When “Matching Numbers” Don’t Add Up

The seller thought it was enough that the engine was the correct type, built the same time as the Camaro, and that its present number matched the VIN

The market places a substantially higher value on “numbers matching” cars, especially in these challenging times. Collectors want the best.

Here’s a quick description of what “matching numbers” means. In addition to stamping a unique identifying number on each chassis (its VIN), Read More

The Long-Distance Purchase and the Lawsuit

The court ruled the buyer had opportunities to inspect the car before buying it and to call the seller to ask about the car, and chose to do neither

Suppose you have a not-so-nice collector car you want to sell for big bucks. Your best shot might be to list it on eBay or some other Internet web site. Here are some tongue-in-cheek tips about how to maximize your chances of cashing Read More

How to Buy a Car in Europe

There’s no uniform code of ownership within the EEC, but each country has documents that will protect you in your transaction

After John Draneas’s learned article (April, p. 34) on the title pitfalls of buying a collector car in the U.S., here’s a European perspective. Or, as the exam question might have read: “How is your answer different if you were buying the car of your dreams in the U.K., France, Germany, Read More

Provenance As an Asset: A New Issue for the Taxman

We are addressing provenance created by the owner after a car’s acquisition, and whether the costs involved can be used to reduce the gain on the sale

Many collectors are selling cars they have owned for several years, often for substantially more money than they paid for them. In many cases, they purchased these cars years ago when they weren’t particularly sought after or valuable, usually because they just liked the cars Read More

Track Day Insurance

High Performance Driver Education coverage insures bad things don’t happen to good people (that’s you) during track days

Here’s a man-bites-dog twist to track day crash liability concerns, resulting from a crash at a Dodge Viper Owners Invitational track event at Las Vegas Motor Speedway. Dodge sponsors such events periodically, and invites Viper owners to participate. The sessions include classroom instruction, track time, and professional driving school instructors.

According to reports from Read More

Nethercutt Slander Suit Fizzles

To rub salt in the wound, the appellate court rejected the Plaintiff’s
arguments that he should get a new trial

A few years ago, I was in Los Angeles for a professional conference and had a free day, so I visited the Nethercutt Museum in nearby Sylmar. The museum is owned and operated by The Nethercutt Collection, a charitable foundation formed by J. B. Nethercutt, who along with his aunt had Read More

When Shipping Your Car Overseas Goes Bad

We were surprised to see that the Ferrari’s title had Rick’s signature forged on it, and the Italian shipping company was listed as the new owner.

Dear “Legal Files”: My husband Rick and I, along with our friends, have encountered a bizarre set of circumstances with Shakespearean elements of trust and betrayal, possible fraud and forgery, and even a hurricane. We think it will interest you.

Having enjoyed ourselves immensely on the Read More

How to Avoid Sales Tax, Part II

A better alternative for Californians may be the use of a Montana business entity, because Montana would allow a legal, tax-free registration of the car

The March 2009 “Legal Files” regarding sales tax triggered two helpful responses from attorneys, which suggested the need for a follow-up on this subject of great interest to car collectors.

It’s not worth going to jail

Excellent advice came from Jon Ash, a Bend, Oregon, attorney with Read More

Pink Slips and Red Faces

Take due diligence steps to protect yourself, even though that interferes with the red mist that materializes when you find the collector car of your dreams

Most states issue certificates of title for cars, often referred to as “pink slips” because of their color (in California, at least; other states have different hues). They are considered foolproof evidence of ownership of the car, although recent incidents suggest that may not always be Read More

How to Avoid Sales Tax-Legally

Five states do not levy sales taxes-Alaska, Delaware, Montana, New Hampshire, and Oregon. Oregon is the winner here

Ever feel like you’re being taxed to death? Everyone feels that way on April 15, but another way to feel the pinch is to buy a collector car and stop by your local DMV to get it licensed.

Consider a hypothetical SCMer taxpayer. He finds the right Ferrari Daytona coupe owned by a motivated Read More

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