The Corona Correction??? - Page 2 - Chevelle Tech
Bench Racing Stories, cruising and more.

 33Likes
Reply
 
LinkBack Thread Tools Search this Thread Display Modes
post #16 of 29 (permalink) Old Mar 25th, 20, 11:33 AM
Lifetime Premium Member
Ben
 
Join Date: Apr 2000
Location: Snohomish, WA
Posts: 7,593
Garage
Re: The Corona Correction???

The same as the last time.

High end restorations & rare/inherently valuable cars, and the mass produced but more desireable cars will hold most of their value.

Average restorations and daily driver quality cars will drop somewhat as they folks holding them feel the need to cash out.

Project car prices will plummet because nobody is going to be after them.

Overall you will see people clinging to "2019" prices on cars and parts for sale as the market drops. Maybe too soon for that, but later this summer for sure.

Unfortunately- all the cool & rare parts we saw at swap meets changing hands at the beginning of the last recession in 08/09, chances are those that bought them then were in a secure financial position are likely still secure financially so won't be unloading stuff.

Thats my guesses anyway.
1966_L78, Steve R and Derek69SS like this.

Ben R.

To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
-
To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
RAMBO is offline  
Sponsored Links
Advertisement
 
post #17 of 29 (permalink) Old Mar 25th, 20, 2:24 PM
Lifetime Premium Member
Gerry
 
Join Date: Oct 2012
Location: CT
Posts: 987
Re: The Corona Correction???

Iím hoping the prices on aftermarket resto parts comes down some due to decreased demand. I really want a wider set of AR Torque Thrust rear wheels for my 67. Almost pulled the trigger a few days before the corona hit the fan. Now Iíll take a wait and see on prices.

67 SS BBC
4.11's
bradley67 is offline  
post #18 of 29 (permalink) Old Mar 25th, 20, 7:57 PM
Senior Tech Team
Bruce
 
Join Date: Jun 2006
Location: White Bear Lake, a northeast suburb of St. Paul, MinneSNOWta
Posts: 5,198
Garage
Re: The Corona Correction???

Whatever happens I'm not buying anything made in the People's Communist Republic of (mainland) China ever again. Taiwan: okay. Japan: okay. South Korea: okay. Canada: okay. Mexico: okay.

The PRC screwed the world with their "faulty" response to the virus, and I'm NOT going to help rebuild their economy, especially when our economy is suffering.

Check the label. No to "Made in China." Fork 'em!

Our You Tube Vids:
To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.

NickeyChevelle is offline  
post #19 of 29 (permalink) Old Mar 25th, 20, 8:13 PM
Senior Tech Team
Chris
 
Join Date: Aug 2002
Location: Alberta, Canada
Posts: 6,266
Re: The Corona Correction???

The corona pandemic has already created a global financial disaster. Take a look at the stock market and oil prices.

As one of the ones that had business shut down, I no longer can't buy stuff for my car, I need to think about buying food and paying the mortgage.

People talk about working on their cars, or finishing other projects because of all the time they have. How can people afford a $20,000 paint job or a $10,000 engine with no income? So many people live in debt as it is, but do you really think the banks will let that happen when they are deferring mortgages and other payments, which means they wont have the funds, and eventually (sooner than later) will be demanding to get their money. Don't have it? Then the repo man comes and takes your car.

Then what do you get to do with your car? Can't do car shows and tracks will be closed.

Pricing: One has to expect the Chinese sources are going to be dramatically effected as a result of COVID-19, and if manufacturing becomes more local, then the prices goes up. The economy is going to be insanely bad, but the minimum wage won't be any lower. If demand is low, then prices may go down. But how many ppl will go out of business from buying at last years prices, just to sell off at a loss? Think of inventory Summit Racing has.

I think like usual, the rich will prosper, and the poor will screwed even more.

1971 Chevelle SS454, T56 Magnum 6 speed, 3.31 Posi

Youtube Channel.
To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.

Instagram:
To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.

Twitter:
To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
-SS454- is offline  
post #20 of 29 (permalink) Old Mar 25th, 20, 8:42 PM
Team Member
Bill
 
Join Date: Jan 2018
Location: Boston Area
Posts: 973
Garage
Re: The Corona Correction???

Classic cars have done quite well through the last few downsides. The stock market is dangerous, your lucky if you get .1 percent in the bank and real estate no way.. So where do you invest your money? I am sure there are many people on this site that would make a lot of cash if they sold their cars. On the other side some will panic and give their cars away to the buyer with cash in hand, those guys are really good getting cars 50 cents on the dollar. Don't do that! The 2 trillion dollar kick to the economy will keep things from getting too ugly for many of us. SS540 I hope Canada comes through for you guys.
Billdini is offline  
post #21 of 29 (permalink) Old Mar 25th, 20, 9:23 PM
Senior Tech Team
 
Join Date: Dec 2004
Location: tucson az
Posts: 14,316
Send a message via AIM to Jim Mac
Re: The Corona Correction???

