Would you Trade these Cards for a Corvette ?

[samosa4u]

Trade happened last month, I believe.

[DeanH3]

Looks like a Z06. Tough choice because I love the C8 Z06. But I'd have to say no. The car will depreciate but the cards not as likely. Cool story.

[brunswickreeves]

Well, it depends on how you look at it…

From a happiness and fulfillment point of view (consider how we as collectors find great joy from our cards), this woman got the deal of a lifetime. The cards cost her $0. And she’ll probably enjoy her car as much (or more than) we love our card(s). With and from it, she can create lasting memories with her Grandkids and friends, and transport herself right back to her youth when maybe she always wanted for a ‘Vette. Sounds familiar to card collectors.

From the car seller’s point of view, ROI and long-term value wise they got an amazing deal. Off MSRP alone, they immediately netted about $18K-$20K. Factor depreciation in the ‘Vette and appreciation in the Mantle, the car seller could be at a $50K profit in less than a few years.

Today the Corvette is worth about $82K (see below), based on building the pictured model via Chevys website:

https://www.chevrolet.com/shopping/c...&zipCode=04011

The 52 Topps Mantle today would fetch about $85K (if is a PSA 3 which it appears to be) with that amazing centering and clarity, based on prior sales of similar looking 3s (example from HA below). The 52 Topps Jackie today would get about $15K (if is a PSA 3.5 which it appears to be, based on prior sales (example below).Total value today for the 2 at Auction is approx $100K.

I think in this case both parties walked away very very happy. I would not have made that deal of the cards for a car, but others would think that decision just as astonishing. Here’s a great clip from a movie to illustrate:

https://m.youtube.com/watch?v=BjcNRU...eSBtYW50bGU%3D

[jingram058]

That's an awesome story. I hope she drives that 'Vette like crazy!

[piecesofthegame]

Great question. Everyone assumes the Corvette will depreciate but it depends what she does with it. If she drives it regularly, yes it will depreciate. If she keeps it in a temperature controlled garage, drives it around the block once a month in good weather, and changes the fluids regularly, in 30 years she will have an unbelievable antique with less than 1K miles on the odometer. That will probably be worth 4-6X the MSRP of the car.

Will the Mantle and Robinson appreciate 4-6X in 30 years? My guess is no, but who knows. If you think my theory is crazy, look at AUTO auctions, and see what classic collector cars in virtually new condition sell for. Obviously people with deep pockets make a fortune doing this and waiting 30 years or more to sell.

On the other hand, she looks to be in her 60s, she’s not going to care about the return in 30 years. She might’ve inherited the cards and could care less. In that case,she trades two pieces of cardboard that mean nothing to her for a dream car. She enjoys her golden years in the car of a lifetime. If she’s single, that car may score her some male attention which may lead to a new life…ok I think I went too far!!

[carlsonjok]

I wouldn't, because I am not a car guy. My daily driver is a 2008 Honda Element and my farm vehicle is a 2006 F350. I just want reliable transportation and have zero interest in anything either sporty or luxurious.

But, I am not going to judge anyone who would make the trade. If cars are you thing, have at it. Life is too short and too full of struggle to not find your joy.

[Schlesinj]

I heard a short interview of the car dealer.

Her husband recently passed away. She always wanted a yellow Corvette. The dealer from Indianapolis reached out to a dealer and they bought the cards and she paid cash for the $80k+car. It all happened at the car dealership which must have been neat to see.

I think it is a great story of a woman who will find joy after her husband’s passing from something her husband found joy during his lifetime.

[Eric72]

I didn't read the story; this may have been covered there.

For her sake, I hope the lady inherited those cards at a stepped-up cost basis. Otherwise, she might be looking at a significant tax bill. Trading away a couple cards and receiving a Corvette is a taxable event, if I'm not mistaken.

That reminds me...I haven't seen Bob post in a while. I hope he's OK.

[jayshum]

Is there a link to an article that talks about this? Am I missing it somewhere in the thread?

[brunswickreeves]

https://www.facebook.com/story.php?s...00064780388234

[ullmandds]

Seeing as most here are hardcore baseball card collectors...a more reasonable scenario would be a mans wife dies...she had a killer barbie collection that she cherished since a young girl.

