What Price Originality? 1967 Wheels for $22k?

[Paul L.]

I very much enjoy my 1967 but this set of wheels and old, not road-worthy tires for $22,000 gives me pause to wonder where the Corvette hobby is heading.

http://cgi.ebay.com/ebaymotors/67-Corvette-Bolt-ons-Non-Dot-Original-Redlines_W0QQitemZ320078324610QQihZ011QQcategoryZ10076QQssPageNameZWDVWQQrdZ1QQcmdZViewItem

[Michael L.]

Re: What Price Originality? 1967 Wheels for $22k?

Only if they sell...

[william e snyder]

stupid!

the term "more money than brains" come to mind. the problem is once some one pays this the price on all go up, even at 11k they need therapy.

[Mark K.]

Re: stupid!

But what is more stupid, buying new repro bolt-on wheels that not only look terrible, but will cost about $1500 - all of which will be wasted since selling them at a future point will be impossible - Or - buying original wheels that both look good AND will be worth more when it's time to sell them?

(One could argue that staying with rallys is the answer)

[Dick W.]

Re: What Price Originality? 1967 Wheels for $22k?

Paul, in 1987 I was witness to $12,000 being offered for an identical set. CASH laid out on the table. The owner declined. The way that everythin else has escalated, this is probably out of line for the one that has to have everything original

[Patrick H.]

Re: What Price Originality? 1967 Wheels for $22k?

Like Dick, I'm not surprised.

After all, how many sets of original, unmolested 67 bolt ons with correct tires are still in existence? And with the cars commanding $125k to $200k, what's $15000 or so to be the only guy in your state with wheels and tires like this?

I may be all wrong but I think that the odds of the buyer losing money are small.

Patrick

[Gary C.]

Re: stupid!

This is a technical board and we should try to keep it that. Stupid is such a strong word and really would not apply to a buyer of these wheels. I am suprised they are not more today, but comfortable they will be more in a few years. The value of these unique wheels and tires have little to do with where the hobby is headed, but a lot to do with simple market economics. If anything they indicate the hobby is very healthy. They obviously will be bought by someone that appreciates them. Making public judgements as to what someone else values, or how they choose to use their money in a free market is foolish.

If someone goes to work today and within the next few hours generates the 50K in income required to net the 22K (taxes) and then decides that he would like these wheels, my comment would be more along the lines of good job, well bought, more power to ya, etc. The point is the buyer here is probably using pocket change, his or her pocket change did not get that large because he or she is stupid, or all of us would have such pockets.

I really enjoy this board and have found it to be very valuable numerous times over, but the not infrequent posts regarding free market behavior is probably better suited elsewhere.

From stupid who has paid stupid money for stupid things and enjoyed it, and I drove my stupid money 67 big block to the office today!

[Paul L.]

Re: stupid!

Gary,
My words were a comment on how those of us with more modest means find it more-and-more difficult to return vehicles to NCRS standards. Thus the objectives elude us. I have fallen back to a position of "driver" status: maintaining a mechanically sound and clean vehicle that is road-worthy and driven. Perhaps I should not even be an NCRS member given the position I have taken.

I shall cease and desist from starting such threads in future.

[Gary C.]

Re: stupid!

Hi Paul

Please do not take my comments as directed at anyone personally. NCRS has room for everyone, and is a great group of folks and personalities.

There is another side of this coin that never makes for posts here. I recently picked up an original 67 rally wheel on ebay and got it to my door for less than $70. I have done this more than once as I am trying to get a full set for some driver radials, and do it all on the cheap. While the auction site my make for some wow, look at that auctions, it also provides an avenue to allow one to find numerous "bargains" that would otherwise go unknown.

There is room for all of us in NCRS, my post was just a poor attempt at trying to point out that not everyone has the same vantage point and this board is at its best when technical in nature.

[Jim W.]

Re: What Price Originality? 1967 Wheels for $22k?

