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I assume my split window will be worth $0.00 in 10 years, then I ask myself is that grounds to sell now (or soon) to make some money back before the "crash". The answer is NO. Where else can I get as much fun out of an object that is already paid for ?
I'm not a golf fanatic, boats are even worse investments than cars (I have one), grand kids grow up (way too fast) and Pap's toys lose their appeal, and, many other things are too sedentary pastimes (I enjoy reading but that doesn't get me moving around much)...
Look on the bright side - if your car is worth nada in 10 years, nobody will be looking to steal it, jealous @holes won't "key" the fender, insurance premiums should be next to nothing, and, the kids won't be fighting over who gets it when you're gone.
We are all in the same boat with these classics .
Redoing the drive train in my 57 Truck slowly approaching half way point of what I sold the 63 for .
I will always have one in the garage ready to drive and enjoy.
When battery cars come out we will still enjoy the rumble.
Easy Rhino comment -Cars are typically a poor performing part of an investment portfolio. If o ne is wealthy and can set aside Ralph Lauren/Jay Leno quality type cars then you might make money on the select top ones. Certain cars have taken off price wise from time to time while others have fallen flat. Overall, cars have performed far worse than a low cost index fund over the last several decades. So there's that. In short, don't build your estate on cars. May be better than Lionel trains, Beanie Babies, Longaberger (sp) baskets, or other so called collectables, but worse than precious metals.
As an investment in pleasure, that's impossible to quantify. It may or may not be cheaper than boating, golfing, a fine scotch collection, etc. In this case, it may have residual value., i.e., the resale of the car. However, on an accounting accrual cost basis of parts plus labor, you may not break even - your time being worth something.
Overall, will you make money on your Corvette? Short answer: Maybe.
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Unfortunately, from my experience (only one that counts for any individual) your initial statement is incorrect. Here are a list of my experiences and former predictions:
- My 1969 Z28, initially $4k, now close to $100K
- My 1967 Corvette, black/black, sidepipes, 435 hp roadster, orig everything, $90K in 1989, plus restoration, sold for 3X
- My 1969 Corvette, black/black, sidepipe L89 435 hp coupe, $150K, sold for 2X
- Wanted support (didn't get it) to buy a Cobra Daytona Coupe for $27K in 1972, now worth $25 million. Predicted the extreme increase. Attended 1965 Le Mans race
- Examined a 1965 GT40 in 1972 for $25K, now $4 million (without even famous ownership or race history), Same prediction as above.
- My two 1965 concours & original Shelby GT350's, one is one of the first Venice handmade ones prior to LAX cars are extremely iconic
- Recently sold a 1966 Shelby GT350. Excellent, original, and complete. Purchased when everything went down in 2008
- Examined a 427 Cobra in 1973 for $10K, now $1.4 million, and a 289 Cobra for $9K, now $1.1 million
My estate has been built up nicely on an ability to predict the winners, both low ones and higher ones. I have no opinion on other car people's ability to accomplish the same. Not to be disrespectful, but I only focus on my opinions (after also collecting data globally). Making the predictions we are talking about must include how one views artwork (not generally a combination with car people, but one that is critical to the prediction).
Last edited by tobaccokid; Jun 3, 2019 at 08:00 AM.
I interpreted the OP's post to refer to pricing of normal C1 and C2 models in general, not the super-rare one-of collectible that most only read about and never lay eyes on.
Let's face it, the majority of Corvettes and other 60's and 70's sports/muscle cars didn't cost 3 grand when new and now fetch a gazillion dollars. Some do, yes.
I assume my split window will be worth $0.00 in 10 years, then I ask myself is that grounds to sell now (or soon) to make some money back before the "crash". The answer is NO. Where else can I get as much fun out of an object that is already paid for ?
I'm not a golf fanatic, boats are even worse investments than cars (I have one), grand kids grow up (way too fast) and Pap's toys lose their appeal, and, many other things are too sedentary pastimes (I enjoy reading but that doesn't get me moving around much)...
Look on the bright side - if your car is worth nada in 10 years, nobody will be looking to steal it, jealous @holes won't "key" the fender, insurance premiums should be next to nothing, and, the kids won't be fighting over who gets it when you're gone.
Every cloud has a silver lining...
My 63 coupes were seven grand each. Can't imagine a huge loss unless it goes to a salvage yard where they charge you for fiberglass disposal. Mean while they are 3 D pictures in the shop. No family members expressed interest so I am stuck as care taker. Should sell the rest of the fleet and also keep the 60 fuel car. The longer I procrastinate , the less planning goes into action.
