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I suspect the guy would have done far better erecting a pole barn and keeping the best 20-25% of these cars in covered storage, put the cars on a rack system/lifts to stack them 3 high to make the most of the space. The values of the rare/brand new cars would have been higher by multiples that would far exceed the values the 75-80% other rusty wrecks brought.
The rest of these cars should have been just sold as used cars back when they had value/ran. Many buyers this week will suffer buyers remorse when they start pricing parts, restoration costs just to make them run, nevermind concours condition.
I suspect the guy would have done far better erecting a pole barn and keeping the best 20-25% of these cars in covered storage, put the cars on a rack system/lifts to stack them 3 high to make the most of the space. The values of the rare/brand new cars would have been higher by multiples that would far exceed the values the 75-80% other rusty wrecks brought.
The rest of these cars should have been just sold as used cars back when they had value/ran. Many buyers this week will suffer buyers remorse when they start pricing parts, restoration costs just to make them run, nevermind concours condition.
You are correct.After all is said and done and after good money after bad is spent getting those cars driveable and later sellable in the real world market they will quickly see they will get only pennies on the dollar from what they have spent.Most of those cars will never be worth anything close to what money has been put into them.Some people don't know evidently that in buying anything it is not what it cost as much as what it will cost to replace it.Any of those junker rusted cars can be replaced today for a fraction of what they paid.In fact mostly likely several good runners can be purchased today for what the non runner cost. Its not like any of those cars are rare or that old.
I suspect the guy would have done far better erecting a pole barn and keeping the best 20-25% of these cars in covered storage, put the cars on a rack system/lifts to stack them 3 high to make the most of the space. The values of the rare/brand new cars would have been higher by multiples that would far exceed the values the 75-80% other rusty wrecks brought.
The rest of these cars should have been just sold as used cars back when they had value/ran. Many buyers this week will suffer buyers remorse when they start pricing parts, restoration costs just to make them run, nevermind concours condition.
You are correct.After all is said and done and after good money after bad is spent getting those cars driveable and later sellable in the real world market they will quickly see they will get only pennies on the dollar from what they have spent.Most of those cars will never be worth anything close to what money has been put into them.Some people don't know evidently that is buying anything it is not what it cost as much as what it will cost to replace it.Any of those junker rusted cars can be replaced today for a fraction of what they paid.In fact mostly likely several good runners can be purchased today for what the non runner cost. Its not like any of those cars are rare or that old. Buy hey. Some people like seeing and buying old cars at any price and thats ok. Others like me like watching fools throw away their money.
Well the old adage applies here,. "a 'Fool and His Money' are soon parted". Those vehicles will cost as much as most paid for to bring them to original condition. Therefore they'll have paid more than double what the vehicles were worth.
I'm calling the top of the classic car market. It feel too much like when my co-worker who labeled bottles for a living got approved for a 400K loan or when a sock puppet led a company with a billion dollar market cap.
My dad is 65 and has a '69 Chevy camaro as a daily driver but he is getting too old to work on it and finding someone else to work on it is getting harder and more expensive.
I'll bet that most of these cars will not see the light of day again. The buyers will get them home and discover that the condition is so poor that a proper major restoration will be far beyond reason. Some may start a restoration themselves, but the skills required will be beyond the capability of most to do a first class job with bodywork/paint/chrome/interior trim/carpets/upholstery. Not to mention that in the humidity and temperatures of the area where they were stored, there's going to be a lot of rust inside the engines, hydraulic systems, diff's, and transmissions ... as well, gas tanks and metal fuel lines. Grease/oil seals and rubber components will be dried out and not functional. With most of those engines not having been started for years, the moisture/acid buildup on surfaces which didn't see fresh lube has got to have cylinder walls, piston rings, valves & guides, camshafts and followers ... all looking pretty poor.
A few buyers will have the ability and resources to do the proper restorations, but out of hundreds of cars, probably not more than a few dozen will reach that point.
Overall, I think that this auction will have little effect upon the classic car market. Few of these cars will ever have any real value there at the major auctions.
Overall, I think that this auction will have little effect upon the classic car market. Few of these cars will ever have any real value there at the major auctions.
This single auction isn't important but it could open up a flood of similar auction/sales of classic cars and flood the market. The generation that bought these cars are retiring/passing away and they will sell these cars. The question is who will buy them?
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by Hypersion
... The generation that bought these cars are retiring/passing away and they will sell these cars. The question is who will buy them?
I just met a retired guy from NZ who has bought 3 'rods' from USA this yr. Cheapest was $139,000 + shipping. USA collector cars seem to fetch a good price overseas (Good thing, cuz there is more money 'off-shore'.)
I would suggest many USA 'recreational' collectors will be going without. (or selling out)
Collector cars have been a very good investment in USA since 1999.
I would not be surprised to see some 'leveling off',
It does seem a pity to have a $150,000 car that just might be too expensive to enjoy. (for many of us).
I took a ride in a friend's GT40 that he has 2x that amount into. It was impressive for a Sunday drive in the countryside, but...
I'm glad Pierce, NE is back on the map. But certainly not the adventure of the 2008 Bridgeport, NE equipment sale (2500+ tractors + lots of trucks and accessories). I used to love to roam that bone yard.
This single auction isn't important but it could open up a flood of similar auction/sales of classic cars and flood the market. The generation that bought these cars are retiring/passing away and they will sell these cars. The question is who will buy them?
I read an article that said you will always love the cars that were popular when you were in high school....so as each generation dies off so does that generation of cars. The 32 Ford guys are going now, the other problem is the younger kids could care less about cars, even new ones!
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