Mecum Auction Louisville

[onewhippedpuppy]

Watching the Mecum auction in Louisville, the muscle car bubble has definitely popped. I saw an award winning ‘55 Thunderbird sell at no reserve for $35k, super nice GTO ram air no sale for under $75k, genuine GT350 with an engine swap sell at no reserve for $65k, a bunch of 1950s and 1960s American muscle no-sale, and a bunch of nice stuff sell in the $20-30k range. Yes it’s Mecum and yes it’s Louisville, but prices are markedly down from just a few years ago. Maybe it’s time to shift the focus to Supras, NSXs, and Fox body Mustangs?

[JackDidley]

The auction on tonight was first aired last week. I watched then and I agree with you. In general, prices are down. Certain cars still do well but the market has changed. Numbers matching and original seems less important than quality. I actually went to the Louisville auction last year. Interesting. Some things I really did not expect. Like the lack of information on the cars. Only a few had any posters or information written out to tell you what you are getting. Another thing was, you had to look very close at body work and paint. The cars are waxed and under super bright lights. At a glance you just see bling. Had to get close and take some time to evaluate the paint and some that look good walking by were terrible on close inspection. I may go to another Mecum soon if they have another in the midwest.

[ckelly78z]

The muscle car bubble may have popped becuse all of the baby boomers who have already retired, and bought thier dream cars, are having to give them up due to age. What will be imensely popular with the next generation will be the cars from the 70s/80s that young guys at that time couldn't afford, or want another one....look at the price of Datsun Zs, Buick Grand National/GNX, Toyota Supras if there is any doubt.

[cabmandone]

I saw the same and thought the same. My son and I were in a Frickers eating and watching the auction. He and I were both looking at each other saying "wow! that went cheap", and he's only 16.

[LWJ]

Yes. I know a guy with a cherry 396 chevelle that is slowl dying. He didn't play with his car for the last decade and certainly won't be in the next.

Demographics drive this stuff.

Looked at the price of something like a model T? Saw one on Craigslist for $2500 this summer. And it was nice.

[URY914]

And the baby boomer's kids don't want them or have a place to store them. No different then Grandma's Sunday best china and silver place settings.

[onewhippedpuppy]

Originally Posted by ckelly78z

The muscle car bubble may have popped becuse all of the baby boomers who have already retired, and bought thier dream cars, are having to give them up due to age. What will be imensely popular with the next generation will be the cars from the 70s/80s that young guys at that time couldn't afford, or want another one....look at the price of Datsun Zs, Buick Grand National/GNX, Toyota Supras if there is any doubt.

Originally Posted by LWJ

Yes. I know a guy with a cherry 396 chevelle that is slowl dying. He didn't play with his car for the last decade and certainly won't be in the next.

Demographics drive this stuff.

Looked at the price of something like a model T? Saw one on Craigslist for $2500 this summer. And it was nice.

That was exactly my thought. We've been discussing it on this BBS for quite some time, but it's different to see things actually start to shift. Just look at BaT, seems like a new high is being set weekly for something like an Integra Type R, Supra, NSX, RX-7, 911, etc. There's an entirely new generation of collectors driving up pricing on an entirely new class of cars.

My neighbor across the street has a nice driver quality '69 Z/28 Camaro. A real one, not a replica. Black over black, white racing stripes, numbers matching, manual transmission, it probably would have been a $100k car at peak pricing a few years ago. He's been talking about selling it since I moved in 11 years ago, I don't have the heart to tell him that at this point, he might be better off keeping it.

[cabmandone]

I think I'd sell my 911 to get my hands on a good 69 Z28.

[VincentVega]

And I'm interested in a model t for $2500. I know nothing about 'old' cars, just find them interesting. The few older guys I know have or are consolidating. Its a bit sad to see them trying to sell something they put so much into but thats life.

[hcoles]

Originally Posted by cabmando

I think I'd sell my 911 to get my hands on a good 69 Z28.

me too

[sammyg2]

LOL there was a chebby impala dale Earnhardt edition with 228 miles on it, didn't meet reserve at $15.5k
I thought i heard the consigner say "not even close, add a zero".

LOL, he bought a POS and didn't drive it, and now thinks it's worth Ferrari money because it has a number 8 on it
I was cracked.



EDIT: evidently it sold afterwards, I'd be curious to know for how much

[VincentVega]

16!

[kach22i]

Originally Posted by ckelly78z

The muscle car bubble may have popped becuse all of the baby boomers who have already retired, and bought thier dream cars, are having to give them up due to age. What will be imensely popular with the next generation will be the cars from the 70s/80s that young guys at that time couldn't afford, or want another one....look at the price of Datsun Zs, Buick Grand National/GNX, Toyota Supras if there is any doubt.

Spot on, and perhaps people are converting their cars to hedge inflation from looming trade wars.

2014
How Baby Boomers Created Today's Classic-Car Market—and How They Could Crash It
https://www.caranddriver.com/features/baby-boomers-created-the-classic-car-marketand-could-crash-it-feature


Remember when the Duesenberg prices crashed decades ago?

[onewhippedpuppy]

Originally Posted by cabmando

I think I'd sell my 911 to get my hands on a good 69 Z28.

