Event Coverage price of cars seems down

i worked the leake auction in okc this weekend . pushed many cars across the stage and it seems cars in general were down from last year. has anyone else noticed a down turn in hotrod prices?
might be a good time to get in and buy a nice ride.

 

What good buys did you see? I planned to make it out to spectate, but powdercoated instead...

 

On one of the auction shows on television there was a killer survivor 57 Chevy Convertible.

Corky Coker was doing the coverage. It brought like $37,000. The buyer wouldn't talk to the camera but just noted that he "stole it".

I've seen cars no nicer bring $50K plus not long ago. If prices are more reasonable, good.

 

there was a lot of good buys. my cousins 32 that sold last year,was resold by the guy that bought it,it brought 13,000 less. a 56 merc,pink and black lead sled,beutiful car only garnered 22,000.

 

I do a lot of buying/selling/trading. I have noticed that car prices are down especially at auction. Parts are doing the same thing.

Economy sucks, fellas want to sell their cars to regain the financial ground. Prices drop because so many are available and yet, nobody has any money to buy them anyway.

Same way with parts right now. Just look at 3x2 and 6x2 intake setups. A year or so ago you could expect to be paying $1200 or so for a complete 3x2 sbc intake setup. Last night I watched a complete 6x2 not even hit the $500 mark....crazy.

Guys are just unloading stuff, and with everybody unloading stuff it means there's a huge supply with little demand.

It would be interesting to get some satistics off this site alone. I'd love to see the ratio of Classifieds ads posted v. the # of ads that have actually resulted in a sale. Then compare them from the last two years to about 4-5 years ago. I bet it would truely tell the tale.

 

It's good if you have the money.............it's just the oldest law in the world.........supply and demand..........nothing more complicated than that.

Even fairly well heeled people have to be concerned about the long term effects of the economy and the government deficits.......

The only real question is...........why did it take this long to occur?

Ray

 

It's all part of the cyclical nature of the old car business. Oddly, at Specialized Auto Parts in Houston, we found that economic downturn periods were our biggest sales years from 1969-1994.

 

the haiti 300 car with all the signatures,they droned on and on for 45 minutes trying to get bids..finally someone stepped up and saved the world...what a waste of 45 minutes. they spent 100 grand on that hunk and let some good hotrods go...

 

I think this is a good thing. The prices were getting so over inflated it was embarrassing. I know that most of the guys that buy the high-dollar stuff do this as an investment.. but those same guys are shooting prices up so high that the regular joe out there can no longer afford to buy anything. So mixed emotions about the downturn. I too see alot of the cars go unsold on Barrett and Mecum.. owners/sellers have to realize that during an economic downturn that they are going to have to adjust their asking price accordingly.

 

That is the way of free markets, prices ebb and flow with demand and available funds. This happens every decade or so anyway but today's situation is unique since our government seems determined to deal our economy a severe blow to straighten out our priorities and get us down in the mud with the folks we've been sending money to for decades who take our tractors and harness oxen or water buffaloes to them to pull their stone-age plows.

Good thing is we are Americans.

 

To me, it hasn't made much difference in the big scheme of things. I took a bath on some stuff and will continue to, I'm sure. But on the flipside there are some deals out there.

I have noticed that the concept of trading is seemingly being used more, which is kind of nice to see. For awhile there I thought it was dead.

Really no matter what, this stuff is going to go through another cycle and stuff will get pricey again, could be a year could be 50 years. For those that are buying for investment or for future projects this is certainly the time to buy.

The one thing that has me confused, is that the pricing in many ads, even on here, seem to have not caught up with the downturn. Many owners are still asking (or hoping) to still be able to sell at values from three years ago in today's economy. I have a car, I'll be taking the shaft on as well. It's one thing to be hopeful, another to be realistic. The sooner that sellers and buyers find a common ground, the better off everybody will be.

 

Just look at Barret Jackson. I personally didn't see it, but I guess there was a steel 32 ford coupe hot rod barn find. Still had good paint on it from the 50s and had original Ed Roth pinstriping on it that was done in the 50s. Sold for like 27k ? I believe.

