MarkV

Generational Trends in Classic Car Collecting

Recommended Posts

15 minutes ago, 1912Staver said:

 

 

It all depends on where you live. Some areas have a very high cost of living. Like where I live, now rated the second most unaffordable location on the planet. Very high prices and wages definitely low. Billions $ of cash have moved in from out of the country, very few locals can match that sort of influx. Sell and move ? where to ? What about aging parents and kids just starting out ? Relocate away from a lifetime of friends and car hobby connections ? Very few Western Canadian locations are better so what are you gaining ? All the smaller spots are nearly as expensive or are resource oriented economies with even higher costs. Pull up stakes and start over in my 60's on the other side of the continent ? 

  I live a very frugal life, had a reasonably decent job for this region up to my retirement but hobby $ have always been a real struggle.

 

Greg in Canada

 

Greg, that all makes sense to me.  Certainly different markets and regions have different economical factors than others.  My basic point is still, a person chooses how to spend their money, but when they spend it all irresponsibly and then complain about being broke, I’m not listening.  

 

Few of of us fall into that group, as we are able to participate if our loved hobby, whether because we are responsible, well off, or both.  That’s what makes coming here quite refreshing.  I’m probably messing that up by talking about budgeting lol.

Edited by 39BuickEight (see edit history)
  • Like 1
  • Thanks 1

Share this post


Link to post
Share on other sites

Kind of reminds me of the commercial I saw a while ago,  and I watch pretty much no TV , we don't have cable and the kids watch a Roku thingy that has movies on it for free so I must have been at someone's house or saw it on the net of a guy lusting after a Corvette with a garage filled with corvette diecast and memorabilia of all types,  probably costing more than the Vette in the first place.   It's all in what you want. 

Share this post


Link to post
Share on other sites
20 hours ago, MarkV said:

 

4. Younger millennials 1992 and above have very little interest in cars. I am a Professor and teach this age group regularly most have no care for classic cars. Informal poll of 40 students last week and 4 raised their hands that they either liked or appreciated classic cars or owned one.

 

 

 

I'm curious, what subject do you teach?

Share this post


Link to post
Share on other sites
1 hour ago, 39BuickEight said:

Daily driving the same car since 2005, having a (God forbid!) iPhone 5, and fixing my 5 year old stove for $12 allows me to have 2 collector cars.  If a person wants to be involved in the hobby, they can.

I guess that’s it.  People would rather spend their money on other things.  There is nothing wrong with that.  We all have our hobbies and interests.  What’s wrong is doing that, and then complaining about being unable to have a collector car.  Either make more money and buy and old car, or make different decisions.

 

 

 

I completely agree, and can relate. My dryer is 45 years old. My washing machine is 20 years old. My newest car is 16 years old. Stove is 22 years old. Water heater is 22 years old. I don't golf. I don't smoke. I don't buy $8 coffees from Starbucks. Almost every single thing that needs fixing in the house is done by me. I don't mean this to sound pompous, but you can save a TON of money this way. A new car? Are you kidding me? There may be a LOT of reasons to buy a new car, but none have anything to do with good investment.

  • Like 7
  • Thanks 2

Share this post


Link to post
Share on other sites

The new car {actually a slightly less than a year old trade in} for me was simple practicality. My trusty Volvo was getting very long in the tooth and seeing as how I worked on a Ship,{ RO-RO vehicle ferry}, being late meant I literally " missed the boat" . The poor sod who was supposed to be relived would end up doing another round trip , 4 hours of overtime regardless of if you wanted it or not.  Grinding shift work schedule at the best of times so generally a very unhappy co -worker. 4 AM's , 4PM's, 4 GYD's, then 5 1/2 days off. An hour or so for late arrival or drills no problem, but an extra 4 hours after a Graveyard if the AM guy didn't show was a killer.

 Also the gas, my area has had very high gas prices for a long time. The new Accent got significantly better mileage than the Volvo, about an 75% subsidy on the payments. A nearly new car for very little additional cost.

