Unexpected costs

Discussion in 'Ancient Coins' started by mightyknighty, May 2, 2021.

  1. mightyknighty

    mightyknighty Member

    Sure I will but I doubt the price change much. At the end of day 32000$ is transmission part and $3000 is for labour . I might be able to save a bit on labour but the part is the main cost
     
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  3. Ryro

    Ryro Trying to remove supporter status

    Read an entire post and learned nothing about ancients, nor their coins. Smh.
    Pyrrhos of Epirus was Alexander the Great's cousin once removed on his mother's side:
    20190326_155038_C8B85D1B-01D6-4EAE-A8B0-0A373253FF2E-406-000000D0FE2A3B9C.png
     
  4. furryfrog02

    furryfrog02 Well-Known Member

    But he didn't have a porsche ;)
     
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  5. RichardT

    RichardT Well-Known Member

    This is true, but I have learnt a lot!

    Going into debt to buy coins is a bad idea, it's bad debt. Unless you intend to flip the coins for a profit, which I hope isn't the case.
     
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  6. mightyknighty

    mightyknighty Member

    Why you said it's a bad debt? Some coins are unique in a way that you might not get another one so soon. When you see a coin of special provenance maybe it get offered once upon a life time so getting a debt to acquire it makes sense to me
     
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  7. furryfrog02

    furryfrog02 Well-Known Member

    Nope. Coins are a luxury (like a porsche). Not something to go into debt for.
     
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  8. mightyknighty

    mightyknighty Member

    For you might be luxury for me its life blood :)
    Edit: Not only that, but also to keep my face as a customer of CNG who never back out on his bids
     
  9. furryfrog02

    furryfrog02 Well-Known Member

    Welcome to the world of addiction :)
    Perhaps you need a coin buyer's anonymous support group....or is that what CT is? :p
     
  10. mightyknighty

    mightyknighty Member

    Nah you cant compare this addiction to drugs! It doesn't harm my health! At the end of the day it is an investment as well looking at auction results these days!
     
  11. The Trachy Enjoyer

    The Trachy Enjoyer Well-Known Member

    IMO Id buy the $35,000 part and then sell the car for normal value assuming that is economically feasible. Assuming the Porsche is worth that, your financial woes might be over. $35,000 upfront for its value a few weeks later. Sorry to hear about this financial trouble
     
  12. RichardT

    RichardT Well-Known Member

    I'm not trying to change your mind. But, if you go into debt to buy a coin, you'll need to pay the interest on the loan. Yet your coin or coins won't help you increase your income I think.

    Coins are a luxury. It's classic bad debt. Unless, again, you intend to try and sell the coins to make a profit. Which is doubly hard if you consider the interest payments.

    Anyhow, it's your decision. But I stand by what I said. It's bad debt.
     
  13. The Trachy Enjoyer

    The Trachy Enjoyer Well-Known Member

    I agree. If you can survive with out it, don't go into debt for it
     
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  14. sand

    sand Well-Known Member

    Are the current bids anywhere close to your maximum bids? Or are the current bids still way below your maximum bids? If the current bids are anywhere close to your maximum bids, then like @Restitutor said, you will probably be overbid, and if that happens, then you won't have to worry, except for the sadness of not winning the desired coins. I have limited experience bidding on CNG. I've only bid on 1 coin so far, which I won. And it was a CNG electronic auction, not a feature auction. But for the one coin I won, which was a few weeks ago, the winning bid tripled during the final day of the auction. And many people have been saying, that these auctions have been going crazy, in the last year.
    Edit : P.S. : If the current winning bids are below your maximum bids, I wonder if you are allowed to decrease your maximum bids, just using the web site bidding user interface, so that your maximum bids are equal to the current winning bids. That would increase your chances of getting overbid.
    Edit : P.P.S. : Another factor is, are you the only person, who has bid on these coins? If multiple persons have bid on the coins, then that increases your chances of being overbid. If you are the only bidder so far, then your chances of being overbid are less.
     
    Last edited: May 2, 2021
  15. mightyknighty

    mightyknighty Member

    I know what you mean economically it doesn't make sense as I will lose the money at the end. But isn't this true that many people lose money on most coin purchases anyway and the reason they buy them is to enjoy having them and not thinking about financial gains? For example, the person who paid 900 Euro on that Gordian III coin in the other thread would surly lose money if he ever try to sell the coin and I am sure he knows it but still he bought the coin because most likely he loved the coin and did not care of losing money over it right?
     
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  16. tibor

    tibor Supporter! Supporter

    Fax CNG a copy of the estimate for the car repair. They will be
    understanding. Do not take a loan from the bank to buy coins.
    Most important, above all else, do not keep secrets like this from
    your wife. If she finds out you will regret it for the rest of your life.
    Do yourself a favor and post an ancient in your first post.
     
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  17. mightyknighty

    mightyknighty Member

    Not sure about other members here but my wife is strongly against me spend any money on coins let alone if I tell her I am getting a loan to buy coins! Be honest guys, does your wife accept you spend more than 5k on coins a year?
     
  18. Numisnewbiest

    Numisnewbiest Well-Known Member

    So you have $35,000 available that you're happy to spend for car repairs, but you can't live without $4,000 in coins? Maybe I'm missing something, but that doesn't make any sense to me. You should sell the Porsche, buy a more sensible car, and you could have your $4,000 in coins, a reliable (but sensible) used car, and money left over for more coins, too.
     
  19. Inspector43

    Inspector43 Celebrating 75 Years Active Collecting Supporter

    That is how it is with those special cars. My boss had a 450SL and the muffler bracket broke. The dealership wanted $1500 for the part. His machine shop made him one for a couple of bucks. This was in the early 80's.
     
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  20. mightyknighty

    mightyknighty Member

    Yes what you said makes total sense issue is my wife loves the Porsche as she always shows off to her friends and brag about it when we hangout with other folks so I really cant sell and get a modest car instead. I would if I was single for sure!
     
    Inspector43 likes this.
  21. Numisnewbiest

    Numisnewbiest Well-Known Member

    Wow...I'll just keep my thoughts to myself.
     
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