The Crazy Price of Collector Cars

Collector car prices have gotten way out of hand.  I realize this is nothing new - people have been speculating in the collector car market for years, but seeing some of the mundane iron roll across the auction block for prices in the high five / low six figures leaves me scratching my head.  Here are some examples of what I mean:

• E30 BMWs routinely go for $50,000, M3s for double that amount

• Ford Trucks have sold for as much as $97,500

• Japanese cars from the 1990s sell for over $100,000

All of these cars are pristine, low mileage, or limited run cars.  People collect other objects like art, wine, or antiques, so cars shouldn’t be any different. It’s nobody’s business what you buy.  Nothing wrong with collecting something as a hobby or because you have an interest in it.  

What gets me is the rampant speculation.  There is no measure of value.  Some of these cars trade hands regularly, and double their value every few years. It’s almost like the price paid is a bragging right or a way to keep score with your money.  That’s fine if you have the means, but it bothers me for two reasons:  

First, skyrocketing prices put these cars out of reach for most people.  If you’re not independently wealthy, the only way to buy something is by spending an inheritance, taking out a loan, or robbing your kid’s college fund.  It seems the most common collector car buyer is someone who is newly retired and who has either downsized to a smaller house, or has extra retirement money.  Go to any auto auction and you’ll see the early dinner crowd buying up the cars of their youth, gladly paying beachfront property money for the Hemi powered Plymouth they wanted in high school.  

Second, the prices make it hard to drive these cars on the street.  No one wants to risk putting a dent in their original Plymouth Barracuda or scratch the paint on their Chevelle 396 “tribute car” that they just bought for $80,000.  You’ll never see a pro-street anything on the street, let alone the parking lot at a local store.  These cars arrive in an enclosed trailer, under the dark of night, with more secrecy than the Stealth bomber. 

As a kid, a neighbor had a black 1957 Chevy Bel Air parked in their garage. A friend’s mom daily drove a mint green 1969 Pontiac GTO.  The local import garage usually had a Jaguar E-type or XJ-S in for service.  And one of my dad’s partners had a Lotus Europa.  These cars left their imprint on me and are a big part of why I’m into cars today.  

There have been stories over the past few years about how the younger generations are no longer interested in cars as anything other than a mode of transport.  If there is a problem, I think it’s more due to a lack of exposure, or a lack of money, than waning interest.    

The Mustang Chronicles: Part 1 - Coming Home

 

I've been looking for a project car on and off for the past two years.  Something I could work on with my son and enjoy.  There were plenty of options within a few hours of my house, but the challenge was finding a good candidate in my price range, and at my skill level.  

I don't have easy access to a good tow rig, and while I can tackle a lot of things, I didn't want a project sitting in boxes, or advertised as "ran when parked... 30 years ago."  I also didn't want something rare, that's hard to find parts for, or that I would be scared of driving because of its value. I wanted a driver. Something I could daily if I wanted, or point down a two lane road for a long weekend.    

Space is limited to one half of a suburban two car garage.  Years ago, I learned a valuable lesson after disassembling the front end of a 924 Porsche in a single car garage - if you are married, and want to stay married, it's a good idea not to kick your wife's car out of the garage in winter.    

I looked at several cars.  There was a 1967 Plymouth Satellite that appeared original, with a numbers matching 383 Commando V8.  It didn't run, but was complete and the owner was willing to drop it off at my house. The body had not rusted away, but the car had been sitting in a barn for a long time and the interior looked like a run down rodent Ramada.  The price was almost too good to be true, which made me hesitate on pulling the trigger.  It turned out it was too good of price, as the car was sold the day after I looked at it. 

I also looked at a 1968 Corvette Stingray.  It was a running, driving, original car in LeMans blue.  Unlike 85% of the Corvettes, it was also a four speed manual. The only problem was that it was at the top of my budget, and the car had a bent frame that had rusted through at the rear suspension mounts.  I was not ready, nor did I have the skill to do a frame off restoration.  

The next few weeks were a blur of cars, a couple of AMC Javelins, more C3 Corvettes, Triumphs and several MGBs.  Then I stumbled upon the 1965 Mustang.  

There was one picture in the add and the price was high, but was listed "or best offer".  It was local, 15 minutes from my house, being sold by the original owner.  It was a completely original, un-restored, un-modified, two door coupe in Wimbledon White with Ivy Gold interior. Three days later, I drove it home. 

And I've been driving it ever since.