Packard Forum Index » Post-War (1946-54)

This months Hemming's. A restored 23 rd, spent >$60K asking $34K competing w/ an excellent original selling less than $20K.

Hi

How true! Anyone who thinks that every Packard is worth big-dollars and restores with the idea of cleaning up at sale time is going to experience one of life's hard lessons.

From the buyer's perspective once a realistic price is achieved, they're the best value proposition going: unique quality cars for reasonably low entry price. One just has to know enough not to dump the family fortune into one, buy the best car one can afford, maintain and enjoy it.....that's the pay-off!

Steve

Try to think of the value of a collector car in terms of the value of personal enrichment from the miles you've driven, events you've attended, and the friendships made along the way. I don't think I could easily put a value on that but it certainly by far exceeds whatever investment I have in the cars.

I have two hobbies and derive a great deal of enjoyment from both, but the best part of either one is the lasting friendships in both of them. The camaraderie I enjoy can't be bought at any price.

I totally agree with the economics of restoring a Series 23 Packard sedan. I have about $50,000 in mine and its probably worth less than half that. I did a lot of the work myself too. It is a fine car, almost without issues. I have learned that the cheapest way to own a collector car is to buy the best car you can afford. The low purchase price for a car with issues usually is what throws us off.

The most costly issues in my experience are:
1. Rust
2. Body damage
3. Missing parts
4. Paint and chrome needs
5. Mechanical

Hobbies are to relax and enjoy not make money that is what work and investments are for. Most things people enjoy cost money golf fishing sports even reading cost money. Not sure about others but what I spend for my hobbies is a worth while investment. Rewards are not in dollars or trophies but my enjoyment, people you meet and share common interest with.

I agree with the comments.
I illustrate people are asking a bit low, also. A excellent survivor should bring as much or more than a fresh resto.

The people I have known who made money on their cars mostly did it this way:

a) Buy cars in good condition and store them properly

b) Buy cars that have yet to be in favor and store them properly

c) Buy selected desirable models at very good prices and store them properly

These people didn't spend a lot of money on the cars except for the holding and storage costs. Hoarders threw nice cars into sheds where they rusted away and became junk.

Some of the cars these people didn't make money on because they held them until death.

Right now a lot of the craziness looks like money laundering. If you are paying cash for something overpriced and sell it at a loss - who cares if the purpose was to clean a lot of drug money? Don't scoff. I was at Shooters in Fort Lauderdale and the cigarette boats were going out to pick up cocaine. You had 20 year old coke dealers paying seven figures for Ferraris.