Well, good news with regards to muscle car pricing.......

Originally Posted by kach22i

Spot on, and perhaps people are converting their cars to hedge inflation from looming trade wars.

2014
How Baby Boomers Created Today's Classic-Car Market—and How They Could Crash It
https://www.caranddriver.com/features/baby-boomers-created-the-classic-car-marketand-could-crash-it-feature


Remember when the Duesenberg prices crashed decades ago?

The collector car market isn't crashing, it's shifting. Desirable cars from the 1980s and 1990s are going up just as quickly as cars from the 1950s are going down. It's cyclical and generation driven, and always have been. Sucks if you spent $100k on a 1957 Chevy 10 years ago, but that's why they always say that cars are a liability, not an investment.

[speeder]

Originally Posted by onewhippedpuppy

Well, good news with regards to muscle car pricing.......



The collector car market isn't crashing, it's shifting. Desirable cars from the 1980s and 1990s are going up just as quickly as cars from the 1950s are going down. It's cyclical and generation driven, and always have been. Sucks if you spent $100k on a 1957 Chevy 10 years ago, but that's why they always say that cars are a liability, not an investment.

That is so true and I've lived it, putting way too much $$ and time into cars. A few years ago, I had a productive talk w a family friend who has been a professional investor for probably 50 years. Not a car guy but really smart and knows people who collect everything.

He basically advised me that collector cars should only be a small percentage of someone's portfolio, no matter how much they are your "passion" or whatnot. He told me some interesting stories of guys he knows who are into speculating on limited edition cars like the Ferrari Enzo or whatever the car du jour is. Told me a story of a guy who bought the first Corvette C7 ZR-1 and brought it over to Monaco because it would be worth triple or something to some crazy rich person who just had to have it first.

Something went sideways w the customs on it and he not only could not sell it, they impounded it for a while and it turned into a nightmare. And this was someone supposedly very astute who had done this before. The point of the story was about getting stuck w something you thought was very liquid, which has happened to me in a much smaller way.

There is an old saying when it comes to collecting, whether it's art/coins/guns/cars/whatever: "Don't buy stuff you don't like because you might get stuck with it."

[onewhippedpuppy]

Originally Posted by speeder

There is an old saying when it comes to collecting, whether it's art/coins/guns/cars/whatever: "Don't buy stuff you don't like because you might get stuck with it."

I like that, definitely going to be quoting that one again.

[Zeke]

Originally Posted by speeder

That is so true and I've lived it, putting way too much $$ and time into cars. A few years ago, I had a productive talk w a family friend who has been a professional investor for probably 50 years. Not a car guy but really smart and knows people who collect everything.

He basically advised me that collector cars should only be a small percentage of someone's portfolio, no matter how much they are your "passion" or whatnot. He told me some interesting stories of guys he knows who are into speculating on limited edition cars like the Ferrari Enzo or whatever the car du jour is. Told me a story of a guy who bought the first Corvette C7 ZR-1 and brought it over to Monaco because it would be worth triple or something to some crazy rich person who just had to have it first.

Something went sideways w the customs on it and he not only could not sell it, they impounded it for a while and it turned into a nightmare. And this was someone supposedly very astute who had done this before. The point of the story was about getting stuck w something you thought was very liquid, which has happened to me in a much smaller way.

There is an old saying when it comes to collecting, whether it's art/coins/guns/cars/whatever: "Don't buy stuff you don't like because you might get stuck with it."

I know a rich cat (new money, not old) who plunked down about 25K over sticker for a 1989 911 Speedster. He thought he would drive it very limited and sell it on for big bucks. He got his wallet trimmed on that one.

I guess they have come back though — he should have kept it.

[pwd72s]

Originally Posted by Zeke

I know a rich cat (new money, not old) who plunked down about 25K over sticker for a 1989 911 Speedster. He thought he would drive it very limited and sell it on for big bucks. He got his wallet trimmed on that one.

I guess they have come back though — he should have kept it.

Only if he enjoyed maintaining, insuring, storing, and the other hassles involved with being owned by a "collector car".

[ckelly78z]

Having a collector car is more about the feelings that it gives you present day, and/or the feelings you had when you were young, and saw the car going down the street, or the strip. It is for re-living old memories, and capturing a time in your past that was care-free, and responsibility free.

I want another Dark green 1971 240Z with a tan interior, and twice pipes, just like I had the Summer after I graduated from high school....it evokes a time in my life that I would love to re-visit with the knowledge, and the money I have now. I still remember the grin I had on the cold November day I bought it.

[pwd72s]

Originally Posted by ckelly78z

Having a collector car is more about the feelings that it gives you present day, and/or the feelings you had when you were young, and saw the car going down the street, or the strip. It is for re-living old memories, and capturing a time in your past that was care-free, and responsibility free.

I want another Dark green 1971 240Z with a tan interior, and twice pipes, just like I had the Summer after I graduated from high school....it evokes a time in my life that I would love to re-visit with the knowledge, and the money I have now. I still remember the grin I had on the cold November day I bought it.

Alas, Thomas Wolfe was right...you can't go home again. Only memories of the past remain.