Is Corvette Mid Year Prices Dropping? Help Please.
08-16-2008, 05:47 PM
#101
Instructor
Well, With Carlisle just a week away, we will once agaoin revisit the "Market Value" of cars, especially mid-years. Will be interesting to see how many mid-years meet reserve.
I will be bidding on the '66s.
For everyone else who is going, have a safe trip.
I will be bidding on the '66s.
For everyone else who is going, have a safe trip.
Last edited by Johnny 66; 08-16-2008 at 08:53 PM.
08-17-2008, 04:36 PM
#103
Corvette prices rise with inflation.
The GDP doubled in the past 8 years and basically so have Vintage Corvette values.
It is consistent over time. But right now prices are down a good bit even on some of the higher end cars where that was not the case last year.
As a buyer and seller it is safe to say I see very few fire sales on good cars. The desperate sellers I have encountered over the past year are typically fellas who bought mediocre cars for too much money usually with borrowed money. Most of the mediocre cars have been overvalued in my view since 05-06. These cars are dropping in value.
It is still very hard to get owners of collector quality cars to part with them as these are the guys who did their homework and rarely are in situations where the "need" to sell.
By spring of next year this doom and gloom may have passed. Who knows. One thing for sure is the past is a strong indicator of the future so it is a safe bet that in a few years we will look back on 2008 like we do on 1991.
Jim Jordan
The GDP doubled in the past 8 years and basically so have Vintage Corvette values.
It is consistent over time. But right now prices are down a good bit even on some of the higher end cars where that was not the case last year.
As a buyer and seller it is safe to say I see very few fire sales on good cars. The desperate sellers I have encountered over the past year are typically fellas who bought mediocre cars for too much money usually with borrowed money. Most of the mediocre cars have been overvalued in my view since 05-06. These cars are dropping in value.
It is still very hard to get owners of collector quality cars to part with them as these are the guys who did their homework and rarely are in situations where the "need" to sell.
By spring of next year this doom and gloom may have passed. Who knows. One thing for sure is the past is a strong indicator of the future so it is a safe bet that in a few years we will look back on 2008 like we do on 1991.
Jim Jordan
Last edited by Buttonhead; 08-18-2008 at 04:57 PM.
08-24-2008, 10:55 AM
#104
Drifting
Ebay Seller's :quote
This says it all about the real values and how ebay's selling prices are not reaL!
"This car is being relisted for the third time. It has sold twice on ebay now and have yet to find a buyer that will actually show up and follow through. This auction is to buy the car..not be first in line to look at it when you can get your finances in order. Read my description before bidding, it says do not bid unless you intend to buy. I am offering this car again at no reserve. Bidders with zero feedback must contact me before bidding."
http://cgi.ebay.com/ebaymotors/Chevr...mZ170253009020
This says it all about the real values and how ebay's selling prices are not reaL!
"This car is being relisted for the third time. It has sold twice on ebay now and have yet to find a buyer that will actually show up and follow through. This auction is to buy the car..not be first in line to look at it when you can get your finances in order. Read my description before bidding, it says do not bid unless you intend to buy. I am offering this car again at no reserve. Bidders with zero feedback must contact me before bidding."
http://cgi.ebay.com/ebaymotors/Chevr...mZ170253009020
08-24-2008, 09:08 PM
#105
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If this thread is going to continue to last this long, is there any chance we can change the title to "Are Mid year Prices Dropping?" 
08-25-2008, 12:48 AM
#106
Safety Car
08-25-2008, 01:43 PM
#107
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Having just returned from Carlisle, my impression was that asking prices were down from last year. I saw some good looking midyears that were priced tens of thousands below what I thought they would be. However, I did not crawl under them and one really nice '66 BB, 425 hp, ($59,500) had the hood down so didn't see the NOM engine. And there were two '67s at $399,000 and $395,000, but that was as high priced as I remember. All in all, some nice looking midyears and '58s to '62s for less.
Did not make it to the auction but did walk past the parking lot and it seemed not as many there as the two previous years.
Next year prices may be back up.
Did not make it to the auction but did walk past the parking lot and it seemed not as many there as the two previous years.
Next year prices may be back up.
08-25-2008, 02:44 PM
#108
Return from Carlisle as well yesterday and prices are down. Must have had at least 20 people say the price I was asking for my 67 Vert was no brainer last year, but this year, well......
08-25-2008, 07:45 PM
#109
Safety Car
Having just returned from Carlisle, my impression was that asking prices were down from last year. I saw some good looking midyears that were priced tens of thousands below what I thought they would be. However, I did not crawl under them and one really nice '66 BB, 425 hp, ($59,500) had the hood down so didn't see the NOM engine. And there were two '67s at $399,000 and $395,000, but that was as high priced as I remember. All in all, some nice looking midyears and '58s to '62s for less.
Did not make it to the auction but did walk past the parking lot and it seemed not as many there as the two previous years.
Next year prices may be back up.
Did not make it to the auction but did walk past the parking lot and it seemed not as many there as the two previous years.
Next year prices may be back up.
Thanks,
08-25-2008, 08:32 PM
#111
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Asking prices were down in the corrall, but not at the Proteam tent. At the auction, I thought the reserves were very high, as sellers are having a tough time adjusting to the new market reality. Ex. A 69/400 air coupe bid to $94M with no sale and $110K reserve! Not sure of the percentages but it appeared as if the sale percent was low.