 

Greg

Edited by 1912Staver (see edit history)

Share this post


Link to post
Share on other sites
45 minutes ago, West Peterson said:

 

I completely agree, and can relate. My dryer is 45 years old. My washing machine is 20 years old. My newest car is 16 years old. Stove is 22 years old. Water heater is 22 years old. I don't golf. I don't smoke. I don't buy $8 coffees from Starbucks. Almost every single thing that needs fixing in the house is done by me. I don't mean this to sound pompous, but you can save a TON of money this way. A new car? Are you kidding me? There may be a LOT of reasons to buy a new car, but none have anything to do with good investment.

resisting the temptation to purchase new appliances? Yeah, I think it goes a little beyond that -this isn't a question of frugality or simple living-there is a legitimate middle class squeeze that most folks simply cannot escape or out-maneuver. I respectfully have to side with Greg here. I talk with collectors from other parts of the country and they think I'm wacky when I tell them about $600 a quarter water bills, annual property taxes that cost more than a nice bass boat and parking garage spaces that cost more monthly than any car payment I've certainly ever had. However, putting my own regional cost of living woes aside there's much more at play here (healthcare/education costs etc.-you could fill a page) no matter where you happen live. I'm a world class cheap skate who makes a pretty respectful income and I'm here to tell you it ain't easy no matter how thrifty you are. Bottom line: more and more goofy stuff everyday to gobble up disposable income and it doesn't get any cheaper to own, maintain, restore these darn things.

Share this post


Link to post
Share on other sites
7 hours ago, 1937hd45 said:

At 68 I've never owned a car that could do a "Burn Out", and if I could couldn't afford the lost tire life. Guess that is a generational thing. Bob 

Bob, I know from firsthand experience that two teenagers can get a 31 Model A roadster to leave rubber on pavement, not saying it was smart, just that it happened many years ago with a stone stock A!! 

Share this post


Link to post
Share on other sites

I’m a millennial. Born in 1989 (Just turned 30) my first classic was a 1959 Edsel, now a proud owner of a 1926 Dodge Brothers. My dad is the one (born in 1963) always asking me why I didn’t just buy a muscle car. I tell him I don’t like muscle cars and he looks at me like I’m committing a sin. I like going against the grain and doing what I love. And I genuinely love my 26. People like me may be one in 100 or even one in 1000000, but I we are out there and trying to smash those stereotypes. 

  • Like 6
  • Thanks 1

Share this post


Link to post
Share on other sites

Born 1950 so my body is now '69 years old, But! my Mind and Sole did not age beyond 33 years of age.

I appreciate, want, and love cars of all ages that need to be seen and driven?

Not a big fan of the new age autonomous computer driven cars, or sensors.      

 

 

  • Like 2
  • Thanks 1

Share this post


Link to post
Share on other sites

I think that the amount that most people live on is what they are used to living on.

I know guys that make a lot more than me that say they are broke all of the time, and guys that don't make much that get along just fine.

Its about management.

I know that guys that get used to living large don't do so well if they suddenly go broke or loose their income, and the poor guy that gets a windfall and are broke again soon after.

Then there are those that will loose everything if there is a small decline in the income as what they make just covers all the payments. (instant gratification payments).

Difficult to figure out.

I figured fairly early on that I probably wouldn't be an everyday job kind of a guy and probably would not have any kind of pension at the other end, so needed to set myself up so to speak so that I would have an income when I didn't want to work anymore.

Live on very little and invest the rest, be diverse.

When I was a kid in the 60s I could buy a car for fifty bucks all day long. Spend a little elbow grease, maybe a light bulb or two or some brake shoes and sell it for a couple of hundred. Buy another one for another fifty and put some in the bank. repeat often. Worked for me. I had guys calling me all the time to see what kind of beater I had for sale. Back then it was not mandatory to have insurance.

By the way, this doesn't work anymore.

