What do you guys think of the prices on these classic cars when they get auctioned?

[03mach1]

What do you guys think of the prices on these classic cars when they get auctioned off? I think the prices for these cars are rediculous. I was at the Russo and Steele auction at monterey last year and I notice that the cars going through the auction were not dramtically different from the year before. Do you guys think that the prices on the classics are coming down possibly? I remember I saw a 1970 GT 500 at R&S go for 55,000 dollars not much.

[Lt1Corvette]

Re: What do you guys think of the prices on these classic cars when they get auctione

I think the classics are going to continue to appreciate. Strong following, a lot of restoration parts available, maintainence is not to bad as they are American v8's and easier to work on.

[DogParkGuy]

Re: What do you guys think of the prices on these classic cars when they get auctione

I think prices will continue to appreciate since these cars aren't being made any more. And some existing models will get wrecked, deteriorate, or be permanently off the market for resale.

As far as the rate of increase, don't rush in to cash in your IRA to buy a classic car. There is too little liquidity to be an ideal investment.

[Michael Stoops]

Re: What do you guys think of the prices on these classic cars when they get auctione

It all runs in cycles.

Barrett-Jackson built their business on classics and antiques but as the muscle car market took off they moved more and more in that direction. As those prices skyrocketed B-J was setting all kinds of sales records with these things - $2,000,000 Hemi 'Cudas, etc. That market seems to be slacking rather noticeably now while the antiques and European sports cars are really coming on strong. Back in January while B-J was selling all the Monster Garage junk for a few grand and a few muscle cars for half a million bucks, places like RM Auctions and others were moving Ferraris and several antiques for several million dollars a piece. In fact, a few of those antiques were completely original and looking rather tired to say the least. RM sold a completely original 1913 Oldsmobile for $1.3 million late last year - original leather, glass, paint, even the tires were original although they were literally rotting off the wheels. The car looked, at first glance, to be a total wreck. But the kicker was EVERYTHING WAS 100% ORIGINAL!!!!!!!!!!!

To us "financial mortals" these prices seem totally ridiculous, but as with anything the sell price is really just what the market will accept. "Worth" and "value" are rather personal and subjective.

[03mach1]

Re: What do you guys think of the prices on these classic cars when they get auctione

Yeah I think auctions have helped jack up the price on these muscle cars that were once affordable but now ridiculous. I mean to have a 1965 mustang sell at a auction for 20,000 when the actual value is around 15,000. They made over 700,000 mustangs with in the first to years of production and that is a lot of cars and there are still a lot left in good condition which is why I don't get why the value is so much.

[pcmark]

Re: What do you guys think of the prices on these classic cars when they get auctione

The brilliant marketing of Barrett-Jackson, in itself, has created demand in recent years, as well, where you have new-money guys wanting to play like true collectors on TV, and don't mind throwing $90,000 on what's considered a circa '70 driver to impress their friends with a socalled classic hotrod.

[rebelde33]

Re: What do you guys think of the prices on these classic cars when they get auctione

IMO, I don't know what all the fuss is about. I personally think those cars are ugly and don't like them at all but then again I wasn't around when they were "popular".