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Do you think C1/C2 prices are flat/decreasing?

 
Old 01-20-2019, 12:22 PM
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zbc51
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Default Do you think C1/C2 prices are flat/decreasing?

After going through some of the B-J auction results, it seems that C2's and some C1's were bought for less money than I would have expected. Are the C1/C2 corvettes going through a market correction? I think my '66 427/425 hp coupe is probably worth less ( I don't care; it's still fum to drive!)

What do you guys think?
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Old 01-20-2019, 12:26 PM
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After watching both Mecum and BJ, we’d all be wise to rip out our original engines and put in a 600hp after market engine

All kidding aside, it did seem it many cases it was a buyers market but because seeing a car on TV without inspecting it can be very deceiving, it’s hard to tell.

With that said, prices on what appeared to be originals seemed soft.

Ed
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Old 01-20-2019, 12:32 PM
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I think using televised auction results to baseline the value of real-life classic cars is a mistake. Particularly BJ....that is the absolute worse auction to base values off of, unless the car is a complete restomod. That's what I think. I also have seen prices rise in '53-'67 Corvettes steadily since I started watching the prices 40 years ago. Over time, the price only increases, as does the cost of restoration and materials to restore one. The highest dollar classics I have seen on BJ are the modified restomods, which can bring 3-6 times the price of a restored original car. If vehicle value/cost is a concern to you, consider getting into collecting/restoring/flipping GM pickup trucks from '67-'72. You can quadruple your money fairly easily, as rubes are lined up to buy these at 70-100k. At least at BJ they are....
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Old 01-20-2019, 12:34 PM
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I didn't watch ANY Mecum or B-J and haven't looked at any results or related threads on here....so my opinion isn't "tainted".

HOWEVER.

I've said for a while the C1 original market is flat to descending, hence I sold mine...
The original C2 market, for nice examples, has prob plateaued for now...

Restomods ?

Who knows ? For many years they were bringing real close to double what an original car might bring. E.g. an original 63 SWC $70K vs a nice restomod $150K SWC. With more so-called restomods coming on the scene that rule of thumb has broadened to the point of being meaningless. A poorly executed restomods SWC might go for $90K and a superb version for $250K..

Last edited by Frankie the Fink; 01-20-2019 at 12:35 PM.
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Old 01-20-2019, 01:04 PM
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After watching (BJ), the prices on original's definitely seemed to be lacking. It looked like several nice big blocks were sold well under 100k.

As others have already said, shouldn't judge the market on one auction, but it sure seems that some people think their project is suddenly worth three times the amount after BJ has aired.

Fortunately, I'm not dependent upon the value of my hobby. I actually enjoy the cars for what they are.

Pat
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Old 01-20-2019, 01:10 PM
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Ask me if I care! I'll just go on down the road.

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Old 01-20-2019, 01:25 PM
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Although there are pockets of strength here and there the overall market is soft and not just for C1s and 2s. Porsches and Ferraris are way down as are Cobras. There were definitely more sad faces than happy ones after the Jan auctions. One can speculate as to why this is happening but in my opinion, this is typical of any market in that there will always be peaks and valleys. Prices will rebound for great cars.
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Old 01-20-2019, 02:03 PM
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After watching Barrett-Jackson and Mecum I do think prices have gone backward a bit? But then at BJ a 1972 LT1 convertible does $185K? This year there were lots of C1 restomods and the prices seem down over other years? My friend sold his 1962 Black/Red Restomod for $212,000 Saturday night at Barrett-Jackson. Last year he had the same car only in White/Red do $265.000
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Old 01-20-2019, 02:04 PM
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Originally Posted by SBR View Post
Although there are pockets of strength here and there the overall market is soft and not just for C1s and 2s. Porsches and Ferraris are way down as are Cobras. There were definitely more sad faces than happy ones after the Jan auctions. One can speculate as to why this is happening but in my opinion, this is typical of any market in that there will always be peaks and valleys. Prices will rebound for great cars.
I agree with prices going up and down, like the stock market does, but like the stock market, over time, prices always rise. I have to respectfully disagree with you on the Porsche and Ferrari and Cobra angle, though. I have watched these cars explode...particularly early cars. The 356 Porsche I could buy 10 years ago for 15k (that was 4-6k ten years before that) is now worth 6 times that amount. Turned down a really nice '67 Fiat Dino in the mid '90's because it had a burnt valve for 7k.....that car today is 100-200k. And the days of me looking over 6k Sunbeam Tigers are loooong gone. Luckily, like a lot of guys here, I bought my cars to drive, and they were mostly cheap because I bought them as used cars. Value when sold did not and still does not factor into my equation.
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Old 01-20-2019, 02:12 PM
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x2.The day Im worried about what its worth I need to hang a for sale sign on it. Too much work, this is supposed to be fun and leaving in a garage cause the internet says to ....bleh.
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Old 01-20-2019, 02:27 PM
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well you got to think the market is flooded with cars of all types. when the market was very high in the mid 2000's a bunch of cars that should have never been restored was with that a lot of clones/ tributes where built. some could fool the best and others not so much. since then the resto mod market when out of this world so more cars got put back on the road. more baby boomers are retiring some selling off cars while others are buying. now the tv networks are showing car shows non stop telling the market what they think is the in thing. the good cars will still bring good money and the so so cars not so much.
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Old 01-20-2019, 02:37 PM
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Default bj auction prices

anyone paying $185 grand for a frigin 72 corvette is either crazy or has way too much money? explain to me why a 72 corvette with LT1 can bring $185 grand but
a really nice 66 or 67 restored original corvette only sell for 60-70 grand? i dont get it? used to be if it wasnt a midyear it didnt bring much money.

