Art & Inspiration Has the market gone crazy ?

As most of you know I sold my 64 merc in the summer as it did not fit in my new garage, I bought an 80’s rustang as a fun beater, ....... meh it’s ok but , it’s not old car fun.
Anyways I’m pursuing my local classifieds the last few months and am shocked at the prices , and quality of cars popping up in the market 40,50,75,100,000 thousand plus dollar cars and multiples of them daily.

Im not talking about the “ American “ or” Canadian “ pickers thinking a rotted out model T is somehow worth 25,000 bucks cause it’s been leaning against a barn for the last 50 years.
I’m talking really nice high quaility rods, customs , cruisers , muscle cars , and original classics in the big dollar range.

is it we have finally hit the tipping point and have reached “ critical mass” of over the hill boomers knowing there ticket is almost punched and wanting to cash out. ( doubtful)
Or is it the dang virus , and people with money and knowledge are cashing out before the bottom drops.

either way it’s making it difficult for me to find my standard 5-10k driver I can beat around in.

 

I spent almost 3 years looking for a "driver" and although my wants were pretty specific I didn't think they were unrealistic. Really I expected to pay more than I did end up paying. All in though, with what I spent on the car after purchase, I'm closer to 20K than 10, by quite a bit.

The market is driven by a lot of different factors and even the area you are looking to buy from makes a difference. There are always lots of projects for sale, I think it's tougher to find a driver but maybe that's just my experience.

Good luck with your search.

 

Don't know what you're looking for exactly, but there's ALWAYS nice stuff in the HAMB Classifieds.

Some folks are priced high for stuff that's DONE, some priced high for a PROJECT, and some are priced in friendly driver/project territory.

I have no money (and a languishing project), but I go window-shopping frequently.

 

I have to wonder if there are a lot of buyers to support that kind of market place. The pandemic has certainly caused a lot of financial upheavel, real estate for instance

Phil

 

Not to rehash the old “asking vs selling “ price thing, but see how long those vehicles are being advertised for.

I think what’s happening is many are thinking it’s time to sell stuff off, could be a few factors, but could be combined with last year and the outlook of this year, and a lack of income. So people are pricing stuff “for what they used to go for” years ago.
Just a thought.

 

Prices fluctuate, but the trend is pretty much always up. Or at least will be until all us old guys die off, at which point as our spouses/children dispose of our toys there may be some deals to be had. Unfortunately, we won't be around to buy them.... LOLOL

 

Some cars are priced to sell and other cars are priced to keep. My wife has a German sports car that’s priced to keep!

 

Wall Street calls it "an adjustment".

 

I would say in the States. It seems to be a buyers market. I have seen a lot of very nice cars sell for great prices.
The higher priced stuff you find may be people whom had their car built for them that want to recoup the money.
It looks like you are in Canada so the market may be different. I’m not even sure how the whole import thing works. So just there I would imagine you have to put a extra bucks into shipping and duties if you are looking in the US.
I would say find the model and year range you want and see what the high and lows are on what is available.
Note that age of the old daily driver 2500-3500usd is long gone.

I just noticed you say 5-10k driver. Seems doable but you not find the exact model you want. I recall that 40 Ford coupe value thread and I found a driver for 7K. But not the exact model. Some people need to put less check boxes on the wish list and just get to driving what they find.

 

I am actually seeing more affordable prices on many things

 

I know early trucks have been the rage and I see completed trucks of this era are in the $25-$35,000 range and higher on a routine basis. I've been looking for an early pick up project truck for a while now. Searched here, C/L from coast to coast and even FB market place. Many are advertised as drivers but most are rotted out, full resto, junk guys are asking crazy money for. What the hay the market dictates price, only worth what someone will pay! Looked recently at mid 50 F1 pulled from a barn that was a complete disaster, sold for near $3000. There wasn't a usable panel on the truck, the interior was mouse infected urinal and the drive train was locked up solid. Only thing of value was a clear title. Obviously someone saw value in the truck and or I'm out of touch with reality.
Thinking of expanding my search to include something really off the wall.. maybe a Checker cab!

