How much extra do you think people should pay to buy a celebrity's used car? I suppose that depends on the car. And also on the celebrity.
History can teach us a lesson. Let's take a look at the world of classic rock. Back in 1976, Boston released its debut self-titled album. Do you remember the big hit? "More Than a Feeling". "Long Time" was also pretty big. And "Peace of Mind" also got some airplay, at least on album-rock radio.
Now classic rock remembers Boston. Classic rock stations play "Peace of Mind" and "Rock and Roll Band". H sure, they also play "More Than a Feeling" and "Long Time", but nowhere near as much.
What does this have to do with celebrity used cars? Ell, celebrity is a fickle thing. What – and who – is big today, might not be the what and the who that people remember most and value most tomorrow. Some of today's big celebrities will be remembered for a long time. Others will be forgotten. And one or two might be idolized fifty years later (Think Elvis. Think Marilyn.)
Before investing in any celebrity item, it would help to have a crystal ball to see which celebrity will be idolized fifty years later. Unfortunately, my corner store is sold out of crystal balls right now, so I can't help much.
But then there is the problem of the car. Boston's songs have longevity. They get transferred from format to format. But cars are generally considered a depreciating asset with a relatively short shelf life. Investing in paintings by famous artists and jewelry worn by celebrities of the past makes financial sense. But what about investing in a celebrity's car?
Justin Bieber put his name on a car. Literally. He signed a brand new 2012 Hyundai Genesis Turbo Coupe, worth about $35,000. He signed the bright red vehicle in four different spots, just to make sure nobody missed the point. This was not a used car. It had never been driven by Justin Bieber. He paid no more attention to it than to sign his name.
While some people expected the car to sell for more than $100,000, it stalled at $35,000 on eBay, before making a last minute lunge all the way up to $40,000 with just minutes to spare before the auction deadline passed. So the signatures were worth just over $1000 each. That is, at best, a significant expression of doubt that his name will endure over the ages (even if the car somehow does).
Barack Obama listed his car - his used car, the Chrysler 300C that he actually drove - for a cool $1 million on eBay. A 2005 Chrysler 300C Sedan with only 19,000 miles might typically be worth $15,000, so that is quite a celebrity mark-up.
Obama did not autograph the car. He is counting on his celebrity status - real celebrity, he is a President, after all - to sell the car and make him huge gobs of money. And most presidents are remembered, although not all of them are.
Still...$1,000,000 for a $15,000 car? Would you be willing to fork over that kind of money for that kind of car?
Author Resource:-
Freelance writer David Leonhardt is a former CAA spokesman. You can find plenty of cars for sale online these days. You can also sell your car online.
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