Has an over inflated market saved some classics?

[Guest Backburner]

I saw an add for a 1960 Impala the car was in terrible shape needing total restoration. No special options on this one, no 348 not a convertible really nothing that set it aside from any other 60 Impala. What made me laugh to myself was the inflated price he was asking. For a meer 12,000.00 this car that needed quarter panels, inner and outter rockers,complete interior, front fenders all the chrome ect ect ect could have been yours. Then I thought this guy was doing me a favor as he was going to hold on to this car rather than crush it thinking that he was going to cash in. I could only hope as the years drag on and the price he was asking slowly came down it would finally meet the actual market value. So while many curse the un-reality car shows on tv and Barrett Jackson I think to myself that while intially I hated the inflation they brought to the car community that I might now see a silver lining the cloud.

Just my thoughts.

Merry Christmas,

[jscheib]

backburner,

The flip side is that quite often we hear tales that if a seller does not get his price, he will haul it to scrap for far less than what he was asking. Just to frustrate potential buyers. And I am told, some of these have been quite interesting cars.

John

[DAVE A]

The problem with this line of thought is that the guy holds on to the car at this inflated price until the market finally reaches his level. In most cases this is years, or lifetimes....or never !!! In the meantime, hundreds of guys like you and I who would have restored the car walk by it and it sits there rusting away, sometimes to the point where it can no longer be restored.

[Steve_Mack_CT]

I think many times we forget that perceptions can be hard to change. Even if someone's dream is not to restore that rotting 6 cylinder '57 Chevy sedan in the weeds out back, if, over the years, they have come to believe it is "valuable" then perhaps some other dream is riding on that "value". Maybe it is a trip, a brand new car, whatever - if it has been in someone's mind a long time, they may have some real issues with the reality that they have a $500 parts car to the right buyer, and not a $50,000 Showpiece. They will literally be in denial of the market value not because the car is so dear to them but it means letting go of their dream.

I do tend to think the hoarders are more of a positive than negative over the long haul - most of us woudn't want several hulks on our property if we could even get away with it, and the yards sometimes cannot justify keeping a largely picked over shell on valuable land, so someday that hoarder's car will keep another inact one running, or fix accident damage, even if it is not within that owner's lifetime.

[dibarlaw]

I can identify with all statements. My experience with an E-Bay sale of 1925 Buick standard parts has taught me to check back with the seller even though it was shown as sold. I missed the time on the auction and even tried to contact the seller and make offers on parts that showed no sale. Finally reached him 5 days after the auction. He informed me that no one sent him any money or e-mailed him about his parts so he took all to scrap and got $158.00. That included 4 wood wheels rims & tires front and rear axle and torque tube with brake hardware. Spare tire carrier. The engine was supposidly rebuilt with the transmission. Parts were stripped from a partialy restored roadster that he planned on "rodding". The bumpers he kept because he could cut them up for flat stock!!! I asked if I could contact the scrap yard. He said " it was no use since they dun chunked it all up as I brung it in. And they busted the transmission off the engine with the magnet".

It still hurts!

Edited December 29, 2012 by dibarlaw (see edit history)

[Bleach]

Backburner, sounds like you must have been browsing the car listings for the Portland, OR area. I've seen a few generic 60's Dodge Darts in similar shape as your Impala for around $10K here.

[DAVES89]

A little off topic, but I was on e bay and saw a listing for 1988-91 ABS brake sensor leads. They didn't sell so I offered a little less then what his "buy it now" was and he turned me down as he intended to relist. I didn't see them listed so I contacted him once more to offer to buy them, only to find he changed his mind once more and threw them away.

A rare part for a rare car never to be used again...

[Dandy Dave]

I have several parts vehicles in my back yard that I have offered for around scrap price and have run into no takers. No one even makes an offer??? I don't have the heart to scrap them so there they will sit until I use some parts off of them myself, or someone comes along. After storing them all these years should I take less than scrap price? Some old car guys should be be atleast resonable enough to pay scrap value and not try to knock every nickle out of them. Dandy Dave!

[DAVES89]

Didn't mean to strike a nerve. Those cable leads were already off the car and the rubber casing on the leads were deteriorated and needed to be recoated. He wanted $40.00 each and I offered $25.00 each [which is pretty much a going rate]. He wasn't even sure they were good [he didn't have an ohmmeter] but I still was willing to buy them.

[padgett]

In the future things like those ABS leads for a car that came with them are going to bring big bucks. Heck I remember Duesys going begging for $600 or Rochester FIs (complete with distributer) for $50 and a Holley. It is strange but the most valuable today are what languished on lots when new (recall a herd of GT-350s at a Miami F*rd deal in 1967 for $1995 ea. & a 1969 Z28 going begging in Florida in early 70 because it did not have an a/c).

Suspect a 1988 with a factory touch screen in the dash will get really popular in a year ot two.

ps I only keep what fits in the garage.

[dibarlaw]

Sorry to have things veer off topic but overpriced cars are at times just a collection of overpriced parts. That is unless the overall condition is that bad it is only good for parts. When I contacted the seller of the 1925 standard parts I had offered him $500 for all prior to the end of the auction. Including a rotted set of top irons/bows for a roadster. He would not confirm if it still had a back window frame.

Which was the only thing I would need. He was not forthcomming in answers to other questions. (If any of the engine accessories were there. Only left side of engine shown without manifold, what was the engine # etc.) He did say the former owner who started the restoration had the engine rebuilt. I would have to pick up all in Tenn. I thought $500 was a fair offer. I believe the engine was shown as sold for $47.00. Again all went to scrap and he had to haul it for $158.00. He said he would keep the rotted collection of rags that was once the top even though I offered his starting bid of $40.00 since they were a no sale on e-bay. Since then he has probably put them in the burn pile.

It still hurts.

Larry

[Scooter Guy]

I would back up and say that there has been a resurgence of mainstream interest in "old stuff" (not just cars) driven, at least in part, by several things:

Television: Barrett-Jackson auctions on Speed, American Pickers, American Restoration, Chasing Classic Cars, Chop/Cut/Rebuild, Fast n' Loud, Overhaulin' and so on. Many of these shows don't paint a realistic picture of market value and have only caused many people to think that old stuff automatically equals valuable stuff.

Internet: It's easy these days to hop online and discover that there are people out there buying, selling, and collecting darn near everything. This creates a perceived desire to the potential seller, as he sees a market rather than having the scrap yard be the only alternative. Condition drives desirability though, and some owners/seller fail to remember that.

So, lots of potential sellers have the idea that their old stuff is valuable and that there is a collector out there somewhere willing to pay top dollar for their item. These people are seeing that collectors are paying far more than scrap value in most cases, so they think they're sitting on gold mines. This has absolutely saved some vehicles from the crusher, which I'd say is a good thing, because once they're gone, they're gone. Even if the seller is unwilling to be realistic on the price considering the condition, the vehicle has been spared from the crusher and theoretically becomes available.

The pricing problem is nothing new and will probably ALWAYS be an issue. It's simple: not everything old is valuable and condition matters. Some sellers will always believe just the opposite.