Packard Forum Index » General

Anyone who buys into the collector car market today (regardless of brand or model) thinking that they are going to make a profit is loony.

IMO, the best part of owning a Packard in particular is the "wow" and conversation factor at shows or even casual encounters. That is "priceless" as the saying goes.

Otherwise, treat your Packard as a casual driver and start writing it down as soon as you buy it, unless you do some upgrades in which case you'll never get your $$ out of that except for improvement in safety, performance or reliability.

Craig

Many cars advertised for sale are really not for sale anyway just like so many help-wanted ads in the news paper simply do not exist as positions at all.

I've found that by the time an owner is ready to sell it's because he HAS TO SELL and FAST, REAL FAST.

Over the years i've missed a MINT 36 Cord beverly for $9k, a 62 Corvette, VERY nice needing engine for $500, among several others of similar story. Missed some of them by 15 minutes and just 5 or 6 miles from home.

PackardV8 Quote:

Keith, you are obviously too slow on the uptake. LOL!

Craig

C'list and to a greater degree eBay car ads are nothing more than a simple double dog dare to locals of the car to NOT buy the car. "Better come and buy it from me neighbor (who has been looking at it for $5K) before someone in Butt F*** Pennsyltucky or New Jerssee bids $6K on it and i let it go to him".

qUOTE:
"Keith, you are obviously too slow on the uptake. LOL!"

Amen Craig !!! I guess i should start keeping $9K cash in my wallet at all times. LOL LOL.

Keith,

If you showed up with $6,000 hard cash on a $9.000 asking price, I'll bet you could purchase same in most cases.

Craig

Amen, our 1955 Clipper Constellation is a pleasure to own, but "it is a money pit". Started to sell and did advertise. Finally decided to enjoy and just keep driving it and enjoy the thumbs up. You know the day we decided I remembered the reason i bought it. Just drive your Packard and enjoy if you are profit motivated you could try Real Estate.
John

It's not just high end collector cars and/or Packards, It's any old car. I have three for sale at very attractive prices(and on is a convertible), just not 55-57 chevies or vettes, and they all run, drive, stop, and steer. I do not think I have the "lost dutchman gold mine" yet every bubba in town is under the immprssion that I should pay them to take it from me. That is the other side of the coin.

In my view, the market for the extremely high-end cars, mostly prewar Classics with special pedigree, continues to climb and the very wealthy are not impacted by today's economy and the demand is greater than the supply - witness the 4.6 million for the early steamer just sold.

The prewar but more ordinary true Classics, like my 34 Packard sedan, continue to see value erosion and many owners are now in their 70s and 80s and only a small fraction of today's younger collectors are interested in cars of this era and thus the supply exceeds the demand and I suspect this pattern will continue for a while. There are some really enticing buys on 30s true Classics now.

Probably the most adversely affected segment is what i'd call the "entry level" cars for folks wishing to enter the hobby for the first time. With their disposable income threatened, market for these type cars has really softened.

And the bubble has surely burst for some of the postwar muscle cars, some of which were hitting very high and unrealistic values just a few years ago.

But regardless, I didn't buy any of my Packards with a eye towards turning a profit but rather towards touring and general enjoyment of the hobby. Probably by the time old age forces me to sell, I could be upside down on one or both though not at this point. An alternative I've been considering is to leave one to the Proving Grounds and one to the Warren museum, to retain or sell off as they wish.

Hi Dave:

Yes the high end cars seem to defy gravity. But I knew Noel Thompson for years and he took a bath on some high end Duesenbergs. The sky high prices people pay for Bugattis leaves me scatching my head. And like VanGoughs I simply do not understand why tycoons want to pay so much for paintings by deceased starving artists. I suppose part of the thrill is denial by proxy of a person's value.

I suppose it is entirely possible for prices on some cars - like the Type 41 Bugatti Royale - to remain aloof indefinitely. But I don't think that people will necessarily be making money on them. If you paid $30 million for the Binder Coupe Deville and your estate sells it for $25 million. That is a huge loss.

Another thing is that today's new money is very selfish. Out in Hollywood People like Jack Benny used to give part of their fortunes to fund a retirement home for supporting actors. It closed down a few years ago because today's overpaid Hollywood bums would rather blow their dough trying to impress each other.

So yes some of these cars may always sell for a bundle, but I think as much money will be lost due to greed as made.