Ferrari 512 BBi in a Coal Mine?
The rich aren’t like you and me. Saying that, it appears that Wall Street’s financial meltdown is bringing some of the money men a little closer to our level. Buried in the middle of a Bloomberg article: car dealer Michael Sheehan’s revelation that the bottom’s dropping out of the used Ferrari market. “I’ve got a street-legal 1982 512 BBi series with 26,000 miles for $129,500,” says Sheehan, president of Ferraris-on-line.com in Newport Beach, California. “One owner, a former Lehman Brothers partner. The day Lehman tanked, he was asking $149,500.” That day was September 15. Sheehan says the date marks the moment when the sticker price on previously stabled Prancing Horses started sliding. By his reckoning, prices for Maranello’s high-maintenance “pre-loved” machines have tumbled 20 percent. So far. “I normally get one call a day from clients asking me to sell their cars,” Sheehan says. “I’m now averaging six calls a day and that number will certainly rise. Nobody needs a Ferrari, they need a house.” A very large one, presumably.
Without reading any of his references, I think Nicodemus is right. The cars you're referring to from the '30s as "classics" are exactly that. Classics. Classic is a different era, as is Edwardian and a number of others. As I remember, there's even a category called "brass."