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+--- Thread: Barrett Jackson Scottsdale (/showthread.php?tid=1582)
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- ccm911 - 01-20-2009
Now, I think we can all reasonably agree that part of the allure of the classic car hobby is most definitely rooted in the "Exclusivity Factor". As in rare, uncommon, unusual, atypical, extraordinary...and so on.
So then if I am expected to Pony up $100K plus, I can expect to acquire a rare car. A special car. And then the world would be good.
But what did we see last week in Scottsdale? Well about a hundred '57 Chevy Coupes. Now I will admit that I am prejudiced(biased even) against American cars, but this was unreal. Why would anyone pay $100K for a one in a hundred car? I mean it was like every 15 minutes there would be another one. And the Shelby Mustang 500KR. At well over $100K??!! Now, if we were talking about a 1965 with inboard traction bars, and a spare instead of rear seats, I can see a high price. But for one with a dubious pedigree(no 289 or 427) to go for that much is just stupidity. And as for those every 10 minute Cudas and Chargers? WTF? Why would folks pay so much for a car that is so readily available.
But then again, as the phrase goes ; "Nobody ever lost a buck underestimating the collective intelligence of the masses".
Am I wrong?
- STEVEMCMORN - 01-20-2009
ccm911 wrote:
Am I wrong?
[/quote]
YES.
Things are worth what people are prepared to pay. BJ is a no reserve auction .... so if people are paying those prices, that's what they are worth!
- michael lang - 01-21-2009
As the saying in the car business goes "There's an ass for every seat!!"
- AMoore - 01-21-2009
BJ prices are way down compared to the past. Good examples of 57 Chevys have been selling for over 100K for years. Funny how you can see a classic automobile purchaser as an ass but an art purchaser is viewed differently. If I had the money, I would be first in line for some of these buys. Fun to own, drive, work on, etc.
As for expensive, watch an RM auction and see Ferraris, Mercedes and Lambos sell for a million dollars.
- ccm911 - 01-21-2009
STEVEMCMORN wrote:
YES.
Things are worth what people are prepared to pay. BJ is a no reserve auction .... so if people are paying those prices, that's what they are worth![/quote]
[line]
I completely respect what you are saying, but there is one factor not discussed. If I am to buy a car for $100K, then it would not be unreasonable to expect the transaction to be viewed as an "investment". And while I agree that the worth of an object is based on what the market may bear, my conservative nature dictates that I worry more about what the value would be in five or ten years down the road. Which I think in the case of Muscle Cars, would be significantly less.
And as for car buyers versus art buyers....have you ever seen as many mullets and overall poorly dressed folks like the BJ crowd at an art auction?
- AMoore - 01-21-2009
ccm911 wrote:
Quote:STEVEMCMORN wrote:
YES.
Things are worth what people are prepared to pay. BJ is a no reserve auction .... so if people are paying those prices, that's what they are worth!
[line]
I completely respect what you are saying, but there is one factor not discussed. If I am to buy a car for $100K, then it would not be unreasonable to expect the transaction to be viewed as an "investment". And while I agree that the worth of an object is based on what the market may bear, my conservative nature dictates that I worry more about what the value would be in five or ten years down the road. Which I think in the case of Muscle Cars, would be significantly less.
And as for car buyers versus art buyers....have you ever seen as many mullets and overall poorly dressed folks like the BJ crowd at an art auction?
__________________________________________________________________
[/quote]Although the muscle car market has slipped in the past couple years, I'd take that investment over the market any day. First, muscle cars increase in value more, second, they are a lot more fun.
If they can afford 100K collector cars, I seriously doubt that they are your average WT crowd.
- ccm911 - 01-21-2009
AMoore wrote:
Quote:Although the muscle car market has slipped in the past couple years, I'd take that investment over the market any day. First, muscle cars increase in value more, second, they are a lot more fun.[/quote]
If they can afford 100K collector cars, I seriously doubt that they are your average WT crowd.
No. Just WT with a paycheck.
- AMoore - 01-22-2009
You are a bitter man.
- STEVEMCMORN - 01-22-2009
ccm911 wrote: If I am to buy a car for $100K, then it would not be unreasonable to expect the transaction to be viewed as an "investment".
[/quote]
Hmmmmm, gonna have to disagree with you on this as well - this may be unreasonable for you but for many people, particularly those who go to BJ in person, a measly $100K may just be simple play money. Also, many people in our club who spent $100K on new GT3s or turbos probably did it because they wanted a cool car, not as an investment as there is no way, now or previously, that they will get their money back.
If you are looking to invest 100K without love of cars, now may actually be the right time to buy a 57 Chevvy because like houses and stocks, prices are artificially down at the moment and I optimistically believe that as everything in life is cyclical, they will recover in a few years and prove to be a good investment
- ccm911 - 01-22-2009
Maybe now would be the perfect time to take our 100K and buy stocks or rental properties. There is so much opportunity out there right now. Unfortunately, I do not have the cash to take advantage.