 

  • Thanks 1

Share this post


Link to post
Share on other sites
Quote

 

When I was a kid the old timers would call me to see of I wanted their old cars or parts collections before they moved South. I wound up with all the local stuff over the years. I feel sorry for the young people now that will never know what it was like to go for a weekend drive looking for old cars & parts. Sure, American Pickers gives you some idea of what it was like, but the real thing was fantastic while it lasted. Bob 

  • Like 2

Share this post


Link to post
Share on other sites

Jack, I used to agree about your thinking regarding pensions and investments. Got my retirement plan statement last week,  This year after fees I lost 1.75%.  The last 5 years averaged after fees I received a booming .98% return overall. I should just stick my monthly contribution in a sock under the bed. The only ones doing well on these plans are the advisors and financial institutions. And my advisor tells me I am doing everything right. No debt, live within my means , set money aside each month. Where would I be if I wasn't following a sound financial plan ?

 

Greg

Edited by 1912Staver (see edit history)

Share this post


Link to post
Share on other sites
3 hours ago, 1912Staver said:

Jack, I used to agree about your thinking regarding pensions and investments. Got my retirement plan statement last week,  This year after fees I lost 1.75%.  The last 5 years averaged after fees I received a booming .98% return overall. I should just stick my monthly contribution in a sock under the bed. The only ones doing well on these plans are the advisors and financial institutions. And my advisor tells me I am doing everything right. No debt, live within my means , set money aside each month. Where would I be if I wasn't following a sound financial plan ?

 

Greg

 

I have some stocks and they do fairly well, but the cash cow is commercial real estate.

I bought a nice piece that was way depressed for cheap way back when, and fixed the place up and ran my business from there.

Sole proprietor businesses don't usually show as being worth much on paper so rather that take a chance on selling the business for someone else to run into the ground I just liquidated.

Now the tenants pay me to stay away.

I will NEVER get into residential real estate again. 

Share this post


Link to post
Share on other sites

Unfortunately in my neck of the woods a modest piece of commercial real estate will run you 2-3 million $.  Something nice, 5 million and up. And this is in a region where anything above about $75,000.00 a year is considered a pretty decent income. See the post above regarding Western Canadian real estate. I would have to have 2 or 3 lifetimes total earnings in my hand to be able to play the real estate game.  Or take a very large gamble at the bank.

 

Greg

Edited by 1912Staver (see edit history)

Share this post


Link to post
Share on other sites

I see no reason to live in an area with real estate prices like that, unless my salary was similarly high.  I’m sure some do, and that’s perfectly fine because their choice.  

 

There can be compelling reasons to live anywhere, but it’s still a choice. 

Edited by 39BuickEight (see edit history)
  • Like 1

Share this post


Link to post
Share on other sites

 

32 minutes ago, 1912Staver said:

Here is one way out in the burbs not that far from where I live. Anything closer to Vancouver proper will make your eyes water.  Small old building, not much land 1.5 million. 

https://www.loopnet.com/Listing/20728-Fraser-Hwy-Langley-BC/14839093/

 

How does this compare to your area ?

 

Real estate is crazy here now too.

I bought the commercial property in about 1986 from a guy that was going to loose it to the county for unpaid taxes.

I didn't know at the time that he had terminal cancer, but my very low offer was accepted and it all went to his creditors.

The right place at the right time? Yes, I didn't really think it would happen, but he was just happy to get his ducks in a row before he left.

 

I've been trying to buy the land next to my house for many years.

First time I missed out the owner (and neighbor for many years) sold it to some fast talking real estate guy, who of coarse wanted more than I could pay.

But it sold and this owner promised me that I could have the first chance, I will tell you that he made a hefty profit because I am the only guy that would be willing to over pay for it.

So I did over pay because its the place I want to be.

But I am now in mid construction of my last new home.

These are the kinds of things that drive up all the nearby properties, I don't have a problem with that as I am here to stay and my kids can do what they want with it later.

 

On another note, I get crazy offers on my commercial property all the time. I would be a fool to sell it even though it would make me comfortable for as long as I would last.

The only trouble is that there would be a HIUGE capitol gain, I figure about 25% tax liability on gains here in Oregon.

That goes to current cost basis when I die so that big gain wont be there for the kids to think about.

