Hot Rods What is going on with old car prices!!!!!

The Mecum Harrisburg, PA. auction is on TV and I happened to turn it on and I just say there in disbelief with what cars are selling for.

A 1955 Chevrolet Handy Man wagon that looks like it was off the front page of Hot Rod Magazine.

The car was red with a white roof built for running B/Gas selling for $22,500 !!!!!!!!!!
Now I know why the buyer had such a big smile on his face he stole this car.
It had a racing engine that cost over $15,000 dollars in it.
Car was drop dead beautiful and a recent build.

Why are cars selling for such low prices right now?
Jimbo

 

Not many people want them. Law of supply and demand.

 

The generation of people who would love that car is dying off. The prices of Ts and Rolls Royces used to be high. No you cant give them away. If your trying to sell a restored pick up truck your lucky to get back half your money.

 

A friend has been trying to sell his old Sedan Delivery street rod for most of this year. He's a 27k right now, I said he needs to drop it a thousand dollars a week, and by the time it gets down around 18 it might get some interest.

Yup, the reality of the market is right in front of us...

 

Was the same at other auctions, muscle cars that were previously 100k plus selling for way way less... Basically you might put it down to them being more realistically priced now that speculators are feeling the pinch.. The bubble wasnt there in the first place, it was created by collectors and perhaps folk with a lot more cash than taste.. Those big buck mega motor machines have an appeal but to a limited market.. The trend shifts and the market shifts with it leaving the folk who hold onto the stuff with a white elephant .. We tend to be seduced by trends, pro street, billet, rat rod ( some of them were asking ridiculous prices) even dare I say 32 fords.. The rustiest wrecks were fetching silly money, now you can find them for a lot less than you could a few years ago.. Its a sign of the times, and unlikey to get any better, great for buyers and for folk selling at realistic prices, not so great if you just sank $100k into a project, unless you want to keep it .. The latest trend is a return to traditional style cars... that will pass too.. but at least they will be kinda dateless and retain an appeal to genuine hot rodders, while the investors and scenesters will be left holding overpriced garage art..

 

Good news for the younger crowd.

Sent from my BND-L34 using The H.A.M.B. mobile app

 

Put simply, stuff is only worth what someone is willing to pay for it.

 

You can only be at one auction at a time, Hershey week has the crowd split with other things to do, this happens on other car weeks, Scottsdale and Pebble Beach. Auctions are fun to watch, but I don't think I'll ever be an active player. Bob

 

I look at the majority of owners and think of my father.

He would rather move towards the modern muscle cars. He can jump into a brand new challenger and have all the creature comforts. He has no interest in the older cars now.

Local car shows seem to gather more brand new vehicles that can be found on dealer lots. The older cars are slowly being parked or sold to finance the new

Less and less people want will want the older stuff with the more and more enticing brand new vehicles come out.

 

Like it or not cars are a fashion item. They are not investments to turn a profit. Unless you are a pro.

 

That’s bad for the investor
Great for the enthusiast
Maybe in 10 years I can pick up a cheap 32

 

There are definitely good deals to be had right now if you have the cash. And then there are some folks that think just cause it's old it is worth a small fortune. My old man just bought an OT 67 C10 that was a frame off resto-mod, absolutely beautiful truck, for 12k. Then you see some of the same year trucks that are junk with a 18k price tag... It's all about who wants it and what they will pay.

Sent from my moto z3 using The H.A.M.B. mobile app

 

I'm 66 and been in the collector car world for over 50 years....and I live halfway between the NYC$$ and Boston$$ which once had always helped sales of everything you can think of. I have seen ups and downs many times before ....But this time it is way different, I have never talked with so many people of all ages that have money issues, job loss, increasing divorce rates, or income problems in the last few years.

everything is crashing around here, so many houses are empty, under foreclosure, or up for sale.

I drive mine as my only daily driver, so wherever I go people come up to talk old cars... they wish they could have something too, but are totally strapped. Sure, a small percentage are still doing Ok, but most people are not.

Yep, and yet another 401k/stock meltdown is right around the corner, so more cars will be coming to market..soon....and prices will go even lower.

