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What do all of you think about the price of a C 1 or C 2 Corvette these days, even the resto-mods? It looks like to me that the prices are getting out of had as far as the average middle class guy goes as far as trying to buy one. Some (most) of these resto-mods are in excess of $100K and I know that everyone wants to get the most out of there car as they can but dam that is a lot of $$$$. I see some on the Forum for more the the $100K more like $150K and I know a lot of hard work and special parts go into building a car like and some of them look outstanding where will it all stop? I guess when someone builds there car for $155K and know one can pay that much for it or even as much as $100K and then the builder gets to keep it because there are no more buyers at that price. Look at the price of the 63 SWC, just in the lase 3 years the price on them have doubled or more. Sorry but I would bot pay $65K + up to well over a $100K for one just to say I own a 63 SWC. Some of the 63 Resto mods are even going for more then that. Just wondering what the rest of you think about the way the market is going?
Mike, my non-scientific data review indicates that prices continue to go up in the 3+ years that I've been paying attention, first to find and buy mine, and now just for entertainment.
I see almost no C2s under 40K that are not near-total projects, and most nice examples are at 50K and more. Add a desirable set of options and some good originality and you're talking 75K or more.
I also see lots of C2s going to overseas buyers, and that's just the legal sales, not the stolen ones. These are sight-unseen buyers and ones clearly with money. If you think a C2 can be expensive here, imagine what it would cost in most overseas locations.
Restomods are another thing altogether, with no price guide, but apparently some deep pocketbooks involved.
In short, I think I agree with you.
What is impossible to tell is when the inflection point will arrive and prices will fall, or at what rate they will fall.
I'm not a fan of resto-mods more of a if it isn't broke don't fix it kind of guy. I agree on the cost of these cars getting out of hand and if it wasn't for buying low (project) and restoring my C2 myself ($$,$$$) over a 3 year period I don't think I would have pulled the trigger on another C2.
I have been snooping around Craigslist for a 70's GM iron sled, something in the Impala, Monte Carlo, Buick Wildcat, Cadillac Etc.
In a small way supply and demand, but not really. Investment options and return on investment has been driving this market for some time now. When interest rates climb back you will see (what some view as) investments such as cars fall. That said, the good stuff not so much.
The garden variety C1 prices have taken a hit recently IMO. I think the people that grew up with those cars are getting 'long in the tooth' and are mostly driving scooters now. It took about 9 months to get $65K for my very nice, very original, never hit, '61 two-top, dual quad car and that was with widespread advertising...and it is a 'turn-key' car...
I miss the '61 a bit but it was clearly time to move on....
Well done restomods have risen slightly...also IMO.
Some cars, prob '67 BB and SWCs, are on their own trajectory...
I could restomod my split window for prob $80K-$100K and prob clear $35K+ in profit...
Not doin' it though...
Last edited by Frankie the Fink; 11-08-2016 at 02:48 PM.
The problem with all of those high-buck resto-mods is that they are one man's vision . . . it may have cost all that (and more) to build, but most folks who want a car like that want it THEIR way. Very limited audience, IMHO. A stock C1 or C2 Corvette has a small but consistent fan following. The issue there is having the economy catch up to where it enables the folks who would like one to be more of the group that can afford one. I am somewhat doubtful of this happening in any meaningful way for quite a few more years, so I will hang on to the 1962 and enjoy it. My sons, or the grandchildren, can worry about the value. It is, after all, just a toy.
I don't see limited appeal for a well-appointed restomod, with an LS-3 and a modernized chassis, steering, suspension with nice wheels and a killer sound system. What's not to love ? I think the market for that is broad, affordability isn't. Beyond those basics you can do-dad it up to your heart's content with digital gauges, cup holders, beefier stereo, tinted whatever.
I think you have to define restomod - stuffing a ZZ-4 into an engine bay with an Autosound $179 stereo and calling it a restomod don't cut it IMO...
NOTE: My cars are, and have always been, 95% original!