now it seems like restomod corvettes and camaro Z 28 and certain chevelles and restomod pick up trucks are bring crazy insane prices???? it dont make sense
to me?? even certain mustangs bringing crazy money? everyone and their brother has a mustang or camaro. market is flooded with these. but how many nice
corvettes do u see? not many. so i would think the demand for a nice corvette would be more desirable than a frigin mustang or camaro? which would sensibly
keep the prices up for the nice midyear corvettes? i just cannot understand why a nice midyear corvette is worth less than a nice mustang or camaro???

saw a couple of nice midyear corvettes at BJ and they were only getting 70-80K for them and they had original big block 425HP motors. i just dont get it??
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Old 01-20-2019, 02:50 PM
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IMO it depends on length of ownership. If you bought a 427 c2 for 90k it's a little flat, you got it towards the top so even 10k isn't a great ROI. If you bought the same car for 40k there's is still potential. You have already doubled so every minor gain is a plus. Pro Touring and Resto-Mods are there own category and IMO they have a higher chance of depreciation over time. People buy them for say 150k it might only resell for 75k in 3 years. The brand new low production replica cars are more concerning. Which will be worth more the perfect replica or the original with the poor fit and finish the model is known for....only time will tell.
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Old 01-20-2019, 02:54 PM
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I was thinking the same thing I always think, & that is that i did not purchase the car to worry about its value, which has more than doubled since I bought 15+ years ago, but that I bought the car because I love C2's & I think they are one of the best looking cars ever produced. It was either a new C5, or a C2 & what a smart choice that was financialy!
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Old 01-20-2019, 02:55 PM
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Originally Posted by BK N 66 View Post

saw a couple of nice midyear corvettes at BJ and they were only getting 70-80K for them and they had original big block 425HP motors. i just dont get it??
I would question whether they were "original" original motors. Provenance is everything. And who knows about the rest of the car? Rust?,, wrong/repop trim tag?
Was there something special about that LT-1 C3? I didn't see it get sold.

Doug

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Old 01-20-2019, 03:01 PM
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Originally Posted by Frankie the Fink View Post
I didn't watch ANY Mecum or B-J and haven't looked at any results or related threads on here....so my opinion isn't "tainted".

HOWEVER.

I've said for a while the C1 original market is flat to descending, hence I sold mine...
The original C2 market, for nice examples, has prob plateaued for now...

Restomods ?

Who knows ? For many years they were bringing real close to double what an original car might bring. E.g. an original 63 SWC $70K vs a nice restomod $150K SWC. With more so-called restomods coming on the scene that rule of thumb has broadened to the point of being meaningless. A poorly executed restomods SWC might go for $90K and a superb version for $250K..

Resto-Mods are the new wave of the future. Younger generation of buyers want more and expect more with modern power conveniences.

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Old 01-20-2019, 03:03 PM
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Originally Posted by AZDoug View Post
I would question whether they were "original" original motors. Provenance is everything. And who knows about the rest of the car? Rust?,, wrong/repop trim tag?
Was there something special about that LT-1 C3? I didn't see it get sold.

Doug
yes it was a low mile un-restored with AC. by the numbers its very rare.
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Old 01-20-2019, 03:23 PM
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Originally Posted by CorvetteMikeB View Post

Resto-Mods are the new wave of the future. Younger generation of buyers want more and expect more with modern power conveniences.

And bold-faced large fonts make it so....

I've been agreeing though for several years; with a couple of friends and forum members that have built many of them...
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Old 01-20-2019, 03:33 PM
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Originally Posted by Nowhere Man View Post
yes it was a low mile un-restored with AC. by the numbers its very rare.
The listing said it had one repaint,Do you remember what "low miles" was? Somebody with a lot of money to burn, obviously wanted the car, as did someone else to get it bid taht high, but I have my "doubts" about getting two people (one of who wasn't a shill) bidding a '72 that high.
Doug

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Old 01-20-2019, 03:43 PM
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Originally Posted by AZDoug View Post
The listing said it had one repaint,Do you remember what "low miles" was? Somebody with a lot of money to burn, obviously wanted the car, as did someone else to get it bid taht high, but I have my "doubts" about getting two people (one of who wasn't a shill) bidding a '72 that high.
Doug
this thread

https://www.corvetteforum.com/forums...an-lt-1-a.html

said it had 2K miles on it
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