I agree. Fewer and fewer nice original '67 bolt-ons are available. When they are, they can be pricey. I bought a nice set of five (wheels only) in 1982 for $1500 and sold them a few years later for quite a bit more. I later bought a better set for my convertible and sold them about four years ago for more than $10,000. If I was looking to replace them today, I would expect to pay $12-15,000. But I'm not looking. Jim Weeks - Member #2978

[Walt W.]

repros

I bought a new set of 5 bolt on wheels 5 years age for $ 1,600. Sold them on ebay this year for $ 2,100.

Walt Weems

[Dino L.]

LOL

Your post made me laugh out loud......

"They obviously will be bought by someone that appreciates them. Making public judgements as to what someone else values, or how they choose to use their money in a free market is FOOLISH."

Not be picky but aren't you making a public judgement when you say FOOLISH?

LOL.....

[Chris Patrick]

Re: stupid!

Gary is right, but some may have missed his point.

To the guy who makes $50,000 per year, $22,000 is a big price to pay.

To the guy that makes $50,000 per month, it is a chunk, but not overwhelming.

To the guy who makes $50,000 per day, then $22,000 is pocket change.

What you can't see is what the other guy you are bidding against makes.

This is the way the hobby has gone. As upset as some are that there are guys buying up the good stuff at prices that are "crazy", the same can be said for a lot of people 20 and 30 years ago when prices left the $2000 and $3000 world of used Corvettes to become $10,000 and later $20,000.

[Jay G.]

Re: stupid!

True But anyone whos been around will remember the Correction of the early 90's. 67 BB going for 80-90K late 80's Feel off the map to 45K etc. R.E. and tangiblies are just as volital as stocks. At the mercy of a world economy and mid eastern shakey-situations. Interest rates etc. Wereon aHorse ranch on 70 acs in SW Colo. May be worth beaucoup bucks. BUT Colo.is a Boom and Bust state. Much like Vettes a correction Will come. But I'll keep my 67 and the ranch till I'm too old for both. I guess it all depends if your an oppurtunist captializing on a given situation. Or Love you Vette, house etc. Won't be swayed by the B-Jackson mentality. Montgomery Gentry said best "Daddy won't sell the farm. Or da Vette.

[Michael S.]

Re: stupid!

Jay,

The guys bidding up the prices are not opportunist's, they are successful middle age men/women to whom $50K-$200K is WAM money (Walking Around Money). So what if the high school dream car they always wanted drops in value 50%, if and when a correction occurs? No big deal to them!

The fact of the matter is that your and/or your wife have probably recently purchased at least 1 new daily driver car that cost $20K-$40K in the last 1-2 years. You could park that new car in the garage and never drive it and it will still depreciate 50% in the next 3-5 years depending upon what type and brand of new car you purchased. Just think, you have lost 50% of the money you spent on transportation car. At least the Corvette is/was a dream!

Forget about the price correction of the early 90's or what "may" happen in the future. I would be concerned about the value of the goods and services I use/purchase on a daily basis. Talk about depreciation, walk around your home/farm and look at all the stuff you have purchased lately, the price you paid and what it is worth now. This reality is what I really call a "Price Correction"! Does that make the local furniture store, new car dealer, Home Depot and Circuit City Opportunists? After all, they bought low and sold high and you were very happy to pay the price?

The "Correction" is going to come in the next 1-5 years when all those folks in Denver and Boulder that purchased homes in 2005 with interest only loans find out they cannot pay the mortgage. US NEWS and World Reports (Septemeber 2006) reported that Denver had the highest percentage of interest only loans let for residential property in the United States in calender year 2005. A full 50% or 1/2 or ALL residential home loans let in 2005 in Denver Colorado for resdential property were INTEREST ONLY! With young and old people alike signing on the dotted line for such a STUPID mortagae when fixed rates are still at historically low levels makes the folks purchasiing Corvettes for $200K look absolutely brilliant! By the way, Boulder was second on the list at 48% of ALL mortgages in 2005 let for residential property was interest only. FT. Collins was number 4. What's in the water in Colorado?

Colorado truly is a boom or bust state as you have stated. I now read that the interest in Shale oil is starting again in Western Colorado. You are correct, we are doomed to repeat our stupidity. The real question will be how many families can again afford their stupidity in the next downturn. If history is our guide, not very many!