You can tell what's going to happen when you see the flippers stop buying. I'm not talking only big time flippers, this also includes some of us "low level hobbyist flippers" that supplemented our own builds by flipping local stuff. >>> The flippers of collector cars and parts, always kept the prices higher. Once the flippers back off, the prices really fall.


.

 

Soon as this electric/hybrid fad dies out things will get back to normal.

 

It kinda scares me to think what these old cars are going to sell for in the next economic downturn with most of the owners already around 70ish years old and the younger set not really interested in them. I have had many conversations with friends who truly feel their classic car is a sound investment,its not if your timing is off,and some of the prices they think their cars are worth are crazy. First things sold during a downturn are boats,rv's and classic cars. Drive 'em ,enjoy 'em cause they are what they are.

 

You guys need to stop following those high brow auctions. They don't reflect reality out in middle America. Sure, the economy is finally going gangbusters now, but still the prices they have been getting for cars at those auctions were always inflated and people are started to see that now.

 

Something needed to happen, prices were getting incredibly stupid. A few years ago smogged out crap from the 70’s and 80’s were “ collectable” and bringing some insane prices.

I also think a lot of it has to do with people not knowing, or wanting to learn how to fix there own stuff anymore.
I seen a lot of unfinished project on my local classified that have been torn down, some of the big parts bought and then abandoned and sold.
My thinking is mr. accountant bought it did the tear down as it’s free and easy, bought some stuff, then called around to the pro’s to finish it off and the price of labour scared him off.

Realistically who wants 50,000 invested in a hobby car? Not many folks.

Also finding people to work on this stuff is getting harder, carburetor huh? Points wha? Mechanical what ?? Most local garages want new stuff . brake pad slap, fluid changes etc having that hoist going up and down all day generates big money.

First shop I worked at we did a lot of air cooled vw and Porsche restorations and when the car was all said and done. You devide the days it was on the hoist with labour billed, you did not make the money you could have with just doing the regular maintenance and service that we did daily.
We still did them as they were fun and kept us busy. But I think you can see what I’m getting at here.

People who would rather write a check then learn a skill is one thing.
The bottom line on profit from the other end is something else.

A lot of the younger guys I talk with ( in the 20’s) love old cars but are scared of them due to price and inexperience with them and would rather build a budget mustang or import tuner car and have fun at a low cost of ownership.


Classics are classics and the market will bottom out, popularity will rise again .... the circle of life!

 

I agree with you there, a lot of people are moving to the modern muscle cars. To the casual car enthusiast its hard to pass up a modern muscle car that has all the bells and whistles, has over 450hp, runs 11.90's to 12.3's at the drag strip and then gets mid to upper 20's in MPG. I admit to being in that bracket somewhat as I bought a new Camaro SS for daily driving to work. Though I would sell it first before any of my old cars. The good thing though with the modern muscle cars is that it does draw a lot of youth into the car community and gets them hooked on cars, but very rarely does that then translate into those youth getting hooked on classic cars.

Also being only 26 its been an interesting thing to watch the market of classic cars from a different perspective than my grandfather. It has been surprising to watch the cars that were not really liked in the 70's-90's now shoot up in value where the typical premium cars are stagnating in value. Cars like Model A's that are in 32 Ford price ranges, Chevy Corvairs being a slightly cheaper than a Camaro or Chevelle, anything 4 door is now a premium. I do hope eventually prices on the old stuff drop low because I want to scoop up as many 32-34 fords and tri fives as possible, but I don't think they will.

 

I feel it's all good news for our hobby.
With the strong economy and low prices of classic cars this may be the spark we need to bring first timers into the hobby to help carry the torch into the future. Because running, driving, finished cars are within reach, spectators can now become participants. Truly a buyers market.

Since the early 70's, I've read the sky is falling articles that the sport is dying and we need new blood. It's always been the same answer-"but young entrants aren't interested or have the money". My answer was always that it may not be just young people, but middle aged people. The 35-55+ year old that used to be into cars but got out of it because he had priorities; a new house, career, Wife, kids, etc. to take care of. Now those things are in check. Kids are out, career well established. Setting sights on retirement. He may have kept himself in the car interest somewhat during his "off" years by driving a new Challenger to work and going to car shows. Now, he may be ready and able to jump into a real Hot Rod or Custom. He's earned it and now is the time to strike. That Rod that's been for sale for a year and collecting dust in a garage may now get sold and driven.

