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Because a replica - lets say, the popular Cobra replicas - are built from the ground up as a reproduction of a car that is simply unavailable to the vast majority of people. It is not taking something that exists and turning it into something that it patently is not. Replicas like the good Cobras do not include fake engines in the back seat. Replicas like that are rarely advertised for or owned by people who are pretending to own the real thing. They are owned by people who want to drive the real thing in a way that poses too much risk for an actual original car.then why do so many people buy replicas?
Imagine a field full of original Cobras going hammer and tongs on a race track - forget it. But Spec Five brings that excitement to the track every weekend without risking multiple millions of dollars in irreplaceable cars.
Also consider that many of the better-resolved Cobra replicas will actually outperform the original, while also handling better, being more comfortable, and above all, being more reliable. Whereas that poor misbegotten 406 is not even going to perform as well as a stock 406 - let alone the Ferrari it is pretending to be.
A Cobra replica with a new 427 crate motor in it still has a 427, even if it is not a 40-year-old car! Whereas that poor Peugeot does not have a Ferrari V8 in it... it's just pretending to.
I guess what I'm trying to say is that people buy replica cars because they want to drive the real thing but can't afford it. Whereas people buy fake cars because they don't care about driving the real thing but they want other people to think they can afford it.