mike coletta

I'm happy to report that the 58 that I built early last year sold for 135K. Here is the link to the original forum post. http://forums.corvetteforum.com/c1-a...ned-today.html
Here is the youtube video. There was one other car that brought the same money. (red 62). All of the rest were in the 100K range.


Mike Coletta

http://www.mecum.com/auctions/lot_de...=FL0113-142822
http://www.mecum.com/auctions/lot_de...=FL0113-143131
http://www.mecum.com/auctions/lot_de...=FL0113-143154
http://www.mecum.com/auctions/lot_de...=FL0113-143405
http://www.mecum.com/auctions/lot_de...=FL0113-143435
http://www.mecum.com/auctions/lot_de...=FL0113-143455
http://www.mecum.com/auctions/lot_de...=FL0113-143463
http://www.mecum.com/auctions/lot_de...=FL0113-143468
http://www.mecum.com/auctions/lot_de...=FL0113-143548
http://www.mecum.com/auctions/lot_de...=FL0113-143558
http://www.mecum.com/auctions/lot_de...=FL0113-144604
http://www.mecum.com/auctions/lot_de...=FL0113-144935
http://www.mecum.com/auctions/lot_de...=FL0113-142873
http://www.mecum.com/auctions/lot_de...=FL0113-143223
http://www.mecum.com/auctions/lot_de...=FL0113-143551

RoadKing96

Big Congrats Mike.

You are the 'Magician' when it comes to these bad boys.

RK

Davids02

Great car, thought it would bring even more! buyer will be very happy

daz_au

Well done, certainly looks nice.

Out of interest, roughly how does this compare to the cost of building one the same ? I think you are in the right business, there is a generation of cashed up corvette buyers these days that want turn key go fast cars that have the great look of a vintage car.

gofastvette

Done right a customized Vette can bring some serious money, especially if none of the high priced OE parts are not needed.....well done.....

bigearl56

Congrats Mike. I was wondering why Scott sold it so soon. A car like that is about as cool as it gets. O well to each his own.

Earl

jdk971

very good, but does not surprise me since your builds are high end. jim

dcaggiani

Mike
Congratulations !!
For those of us who know you and the quality of your work, the price this one got is no surprise at all.

Did you happen to go to the auction yourself to witness the sale ??

Dan

semel1

Mike
That is a very good looking build.
Dave

Workin On 59

Outstanding car and craftsmanship!

mike coletta

Thanks to all. !!!!

Earl, he was so far into it since the car had been butchered by another shop for 3 years. I told him that if he wanted to get his money out of the car, that he should sell it while it was fresh. He recovered nicely, and made a few bucks. From what I've seen, the prices of these cars are driven mainly by two things (which is really no different than a regular build). First, the quality of the build needs to be top shelf. If a builder tries to cheap out, the price will drop accordingly. There were several really nice builds, with carbed engines, or made-over frames, that were shorted 25K to 35K for that reason alone. Second, I still believe that the car has to "pop" when you first see it. Color choice, fit and finish, interior, finished engine bays, undersides, etc., have a significant impact on this type of buyer.

All of the cars that I build are in the 1000 hour range. You'll have 55K to 60K for parts, chrome, paint (I do it in house. material only), built chassis, drivetrain, etc. A "car" will usually be in the 25K to 30K range. At 40/hr shop labor, plus 30K for a good project car, and 60K for "pieces and parts", you'll end up about 130K. Could be a little less, or it could be a little more. If you do it all yourself, you'll save the labor.

Dan, yes I was at the auction for three days, hence the list of "restomod sales". As you know, I follow this stuff pretty closely. I feel like the market has changed a little because of all of the cars being built, and the numbers that are for sale. The quality of the builds has definately dropped because of what I said above. Many guys are way "upside down" because they expected to make the 125K to 175K numbers. Most of them are just not worth that much. Just because someone claims to have 3000 hours, no expense spared, blah, blah, blah.....that doesn't make the car worth more money. At the end, it's just like every thing else in sales. It gets down to what a buyer is willing to pay, and a seller is willing to take. This is one of the reasons that I try very hard to retain the design integrety of the body, interiors, and colors. When you get out on the limb with "orange cars, and plywood center consoles", you really start taking risks.....purely from a sale/value standpoint. If you're out to build a car for your own use/enjoyment, and don't really care about the value, then it doesn't matter. But if you paint a 64 "flip-flop atomic orange", and recess the bumpers, then don't expect the rest of the world to have the same feelings that you do about the value of your car.

Mike Coletta

dcaggiani

From a design perspective - I agree that a RestoMod build is risky if the design strays too much from the original. Wild neon colors and adaptations to the body lines may or may not pay off.

I also agree with Mike's comments about the quality of the builds. High quality does not mean more labor hours - high quality is the attention to the details and finish of the project utilizing the finest quality materials.

As a customer of Mike's - I can attest to this as drive my 64 Roadster every chance I get to do so.......


Dan

65silververt

Well Said! However, something tells me there are a lot of people looking at their cars and seeing big dollar signs with a new frame underneath it.

RoadKing96

Having seen Dan's car in person and the quality of work that Mike has done on this car, speaks to what Mike is talking about.

RK

dcaggiani

thanks Roadking!!

I am proud of my Mike Coletta Restomod!!! I contacted Mike the other day and congratulated him on the sale of the C1.
The word is getting out about Mike more than ever (even though he has been at it for years) and he is in high demand.

Can't wait to see what comes out of his shop next....

Here is mine:

mark6669

I agree with mikes comments' on built quality, my 2 cars look stock at first glance other than wheels but the attention to detail makes all the difference if they are done right they will bring the premium prices.
Mark

C2Driver

Dale002

I seen it in Kissimmee. Was the best resto there!What type and color is the leather in that car? I have a 62 I'm just starting and that car influence me in which direction to go with mine.

mike coletta

Interior came from Al Knoch. Oxblood. I think that it's the 93 anniversary color/leather. I just had him make the door panels, seat covers, etc, out of that color.

Mike Coletta

Frankie the Fink

I go to Old Town 2-3 times a month on Saturdays and get there an hour or so earlier than Mike and his pals. During that time I get loads of gawking admirers of my very original '61. As soon as Mike and his buddy pull in beside me with the '62 and '64 restomods (both of which Mike built) I may as well put my car cover on and hit the bar.

Sorta tells you where the market is going. There are 1 or 2 hardcore original guys that I run in to (many from overseas strangely) that don't care for the restomods but the preponderance of folks, by far, gravitate straight to Mike's builds.