It may very well be. I ain't paying that much.
Someone must have really wanted it - or is really confident that it will increase in value. That's a good assumption. When you buy something at auction, it pretty much is never worth less than what you paid at auction. Obviously, there are some outliers and bad purchases - but a car bought at auction tends to never sell for less than they paid at the auction. The price trends upwards.
Often, there's no real 'market' and so no real 'market value', and the auction value becomes the value.
It would go down in value if you drive the shit out of it
Oh, definitely. But, you could keep it low mileage and still sell it. The goal would be to ensure that it has fewer miles on it than any other example. I make limited trips in my low mileage stuff, as a general rule. So long as it is still low mileage, you won't have much of a problem.
I'd want to drive it 500 miles a day!
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