Would you sell her best barbies to buy a corvette?

Hells yes!!!!!

[4815162342]

Originally Posted by ullmandds

Seeing as most here are hardcore baseball card collectors...a more reasonable scenario would be a mans wife dies...she had a killer barbie collection that she cherished since a young girl.

Would you sell her best barbies to buy a corvette?

Hells yes!!!!!

lol no doubt

[jayshum]

Originally Posted by Eric72

I didn't read the story; this may have been covered there.

For her sake, I hope the lady inherited those cards at a stepped-up cost basis. Otherwise, she might be looking at a significant tax bill. Trading away a couple cards and receiving a Corvette is a taxable event, if I'm not mistaken.

That reminds me...I haven't seen Bob post in a while. I hope he's OK.

Looks like the cards were from her husband's collection who died at least 9 years ago. I don't know if obtaining them that way changes the cost basis or not, but either way, there would appear to be some tax due on the sale of the cards.

The story doesn't really surprise me. It wasn't really her collection but came from her late husband. I doubt my wife would keep my cards around unless one of my kids decided they wanted them (which so far none have interest in).

[LEHR]

Cool story!

Would I trade those two cards for a 2025 yellow Corvette? Absolutely not; but I'm not a Corvette guy and I also hate the color yellow on cars.
Now, if the trade was for a rotisserie restored big block 1968 Charger, 1969/70 GTX, 1970/71 Challenger, etc.., we may have a deal.

Regardless, it sounds like she's thrilled with the trade so good for her!

I've always told my wife that I know collecting is my hobby, not hers; and I don't care if she consigns everything the day after I croak. I have given my wife detailed information on who to contact to sell all my stuff after I'm gone; and I hope she's just as happy as this lady seems.

[Balticfox]

Well since I don't like the Topps 1952 Baseball cards and the Mickey Mantle and Jackie Robinson cards don't appeal to me at all, I'd certainly trade those two cards for something, in fact anything that approaches the price they fetch these days. And while new cars depreciate, perhaps an older classic car that appeals to me (there are many) would be the kind of trade bait to tempt me.

[Touch'EmAll]

Gee, I would be more interested in a 1987 Buick Grand National instead. Save some loot.

[bnorth]

Would I trade, yes and no. I would trade cards for a car just not a Corvette as I am not a fan of them.

[Vintagedeputy]

Originally Posted by Touch'EmAll

Gee, I would be more interested in a 1987 Buick Grand National instead. Save some loot.

Oooh, I remember those. Good choice.

[Balticfox]

Originally Posted by Touch'EmAll

Gee, I would be more interested in a 1987 Buick Grand National instead. Save some loot.

+1!

I had one but it was stolen in 1992.

[RayBShotz]

To the OP, nope!

[frankbmd]

When she asked her husband for a yellow Corvette, he responded "Over my dead body."

He kept his word.

[BobbyStrawberry]

I would not.

[Trublubrucru]

Getting in and out of that Vette would be a hassle. I have thought of cashing it all in for a 1969 Shelby GT-500, but now I'm thinking more along the lines of a chunk of land.

[Leon]

Originally Posted by Trublubrucru

Getting in and out of that Vette would be a hassle. I have thought of cashing it all in for a 1969 Shelby GT-500, but now I'm thinking more along the lines of a chunk of land.

+1 Smart move. Trade a depreciating asset for an appreciating one. Everyone should learn that ....

[raulus]

YOLO!!

Anytime we buy anything with our cash other than cards, to some extent we are signaling that other stuff is more important to us than buying more cards.

Not quite the same, but pretty similar for me. Last year, rather than buy more cardboard at today’s prices, I decided to buy less cardboard and instead pick up a vehicle that would bring me some joy.

Even took my mother for a spin (but not this weekend).

[whitehse]

This would have been a cool transaction to witness. I live ten miles from the dealership and bought my last car from Lynch (the dealership this all took place at). I will have to keep an eye out for a yellow 'vette with an older woman driving it and see if she has any other cards she is looking to move. I wonder what she would trade for a nice Chevrolet Traverse.

