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I honestly do not know what to think about these super low mileage cars, I do not understand it at all. You could take a 100K mile car for $28K (like my LBM over Caramel for example :)
and address EVERYTHING possible and more for a better car at a lower price. The ones that sit have me concerned about all sorts of little problems with belts, hoses, fluids,

Full engine out rebuild with reinforced forged parts ~$15K, new clutch, seals, etc
Replace all major components while engine is out ~$10K (suspension, bearings, bushings, swap all fluids etc).
New interior seating and trim materials installed $5K
Concourse level paint job $15K
Refinish wheels, tires $2500

What a bargain at $75K!
Or buy it as it is in great condition already at $28K and drive the heck out of it.
 

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It's part of the current mania in almost all assets. There really isn't anything to understand. It's like having a pristine 1967 L88 427 Vette but the engine isn't "numbers matching." Such a thing might be worth many hundreds of thousands of dollars less (i.e. an L88 vert is roughly $2M). Even if the engine is absolutely identical and even rebuilt to perfectly original standards, just the weird fact that it isn't the exact piece of metal that came in the car originally dramatically alters the car's perceived value.
 
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It's part of the current mania in almost all assets. There really isn't anything to understand. It's like having a pristine 1967 L88 427 Vette but the engine isn't "numbers matching." Such a thing might be worth many hundreds of thousands of dollars less (i.e. an L88 vert is roughly $2M). Even if the engine is absolutely identical and even rebuilt to perfectly original standards, just the weird fact that it isn't the exact piece of metal that came in the car originally dramatically alters the car's perceived value.
Agree. In some strange way, I can appreciate much greater value being associated with an all-original, numbers-matching example over an one whose main components were pieced together, even to a smallish extent. I would say it is the relative rarity of intact 'survivors' (even restored examples), and--perhaps I'm reaching a bit--the opportunity to own an unmolested slice of automotive history.

What I find especially fascinating from a collector standpoint is a long term, completely original and unrestored survivor. There was an example of one on Mecum recently... a '69 Cuda iirc, that was 100% original, extremely low mileage, and unrestored. I don't remember what it fetched, but would I love to inspect that car up close.. the natural patina, the factory original fit and finish...
 

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I think the car will gain its estimated auction price and then proceed directly to the large collection of the owner, most of which are likely not driven.

Me, I don't judge. Hell, if I had enough money and space, that guy might be me.:)
 

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It sold at 160000$
https://bid.goodingco.com/lots/view/1-17E9B4


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And will sell for $150k with 573 miles next year when it's being auctioned again.

I'm all about buying cars to drive but I guess at this point, that car really could be a museum piece. I mean, how many E39 M5s are out there with fewer than 1,000 original miles? It'd be nice to at least have 1 for people to see it in all its original glory.
 

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Now $200,000. Couple years and $500,000 for a sub 1000 mile odometer variant.

Can't help but think of the Imola 2003 with 110 miles that I came so close to buying back in 2008 when BigGar was offering all those pristinely kept "new" BMWs. Member Danish bought it for $50k and put 500 miles on it the first week. My thought at the time was holding it long term and not using it hardly at all similar to BigGar (in addition to keeping the M5 I had then). I wonder what an as new 2003 Imola/black with say 200 miles on it would sell for in today's beyond insane environment.
 

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Can't help but think of the Imola 2003 with 110 miles that I came so close to buying back in 2008 when BigGar was offering all those pristinely kept "new" BMWs. Member Danish bought it for $50k and put 500 miles on it the first week. My thought at the time was holding it long term and not using it hardly at all similar to BigGar (in addition to keeping the M5 I had then). I wonder what an as new 2003 Imola/black with say 200 miles on it would sell for in today's beyond insane environment.
Had the luck of seeing those 3x machines in-person before being sold. That was insane. I opened the driver door, and the climate conditioned environment, saturated leather smell of 6-7 years came whoofing out and right into my nose. That was such amazing smell. I wish I could have perfume with same smell. I would buy gallons and spray everything.
 
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