Like the Fink relates, they are paid for but do provide entertainment. Some day they will find a forever home who doesn't become a cash inspired flipper.
The unnamed “reputable person” was not coming up with some amazing original insight. That opinion has been repeated and parroted nonstop in recent years, endlessly on this forum. He might be right,
I don’t see it as a rejection of our preference in cars. It’s a combination of a world where younger people, aided by social media are changing everything they can about the awful old folks’ world. Part of that is the complete culture change away from the USA= we love Cars world we all grew up in.
Its interesting that every show I bring the split window to still results in a crowd around it all day. However, kids in general, a handful of exceptions noted, don’t care about cars and in 30 years internal combustion cars will be looked at like asbestos in your ceiling. This isn’t a matter of the aging of the Model A owners within a world that still likes cars. I’m thinking the world in 30 years won’t have any interest in cars at all and the cool ones that survive will be museum relics, probably banned from the roads by Generalissimo Ocasio-Cortez.
I don’t particularly care what happens in 30 years, I won’t be here then and I’m pretty sure I wouldn’t want to.
I had these two guys, in their late 20's early 30's go nuts about my two cars. They were flatbedding them for me under my Hagerty policy. They took pics, pics with themselves in the pics, videos, etc. They went ape. Was nice to see guys who probably two some nice cars appreciate my 67's.
Gentlemen-
Normally I would side with the majority opinion here and in many ways I do. But yesterday I attended a small charity show where I happened upon a 30 year old with a 32 Ford Street Rod that would talk his way around the subject as well as any of us can a Corvette.
I asked him..."what on earth sucked you into this?" He said he started with the little Asian cars and finally found the truth. I cautioned him that the kids with hopped up asian cars are the EXACT same kids WE were 30-40+ years ago, only difference is perhaps skin color, national origin and where our cars were made and when;, but beyond that just gearheads. He agreed and launched into a recipe for the build of his car, which given his age was startling. To be fair, he has a Dad in the hobby but don't let that throw you.
Here's my take...today it is all too easy to be made to feel you are in the minority and the world is on its way to hell in a handbasket. Between social media, a bleating mass media bent on shaping public opinion rather than old time journalism (which was the dissemination of news for those who may have forgotten), and a general preoccupation with what amounts to plastic bananas it seems the world we knew has been put asunder.
But it hasn't. It only looks that way, or sounds that way, on purpose. Its to give you the impression public opinion has drifted away from us.
If you base your views about public opinion upon what you hear from the public, you will conclude the old car hobby is dying. The same public opinion suggests America hates Trump. But America elected the guy.
Lesson is, consider the source of the opinions that concern you, and then do your own thinking.
This is a great topic and I tried to digest what everyone has said. I agree that the car hobby is not an investment and should be something enjoyed more then trying to make money. I am 41 years old and was introduced to the love of cars through my dad. First time I went to Carlisle I was 8 years old. I remember those hot summers walking all over that fair ground. It wasn’t till I was in my teens that I started to get the corvette bug. I went to Carlisle every summer and even brought my son at 7 years old. Now he is ten. I missed the last 2 years because of work and got tired of driving from ny to pa just to do a day trip. I also lost motivation because the show to me seemed smaller with less cars/parts.
At at my stage in life I am torn about maybe downsizing the collection. I to as an older crowd then myself would hate to see the cars depreciate and loose whatever value is in them. I know we do not have a crystal ball but sure hope we have a good exit strategy that our children do not have to deal with. I planned on giving my kids my cars but am nervous that there will be no value in them and do not want them to inherit duds that cost money to store and insure. My son likes them but I do not know if he will love them as we do. My dad is a big inspiration to me and my best friend and through this hobby our friendship flourished even more. A lot of the car hobby thrill to me was the chase of trying to buy that one owner car in the garage or the hunt of trying to find something like this. As my dad gets older, 76, he himself looses the passion for the car hobby and I see myself follow. So the monetary concern is on my mind. We all made money on our cars because of all the tv hype and auctions, so my dilemma is when to sell as well. I am a true hobbiest and have a love for the corvette but I would hate to see cars I was fortunate to buy right earn an increased value then loose money because a loss of interest from a generation gap. Sorry if I offend some people with this thought but just trying to be real. From my 40s to the 70s we are all thinking relatively the same.
This thread is scary .
Think of it this way ,If you really like your ride and don't need the extra income keep it .
Gas will be here for along time ,I tank can get you a lot of short rides .
Keep it in garage as conversation piece ,still run it but not as much .
Just enough to have the thrill taking the kids out.