[Leon]

Originally Posted by raulus

YOLO!!

Anytime we buy anything with our cash other than cards, to some extent we are signaling that other stuff is more important to us than buying more cards.

Not quite the same, but pretty similar for me. Last year, rather than buy more cardboard at today’s prices, I decided to buy less cardboard and instead pick up a vehicle that would bring me some joy.

Even took my mother for a spin (but not this weekend).

+1. Love your car. Congrats.
I have thought of doing the same thing at some point (I ain't getting any younger). Because, as they say, you never see a H-Haul behind a hurse!

I sort of want a new C8 ZR1 but we will see.....
.

[Harliduck]

It's funny, I literally had to ask myself this question about this time last year. Obtaining a 52 Mantle has always been a dream of mine (and many others, lol) and I still hope it will happen one day. I'm also a car guy. I already had a 73 Corvette convertible but the dream there was a red and white C1 (58-60). Both dreams were equal to me.

Anyway, last year in the same week the right Mantle AND the right C1 Corvette came my way, opportunity on both. I spent an agonizing week trying to decide what to own...the Mantle, or the Vette. Both same price, both private situations. I chose the Vette. So I guess in essence, I would answer the question yes, I would make that trade (but only for a vintage C1). The Mantle may appreciate in value more (Vette's are slow and steady...) but I will get more physical enjoyment out of the car.

Maybe one day I'll trade it for a Mantle...haha...who knows.






And wow Raulus...HELL of a car...that's everyones dream!!!

[Fred]

Hey, this is probably what's going to happen to most of the collections that families don't want.

Here's my thought. If she sold the cards, then I'm wondering how the cost basis was determined. Technically, isn't there supposed to be taxes on difference of cost basis when sold? If the card was "inherited", then wouldn't the cost basis be based on the value of the card at the time of death of her husband (assuming she inherited it)? Or is it community property which can then be taxed on the cost basis when the husband purchased the card? If we go with that, then if the husband purchased the card for $20K, wouldn't she be on the hook for $60K of gains?

All in all, I guess it's a reason to put something together if your family has no interest in cardboard so that they don't plan on how to liquidate the cardboard when we kick the bucket.

Any ideas on what to include in the instructions for the death of a collector? For larger collections worth $$$ would it be a good idea to have a document that establishes the cost basis? If so, how does someone prove that? Any tax people out there with any input on this?

[mrreality68]

If they both agreed on it then they are both happy with it.
Also since the transaction was a trade they both probably did not pay the taxes as appropriate for each side
But hell of a trade. I wish as I could have made a trade like that with my cards years ago.
Now I would not

[brunswickreeves]

Ferraris, and Mantles and ‘Vetts, oh my

[raulus]

Since there’s an interest in the tax implications, I’ll weigh in with my thoughts.

The spouse does get a basis step up on the date the spouse dies. Even in a community property state.

You can read more here if you are inclined: https://www.thetaxadviser.com/issues...ms-abound.html

But the spouse died several years ago, before the COVID boom. So let’s say he died in 2016. Fair market value on that date would be the new basis. The surviving spouse then holds for several years before selling. In this case, there would definitely be a taxable gain, because the cardboard has increased in value by a lot in the interim.

The good news is that the federal tax rate is probably 28%, but maybe higher if the NIIT applies. Plus state and local tax, natch.

[raulus]

Originally Posted by brunswickreeves

Ferraris, and Mantles and ‘Vetts, oh my

Usually when people ask what I do, I tell them to watch this movie to get a taste of what it’s like to be an accountant.

[jingram058]

Wow, you guys have some really awesome cars. Nicolo's Ferrari takes the cake! Wow factor, as they used to say on Storage Wars.

[jingram058]

I hit the trigger twice. Gomen, kudasai!

[bmattioli]

I do not sell. If I want something I'll just buy it..

[Eric72]

Originally Posted by frankbmd

When she asked her husband for a yellow Corvette, he responded "Over my dead body."

He kept his word.

Early candidate for post of the year.

[Eric72]

.

[Exhibitman]

Nah. I don’t like cars. Now a down payment on a condo in Kona…