 

From what I see around here and the auctions, there's a couple of things that seem to be lining up for a perfect storm for some types of cars. At recent auctions, prices are down 30-40% from what I can see except for some rare muscle cars. I actually feel sorry for the guys trying to sell '55-57 T-birds.

Demographics - Many, (not all) people try to recreate the cars they had or wished they had when they were young. As the population ages, the "whats popular" window shifts. So the number of people interested original 30s-50s restored cars is declining and muscle cars are hot. Even '70s car prices are going up. Maybe I should buy one of those rare and desirable Dodge Omni Shelby GLHs while I still can. How many 40-50 year olds do you know that can't wait to get their hands on a restored 1935 Pierce Arrow sedan or a Dearborn winner 1935 Ford 5W?

Aging population - Most guys amassed a huge collection of cars over their lifetime when the cars where cheaper. As many of these guys push 80, the collections are coming up for sale. With few younger buyers with cash, unloading a collection of 50++ cars isn't easy.

Trends - Supply/demand side of trends is fickle since "investors", not enthusiasts pile into the market looking for returns. Did anyone actually expect that '55-57 Chevy or '49-51 Mercury convertibles to keep climbing past $150K forever. The guys that actually want to own one to drive can't afford one.

I'm actually glad prices for many cars are coming down to reality. I couldn't really care less if someone pays $1.2M for a rare Bugatti, but I do care when someone wants $60K for a stock '49-51 Ford convertible or $20K for a '49-51 Merc coupe rust bucket.

Just my 0.02.

 

What is really about is "perceived" value. Everyone has to ask themselves, "What is it worth to me and what am I willing to give up in order to buy it?" There are some things that I am will to pay top dollar for because I do not want to take the effort and time to find another one for less. But for the most part I am willing to wait for the "good values".

 

I'm loving it, I will attend the Mecum auction in Kansas City in April,my new garage should be up and I will start the search.If its takes a year ,I really don't care ,I have decided on a Tri-five Chebby or Ford,It may be my last buy ,who knows.
I still have my drag car but find my interest is slipping over the last couple of years. One of the drag race sites had a post inquiring about how long everyone can ask new prices for their faster drag cars. Most of the replies said ,It's paid for I'll let it rot before I give it away. Oh well time will tell. I'll see you in K.C. in April.

 

The prices are down. So are the quantity of the cars.
Around here Craigs list was full of cars. Now I'd say the amount listed is down to a third of what it was.

 

hotrod-Linkin, you must have been bored to start this thread.

 

not bored,concerned. i still have 78 cars to sell and it's getting harder to even get a minimum offer.

 

I don't really think that's true. Seems like there are tons of classifieds on this site and growing. CL, maybe, but I think that's probably due to sellers getting more aggressive, and going to the websites that actually have interest in the vehicles.

There might be more people sitting on their cars because they aren't willing to take the loss, but that's about it I think.

I have lessened my listings on craigslist anymore because 9 times out of 10 I get messages from some dumb hill-jack thinking that since it's old it isn't worth anything. I grow tired of stupid questions from people with absolutely no car background.

Kid you not- I got an email from craiglsit the other day for my 1961 car "Has this car ever been smoked in? Is there any dust? I have allergies and can not be is a car that might have any dust, pollen, or have been smoked in at any point."......seriously? It's a 1961 for lord's sake.....

 

Gotcha. The problem could be a lot worse but that's a different thread. Good luck.

 

i've got a 66 hemi charger yes real in need of restoration which is what do full time for the last 28 yrs.i've tried to sell this car it is solid an complete minus the motor which one could be tossed in the deal if the deal were right.auto silver on red discs dealer air hemi tail fin..etc.i was asking 15'000 even had it listed at one in desperation for 8500cnd tried to do a few trades...not one person took seroius intrest.

 

I agree with you, 440. With all due respect to pasadenahotrod, this has all happened just very recently, and doesn't jive with any "cycle" specific to the collector-car market. It's a direct result of the huge downturn in the economy.