No, it isn't in my opinion. It's another one of those bombs some throw and we end up with a 40 page thread full of opinions that are for the most part variations of one another, with little to be learned of value. It is not unlike other comparatively inane inquiries, which C2 is best, how much zinc, what weight oil, how often should it be changed, best color and so forth.
Those questions are better asked of Wikipedia.
This forum is populated with a bunch of folks who are technically brilliant. Why waste an opportunity to learn something valuable by asking what is going to happen to old car values, or any of the other equally vapid questions asked here?
Look at the value of these vehicles from a macro supply and demand perspective. There are likely fewer than 90,000 C1s and C2s left in existence. There are over 272 million cars registered in the US as of 2017. Old Corvettes represent a very small fraction of vehicles out there. Those C1/C2 Corvettes represent less than 3 months worth of production at a typical automotive assembly plant. This level of supply, if anything will decline over time as cars are wrecked or essentially used up and parked never to be driven again. If the price of these vehicles does drop there will be a reduction in parts and services for these vehicles since fewer suppliers will view restorations or even replacement part production as a viable business. This will in turn cause many of these vehicles, presumably many of the lower value drivers to be permanently taken off the road since they will not be able to compete for the remaining available parts & services. Ultimately, this will reduce the number in the marketplace to a point where the value will rise again, but with a lower population of cars than before.
I understand what you say. We have value spent in these cars. Even if you bought your car for 1k or 100k, or bought it in the 60s or 2000s we do not want to loose money. I think this issue is harder on us the younger generation in the value question. I started collecting in the late 90s and still look for certain cars. I bought right and made money in increasing values but never sold a car so did I really make money? My concern is that I would hate to see what I spent for a correct car get devalued no matter how much love we have for them. Your right this thread is scary. What scares me more is that the memorabilia side seems stronger then the cars. So who is buying that stuff? Is it the older crowd that drives this market or is it the younger crowd. Maybe that should be another thread.
I hate thinking with two minds. The emotional state and the other business mind state. If you know me you will know that I have a true passion for these cars. Corvette and Chevrolet. The down side which may not exist is that I too for see a decline in these cars overall, sadly. Besides the hunt and chase for me there is nothing better then a stressful day in life to go in the garage or warehouse and start one of these cars up to hear the rumble of the engine and them smell to put a smile on my face and to tackle life again. Hope I am wrong. Thanks cf members for your ears.
I am certainly not in it for the investment, just a car that I always wanted ever since being at Reedman Chevrolet in 1966 looking at the corvette brochure and at 14, dreaming. I have my 66 now and will never sell it.
One thing the midyear has going for it is its a surprisingly competent driver in near original form. I have owned and driven all the typical solid axel muscle cars from the 60's and 70s and they are just rubbish compared to a midyear. With a very light/inexpensive suspension overhaul and modern tires you can actually go enjoy one on a twisty road like few other cars from the era. Its the same reason old Porsches are desirable as they are somewhat affordable (unlike Ferraris etc) yet light and nimble and fun to drive.
Unfortunately safety is the achilles heel of all old cars and its importance has escalated dramatically in the past 20 years, I can see that taking the shine off owning a classic for much of the newer generation. I don't even like taking my kids in the car on the off chance something beyond my control happens on the road.
Look at the value of these vehicles from a macro supply and demand perspective. There are likely fewer than 90,000 C1s and C2s left in existence. There are over 272 million cars registered in the US as of 2017. Old Corvettes represent a very small fraction of vehicles out there. Those C1/C2 Corvettes represent less than 3 months worth of production at a typical automotive assembly plant. This level of supply, if anything will decline over time as cars are wrecked or essentially used up and parked never to be driven again. If the price of these vehicles does drop there will be a reduction in parts and services for these vehicles since fewer suppliers will view restorations or even replacement part production as a viable business. This will in turn cause many of these vehicles, presumably many of the lower value drivers to be permanently taken off the road since they will not be able to compete for the remaining available parts & services. Ultimately, this will reduce the number in the marketplace to a point where the value will rise again, but with a lower population of cars than before.
Total supply side argument - which collapses if there is no demand; it doesn't matter if there are 5 C2s left if nobody wants them going forward...
No, it isn't in my opinion. It's another one of those bombs some throw and we end up with a 40 page thread full of opinions that are for the most part variations of one another, with little to be learned of value. It is not unlike other comparatively inane inquiries, which C2 is best, how much zinc, what weight oil, how often should it be changed, best color and so forth.
Those questions are better asked of Wikipedia.
This forum is populated with a bunch of folks who are technically brilliant. Why waste an opportunity to learn something valuable by asking what is going to happen to old car values, or any of the other equally vapid questions asked here?