I'm thinking the medium income families are going to be hurt in the coming months, on top of that the people are probably charging everything to stock up right now, so they aren't buying parts for the cars. Next 3 to 6 months is going to be rough for folks with a mortgage, credit cards, kids. When money gets tight, the toys are probably going to be the first to go. And even in good times, theres only.so many people willing to spend 20k on basically a weekend driver. So as bills come due, cars, dirt toys, guns, boats will probably start coming up for sale. It's different if you have cash flow and your wanting to sell, but when you need to sell or ot pay the Bill's, the prices will come down. jim

Jim

70 chevelle, SS clone 454 4 speed
71 camaro. (owned since 1978!) 6-71 blown small block 400
66 chevelle 350 4 speed 3.55 12 bolt
66 el camino 350 th350 parts hauler
Jim Mac is offline  
post #22 of 29 (permalink) Old Mar 25th, 20, 10:10 PM
Lifetime Premium Member
Beth
 
Join Date: Oct 2010
Location: Nashville TN
Posts: 1,776
Garage
Re: The Corona Correction???

We will be back to normal by July.

This will be a bad memory.

The government will make sure prices of everything will continue to go up because they are printing money as fast as the ink will dry !

fr8dog and davewho1 like this.

67 Chevelle convertible, 138 vin, original 4 speed, bucket seats, Marina Blue with black interior
nashville beth is offline  
post #23 of 29 (permalink) Old Mar 26th, 20, 3:41 AM
Tech Team
Richard
 
Join Date: Sep 2012
Location: No. Nevada
Posts: 620
Re: The Corona Correction???

I don't see a "Correction" in general, stock market is much worse than a mere "Correction".
Glad I do not own stock to worry about.

My own plans are now in complete disarray, was hoping to get a "Day Job" and do some car build related work on the side.
Now my getting a job at my age just got a LOT harder as I will have to compete with all the young guys who are suddenly unemployed.
Lots of lost jobs are gone for the forseeable future.
Wages that had finally been creeping up just went down again, probably for the remainder of my working life.

I have "Too many" cars and projects but none I am willing to give up.
Just too many sour memories of cars I already gave up for one reason or another.
Right before the Kung-Flu hit the fan I found a great deal on a 2400' shop building to put up on my property.
Very unlikely I can do anything about that now, at least while I'm still young enough for it to matter.
May have to give up my cramped little shop in town now too.
That would mean putting almost everything into storage units until "Better times", whenever that might be.

This over-reaction panic needs to end as immediately as possible.
Truly reliable figures are hard to come by, no one can even agree on the parameters of the questions.
But it does seem to be consistent that in the U.S. that this latest Chinese Flu is generally much less deadly than the "Regular" flu's which are stated to have killed 88,000 last year.
We did not destroy the U.S. or world economy over the Flu last year, or the year before, or any other year.
So I cannot help but feel this panic is largely media/politically driven.
Cannot express my disgust with those who are exploiting this for profit and power.

I estimate at least three years for recovery unless we get "Over" the panic and disruptions by June.
But I fear those profiting from this will not let that happen.

At these gas prices I want it 100+ octane, leaded, and my windshield washed!

Last edited by Richard/SIA; Mar 26th, 20 at 3:43 AM. Reason: Kant spel.
Richard/SIA is offline  
post #24 of 29 (permalink) Old Mar 26th, 20, 12:44 PM
Senior Tech Team
Jim
 
Join Date: Oct 1999
Location: Fresno
Posts: 2,023
Re: The Corona Correction???

Quote:
Originally Posted by Richard/SIA View Post
I don't see a "Correction" in general, stock market is much worse than a mere "Correction".
Glad I do not own stock to worry about.

My own plans are now in complete disarray, was hoping to get a "Day Job" and do some car build related work on the side.
Now my getting a job at my age just got a LOT harder as I will have to compete with all the young guys who are suddenly unemployed.
Lots of lost jobs are gone for the forseeable future.
Wages that had finally been creeping up just went down again, probably for the remainder of my working life.

I have "Too many" cars and projects but none I am willing to give up.
Just too many sour memories of cars I already gave up for one reason or another.
Right before the Kung-Flu hit the fan I found a great deal on a 2400' shop building to put up on my property.
Very unlikely I can do anything about that now, at least while I'm still young enough for it to matter.
May have to give up my cramped little shop in town now too.
That would mean putting almost everything into storage units until "Better times", whenever that might be.

This over-reaction panic needs to end as immediately as possible.
Truly reliable figures are hard to come by, no one can even agree on the parameters of the questions.
But it does seem to be consistent that in the U.S. that this latest Chinese Flu is generally much less deadly than the "Regular" flu's which are stated to have killed 88,000 last year.
We did not destroy the U.S. or world economy over the Flu last year, or the year before, or any other year.
So I cannot help but feel this panic is largely media/politically driven.
Cannot express my disgust with those who are exploiting this for profit and power.

I estimate at least three years for recovery unless we get "Over" the panic and disruptions by June.
But I fear those profiting from this will not let that happen.
Richard, the pathogen that is the cause of the current pandemic and that you describe as "Chinese Flu" is not flu. Flu is caused by an influenza virus. SARS-2 that causes illness that has overwhelmed hospitals is caused by a corona virus. Corona virus is not influenza virus. They ain't the same. They have different characteristics.