Proportionally, C1 and C2's have never really been cheap, at least compared to other used cars at the time. In 1980, when clean GTO ragtops were 3k, small block C-1 and C-2 cars went for 6k. When I checked again around 1987, GTO's were going for 6k, and the 'vettes about twice that. I looked at a nice '66 roadster in about 1992 for 18k, which was the going rate, but couldn't afford it. Now, that same car would be about 60k, 25 years later. My salary has more than doubled since then, but. proportionally, that 60k is about the same as 18k was 25 years ago. It's all relative. I got into mine on the cheap because it was a solid car cosmetically, not missing any key parts, but had mechanical issues that I knew I could easily fix. My GTO's I bought over 30 years ago when I was a kid and I just never got rid of them. They are now worth 20-30 times what I paid for them. The custom, high-end resto-mod cars will always be purchased by those who can easily afford them, or will be owned by those who can build them for themselves and not break the bank too hard.
What do all of you think about the price of a C 1 or C 2 Corvette these days, even the resto-mods... Just wondering what the rest of you think about the way the market is going?
I love the way the market is going.
People usually preach doom and gloom for the future of C2 Corvettes... if the prices are continuing upward, I think that's great. Love to see the cars worth more.
I think the restomod market is its own category. It seems high-end restomod builds often sell for high-end dollars these days, to people who like them and don't want to have them built. Not sure what the future holds there, but more Corvettes selling for more money trickles down to the whole hobby.
Personally, I do not see the sales price of restomods being too high. A lot of old guys want an old-look corvette, that has all the bells and whistles, and they are willing to pay that price.
One could make an argument that some Restomods are being advertised at too high a price, but certianly not sold at too high a price! A car will sell at what the market decides is the value of that car, and not a penny more.
I have built and sold restomods, as well as restored original Corvettes, and I do not believe that I have ever sold a car for one penny more than it was worth. Now, I believe that I have sold a few for less than they were worth, but that too was my decision!
The time and money that goes into a first-class Restomod is substantial in both cases, and you can't regularly sell any product for less than the cost to produce it, or you will go bankrupt soon.
Mike you are correct that the average Joe will not be able to afford a high-end Restomod, or even a first-class restoration, but who is to say that everybody should be able to own one? There are all sorts of luxury items that a small number of people will be able to afford to own, and such a car is simply one of these items. Many people will never be able to afford an exotic European sports car, but that does not mean that they should cost less, it just means that people that have the means to own one, are willing to pay what it takes to own such a finely crafted automobile.
When we get to a point that we will only sell a car that everybody can afford to own, we will all be driving around in Yugos!
Regards, John McGraw
Last edited by John McGraw; 11-08-2016 at 03:53 PM.
Price goes up. Look at 1940 Ford coupes and 1950-51 Mercury 2 door coupes for reference. Unmolested ones are now rare as hens teeth, and bring consistently more coin than the ones that were 'restomodded' back in the day.
None the less, I like to build a car that's pleasing to me. I'm not too worried what others think of it, although I do hope they find it appealing. If they don't like it.....so be it.
I like to see modified as well as originals. They are all appealing to me, some more so than others.
Much like several individuals on here, our '62 will not see a "for sale" sign on it while I'm alive. That is unless something catastrophic were to happen. We have had it over 23 years, with the exception of a short time duration of 13 days when it was taken from us, and I just see no reason to sell it now.
I really don't worry about the monetary value, as it brings much more of the "fun" component to our life.
Every time I read about originals versus resto-mods and so forth, I just look toward our local "Hangtown A's" model A club. They have restored originals in great condition that one could pick up for less than 20 thousand dollars. Many as low as 12K or so!
Whereas a modified one will usually bring much more money.
The pool of original cars are becoming harder to maintain. If the owner isn't a "wrench" and has to farm work out the technicians that specialize in certain areas are long in the tooth, some have left us, and, others just don't want to do it anymore.
In the past year Bob Kunz (WCFB guru) is trying to sell his business (if he hasn't already), Tom Maxwell (the C1 washer system guru among MANY other talents) and even Lars (master tuner and distributor guru) took a breather.
I don't see people rushing in to fill these gaps...
The pool of original cars are becoming harder to maintain. If the owner isn't a "wrench" and has to farm work out the technicians that specialize in certain areas are long in the tooth, some have left us, and, others just don't want to do it anymore.
In the past year Bob Kunz (WCFB guru) is trying to sell his business (if he hasn't already), Tom Maxwell (the C1 washer system guru among MANY other talents) and even Lars (master tuner and distributor guru) took a breather.
I don't see people rushing in to fill these gaps...
New techs don't know how to work on the old cars. Distributors, carburators, what's that? If they can't plug a computer into it they are lost.
11-08-2016, 02:24 PM
The price of a Corvette