 

When your a seller you are always wanting every dime you can. To me the market is soft and getting softer because the buyers are dying and widows are finding out the 100K the old man said it was worth was about 2/3rds off in today’s market. There are buyers but fewer of them especially with cash like the typical retiree who was willing to spend on his favorite old car he wanted in his youth. I will not discuss any of the TV auction shows.
A 32 has a very limited market today. A late 50’s thru mid 70’s is doing good until dad shows up to ask permission to by a 72 Chevelle with a 572 and 3” exhaust and mom says me or it goes. A nice quiet semi stock with AC is OK.
10 years I bought a restored HS date car from the 50’s and have never been unhappy because not only did my wife like them but wished her dad would have bought one. Over the years I have changed things but never the quiet exhaust or looks just it’s mechanical upgrades. I’m not afraid to take it anywhere at freeway speeds with the AC on.
In the long run I’m hoping I’m a caretaker as value does not bother me now. Just looking at it in the garage is good enough. But I feel our hobby as whole will continue but the eras will change like everything else. You wouldn’t put in a new kitchen without modern conveniences would you?
Good luck and enjoy what you have or what you buy and don’t settle for something you don’t want just have something and be miserable.

 

Once you find whatever you're looking for, and begin to fix it up, you'll see a dozen way better similar cars for much less! At least that's the way it's always worked for me! So go buy something so all the bargains will show up!

 

Everyone I know that likes to build projects has a 50 year supply of non-running ones already to keep them busy. I know I do.

Whenever I talk to another old car person who is looking for another car, they want a cheap driver, nothing fancy, something to take to work or leave in the parking lot at the grocery store without worrying. "Something to drive while I'm finishing up my whatever"

I can't remember the last time I heard someone tell me they want to buy a finished, 100 point show car that just gets taken to car shows or occasional, very careful Sunday drives. Seems like everyone I know already has one of these in their garage at home that's "too nice" to use regularly.

That's the market. Projects are all over the place, some cheap and desperate, some pie in the sky, and lots of nice finished cars that have a ton of money spent on them and almost 0 miles used, with few buyers interested, and when a cheap driver comes along, it's gone quickly. That's what I see.

 

I think I missed the boat with what I was trying to get across .

there are still projects and drivers available in my price range.
Not what I was I getting at .

my point was , there are a whole bunch much much more then normal of big buck, high dollar cars for sale.

like Barrett Jackson stuff , gold chained stuff , just really well done cars for really good money.

it gets my head scratching as these car don’t normally come up for sale on free internet classifieds, nor at this volume.


Is it scammers or folks testing the market.or guys hoping to cash out ?

right now I’m looking for a tri five ( preferably a 55 post car) for n my price range

 

Lot of fishing going on, The auctions seems to spit out some pretty good deals once in a while. How about that yellow 36 pu with impressive history in the ads right here. thats a good deal. keep hunting.

 

I totally agree. The financial upheavel I believe isn't going to show it's ugly face for some time further into this pandemic. I too am seeing the cars going for high cubic dollars also. But that begs the question, are they actually getting those amounts? I used to work with a guy that would buy an old car, do nothing to it, and just because he bought it and it was now in his garage he would then decide it was worth double what he paid for it and therefore could sell it for double. I guess some fellow's egos just won't allow them to believe they didn't get the best of someone else.

 

I'd say a combination of factors. Plenty of estates getting settled, or old guys who never drive them hoping to get their money back, also a lot of dealers seem to really spam all of the for-sale areas with pricey stuff. Combine that with the tendency of those ads to be posted for long periods of time (due to a lack of buyers and constant bumping/reposts by the dealers) and the good deals selling and getting taken down quickly, and it's a recipe for lots of high end cars to be posted for sale in one place at one time.

 

This always cracks me up. A guy spends “Kendig” money on a perfect car and granted the day it’s done it’s worth as much as it’s every going to be and then never drives it because it’s too nice. 10 years later even if it’s only seen the light of day 10 times.... guess what..... it’s a 10 year old build and gone down in value and you should have used it anyway...

 

Jimmy six, you hit the nail right on the head. The too nice to drive car. Every time I'm on the local classified adds for classic cars and like clock work I see at least one car built in the nineties, pastel colors, tweed interior, and billet aluminum everything else. Hasn't left the garage in twenty years and I can't help but smile when I see their asking price.

 

Give it 5-10 years. I’ll bet worse. Certain rides are good, cookie cutter rides not so much. IMO

 

I know what you mean Vandenplas, although I have too many irons in the fire I scan the local Canadian classified sites (example kijiji) time to time. Part of the high prices is due to the time of the year, as odd as it seems. Supply and demand - right now the listings on kijiji are down by half, but there's still a lot of traffic on that site. Some are buyers and some are lookers. But you're right - there are a lot of higher-priced vehicles listed, but not everyone's quality is the same (as a friend of mine says, not every car gets the chassis shot at the auctions). The higher price for a "show vehicle" is helping drive the price of project cars up as well, what they're asking now used to be what a decent driver used to sell for not that long ago.

