ps374

With the troubled economy we are experancing, Corvette Magazine encouraging low balling price shopping will the C1 and C2 Corvette be affordable to most anyone in the coming years? I was at a show this week end and a beautiful 61 Fuelie with 26K orginal miles with orginal paint and interior in excellent shape was on display. The owner told me he could not get what i felt was a fair price of $80,000. A few years ago this car would of been sold in a instant for well over that price.. Corvette magazine in its December issue with its 9K Corvette shopping guide had listed early C3s for under 10K.Yet Mustangs are still holding there value from my reasearch. In fact Saleen and Cobra versions are selling for for thousands more than simular year C5s. Early C4s are hardly bring more than $3500. Even well kept lower milage versions.10 year old Hondas are selling for thousands more. Were is the American dream headed?

92GTA

I was hoping to sell my '56 for $500,000 in 50 years

Seriously though, I'm not sure I can imagine it getting much lower. Prices are so low compared to a few years ago and it's such a buyers market, so many cars are changing hands that it's holding steady from what I've seen.

Moto One

Part of the down turn is the econemy, but shows like Barrett Jackson has brought the collector car hobby to the masses. And with over the top bidding for C-2 over the years has created an over value. And if you have bought a car just to turn it with the idea to make a buck, like real estate (as we have learned) there is a eb and flow. With many who have put there hard earn cash of into building a C-1 or C-2 may or are now in need to sell, and they are selling short.

The plus is there are a lot of nice cars out there, but it is a limited supply and they, like gold. will always have some value.

Drive it and enjoy it, You may not be here tomorrow.

Mark.

ktchir

Well said...

hedgehead

Absolutely. Real Estate as well.

Dan Hampton

The only thing that I would question is the age demographic which may have some impact on the future interest in these cars.

If the "new normal" is 8.5% unemployment, old Corvettes will be the last thing in the consumer food chain to be purchased.

jrs 427

When did you say the prices will fall ? I have been patiently waiting for years on a decent priced project / driver C-1. The problem is you start out at 25k and it takes an equal amount to get it back to somewhat original. By this time its a 40k car with all your volunteered labor.
Hobbies cost money and I guess the Corvette game is no different..... unless you purchased them 25 years ago. Its a vice I can live with.

Ernie67

Some really good questions here. Prior to the economic collapse I thought the pricing in regards to c1 & c2 prices was climbing away from the average Joe, and would perhaps become a poor man's Ferrari. As far as coming back I think it will be a very very long recovery if we have one at all. Another consideration, if the rest of the world recovers while the USA does not, with a declining dollar we can expect a lot more of these cars being sent overseas.

jimh_1962

I think one of the biggest factors will be when most of the baby boomer generation are either too old to drive or are gone. This will affect the pricing alot of the muscle cars from the 60's and 70's. My generation (generation X) will try to keep the hobby going as long as we can. Most of the generation after X will care less what happens to these cars. If it does not have a USB, NAV, bluetooth it is a clunker. This is only my opinion.

yukonranger

Its interesting that people tend to equate "recovery" with reaching the peak! They bought their home, stock or corvette for a dollar and it went to $3 then back to $2 and they expect it to "recover" to $3. I suspect that prices are higher now than the average of the past 15 yrs.

Anyone who thinks that sitting on an old car is going to make him rich will probably be dissapointed. It is more likely that old cars will hold their value.

robert miller

ps374

i also wonder what will happen when the baby boomer generation is gone. I know some young people today look at early Corvette of the sixties and say Who cares.They would much rather get their hands on a old Accord and modify it. And many of these guys are motorheads. These cars dont relate to them.

xiaoman

i do agree it is a generational thing as people either tend to buy what they couldn't buy when younger or buy what they are familiar with...in 30 years folks with hondas will be trying to source nos parts as well!
i guess we should all sell our "old " cars before the market truly tanks... regards xiaoman

1snake

I think that's a very good idea. I have cash waiting for those that want to jump on that bandwagon.

Jim

RatDog

Two stories:

1. When my son was in elementary school, I used to take him to school in my '74 Alfa Romeo. Often, he would ask me, "Dad, can we please take mom's Honda today instead of your car?"

2. My niece is a senior in high school. My brother just bought her an Accord. I sent him a picture of a C2 convertible to show her the car I wanted when I was in high school. Her response was, "It's just an old car".

-- Steve

BlackbirdZ07

Very good points. I entered my '67 in the NCRS Western Regional meet this last weekend. At 38, I was by far the youngest owner there (that I noticed). It was very striking. As I stood next to my car during the judging, the judging teams would look around for the owner. Finally they would ask me if I was the owner, or I would identify myself. They didn't expect someone so young to be the owner of the car.

Unfortunately, very few people people of my generation are willing or able to spend $30,000+ on a toy car. As the baby boomers age past their 60's in the next ten years, I expect a flood of cars to hit the market, and prices won't go anywhere but down.

Blk63Vette

Hello

Well, I will tell you my condo in Florida is approx. 1/3 the price when I bought it in 2006 My salary (construction) is done 15% of where it was in 2007 (But thankfully STILL working) Most of my investment in stocks and bonds are all way way down.

I can honestly say my 63 Corvette had kept better value then all my other "assets"

Most poeple I talked to told me old cars are BAD investments. Funny I never thought of my car as and investment. I bought it because I wanted a "toy" for myself.

Blk63Vette

Unfortunately, very few people people of my generation are willing or able to spend $30,000+ on a toy car. As the baby boomers age past their 60's in the next ten years, I expect a flood of cars to hit the market, and prices won't go anywhere but down.[/QUOTE]

I disagree.. Im 42 and I am alot of the time the "youngest" person at car show with a midyear Corvette. I think these cars are timeless classics and will always command a higher dollar valve than alot of cars in the market. Classic lines will never go out of style and always be in demand..

92GTA

I'm 30 and my 12 year old son says my '56 is his favorite car ever and always wants rides. Every weekend he asks me down to the garage to teach him everything about it. I hope to get my 7 year old down the same path.

If my boys bought Hondas, it would be like coming out of the closet I have a '70 Chevelle waiting for him when he turns 16, that or my Trans Am. I'll do a full cage and racing seats with harnesses so he thinks it's cool and so will his friends and best of all, he could drive it off a cliff and walk away alive.

I've wanted a 56/57 since I was 6. So I bought one, even though I can barely afford it. My 7 year olds favorite gift I have ever gotten him is a model of a white/silver '57. My dad bought me a red/white '57 when I was his age and that started it all. I've owned over 20 cars since I got my licnese, some VERY nice collector cars. I work hard to spend hard and play hard.

On the large though, I totally agree that once the elder current generation passes, C1s will go into the ether like all of the fantastic brass era cars Most people want a car when they grow up because of a ride they had or a friend who had one. If they aren't driven then there will be no passion! Give every kid you see at every car show a ride and drive your cars ATLEAST 3 times a week! My son kinda didn't care about my '56 until I took him for a drive with the top down, now he won't leave me alone about it! Heck, until I drove my C1 I had never even sat it one, but my drive and passion about classic cars is more than most to buy one. I MADE it a priority to buy one this young, why wait until I'm too old to do everything on it myself and enjoy it, plus prices are still going to go up a bit I think.

Loren Smith

I've heard that theory many times, using the collapse of the Model T market as an example, so maybe that's a factor. But the pre-war classics from the 30s and 40s don't seem to have suffered, and I don't think they are all being bought by 80 and 90 year olds. Antiques from the 1800s fetch good money as well. I think the market will always be there for old collectibles, as long as they are of classic design or historical importance.