08-26-2008, 01:45 PM
#113
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Also, I walked into the auction at around 3 p.m. Saturday and it was all over. So it is interesting to hear what a560156 said about it.
08-26-2008, 05:21 PM
#114
Drifting
08-26-2008, 06:11 PM
#115
Drifting
BAD Grammar is a terrible thing ........... And it must be stopped in our lifetime!
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Last edited by Stingxray; 08-26-2008 at 06:21 PM.
08-26-2008, 10:24 PM
#116
Instructor
First problem with the auction is holding it on Friday at 4:00 PM. It should be a Saturday event.
As for the 66 BB NOM mentioned above for 59,500, it was a nice car, and I drove it Thursday. Was going to make an offer Friday after the auction, but it sold. It was offered by Valley Auto of Bedford PA, and he told me they took 57K for it. It was originally Mosport green, repainted red. Had a 67 Vette 427 block in it. Motor looked nice.
And I am proud to say I finally got myself a vette. A 66 couple red, PS, PB, Factory Air, Telescoping wheel, Numbers matching engine. Has correct red paint and saddle interior. Seller took 8K less than his asking price.
08-27-2008, 11:20 AM
#117
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08-28-2008, 05:01 PM
#118
I have to say I went to the Carlisle Auction and from cars 1-65 it didn't seem like alot sold. Alot seemed to be ignored, also not really well attended. They also cancelled the Saturday Auction due to not having enough cars.
08-28-2008, 06:16 PM
#119
Instructor
Last year, it was supposed to be a two-day auction, starting Friday evening and continuing Saturday, but due to lack of cars, it was Saturday only.
This year, they went with Friday only. It was scheduled as such.
09-09-2008, 03:20 PM
#120
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St. Jude Donor '06
I'm not going to let this thread die, bad grammar and all.
Just received this news flash from Old Cars Weekly. Old news for some of us.
Pro Team’s Michaelis Sees Changing ’Vette Market
September 08, 2008
by By John Gunnell
AUBURN, Ind. -- ProTeam Corvette Sales has announced that it will be closing its satellite store in Auburn, Ind. Company president Terry Michaelis was hoping to sell a lot of the company’s Auburn inventory at the Kruse auction
on Labor Day weekend.
Pro Team operated for two and a half years in Auburn near the Kruse Auction Park. Michaelis told the Auburn Star that he plans to stick to his home base in Napoleon, Ohio, where his main headquarters has always been.
“I have had to get more creative and take my cars to the people,” Michaelis told reporters.
At the Bloomington Gold Auction in St. Charles, Ill., in June, Michaelis sold 11 of the 42 cars he brought. Those sold were mainly $200,000-plus cars and he didn’t replace them in his inventory.
Like other Corvette dealers told Old Cars Weekly in the past year, Corvettes with prices in the $10,000 or lower range are hard to sell and not bringing the strongest prices. As in real estate, it is a buyer’s market right now.
“All these things hit us at once,” Michaelis told the newspaper. “2008 is going to be the year we remember.”
At the same time, Michaelis has seen his overseas sales of Corvettes more than triple in the past 15 months. Exports to Western Europe had generally been strong, but the weak dollar has brought out buyers from the Mideast and Russia, Croatia and New Zealand.
Micaelis said he is advising clients to hold on to their treasures until the economy improves. “If you don’t need to sell, this is the wrong year to do it,” he believes. But the ones that do sell, Michaelis adds, are sold at auctions. He took 30 cars to Auburn. “An auction is still the best venue,” he said. “It creates urgency.”
Just received this news flash from Old Cars Weekly. Old news for some of us.
Pro Team’s Michaelis Sees Changing ’Vette Market
September 08, 2008
by By John Gunnell
AUBURN, Ind. -- ProTeam Corvette Sales has announced that it will be closing its satellite store in Auburn, Ind. Company president Terry Michaelis was hoping to sell a lot of the company’s Auburn inventory at the Kruse auction
on Labor Day weekend.
Pro Team operated for two and a half years in Auburn near the Kruse Auction Park. Michaelis told the Auburn Star that he plans to stick to his home base in Napoleon, Ohio, where his main headquarters has always been.
“I have had to get more creative and take my cars to the people,” Michaelis told reporters.
At the Bloomington Gold Auction in St. Charles, Ill., in June, Michaelis sold 11 of the 42 cars he brought. Those sold were mainly $200,000-plus cars and he didn’t replace them in his inventory.
Like other Corvette dealers told Old Cars Weekly in the past year, Corvettes with prices in the $10,000 or lower range are hard to sell and not bringing the strongest prices. As in real estate, it is a buyer’s market right now.
“All these things hit us at once,” Michaelis told the newspaper. “2008 is going to be the year we remember.”
At the same time, Michaelis has seen his overseas sales of Corvettes more than triple in the past 15 months. Exports to Western Europe had generally been strong, but the weak dollar has brought out buyers from the Mideast and Russia, Croatia and New Zealand.
Micaelis said he is advising clients to hold on to their treasures until the economy improves. “If you don’t need to sell, this is the wrong year to do it,” he believes. But the ones that do sell, Michaelis adds, are sold at auctions. He took 30 cars to Auburn. “An auction is still the best venue,” he said. “It creates urgency.”