When Bad Data is Good News and $118.7 million is Pretty Good! Five auctions in three days sold 558 classic cars. The average price was $212,711.00 per unit. 67% of the cars crossing the block went home with new owners. However, when compared to 2008, the numbers look a bit scarier, ie: nearly $139 million in sales in ’08, 70% sold, average price was $367,000.00 (+). All told there was a 17% decrease in sales from this year to last. The numbers don’t reflect the real story though. Experts, garage mechanics, and weekend warriors have all been reading the tea leaves for twelve months and they knew what would happen. There were no surprises and some real highlights like the $7.25 million paid for the Shelby Cobra. There was no speculating or nay-sayers just real bids for real cars and this is the real news out of Monterey for the collector car market and the enthusiasts who inhabit the hobby. Email: terry@proteamcorvette.com
Corvette Buying 101
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Corvette Prices Over The Last 3 Decades…
Friday, December 26th, 2008Corvette prices over the last 3 decades have a proven analytical track record that can be illustrated. I’ve put it in a graph that has come from actual sales and can be tracked by decades of data. There were many highs and lows during this 30 year span, ie: recessions, wars, high interest, low interest, many elections, October ’87 stock market melt down, ’89/’91 classic & sports car boom/bust, end of the cold war, tech market boom/bust, 9/11, mortgage boom/bust, an impending global financial zero hour, and now the September ’08 Wall Street/Big Three meltdown, and the Washington bailout. Time will only tell what the next decade has in mind for classic car and in particular Corvette prices, as the masses continue to pursue their needs over their desires and with any reward there is a degree of risk. The classic Corvette is a proven investment for both pocketbook and garage, take advantage of the current lull in the Corvette price storm and don’t get left behind this time around. Check out an example of Corvette Prices over the last 3 decades below:
*source: figures are based on personal/internal sales data collected by Terry Michaelis & ProTeam Corvette Sales and are specifically based on a 1967 Corvette Convertible 427-435, #1 condition, Red/Black convertible. NCRS or Bloomington Gold with factory documentation.
** Data is from actual sales made by author and author has knowledge of other extremes but chose to eliminate the extreme highs from certain high profile auctions and the many 1967′s that were sold in 2008 for much more, ie: $245,000.00 to over $300,000.00. Using $200,000.00 as the baseline number will leave much room for good appreciation over the next decade.
*** Prior to 1978 the older Corvette was not considered a collectible but was a desirable sports car that, in many times, was used year round in all climates.
**** Why 1978? A) The rage and over editorialization of the Indy Pace car creating awareness and desirability of all Corvettes, B)Â Formation of the (NCRS) National Corvette Restorers Society in 1974, C) The beginning of the Bloomington Gold show, D) The many (NCCC) National Council of Corvette Clubs, E) The growth of the Corvette after market parts business that made discontinued parts available.
***** The above example is of one particular Corvette that exemplifies the over all appreciation of most all classic Corvettes, especially the legitimate solid lifter cars, ie: L88′s, 365′s, 425′s, fuelies, LT1′s, and split window coupes. The appreciation curves are very similar to the chart above with the exception of the L88 which simply blows these numbers away. The author will attempt to graph other examples from actual sales records in the near future. For now… enjoy!
author: Terry Michaelis
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