Re: Are prices trending downwards for late 1930's Packards ?

Posted by Brian Wilson On 2019/6/27 17:12:05

The answer of course is yes prices of older cars are falling, even as restoration costs are heading skywards. Not good trends, but there are good reasons for it.

It's basically demographics. The people who like (and can drive) the older cars are in retirement and/or becoming a bit old to park a car without power steering. Many younger people (and some not so young) cannot drive a car with a manual shift, and for that reason will not buy one. One of the pleasures of owning older cars comes from the sense of accomplishment in dealing with these things. Some of the attraction is just plain nostalgia.

We can't do much about falling values, but it does influence which cars are worth restoring. Fewer as time goes on, is the bottom line.

I know my interest in Packards is not shared by most of my family, so perhaps it's a selfish thing. So what, it's my money. But I do worry what happens to these cars when we're no longer around. If nobody else understands or appreciates them, they're just as likely to end up on the junk heap or being sold for far less than we think they are worth.

This phenomenon is not confined to Packards. It applies to older road cars in general, and antique race cars too (unless it's a Ferrari and for sale in the US!). Every club for owners of older cars worries as we do about how to keep the passion alive and attract younger blood. The answer is, you can't - at least not in the long run.

So what to do? Enjoy the cars while we can. Don't try to fool ourselves that they are an investment. And recognise that not everybody feels the same way about them. Did I say it's a selfish interest? Yes, a little bit but so what we've earned it. The positive is that more people can afford to buy and enjoy a nice old car if they wish.

Brian