The Corona Correction??? - Chevelle Tech
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post #1 of 29 (permalink) Old Mar 24th, 20, 10:53 AM Thread Starter
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The Corona Correction???

This current Corona pandemic certainly has the potential to have some long, serious, financial fingers into the world economy.
On a somewhat less wordly note and because this is a classic car forum, how do you think this will affect the classic car world. Certainly this will affect the number of sales and for those that were/are considering selling I wish you luck.
Lets hear your predictions on how the classic market will be affected. Do you think it will be across the board? Will it just be the price of high end cars? Will it be all levels of cars? Will it follow to parts, services such as restoration shops, appraisals, etc.?
One would think with the effects of this pandemic things such as classic cars which are considered hobbies by many will be scaled back. What say you?
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post #2 of 29 (permalink) Old Mar 24th, 20, 11:15 AM
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Re: The Corona Correction???

Some might say I'm getting that car I always wanted after this scare.
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post #3 of 29 (permalink) Old Mar 24th, 20, 11:17 AM
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Re: The Corona Correction???

More time to get those projects closer to the finish line.
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post #4 of 29 (permalink) Old Mar 24th, 20, 11:21 AM
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Re: The Corona Correction???

In my opinion this will drastically affect the industry and here's why:

First of all there are a lot of people currently out of work, or working from home, or worried about what the future will bring who will simply not be looking to spend money on a classic car.

I'm sure that some people will panic and potentially look to sell their classic car to free up some cash, but they are either going to have a limited buyer's base or they will simply find that people have less money to spend.

As for car shows/cruise nights....well that season which is almost upon us is in dire straights. I'm in PA where the governor issued a state at home order for the next 2 weeks. The month of April in PA is always a question mark. We could have 70 and sunny or 6"of snow, so nobody really worries about missing a cruise or a show in April.....but May is when things really kick off and then the season runs until say late September when people start shutting their cars down for the season.

If this nonsense drags into May, it cold really affect attendance at local cruises or shows. I'm not so worried about the shows as I'm more of a cruise night guy. But right now things look really crappy.
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post #5 of 29 (permalink) Old Mar 24th, 20, 12:54 PM
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Re: The Corona Correction???

blm has described the situation. Toys and hobbies will disappear while people are just trying to survive. Money's the medium in the economic cycle, as water is the medium in the hydrological cycle (evaporation, rain, runoff; repeat). The circulation will be slowing down, with people not earning and not spending, and gov't not collecting taxes. It could eventually grind to a halt, with increasing breakdown of society.
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post #6 of 29 (permalink) Old Mar 24th, 20, 1:04 PM
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Re: The Corona Correction???

There will be a blip, increased old car sales at decreased prices. Prices for everything will be based on supply vs demand. As far as car shows, they will be just fine when the dust settles and they start back up.
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post #7 of 29 (permalink) Old Mar 24th, 20, 1:37 PM
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Unhappy Re: The Corona Correction???

Guesses.

Hope not but some of us may be forced to sell our toys for whatever we can get for them just to be able to survive.

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post #8 of 29 (permalink) Old Mar 24th, 20, 1:51 PM
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Re: The Corona Correction???

Due to the coming financial loads on thousands who have held on to to future project cars and trucks some will be forced to sell. Those car people with money to spare will be all over the deals which arise. I suspect this won't be a long term crisis so for the most part things will bounce back. It may cause some to rethink their financial outlook for the future but we'll be OK long term.

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post #9 of 29 (permalink) Old Mar 24th, 20, 1:57 PM
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Re: The Corona Correction???

I guess I look at it differently....

My take is this:

The market will bear what anyone is willing to pay, but those who are scared (and need the money) will sell at a lower price (to guarantee cash in hand for security sake) and those who have been "saving for a rainy day" will directly benefit.

I think you'll see the prices on the high end cars will remain close to what they are as their value is still there, but the everyday drivers will sell at a lower price.

I viewed buying my car as a complete luxury item and I planned for it. I won't be selling my car, and as for myself it was a toy to play with and as such not needed to survive.

I feel for those who have to even consider selling to either survive or recover in the long haul.
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post #10 of 29 (permalink) Old Mar 25th, 20, 4:31 AM
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Re: The Corona Correction???

From a restoration/business perspective, I've had a couple guys postpone their upholstery projects until this thing settles down. They've been laid off from their jobs (social distancing) and the extra money isn't there to work on classic cars. Which also means less income for my business. Right now I've got a couple month's customer work already in the shop. Maybe by that time we'll start getting back to normal again.

Those postponed projects are okay. They need to look out for their families, and it gives me some time to work on the cars I've been collecting parts for.

So far I haven't heard of anyone needing to sell their classic cars to pay the bills....yet.
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post #11 of 29 (permalink) Old Mar 25th, 20, 5:57 AM
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Re: The Corona Correction???

Maybe some more distance between cars at car shows. Maybe the social things will teach people not to put hands on things they don't need to. And will carry over so people won't put there hands on the cars at shows also.
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post #12 of 29 (permalink) Old Mar 25th, 20, 6:15 AM
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Re: The Corona Correction???

As far as I can tell, the most obvious and immediate impact is to be able to drive the wheels off our toys at $1.50 a gallon, SOON. Otherwise, I dont see the next depression ahead and I see NO permanent change in our hobby due to it. But I may be blind.

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post #13 of 29 (permalink) Old Mar 25th, 20, 6:47 AM
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Re: The Corona Correction???

Quote:
Originally Posted by elco68 View Post
Maybe some more distance between cars at car shows. Maybe the social things will teach people not to put hands on things they don't need to. And will carry over so people won't put there hands on the cars at shows also.
Now THIS would almost make the whole thing worthwhile.
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post #14 of 29 (permalink) Old Mar 25th, 20, 8:44 AM
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Re: The Corona Correction???

Due to the liquidity crisis, there will be a lot of people that will be liquidating toys (cars, boats, planes, etc.) which will depress resale prices for a while. This will dry up marginal restoration vendors. Frankly people donít need it. Iíd be prepared to hold for a few years.
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post #15 of 29 (permalink) Old Mar 25th, 20, 11:29 AM
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Re: The Corona Correction???

Quote:
Originally Posted by elco68 View Post
Maybe some more distance between cars at car shows. Maybe the social things will teach people not to put hands on things they don't need to. And will carry over so people won't put there hands on the cars at shows also.
You will always have those individuals that just have to touch. Terry
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