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As you can imagine, the internet had a few things to say about the price move. Here's a few choice comments from the Reddit Traderverse™:ProfessorFrink1 - 36 upvotes -
sourceMost cars like this are on agreed value insurance for well over their actual value and the payout ends up being a substantial windfall. This is why people hate the rich. Source: have an exotic that was totaled out.
Dothemath2 - 23 upvotes -
sourceThis is what I have been thinking. Supply chain issues is limited to chips and cars because of crypto mining but shelves are stocked, variety of goods and waste is as plentiful as ever! Inflation was caused by printing!
ProfessorFrink1 - 19 upvotes -
sourceImagine you can afford a car like this. Now imagine that you can afford the insurance on it. Now imagine that the difference in monthly premium between having a $200,000 and a $250,000 declared value is maybe $30 a month. What would you do? You’d probably take the bet at the higher number. The premium is higher but for collector car insurance the difference is so little it doesn’t make sense to under insure your car. Pretty much everyone over insures them, especially people with cars like this.
pilesofcleanlaundry - 19 upvotes -
sourceAnd guns and cars.
ProfessorFrink1 - 13 upvotes -
sourceThis is actually why for speciality cars you have collector insurance with agreed value. It’s tough to quantify the price of a rare or exceptionally nice specimen of a non-rare car. A 2001 BMW M5 might book at $10,000 but a nice example would trade for $35,000 - $40,000. With agreed value, you state the value you want to put on the car and the insurance company let’s you know if they’ll insure it for that amount. Once the policy is written, that is the amount you will get in the event of a total loss. It doesn’t matter if your car drops in value and is now worth $5,000.
ProfessorFrink1 - 13 upvotes -
sourceYou should not. I worked many late night shifts at Wendy’s grinding up unsold burgers to put into the chili so that I could afford my cars.
flatulent-noodle - 11 upvotes -
sourceIf only this would make the nissan Z a little cheaper just like the japanese cars in the 80s
myironlung6 - 10 upvotes -
sourceI was promised flying cars, hot robot sex dolls and utopian ideals. Instead I got climate change, anti vaxxers, potential nuclear war and kids eating tide pods and sautéing chicken in NyQuil
Strange-Scarcity - 9 upvotes -
sourceThat’s only if one person does it. If 40% people in every city stood up, heck, maybe if 25% in every city stood up and started flipping cars… things would change.
fatzipper5 - 8 upvotes -
sourceBut what if the peasant class gets really really angry and starts flipping cars? That will catch the attention of the ruling class to change things right??