 

Edited by JACK M (see edit history)

Share this post


Link to post
Share on other sites

1986 I was just going back to university after deciding I did not want to be a auto mechanic all my life.  If I had of been able to buy anything commercial in those days I would likewise be in a very good position today. Even my pretty marginal house I bought in 1993 is worth quite a bit due to land value however if I sold where would I live ? Everything here  and in fact Western Canada as a whole is sky high. Unlike the western U.S. there isn't a nice small town every 50 miles, Just endless mountains and forest until you get to the interior and then only a little cheaper than Vancouver's far suburbs like where I live. After costs no further ahead but hundreds of miles away from your former life {and my Wife's job, she is 5 years younger so retirement is about 5 years away for her}.

 Greg

Edited by 1912Staver (see edit history)

Share this post


Link to post
Share on other sites

We seem to have this discussion about the future/health of "the hobby" quite a bit around here. I think anyone's perspective on this is a function of how they define "the hobby". If you are looking at a narrow slice, like Prewar cars (which I love and have two of) then there is reason to be pessimistic. I prefer to look at it in the most broad sense, which is people/activities involving motor vehicles. There are so many more options for pursuing an interest in cars then there were 20 years ago. I often find myself needing to choose between more then one event. And while we like to complain about the car shows on Discovery, the amount of quality automotive content on YouTube will fill your free time easily. And while car magazines aren't what they used to be, the internet is full of great content.

 

I get that the economics of "the hobby" are challenging. I'm a Gen-Xer who couldn't afford to own a second, fun car until I was in my 30's. I found other ways to satisfy my car-lust. I started by collecting auto books. As I got more money, I played with motorcycles. I always found events to go to meet other enthusiasts and see cars. My point is, if you think there is a problem with "the hobby" it might be that you need to find other ways to enjoy it.

Edited by Buick64C (see edit history)
  • Thanks 1

Share this post


Link to post
Share on other sites
12 hours ago, alsancle said:

So when we are talking artwork,  everybody knows who the old masters are what their paintings represent.   Here is a hint,  its not a bunch of dogs playing poker.

 

In the car world,   big "C" Classic means something too,  and it isn't an 84 Buick Skyhawk.

 

Too me,  almost everything built after 1972 is a group of dogs playing poker.    Talking about big C Classics and 1980s anything in the same breadth is just  wrong.

 

I would love a Sonnet III,   73-4 SS454,  80 Z28 350/4speed,   78 W6 Trans-Am, etc.   One of these days I might stumble on to the right car and own one and will be thrilled,  but I will never use the word classic to describe any one of them.

Well said. In music as in art.

Would you like to hear Classical Music when the Sun Valley Symphony plays this summer, or Rock Music from Bob Seger when he played in Boise a few days ago? ?

 

Share this post


Link to post
Share on other sites

I decided not to be a mechanic about the same time I found out that computer rooms were air conditioned and had to stay clean.

 

Bought my house more than thutty yar for about 2.2x my income. When I retired Zillow said was the same. Have a mortgage because at 3% (tax deductible) my 401K is growing faster and being fixed, is a hedge against inflation. Have no loans or debit other than mortgage. Have a credit card for Amazon and eBay but is kept paid off.

 

Only really spendy on three things: computers, tools, and cars. Just bought a new DD, a TOL DOHC-6 Caddy with 50k miles for $13k.   Am now learning OBD-II and Tech-2.

 

Do not spend much else when alone except for cats. Sam's Club, Mart at Wal, and Family Market provide most other needs. (And Mobil 1 is on sale now gas was $2.209 yesterday).

 

ps I always open the door for a lady. I appreciate the view.

 

pps I have both classical and Bob Seger and 30GB of other things on my phone (part of reason all of my cars have handsfree) "Night Moves" and "Layla" (Eric Clapton.) should be classics.

Edited by padgett (see edit history)

Share this post


Link to post
Share on other sites

I do believe tastes change. I’m 24 now and I own a 91 Reatta, but I’m also a big fan of late 30s-50s cars. I’m a bit all over the place for that era but I’m interested. There’s some other later dates mixed in it too. When I was in high school  I really loved 65 mustangs. And was hell bent on getting one. Now I don’t really look at them when I see them.