Thanks,
Tom - BORN 2L8 (formerly Glass_Packs)

 

The trick is to find that high dollar garage queen with the Kendig money in it when the seller has to sell and beat the guy senseless. Point out to him his family won't be able to live in it, or his kids won't be able to eat it. Lay it on real thick, and have your briefcase half open flashing some cash. Remind them they are trying to sell toys in a market where the toybox is always full. Muscle cars are a bit harder to buy this way because they're a bit more 'user friendly', but high dollar Harleys go for pennies on the dollar. While the condition of the car I'm looking at is a factor, I'm way more interested in the sellers financial condition.

 

A saving account is paying less than 1% interest. The guys that planned to live on their retirement savings interest are in trouble and may need to sell. But the car was an investment too so they want all the money out of it. Then you have the guy that is still working and sees that money in the bank is worth nothing. They see car prices going up so it looks like a place to put money into. It is the game people with money play.
Me... I have cars because I like them. People get mad because I will not sell them a car that I have had for 20+ years and seldom take out of the garage. I try to explain it to them like this, they are my toys and I can play with them as I want. If I sell it to you I can't play with it. I would rather have the car than the money.

 

Two issues that drive up prices: Flippers and Egos!

Flippers think they should be entitled to make as much $$$ off the unsuspecting public as possible, without doing anything to increase the value proportionately. They go the extra mile to beat a seller down on price, many times taking advantage of a seller-in-distress, then turn around and bump astronomically bump the price claiming it's "rare", "barn find", yada yada, when all it amounts to is GREED! And amazingly, a lot of them are proud of being so "shrewd".

Egos enter into it when a home-builder figures he should be making dough off his "labor". It's a HOBBY! If you own a shop (with a business license on the wall), do top quality work, and back up your work with a warranty, then OK. BUT, if you think the value of your home shop time should enter into the price, think again...

Another thing a lot of guys don't seem to realize is that we personalize our cars, and there's a good chance that the $10,000 Grabber Green paintjob doesn't appeal to everyone. It's easy to dump mega bucks into a car, but not so easy to get the money back out if you build too far out of 'the norm'.

 

I've s en lots of reasonably priced cars on the HAMB. several I'd love to have if I didn't have 3 non runners already. And no room for another

 

Doesn't matter what its worth, its mine. Buy one as an investment? how's that working for ya?

 

I have a driver I was going to sell in the spring, anyone want my 1941 Cadillac? $10k drive it home, I have too many cars. Fuel injected LT1, 4L60e, caprice rear axle, Jaguar IFS with 4 piston disc brakes, rack and pinion steering, etc..NY zip 12601.

 

If I may chime in ,,, Im a builder restorer and fabricator 28yrs and counting on the clock ,,, ,y advise to people is the same number 60% ,,,, you can buy a turn key car or very ( and it has to be very ) close to finished car for approx 60% of what it cost to get there ,, now that being said approxmately a 50k invested car you can buy for 35k all day,, now is where i come in , to keep doors open and make a living I'm 85 an hour ,, you may say holly crap ! but then think im cheap ,,, your local tire shop or car dealer is somwhere between 95 and 120 or more an hour ,,, if ya cant do it correctly it costs same as your new bmw only ya cant just scan it with a hand held and fix the windshield wipers ,, and thats why there kinda are no decent 5-10k drivers anymore in somthing cool .shoot try and find a v8 a/c dart
they just arent there ,, like the 1000 buck bugs you could drive till they died all gone maybe im rambling but any pre 64 car is now a 57 year old shell weather its cool or not ,, the odds are stacked against it even existing ,, and a restoration correctly and the whole thein g is the same money gremlin,dart.mustang,vette.50ford etc.. actually even money getting back to zero before mods ...
just my 2 cents .. what do i know ..just a lifer ..let me know if im rambling
fabricator john
miss you dad

 

I do work for some restoration shops, Hot Rod shops. They are freak`in busy. Cars that roll out of them are 100,000 + dollar builds. The people can afford it. Other wise they wouldn`t be there. A couple years for each build, maybe longer. Don`t judge these people because they spend this much money. Some people have big budgets. Some don`t. When A car comes up for big money, sometimes they have one nicer in the garage. Maybe we are in a pandemic, but some people are doing just fine money wise.