Quote:
Originally posted by Halm
Tom, I suspect you watch the high end / collector car market as much as anyone. Do you see this price as an anomaly or is it the beginning of a return to normalcy for early car pricing?
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Hal:
I cannot say for sure but it would seem that a "cooling off" period is happening. Housing prices are coming down steadily and it's rapidly becoming a buyers market. Several brokers have admitted that price reductions are becoming SOP.
20% corrections are not uncommon. The worst offender was a near 40% drop but that was in a neighborhood that had gotten way over-heated and the owner thought he was living in Beverley Hills. (It sort of reminded me of the early 911 market)
Now, while most of these cars are bought by collectors with deep pockets even they think twice in a shaky market.
Corrections are good and if we have one then do not be surprised. It is normal because NOTHING goes straight up.
The "Otis Chandler RS" was an auction sale. That should mean the truth, the whole truth and nothing but the truth. The he said, she said stories are out the window. Show me the money.
The bottom line is that the car was worth $165,000 to someone.
Re-stamped or not the car was "Show" and that brings a premium. I don't know anyone who has a "Show" RS. ("Show" is a Manhattan type car) If you are driving it, it isn't "Show".
The difference between "Show" and "Excellent" is big money. The similarities are close but in the end the "Show" car is worth more; a lot more.
As for this car I state emphatically that Phil Bagley does not turn out junk from his shop. I've got proof in several cars that I've had the luxury of looking at up close and in person. The work is beyond reproach.
People have a tendency to pay up by letting their emotions get in the way and that's how prices get run up. Everyone thinks their car is worth "X" because someone else has one that got "X".
It is pure fallacy to think this way but believe me; it is perpetrated on the public every day of the week. Look at E-bay and go no further.
FWIW: Just today I was warned about a seller who has multiple (personalities) on E-bay and goes so far as to "ask" questions under the guise of his alter egos to add strength to his auctions as he bids them up himself. How about that?
Never buy anything on emotion unless you want it so badly that you are willing to live with your mistakes, financial or otherwise.
If it's a keeper, then it's a keeper. (Wanna sell the SC???)
Best,
Tom