Re: 1955 Caribbean
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Home away from home
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hard to tell. I would have to see it for an opinion. I have a 55 Caribbean. Almost everything rebuilt. Needs some body work but not much. Can't get the top to work properly but have all new parts and a spare rail set for the top.
Has manual windows and it seems it had air once upon a time. I have all the parts for the air. Spent 10,000 on reupholster. I figure about $50000 if I were to sell it. It does not have the original engine. It has a rebuilt 352 from a Clipper.
Posted on: 2016/1/15 22:24
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Re: 1955 Caribbean
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Home away from home
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I'd check the auction results and then adjust for the work that will need to be done to the car. Here's the RM Sothebys list for many years:
http://www.rmsothebys.com/results/result.cfm?feature=No&category=Cars&year=&sort=make&view=list&SaleCode=&fromYear=1955&toYear=1956&lot=&make=Packard&model1=&submit=Search Good luck
Posted on: 2016/1/16 10:34
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Re: 1955 Caribbean
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Home away from home
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There were several recent 1955/56 Caribbean (2014-2015) sales by Mecum. You can view their website results by completing the "Sign Up" info. The click the red "Search" box. You can then complete the info required to complete a search.
Posted on: 2016/1/16 12:56
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Re: 1955 Caribbean
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Home away from home
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Looking over some of these auctions and the merchandise sold it becomes clear that people are insane. So none of these values are sustainable because they are nuts.
If you like the car then you need to decide how much money you are willing to spend on it. The antiques market went nuts thanks to stupid TV like the "Antiques Junk Show". Since then a lot of that crap is selling for pennies on the dollar. And remember that baseball card crap? As it stands I would never consider buying an antique car with the notion that I could make money on it. For one, what they represent has no meaning to almost everybody.
Posted on: 2016/1/16 20:44
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Re: 1955 Caribbean
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Home away from home
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Tim,
Your response made me laugh because it's true and well put. I guess the only thing you left out is those super few that do care seem to still pay quite a bit for certain cars. But I agree most of the sellers are asking insane prices.
Posted on: 2016/1/17 9:47
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Re: 1955 Caribbean
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Home away from home
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I strongly agree with Tim's opinion that buying/ restoring old cars in the hope that you will turn a profit is a risky proposition.
You can review the auction results and market trends regarding the Carribean on Hagery's Valuation site. It is free and tracks the sales at the major auction venues. I began restoring a basket case 55 Caribbean in 2010. At the time I began looking for one to restore in 2007-8 the cars were commanding premium prices. If they were trailer queens restored to the highest standards. Those numbers....like many others....dropped after the market crunch in 2008, My car was purchased with the intention of restoring it to a high standard but.with the intent of driving it on the street. The body was removed from the frame, the engine and transmission rebuilt,, the body restored and painted and the interior restored. Parts are generally available to allow restoration but there are no restoration guidelines......and the prices are prohibitive. I was fortunate to have friends who do excellent body and paint work without the need to spend the tens of thousands of dollars charged by professional restorers. I was able to have the engine and drivetrain restored at similar savings. The price of $10000 for the interior and top seems in line with my cost. I was forced to locate and replace the majority of the interior and exterior chrome and stainless.....or to have my cores plated. The end product is quite satisfactory and the car turns heads and is really fun to drive.......but whether I break even on my out of pocket expenses much less receive anything for uncounted hours of my time is questionable. Buying a complete original car has the advantage of knowing where things fit together and if the stainless and bumper cores are decent, you can save some time and possibly a few dollars. Unless you are able to do much of the work yourself, starting with a $49000 start point probably assures that you will have at least twice that amount tied up in the project before it is done. There are any number of very nice cars already available for under $100,000. Check out Schmidt in St Lous....or even Hymen Ltd. One thing that I have discovered is that the majority of people interested in cars from the 1950's are diminishing. Few people under the age of 60 ever saw a 55 Caribbean on the road when the cars were new. While people seem to be spending outlandish sums for Hemi Mopar and Corvettes, the Packards of the 50's do not seem to command that attention. If the Caribbean is drivable without doing a restoration, it may be better to just drive it and do needed upgrades as required. It avoids getting bogged down on a project that ends up being sold without ever seeing daylight. There seem to always be a few of those on the market....and cars are only original once. The preservation classes are finally coming to be appreciated. This forum will be extremely helpful if you decide to take the plunge. I am not sure that I would have been able to complete my project without the help.
Posted on: 2016/1/17 23:33
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Re: 1955 Caribbean
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Home away from home
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Thanks for the comments but I wanted to say I never said I was interested in buying the car to do a full restoration and sell it. There is no $ to be made if someone buys one these cars to restore and sell--the restoration cost is too great IMO. I just thought the asking price was too much for it's condition in the current market.
Posted on: 2016/1/18 9:22
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Re: 1955 Caribbean
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Home away from home
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There is a paradox at work. Rising prices cause cars to be restored and preserved rather than junked and that is good. It also causes cars to be hoarded and improperly stored and remain unobtainable for preservation. They end up junk. Even Turnquist decried this practice. As well other sound cars are torn apart and remain that way and eventually end up junk. I've seen that happen to 55-56 Caribbeans. And then there is over restoration.
I think the 55-56 Caribbeans are the best looking cars of the 1950's and appreciate seeing them. I have a jazz banjo that I paid $3,500 for. I didn't pay that money as an investment. I paid somebody to build it, so I don't expect to make any money selling it and I don't care. As Jack Nethercutt used to say: "I make my money at Merle Norman and I spend my money on cars."
Posted on: 2016/1/18 11:16
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Re: 1955 Caribbean
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Forum Ambassador
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I probably have significantly more invested in my 2 Packards than could ever recover at resale and guess what - I don't care! If I were to put even the most insignificant value on each hour of thousands of miles of pleasurable touring, national meets & car shows, and the folks and friends I've met and kept along the way, the value issue pales in comparison.
Posted on: 2016/1/18 11:35
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