And now a word from one of the "little" guys...me. I was a machine-tool designer for 25 years...a draftsman. My wife (a nurse) is barely keeping us afloat, because I'm not working, and going to college to change careers. (health-care) I lost my career to overseas outsourcing. With the advent of the computer, and design-work going digital, the big idiots...I mean, the big three began sending all the work overseas at the push of a button. The layoffs hit the design-industry waaaay before it hit the manufacuring sector. I've got 5 cars...'53 Chevy pickup, '48 Chevy coupe, '47 Hudson coupe, '37 Chevy coupe, and a pile of parts to build a '29 roadster. I'm in deep doo-doo financially, and need to generate $6,000 or so to catch up on some bills, before the you-know-what hits the fan. I've had three of my cars for sale at extremely reasonable prices, but haven't had any luck selling them yet. None of these cars are "high dollar" items. $6,500 for the Hudson, $3,500 for the truck, and $3,000 for the '48. They are all projects to one degree or another, though all are exceptionally straight and solid. I really don't want to sell the '37 or the roadster, but may have to. God! What???...I'm to try to sell these cars that I took years to aquire, and hope they sell for well under what I originally paid for them? I'm willing to do what's necessary, but I'm cryin'. It's bad all over, but this area of the country seems to be in extremely bad shape. Last year's local swap-meet was a disaster. Loads of parts, and nobody buying. Most folks barely have enough to pay the bills, let alone some expendable income to be buying collector-cars! And there are no jobs to speak of. Anyway...I can't hardly give these cars away. I'm gettin' panicky, and really don't know quite what to do. I'm sayin' my prayers. - Rick

 

This fugly thing? Sold for $29.7K

 

Personally, I'm hoping that this economy brings down the prices in new aftermarket parts. I remember about 3 or 4 years ago you could get a new Holley Street Avenger carb for $270ish....today $340. $70 increase in 4-5 years...26%!? Everything else has been going up too. Take out your older speedway catalogs and compare them to a recent one. Seems to go against reason to keep increasing prices when people's expendable income is decreasing. Seems like a real good way to put a company out of business.

 

Iv noticed how down they are! Before my uncle passed away, he was looking at a 37 chevy for almost 50, i just saw one in as good a shape as the one he was going to buy sell for only 25, but all over nor cal i am finding many great deals on amazing cars

 

Is it just me? Every time I start thinking of selling something the bottom falls out of the market. I was kicking around selling my Plymouth and now don't know how much to ask for it. I don't want to give it away. Maybe I'll just keep it for a couple more years.

 

The price of high end completed cars is definitely down. Plus they stay on the market longer ... simple case of more sellers then buyers. What I think is a little unique is that rugged cars, shells, lower end rebuildable cars are holding their own. Looks like the interest is still there but the money is not. Appears to be the result of the economy. If someone is facing foreclosure on their home, the hot rod has to go.

 

The "right" Hot Rod still brings the money.The market is full of "Street Rods" and yes the prices are down.

 

Alot of nice cars "trying" to get unloaded around here, but there is alot of people out of work. People are thinking more along the lines of "needs" than "wants".

 

In response, the "cyclical nature" spoken of deals with the world economy. A bit of research would show that like history, the world economy and the US economy operates in cyclical patterns. There have been MANY recessions, a few depressions, and the economic issues we are going through now have been gone through in the past and survived, just as we will survive and proper in the future.

As for losing 30%, I just use an old investor saying and that is you only LOST money if you sold during the downturn. The value of my 401K was down about 50%, but I didn't sell, there fore I lost nothing. In the last 18 months, the value of it is now within 10% of before the "crisis" and actually will be worth much more when the economy recovers. Why? Because simply, the dividends, capital gains and additions to the accounts were purchasing shares at greatly reduced value.

I feel badly for your current troubles Rick. I will say, however, that cars are being bought and sold daily. People still have money, they are just being wiser in how they are spending it. Unfortunately, when times are tough, people are looking for good deals and getting them from people who are in some financial straits and have to sell good cars to generate cash. Hope things get better for you.