I ask you; did the flu last year or in any year in recent times cause a situation like is described in this news article?

https://www.foxnews.com/health/docto...ive-gear-tests
JJ'65 is offline  
post #25 of 29 (permalink) Old Mar 26th, 20, 12:59 PM
Tech Team
Richard
 
Join Date: Sep 2012
Location: No. Nevada
Posts: 620
Re: The Corona Correction???

I never said it IS a Flu, and yes it's horrible for those who get a bad case of it.
Others may never show symptoms, or only mildly.
It spreads like a flu.
My point was and is that it is not the black plague and is in fact being over-hyped in comparison to the flu.
Destroying our and the world economy is not a rational response.
At 65 I'm probably in the "High-risk" group but simply cannot cease trying to make my way in life for fear of what "Might" happen.
With that sort of fear we would all become agoraphobics' and certainly never drive classic cars without the safety coccoon modern appliances on wheel feature.
Alan F, -SS454- and 12stones like this.

At these gas prices I want it 100+ octane, leaded, and my windshield washed!
Richard/SIA is offline  
post #26 of 29 (permalink) Old Mar 26th, 20, 11:57 PM
Lifetime Premium Member
Tony
 
Join Date: Apr 1999
Location: Folsom, CA
Posts: 17,298
Garage
Re: The Corona Correction???

My thinking is that projects and basic cars (Malibu, etc) will come down quite a bit... Nicer examples will probably fare much better, and high-end, won't see much...

My reasoning is that less affluent people usually have projects, and these are the people hurt the most, these are the people that will be scared, and likely selling...

Nice restored cars and high-end cars are generally owned by people with more financial means, and these people will feel less need to sell, less fear, and be more willing to be able to retain an investment that has seen a correction.

Just like the stock market, I think the classic car hobby was due for a correction.


I was actually looking at cars the past few days, and I am already seeing some better deals... Not great, but I see prices dropping already...
427L88 likes this.

Once you go RAT, you never go back...
TC #1366

To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.

To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
Sold

To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
Sold
To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
&
To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.


To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
1966_L78 is offline  
post #27 of 29 (permalink) Old Mar 27th, 20, 8:18 AM
Gold Member
Gene
 
Join Date: Sep 2000
Location: Buffalo NY
Posts: 15,452
Re: The Corona Correction???

My call is no effect whatsoever, OTHER than the ramification of the wealth effect. Collector car prices seem to follow S&P somewhat. Short term, folks may be sellig to get liquid if they had ZERO savings, which is many of us. Low end cars may see a more pronounced sale price for a little bit.

Oh, sure I WISH my ratty Elky drag car can be found cheaper than a few months ago, but I can't calculate "wishes". It certainly helps in negotiations though.

Gene
ACES 3112/Team Chevelle Gold #62
Be big, be a 'builder'!
427L88 is offline  
post #28 of 29 (permalink) Old Mar 28th, 20, 9:34 AM
Tech Team
Gavin
 
Join Date: Jul 2013
Location: Becker, Minnesota
Posts: 522
Garage
Re: The Corona Correction???

I donít know how this will effect prices. I bought my car last spring for a good price. I wonít be selling. As of now, my job is deemed ďcritical infrastructureĒ being that I work in the power generation industry. Mrs. Ghaasl has the ability to work from home and will be starting that next week, as her medical leave ended yesterday. We have no children, no credit card debt, healthy savings, etc. We arenít worried. I just wish the weather would cooperate and price for ethanol free premium would drop so I could take the old girl out of the garage.

My father tells me I was born 30 years too late.
Ghaasl is offline  
post #29 of 29 (permalink) Old Mar 28th, 20, 10:27 AM
Tech Team
 
Join Date: Sep 2000
Location: Walnut Creek, CA
Posts: 999
Garage
Re: The Corona Correction???

Maybe Iím alone on this but I do see a major correction in the near future. The virus was the catalyst but the economy was hyper-inflated and based on too much debt.
IMO a lot of jobs are not going to come back. The $2.2t bail out is just the beginning. This could double or even triple.
I truly hope Iím wrong but this is what Iím basing my financial future on going forward.
As far as the collector car market goes I believe itís going to take a pretty significant hit. People who buy high end have seen their portfolios contract and if they are still looking to buy will be looking for bargains. The bottom end of the market will be affected by people who need to sell for financial reasons.
Again, just my personal opinion.

66 Chevelle hardtop - LFX 3.6 liter 4 Cam V6/6L50 6 speed auto trans, 3.07 10 bolt, full Hotchkis suspension, Wilwood 4 wheel discs, white with red interior, cowl hood.
67_LS1 is offline  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Chevelle Tech forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address. Note, you will be sent a confirmation request to this address.

Email Address:
OR

Log-in










Thread Tools Search this Thread
Show Printable Version Show Printable Version
Email this Page Email this Page
Search this Thread:

Advanced Search
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome