If the top goes down, the value goes up...

Posted by 28Pack526 On 2015/7/2 11:07:35

So says the popular adage. WAY up in fact. My question for the community in 2015 though, is why is this still true to the extreme extent demonstrated by the market?

Using the 1927-28 5th series as an example (for obvious reasons), sedans were among the more expensive available configurations. That they were also the most common speaks to the configuration's pragmatic and aesthetic desirability.

That commonality is the oft cited reason for their diminished value among collectors, but the vast majority were long ago shredded and the quantity disparity is now small (I'll have to contact the roster keeper to remind me of the exact numbers). I do wonder if it doesn't just have more to do with precedent at this point.

To be clear, I'm asking about rank and file production cars, not some one of a kind unicorn owned by a movie star (which more deservedly justifies a high valuation). For example, both of these cars are presented with older restorations showing significant wear (despite any creative language their purveyors use):

-http://www.ebay.com/itm/1928-Packard-526-Phaeton-/281704558996

-http://www.ebay.com/itm/1928-Packard-526-Runabout/281737133574

The last 526 sedan on ePay, however, which appeared to be in significantly better condition than either of these drop-tops, didn't sell for $30K. I've presented examples of the 5th series, but the same general trend seems to apply throughout the 30s.

I'd like to see a dialog about whether these cars really justify a valuation of ~3X their hardtop counterparts, and why. My motivations are clearly biased, but I think it's a legitimate question regardless. It's all the same running gear after all!

I've donned my flame retardant suit, made some popcorn, and anxiously await your replies :)