Comments on: Another Bubble Bursts: High-end Classics

By: NickR

NickR — Wed, 26 Nov 2008 14:15:01 +0000

If you think the original are going to take a hit, let’s see what happens to the clones, er, tribute cars. They have little more intrinsic value than the 318 or 6 cylinder cars they are based on, yet were regularly going for plus 6 figures (and I am not evening counting hemi clones). Those cars are going to tank!

By: Stephan Wilkinson

Stephan Wilkinson — Wed, 26 Nov 2008 13:27:28 +0000

Ronnie, you’re right about _real_ 914/6s. Lot of conversions out there, though, as I’m sure you know.

By: Gforce

Gforce — Wed, 26 Nov 2008 09:59:20 +0000

All those collectables’ values are crashing because of Rick Wagoner’s “Plan B”; which is to flood the market with “bailout edition” chevies and “c11 edition” buicks. Now, those will be real collectables.

By: Ronnie Schreiber

Ronnie Schreiber — Wed, 26 Nov 2008 09:29:24 +0000

# Stephan Wilkinson :

And I have to say, serious classic = 914????

Perhaps it was tongue in cheek. In any case, the 914/6 is rare and collectible.

By: Ronnie Schreiber

Ronnie Schreiber — Wed, 26 Nov 2008 09:23:43 +0000

Anyone want to buy some tulip bulbs?

By: esldude

esldude — Wed, 26 Nov 2008 06:00:06 +0000

Doesn’t look so bad to me. Most of the cars listed were changed by less than 10%. Considering how everything else has gone that isn’t too bad.

Like someone else mentioned, most people buying these aren’t borrowing the money. And with real wealth aren’t slowing down.

Sure B_J is an abomination of sorts. It has created a bubble or too, most noticeably any Hemi engined vehicle. But for the most part I doubt this market will crash.

What I have notice over the last 40 years is that whenever stocks and the economy go south, collector cars get hot 6 months later. They seem to be a lagging indicator of sorts. I think some wealthy people whose investments are under-performing figure why not have some fun and put some money in a collectible car I always wanted. I expect by spring of 2009 we might see higher prices than ever for the more desirable models of old.

If instead this market crashes big time, we probably are in a Great Depression type of situation.

By: seabrjim

seabrjim — Wed, 26 Nov 2008 02:38:11 +0000

pb35, they already have. cars on line classic cars for sale. Good site, many sellers are gettin PANICKY!

By: Andy D

Andy D — Wed, 26 Nov 2008 01:32:26 +0000

time to look for the 37 Buick of my dreams

By: Robert Schwartz

Robert Schwartz — Wed, 26 Nov 2008 00:55:43 +0000

All that stuff whose value is based on boomer nostalgia, is toast. They will be dumping that crap to pay off their over-mortgaged houses and their 401ks full of bank stock.

By: f1guyus

f1guyus — Wed, 26 Nov 2008 00:37:24 +0000

For me exotic cars are like costal property 40-50 years ago, couldn’t afford it then, can’t afford it now. Guess I’ll just have to go to the shows and races where the rich guys show off their (fewer in number) toys just like I always have.

By: Stephan Wilkinson

Stephan Wilkinson — Wed, 26 Nov 2008 00:19:40 +0000

And I have to say, serious classic = 914????

By: Stephan Wilkinson

Stephan Wilkinson — Wed, 26 Nov 2008 00:17:54 +0000

Actually–according to a bar graph that accompanied the article–the true classics such as Daytonas and Gullwings dropped in value only slightly, like one and two percent. Read on down the list and you’ll see that it’s the musclecars and Mustangs and the like that are taking the real 20-percent-plus hits–and the WSJ even inlcuded in the list “Cobra replicas,” as though they’re collectible by anybody but Barrett-Jackson morons.

The article also talks about collectors who borrowed against their house to buy cars, stuff like that. These are not the ultra-wealthy.

Having just finished writing a piece on who’s buying Bugatti Veyrons, you better believe that the real players have hardly slowed down at all. These are people who actually have tangible money and property–factories, companies, oilfields–and not make-believe money “in the market.”

Anyway, I didn’t think the WSJ piece was much good. Yes, musclecar prices are tanking, but everybody’s been predicting that for two years.

By: 993C4S

993C4S — Tue, 25 Nov 2008 23:34:09 +0000

Serious classic = Miata????

By: becurb

becurb — Tue, 25 Nov 2008 22:55:44 +0000

Zarba :

Can’t wait to see how the fanboys at Speed spin the disaster that will be Barrett-Jackson Scottsdale.

I’d settle for the days when Speed was a real racing channel, not a fox/nascar hack job.

Any possibility Fox sells it back to the original owners for pennies on the dollar? :-)

Bruce

By: philbailey

philbailey — Tue, 25 Nov 2008 22:51:15 +0000

MG TDs and Austin Healeys hanging in there……….
REAL cars hold their price.

By: Zarba

Zarba — Tue, 25 Nov 2008 22:46:37 +0000

double posted comment. Sorry

By: Zarba

Zarba — Tue, 25 Nov 2008 22:33:22 +0000

Can’t wait to see how the fanboys at Speed spin the disaster that will be Barrett-Jackson Scottsdale.

When I say 383/automatic ‘Cuda’s (i.e., girl’s cars), going for $100K+ at B-J (an appropriate moniker if there ever was one), I knew we were headed for a big fall.

There will be blood.

By: no_slushbox

no_slushbox — Tue, 25 Nov 2008 22:15:17 +0000

The market for cars that were purchased with cash-out refinances of California, Florida, Nevada and Arizona real-estate is drying up. Who would have guessed.

Time for the government to bail out Barrett-Jackson.

By: no_slushbox

no_slushbox — Tue, 25 Nov 2008 22:09:20 +0000

Serious classics like Porsche 914s and first generation Miatas used to be in the high four-figures and now I’m seeing them all over in the low four-figures. I might have to buy soon.

By: pb35

pb35 — Tue, 25 Nov 2008 21:48:41 +0000

Let me know when an all original 340 Duster drops below 20k.

By: David Holzman

David Holzman — Tue, 25 Nov 2008 21:44:38 +0000

no surprise here

By: craiggbear

craiggbear — Tue, 25 Nov 2008 21:37:45 +0000

I feel a tear coming on for the “hammered industry” owners. Here it comes…

Wait for it…

Nope, it was just an itch. It is hard to feel any sympathy for someone who overpaid for a pure luxury item that was BOUND to depreciate someday.

Now, if the price of 3 year old 911 Turbos takes a 50% drop, THAT would be something to consider.

By: Justin Berkowitz

Justin Berkowitz — Tue, 25 Nov 2008 21:27:34 +0000

For whatever it’s worth, TTAC wrote on the subject of the muscle car bubble back in early October:

http://www.thetruthaboutcars.com/old-muscle-car-bubble-about-to-burst/