There are only 23 (of 451 Corvettes) mid year corvettes listed on the Barrett Jackson auction. I think this might be sending a big message on the market. There are very few Big Block cars and that tells me that there are many afraid to test the prices in a no reserve auction. Many people use the BJ prices to establish market value (although we know the prices are not realistic) I have been looking hard for a 65 big block and have not seen a whole lot of cars out there for sale (worth buying) and I wonder if people are waiting to see the BJ results before grabing profit and running? I can only ask is there a correction in the market going to happen or a nice plateau of prices facing the corvette world? I remember in the 90's when the same senerio played out where prices jumped quickly over a 18 month period and then slipped back leaving many guys holding expensive (nice) cars that were selling 20K less than what they bought them a month earlier. With the stock market climbing aggressively do most guys with multiple cars sell off excess cars to stay liquid (and safe)at this time?
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Keith Burmeister -
most anytime the market goes up other investment
fall off because you can grab a profit in the market without waiting for years for the appreciation to happen. JMHO -
Re: Market Indicators-Weak showing of Mid Years at
Kieth,
I have a friend with a large collection of cars. He explained to me that he doesn't worry about the market value of his cars going down. He says that it just allows him to purchase additional cars at a lower cost. For him, it's pretty much a wash. I guess the same would apply for someone selling one car and purchasing another. I suppose a lowering of the market value of collector cars really only has a negative impact on the guy with only one car he'd like to sell, with no intention of replacing it with another. He does, as you say, sell some of his excess cars for the reason you stated, and usually after the Barrett Jackson auction results.Comment
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MID YEAR MARKET
I enjoyed reading your observations on the market Keith. Your search for a 65' big block "worth buying" sounds like my 16 year search for a 67' Lynndale blue car with a white interior, which ended (finally) this past September. I had been looking for my car since first setting eyes on a Lynndale car in the spring of 1990. I was always dissapointed with the cars for sale, and saw no point in paying 40-50-60 or 70K for cars with cosmetic, mechanical issues or poor restorations. At the end of the day, the definition of "the market" is the negotiation between a buyer and seller for a particular car. In my case, I chased the owner of my 67 350HP car for six years before he decided to sell to me, and the selling price was decided between the both of us. In my opinion, we have less and less "real, genuine" cars coming onto the market because there is so much crap for sale, hence people who do not have to sell simply keep the good cars on hand. Please take your time and wait for the "best 65 big block" you can get, because once you buy it, you will forget what you paid for it, and have to live with the car. A perfect car will award you with no regrets on your purchase. Remember that the car you buy today, might be the car you will have to sell in the future, and you want to have the best to facilitate your sale. Good luck in your search !!Comment
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The price was driven up by others
It's NOT the NCRS crowd that drives up the price of mid-year Corvettes or others - there are too few NCRS members and for the most part they are quite picky and tend to try and nickle/dime the price DOWN . The worst offenders in the price inflation situation are those with a lot of $$$ to blow and little to no knowledge about Corvettes - ie: that classic idiot who gets into a bidding war over the stupid looking GM bus for $4 million!!!!! DUH! What a knucklehead! - Hey, but at least it was SHINY .
Perfect example - last year, a nice original 1963 ZO6 sold for a bargain price while several ersatz 1967 427/435's sold for much more. Go figure.
The collector car market will likely go down sometime in the near future, as Clem says, when the stock market goes well, people sell their alternative investments.
MarkComment
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i understand the guy did not have the 4 mil
for the bus and there has been a law suit about this dealComment
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Perhaps he just came out from under the either *NM*
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Re: Market Indicators-Weak showing of Mid Years at
Those of us who have just one C2 car in immaculate shape with 327/300 and Powerglide can sit tight. The value isn't going anywhere fast. In fact, it may (and has) gone up moderately in the last four years. I don't flip my C2, just own and enjoy it.Comment
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Re: Market Indicators-Weak showing of Mid Years at
I dont worry about my C-2 going down in value. It should always be worth the 1500.00, I over paid in late 1971(according to my friends). daleComment
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Re: Market Indicators-Weak showing of Mid Years at
I have watched the prices on C-2 And C-3 Corvettes slip a little over the last 6 monts or so. I think if you have a nice one that you like the best thing to do is drive it a little and enjoy it.The Corvette hobby is expensive and I think a lot of people got into to it on a whim. I also think a lot of them were bought on equity line and second mortgage type loans. As those loans get more expensive there will be more on the market. Lets face it a Corvette is like a boat or motorcyle, a toy and if you don't really need it,it has to go.. TomComment
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Re: Market Indicators-Weak showing of Mid Years at
Keith,
Interesting observations regarding the BJ auctions. I too noticed that the number of midyear corvettes seemed lower. I own a couple of cars and for me I would not mind if prices at least stabilized as I would like to buy another car before I run out of room to put them in. To me its a hobby not a business even though I have a lot of money in them, it is how I unwind from the everyday stress in life. As far as selling at BJ, the problem with a no reserve auction is obviously if you do not like the price you have to take the final bid or buy the car back for 21%!! 10buyers fee 8sellers fee and do not forget about the 3 for the state. This I feel is the biggest reason why you are seeing fewer quality midyears at a no reserve auction. If you have a great car with no excuses you do not need an auction company to sell it for you JMHO.Comment
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Re: Market Indicators-Weak showing of Mid Years at
i could be wrong but as i read the for sale list for the az bj sale it cost $400 to $500 to be a buyer and there is 10% at both ends---when the transaction is complete with a no reserve entry---if you have $125k in your vet and it only pulls $100k it will cost you $10k to take it home--now you are in your vet $135k---that will or would cause some pause as to bj your vet or hemi or what ever---here is something for discussion---if a person was to buy a $$$$ car and found out it was misrepresented who bites the litigation bullet? first impression it to sue bj who should then sue the seller----then your money is tied up for 2 to 10 years in litigation.---maybe why the low bb for sale at bj, maybe they are afraid they are selling fakes or got hooked by someone else who sold to them , then found out they got put together and do not want to go through the atty. sue program---JMHOComment
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Re: Market Indicators-Weak showing of Mid Years at
Steve,
I agree, if you have good solid car, it won't take much advertising to sell it. The car will sell itself without any outside help.Comment
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Re: Market Indicators-Weak showing of Mid Years at
Phil
In your buy back example you would be the seller and the buyer 18% total I think plus a state tax if their is one and you are not a dealer. I have sold a few cars at auction and as the seller you are the one who gets sued if you make any false statements in the description. The auction house makes you sign lots of paperwork to protect them and prints only what you say in your description. If you sell to a friend or local and they find a rattle or the starter quits in a week they are back at your door wanting it fixed for free. The auction house gives you a check within hours of the sale and everyone knows it is sold as is and if the descripton is true you should not have any more contact with the car or the new owner wanting it fixed. No tire kickers or picture takers to deal with at home when you sell at auction.
Lyle
LyleLyle
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Re: Perhaps he just came out from under the either
or sobered up.Comment
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