Packards good investment?

[cooter9]

I was thinking, how good of an investment are these Packards? I guess there are many variables that one must consider when answering that question. For example the 1930 733 that I was bidding on just recently on ebay. If a car like that sold for $40K what might it be worth in 5-7 years? I was looking at a condo I own and trying to figure out which would increase more in value over the same 5-7 years. Oh well, guess I'm just bored and letting my mind run wild, any thoughts?

[Packard8]

Hard to guess what will be in vogue in 10 or 20 years. Just think... during the 70's & 80's oil crisis you could buy GTO's, Boss 429 Mustangs, Roadrunners, Hemicuda's & such for next to nothing....they burned too much gas and the insurance was too high. Now they are the Queens of Barrett Jackson.

However, unlike a rare stamp or coin that you can put in a safety deposit box and forget about, these things take constant care and feeding or they will go downhill fast if neglected. (But you knew that !)

[tbirdman]

You don't want to consider these cars investments except that they will provide many hours of fun. The first year I had my 32, two guys were looking at my car and one turn to the other and said "having that in my garage would be a lot mor e fun than Cisco stock".

[Owen_Dyneto]

My own thoughts on the subject paint a bit darker picture, sorry to say. Gasoline will probably hit $5-6 a gallon pretty soon, and that won't discourage a large segment of the relative newcomers into the hobby who seem to have such financial resources that it isn't an obstacle. The hobby really started, to a very large degree, by people of modest means who saw themselves as temporary caretakers of a piece of automotive history; as time passes there are fewer and fewer people of such an inclination in the hobby, and more of the "I want it because I can afford it", and reluctantly, those who see the cars as a base opportunity to chop and modify to show their creativity or individuality. Now it's their own money and they can do with it as they wish, but I think the "volume classics", like Packard Eight and Super 8 sedans and similar Lincolns and Cadillacs, will not increase in value and probably won't hold their current values, and increasingly become fodder for rodders. Of course another factor, and perhaps a larger factor, is that people tend to gravitate to the cars of their youth and thus ever increasinly smaller percentages of tomorrow's collectors will want the Classic sedans and the like of the 30s and supply will outstrip demand more and more. Of course the high end Classics, Packard 12 victorias, Delahayes, Duesies and the like, will no doubt be an exception because the supply is likely to lag behind demand for many, many years.

Personally, I've never looked at my two Packards as investments, I've seen them as something I own for personal enjoyment and the camaradarie and social contacts that result. There aren't too many pleasures in life that increase in value; we should expect perhaps to have to pay for the pleasure our cars give us, as we pay for vacations, cruises, etc. rather than seeing them as a source of future financial gain.

[Guest 49 Packard]

Well! All these posts make up some pretty interesting reading! I have a "volume classic" '49 22nd series Deluxe Eight. I don't care if its ever worth a bunch of money or not. I like it for what are perhaps some pretty odd reasons:

<ul style="list-style-type: disc">[*]Its sixty years old and I think that's pretty cool in itself. BTW I'm 62 and I have an eleven year old daughter. That's cool too![*]Its a simple car, simple enough for me to understand it (mostly).[*]When I drive it and work on it I feel like I'm preserving a true piece of history, and I think of all the people and families that may have enjoyed it all these years. All the stories it could tell.[*]I know I'm probably the last owner it will ever have before it turns to junk.[*]I feel a great sense of pride when I drive it, knowing it would not be running at all if I hadn't been doing what I've done.[*]I like knowing I've been doing it on a budget and haven't gone crazy impoverishing my family pursuing a simple hobby. I've been saving money all winter just to buy a headliner, and its worth it to me to do that.[*]It's just fun.

So perhaps there <span style="font-style: italic">are</span> still a bunch of us out here that just work on and play with these old cars because it's fun to do so. I have NEVER thought of this old Packard as an investment, except in myself.

Jay

(Incidentally, my 2003 Kia Spectra will probably never feel the same to me as this '49 does!)

[Guest 39Super8]

Well said Jay!

I to have a run of the mill Packard, and have basically lost my shorts on it. It may be worth what I have put into it so far, in the year 2050. Like you, I did not buy it for investment purposes, but for personal satisfaction. Maybe all of us with the run of the mill Packards have the most fun with them, since they are not worth big $$ we get to preserve and operate them which = more fun for us.

I guess Packards will go up in the future, but don’t buy any antique car unless prepared to invest time money and effort in the storage, upkeep and repair of said vehicle.

[1935Packard]

I think classic cars are generally a poor investment, and that's true even for the "high end" classics. As cars get older, they become less of a hobby for the nostalgic many and more a plaything for a few eccentric collectors. It's true that the "high end" classics will always be expensive, but then their upkeep will always be expensive and much of their apparent appreciation over time just reflects inflation. We don't see this right now because the dollar is so low that our cars have attracted a lot of foreign investment recently, but I tend to think that's mostly a bubble.

Of course, the flip side to this is that you can get an incredible amount of enjoyment from a classic car. If you're a car guy, every penny spent is absolutely worth it in the joy you get from taking the Packard out of the driveway and cruising down the street. And hey, compared to spending $80,000 on prostitutes, it's a pretty good deal! (sorry, had to make the Spitzer joke)

[Steve_Mack_CT]

Another way to look at it is that while values can fluctuate they generally won't depreciate like other "toys" RV, boat, or late model seasonal car. These can cost more to own when you consider antique insurance and taxes in most states is pretty reasonable. In other words, you could buy a late model Corvette or boat for that $40K, and pay thousands per year on taxes & insurance while it depreciates. That is a guarantee. Or you can buy that Packard or other antique, enjoy a lower cost of ownership (but not free - upkeep, storage, etc. does add up)and if you decide later on, have a pretty realistic chance of getting your investment back or making a profit.

By no means a retirement plan, but a reasonably safe place to park a few bucks - especially if you buy a good car. I have always made out better with drivers or better than with projects, but that is just my experience. I would like to do another restoration someday, but it will be for fun, not profit.

[DennyZ]

I've always had a deal with my wife...whenever I buy another Packard, she gets jewelry. I must say, her jewelry has probably increased more in value than the cars! But we're both happy.