity. For a gain it is simply business profit normally. 
 

[RallyRed]

prob a bit like having racehorses etc....if you try and run it as a business and claim a tax deduction for  feed, vets, trainers, transport  etc etc....then they will also want to tax any winnings or prizemoney.

However, if you operate it like a hobby, and just cop all the expenses on the chin, then they don't tax your winnings etc.

 

...from what Im told by those who have the bloody things

[REDA9X]

Why do you think people are coming out of the woodwork claiming they have cars, money.

Geez, imagine what a significant ex Race car would be worth if they ever turn up, if that is worth 1/2 million? Something like Bruce McPhee's GTS327 or Colin Bond's GTS350 or other later Bathurst winners.

What exactly is that supposed to mean???

Being a car that was crashed I don't think it will get anywhere near that price.

[Ice]

No Torana is worth that cmon get real doesnt matter who drove it or how many races it won
but a fool and his money