This may open up a business opportunity for those of us that are professional wrenches. Cater to the new cats that have a classic car that needs minor to moderate maintenance and mod work. They may not have the skills or desire to do the work.

If you were using your old cars as a personal 401 k and planning on unloading them to fund your retirement now you're going to take a hit.

 

The Glory Days are behind us.

 

Prices are always low when I'm not looking to buy, when I am looking to buy, they are high. Never fails. I always have an eye out for the next project and fire sales are what I look for.

I finally have the money so I can do a project right, but I keep it in perspective so I can maintain my lavish lifestyle... lol. My 401k took a bath recently, so I stay at work a couple of more years but will move my investments into something less volatile.

 

I have two cars, one of them is a '62 Belair 2 door sedan that I have had for 20 years. The other is a glass bodied '29 Ford roadster that is my current project. The Belair was a 6 cyl 3 on the tree car that I made into a 409 4 speed car. I have sunk a fair amount of money into my cars but I don't consider whether or not I will recoup anything if I should decide to sell. This hobby is my passion and I am not in it to make a buck at all. I don't golf, bowl, ski, boat or hang out in bars, this is all purely for fun. Honestly if I were to be truthful I don't really care how low prices go from that standpoint. There are some cars that are out of reach financially but only got there due to popularity and speculation and it would be awesome to be able to afford them. Now on the other hand I do realize that this hobby is way bigger than me and my small way of thinking. The lack of interest that may be driving down prices will also drive suppliers out of business making repro parts less available and more cars being crushed for scrap. As for electric and hybrid cars? They aren't going anywhere. My wife drives an all electric Chevy Bolt and honestly the thing is a dream to drive.....but I'm gonna save my pennies for the 10K hot rod woodie wagon.

 

I just read in the early v8 clubs monthly magazine that they are really scared about the state of the hobby. Their membership has gone down 20%, members are passing away and no one is replacing them. The younger generation does not want a restored early Ford v8. So membership is down prices are down and interest is down. Not good for the hobby.

 

This is a very interesting topic because falling prices allow people who have been priced out of the hobby a chance to get in. Perceived lack of interest in the hobby may also be due lack of funds. $50-75K for a '57 Chevy is crazy, $75-100K for an early Vette.....maybe on a bankers salary.

 

The never ending 401k scam keeps people putting even more % of their paycheck back in, and further delays retirement hopes after each ''predictable" crash.

Remember back in the day?,... there used to be something called "Savings accounts" at banks? LOL...sounds like a fairy tale these days. What little APR you get, is far less than inflation.

Run Forest, Run. ...or just hop in your 59 Ford and hit the beach.

Actually, it is good for a guy who wanted an early Ford V8...look at how many guys are now buying older restored 32 cars to hotrod them. I totally agree that not many are out there that still want a bone stock 32-34, or are restoring a barn find one to stock.
.

 

Eventually all internal combustion engine powered vehicles will be legislated off the roads and will be relegated to the museums. Times are changing, all too rapidly for me, but changing nonetheless. It's been a good run, enjoy it now, 'cause it won't forever be the same as we know it.

 

As we all get older the supply and demand changes. First the model T's then/now model A's are hitting the market as there owners become too old to enjoy them or worse. The Hot Rod guys are a mixed bag in respect to age. Just got back from Hershey and more and more people riding scoters or walking with canes. Ten years from now will look much different. You and I will be in our eighties, if we are lucky. Enjoy today!
Jim did you have any damage from the recent storm? I was thinking about you. MB

 

I hope the bottom falls out of the C1 Corvette market. I can remember when they were as affordable as any old worn out used car. I even had a couple and let them go when they were cheap. Hoping they get affordable again, I want another one before I need a handicap tag..

 

I think rusty rocket hit it on the head, I have watched the change from both inside and outside the hobby for years and the younger folks simply couldn't care less about a 32 Ford and would rather drive a WRX. I have both, am older than dirt and enjoy both for their individual reasons. Some machines however such as a 911 Porsche are still bring really crazy money but many of those go to the rich and aimless with unlimited discretionary funds. The positive thing about all of this that as the prices get more realistic those of us who appreciate the older machines might now be able to buy what we always wanted but was just out of reach.

 

Market correction