I don't think BJ is a good indicator... Generally BJ (and other auctions) "showcase" the high-dollar cars, and these might hold their value pretty well, because often the people who can afford these are pretty wealthy...
IMO, everything underneath these will drop, and "typical" cars will drop pretty significantly... By "typical", I am thinking what you see at a cruise night, and maybe a local or regional show. A car thats actually driven on the roads semi-regularly... "Show" cars will probably do okay, but not only quality, but documentation will be the best bet (naturally)...
You are going (already have really) a huge glut of cars flooding the market, because some people NEED to sell...
I think you might even see alot of "quality" cars that sell for much less than has been invested...
I agree totally. Mine are bought and paid for and I have them to drive and enjoy. If when I do sell them they make some money that is a bonus, but not the reaswon I have them.
If you see your car as an investment you probably have it for the wrong reason. I do not see them losing much more value but if they do then ohwell I will still be enjoying them and paying less to do it. Just my 2 pennies.
The question was where is the muscle car marget going. Not do you buy or sell for profit.
We have not even come close to seeing the muscle car market hit bottom.
In the next 6 months the muscle car market is going to be flooded with cars for sale....... Cheap.
Those that have employment will be able to keep their toys.
Those who dont will have no choice but to sell.
The question was where is the muscle car marget going. Not do you buy or sell for profit.
We have not even come close to seeing the muscle car market hit bottom.
In the next 6 months the muscle car market is going to be flooded with cars for sale....... Cheap.
Those that have employment will be able to keep their toys.
Those who dont will have no choice but to sell.
Stated this before in another post, but this is bigger than the muscle car market. I challenge anyone to name any tangible good that has not been affected negatively by the current economy. Cars, planes, trains, boats, guitars, motorcycles, horses, stocks, real estate, etc. are all diminished.
Why should we think that muscle cars would be the lone shining star that would escape this unscathed, while the rest of the economy falters?
stated This Before In Another Post, But This Is Bigger Than The Muscle Car Market. I Challenge Anyone To Name Any Tangible Good That Has Not Been Affected Negatively By The Current Economy. Cars, Planes, Trains, Boats, Guitars, Motorcycles, Horses, Stocks, Real Estate, Etc. Are All Diminished.
Why Should We Think That Muscle Cars Would Be The Lone Shining Star That Would Escape This Unscathed, While The Rest Of The Economy Falters?
I think the Muscle car market will continue to flood with cars for sale and the mid range quality cars will suffer greatly.
I also think the economy will get much worse, and as Stock markets crash, I think tangable investments such as real estate and documented, numbers, Muscle cars will rise heavy as the stock market proves unsafe for big investors losing money.
I see investors pulling out of the market and driving up demand for quality documented, number cars. (and subsequently driving up price)
(just a hunch with no qualifications for the opinion)
I have my doubts... I think a significant portion of the people "investing" in muscle cars the last few years were people with the extra money, but not always true enthusiasts... Many of these people hurt by the current situation will probably NOT be back... And I think most "investors" see will see that... That doesn't mean Muscle/Classics won't come back as investments, just IMO we won't see the huge returns. Also probably will be alot ahrder for someone to "pay" to restore a car AND make a profit...
69396ss said:
(just a hunch with no qualifications for the opinion)
Stated this before in another post, but this is bigger than the muscle car market. I challenge anyone to name any tangible good that has not been affected negatively by the current economy. Cars, planes, trains, boats, guitars, motorcycles, horses, stocks, real estate, etc. are all diminished.
You'll see a lot more of the cars being garaged. With people losing jobs left and right in addition to the rising prices of everything, many other things are going to start to take priority.
After all, cars are only worth as much as what people are willing to pay for them. With less money moving around, they will be worth significantly less. There's no doubt about it. The only people selling their cars now, are the people who need to.
The truth is, I am sick and tired of hearing about how bad things are....the Market and value of our cars will continue to drop if everyone keeps talking about how bad it is!!! The economy here is fine and I see alot of cars bringing good money still. Houses are starting to sell again and people are spending more. If you sit around worrying about the economy and talking about it in a negative way it will not improve and crying about it won't help anything.
Outside of BJ and the high priced show cars, I think buying for good cars will just stop! Much like the 9-11 aftermath, everybody will just pull back and not make any kind of moves with cars or houses. By good cars, I mean those $20-$30 thou cars that are actually useful!
The muscle car market rode the wave of the housing market. I'd look for cars to eventually go down to where they were maybe 7 years ago before the prices got out of hand.
