JPatrick

Anyone know the guy with the 45 corvettes?

http://cbs.marketwatch.com/news/stor...EDA5D3EF8D7%7D

EDIT--The site requires registration- Story is in the next post


[Modified by JPatrick, 11:48 AM 2/26/2003]

Crazyhorse

For those that don't want to register here is the story.....

LOS ANGELES (CBS.MW) -- Mike Yager fell in love at the age of 13. Four decades have passed, but his affection has never waned.
"I was bitten by the Corvette bug. I saw one and it was kind of like your first love," said the 53-year-old. "That passion has never left."
The Effingham, Ill., businessman was so enamored with the car that he has since collected 45 of them, built from 1954 to 2003. He bought his first Corvette at 20 -- a 1967 marina-blue convertible with a white leather interior -- for $3,200. At the time, he made $6 an hour as a tool and die maker. But it was a sacrifice he willingly made.
"To me, a Corvette is red, white and blue," he said. "It's America. It's freedom. It's youth. It's individuality."
People like Yager are driving the collector car market, which has seen a revival in the last three years after a slump in the late 1990's. Specifically, industry players say the uptick began after Sept. 11.
Buyers, mainly aging baby boomers with disposable income, are flocking to collectible autos for the nostalgia, and also as an investment they can see and touch at a time when all they see in the stock market are losses.
"The stock market isn't so fun anymore," said McKeel Hagerty, president of Hagerty Insurance, which specializes in collector cars. People are saying "I want to have some fun."
Last year, Hagerty's new policies for collector cars increased 25 percent. So far this year, business is already up just as much.
Hagerty is seeing a generational shift in collectors: For the first time in his company's history, the average buyer's age has fallen under 50.
Two weekends ago, the respected R.M. Auctions of Ontario, Canada, took in $8 million at a collector-car event in Boca Raton, Fla. The company had expected to get between $4 million and $5 million.
A 1970 Plymouth Hemi Cuda, which would have sold for $80,000 last year, brought in $115,000, said R.M. Auctions President Rob Myers.
He understands why interest in collector cars has risen: He himself saw "several hundred thousand" in stocks dwindle to "nothing."
"I saw friends make so much money," Myers explained. "I got into something I knew nothing about."
How to buy a collector car
There are collector cars -- whether classic, exotic or rare -- for many budgets. Prices range from $5,000 to $10 million and up, Myers said.
But to get a good return on your investment, it's better if you can afford to buy several cars, said Tom duPont, publisher of the duPont Registry, a collector-car listing service in St. Petersburg, Fla.
To get started, research the collector-car market. You can subscribe to various publications, such as the Sports Car Market magazine, or hook up with people who know the market, experts said. Sports Car Market publishes an annual pricing guide that also rates cars for the potential investment return in the short and long term.
You could also join a car club, but only if you know what type of car you would like to purchase, Hagerty said.
To find bargains, attend auto auctions and check the classifieds, Myers said.
Take a close look at the car's condition. You don't want vehicles needing major repairs. The restoration costs could set you back plenty and you could lose money on your investment, experts said.
"Once your start restoring cars, that's when you go into the hole," said Hagerty. You want cars with low mileage and in excellent condition, or at least needing as few repairs as possible, he added.
Check the car's authenticity; buy from a reputable company or individual. You want the vehicle to retain its original parts.
Go for uniqueness. The rarer an automobile is, the more it could be worth. Together with low production numbers, look for high performance, Hagerty said. For example, a late '60s Camaro with an 8-cylinder engine could see more demand than a 6-cylinder.
Last year, R.M. Auctions sold a 1962 Ferrari 330 TRI/LM for nearly $6 million -- setting a record for the Italian-made car.
What was special about it? It was the last of the legendary Testarossa series and the last front-engine car to win the 24 Heures du Mans race by Phil Hill and Olivier Gendebien. The two were one of the most successful driving teams in Le Mans history.
Finally, stay away from 4-door sedans of any car made in the '60's and '70s, Hagerty advised.
Car picks for 2003
So what cars could be good investments this year? Industry experts like these:
• Muscle cars of the '60s and '70s with low production and high horsepower. Examples: Any Shelby Mustang that's selling in the $30,000 range, Camaros with the SS package or the Z28 coupe, any General Motors limited-run V8 convertible, high-powered Chevys and the Mustang Mach I.
• Classic cars of the 1930s, such as the 1934 Packard or a custom-built Duesenberg.
• Pre-WWI vehicles with big horsepower, such as the 1915 Thomas Flyer.
• Cars such as the Austin-Healey "Bug Eye" Sprite and the 1959 Cadillac El Dorado Biarritz convertible.

JPatrick

Thanks for posting that crazyhorse, didn't realize that site would require registration. :confused:

richscorvettes

If this is the Mike Yager I know of, he is the owner of Mid-America Corvette. We've met him a few times at Carlisle and he is an interesting and outgoing person with a real passion for Vettes. He has some super cars in his collection including a C3 Le Mans racer and the CERV I. He recently sold a number of his cars to make room for new ones in his collection.

Rich Lagasse