I like rarer things now. Every cruise in night you see tons of 55-57 bel airs, corvettes and mustangs. But how many times do you see a reatta or something Prewar. I know of three other guys around my age that have classic cars. One has a 1990 Nissan 300z, one has three 70s Datsuns, and I met a guy who has a 1914 model t. So there’s totally no categories for age and cars you like. Said before in their thread but if it interests you and you can afford it go for it. 

  • Like 2

Share this post


Link to post
Share on other sites

Another thing to consider.  In the past, people kept their cars, even after they were “done” with them.  Often the reason an older collector has a few cars is because he or she has had them forever.  This doesn’t apply to everyone, but does many.  It is much more common for them to keep their cars instead of trading them in.  I see it at work all the time.  That also comes back to the space issue.  

 

Sentimentality also gets lost.  It used to be a big deal to be handed down and take care of a parent’s or grandparent’s car that they worked so hard for.  Not so much anymore.  Now people want the cash to blow on unneeded stainless steel appliances, phones, and TVs that depreciate every day they exist.

 

It’s all part of the ever-changing society that we are all part of.

Share this post


Link to post
Share on other sites

Well I am into 1940s and 1970s and some 1980s luxury cars. This is mostly due to the fact that this is what I grew up around with my WWII grandfather born in 1916. The earlier cars don’t do much for me because sadly they can’t be enjoyed here in ca due to the insane traffic (I only take my 21 out twice a year) even my forties cars have a hard time so they don’t get out much but they are started weekly. 50s cars do nothing for me except the 58 imperial and the Mark II. 60s cars are so common and not exciting (I own a 66 mustang which was my first car). My tastes now in car buying are luxury 70s and 80s. I have the Seville 77, 2 reattas, and now my 81 Imperial. I feel that if I am going to buy a classic I want to keep up with traffic and have something super comfortable to drive and the nice part? I find great deals on these mostly under $2k and they are nice and clean usually original or second elderly owner and they get a lot of looks. 

 

As as far as cars getting passed down/sentimentality my 21 Chevy, and 41 dodge came through 3 generations, the Lincoln was my grandpas and I bought it back. The caddy is a clone of my grandpas and that is why I bought it.

7CBAD641-8FA6-463E-933F-4D832FC4DE66.jpeg

89621D16-17B0-4A02-8F14-6EDFD7EBEAE2.jpeg

Edited by MarkV (see edit history)
  • Like 2

Share this post


Link to post
Share on other sites
7 minutes ago, Dave Fields said:

Now I'm wondering why I have my old stuff.

You have your old stuff for the same reason alot of us do.  A hellcat will never offer the same feel as a 29 Chrysler or a 42 Packard.  Sure it's fast as hell,  which you can really only use on a track,  which I'm sure are few and far between that will actually let you run it.  Anything over 85 on the interstate and you are a target.  Even at 70 you might be a target just for a cop that wants a little look see if you are driving a hellcat. 

I've had at the same time a 36 Chrysler convertible,  A 32 ford Higboy roadster,  A fuel injected 60 corvette and a 46 Plymouth convertible.  The Mopars were stock but mechanically all rebuilt.  The Vette was stock but Chevies top performance for the day with a solid lifter engine and 4 speed and the Highboy I built,  so it was in great mechanical shape and drove well.  If I wanted to tear up the road,  I drove the Vette, I would run it in third to 60 or so just to listen to the factory offroad exhaust and get on and off it in the corners to feel the pull of the engine but often I just wanted to tour around with the top down with those little flat sixes just humming along.  Ironically same windy back road.    Each has it's own feel and that's why we own them.  

Even if you could trade a couple of your old cars (the ones you really like) for a Hellcat (an even trade where value was the same)  would you do it?  I wouldn't,  unless it was a couple of cars I was looking to get rid of and knew of a buyer for the Hellcat. 

  • Like 1

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now