Never happen. The costs to restore are still high. And there isn't a stockpile of muscle cars in some guys garage waiting to be released. They don't make these cars anymore and many are going to the crusher, if they haven't already.
I also believe the market will slow. Altough, last weekend at Carlisle I saw a lot of $18 - $22K cars that sold. A few of those got more money than I thought they were worth too.
I'm sorta kicking around selling one of my cars. It is going to be expensive. I will not think about dropping the price to sell it. It is a good car. Good cars are hard to find at a cheap price.
I bought my 70 last year at this time.I was financially ready and after looking for almost 2 years i found mr right.I paid up but i got a real car at a fair price.When i start wondering about things and if i should have let the money in the bank,all i have to do is go out to the garage and my heart rate goes up.Naw,screw the money ,when i going down the road on a beautiful day i know i did the right thing,lifes too short.:yes:
My take on the whole situation is that the powers that be, are grabbing all the money they can out of the stock market right now before the election. Hence, the downturn, after the election, who knows were the economy is going. It can't get much worse and if it does, God Help Us, if there's anything left! I think the big money guys and power brokers are running out the door with everyones 401K laughing alll the way to the Off Shore Bank!! The Muscle Car market? Remains to be seen!
Many of these cars were bought with home equity loans. Give it some time and the prices will fall to where they should have been before this started. The classic car market takes time to change because owners hold on to their cars if things look bad. You can at least have fun with a car. A stock isn't fun to play with.
Many of these cars were bought with home equity loans. Give it some time and the prices will fall to where they should have been before this started. The classic car market takes time to change because owners hold on to their cars if things look bad. You can at least have fun with a car. A stock isn't fun to play with.
The current unemployment rate is about 6%.
The vast majority of people in the United States are employed and will remain employed.
Even during the Great Depression the majority of people were still employed.
bobm396 said:
The question was where is the muscle car market going. Not do you buy or sell for profit.
Exactly.
Also...Ive stated this before...you should buy these cars for the enjoyment of the hobby, not as an attempt to make money.
The money you will realize by attempting to "invest" in a muscle car is chump change compared to what you can make through other investments.
Actually, right now is a good time to buy stocks because of the downturn in stock prices.
The "secret" to success in the stock market is to buy low and sell high, and there are many opportunities to buy low in the stock market right now.
In fact, I'll give you a stock suggestion/tip...Sirius Radio.
Sirius Radio is now merged with their competitor XM Radio.
Sirus stock is very cheap right now. It was trading Friday for 40 cents a share. Now is an ideal time to buy Sirus Radio stock.
I'd like to touch base one year from now with everyone who reads this.
I predict you'll either be gloating over your profit...or kicking yourself in the ass for not buying it.
i may be way off base on this but i always thought that the wave in muscle car prices was really a blip on the radar screen driven by those of us who are baby boomers. as we began reaching the age of having some disposable income we started reaching back for some of those great things from our youth that we enjoyed and found we still enjoy them. i'm not saying "trying to relive the past or relive our youth" as many people phrase it. i'm saying we STILL enjoy them for the same reasons we did when they were new. this then created a market for appreciating (going up in value) goods and therefore the investors jumped in driving the costs even higher. if that really was the driver for this phenomenon we have seen with our cars, then the prices were eventually going to tank when we went from the age of financial surplus into older age. that is assuming there wasn't a younger market coming in behind us to carry it on, and i'm not at all confident that there was. taking all that into consideration along with the fact that monies available for "investment" (which i never thought these cars were in the first place) are drying up then how can it not be inevitable that the value drop dramatically in the coming months or years?
I buy what I like and don;t ruminate over what it is worth down the road. My frinend and I were at Fall Carlisle last weekend and were good naturedly arguing who was going to buy a car. He did. He bought an all docunented totally restored 1969 SS Nova L78. I think he mde a great buy and the car is worth considerably more then he paid for it,but that is NOT the reason he bought it. It is to show off and enjoy. Quality cars for quality money are being bought an sold everyday. As many others have said it is the mediocre and undocumented stuff that have taken a nose dive.
Quality cars for quality money are being bought an sold everyday. As many others have said it is the mediocre and undocumented stuff that have taken a nose dive.
By great I don't mean concours, I just mean that they are fun cars. And I'm not talking about a perfect RS Z/28. Your average Z is selling for $60-80 which I think is a high price considering they made almost 20,000 of them in '69.
No offense meant,but the term fun cars implies to me that they are a dime a dozen. I looked for three years before I found my Z and I have not seen one like it since. You are correct that over 20,000 were built,but how many are still around with their original drivetrains and sheet metal, and all paperwork since new?
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