Will Coronavirus Wreck The Classic Car Market?

[hawkeye]

Hagerty's Muscle Car Index appears to have "recorded the largest drop" of any automobile index for the "second time in a row, falling 7 percent to a five-year low" in January, said Hagerty valuation editor Andrew Newton.

"While more than three-quarters of the index's component cars recorded no change at all, another large drop for the 1970 Hemi Cuda convertible (among the most valuable muscle cars of all) and a 4 percent decrease for the 1964 Impala SS were more than enough to pull the overall score down," Newton said.


https://www.zerohedge.com/personal-finance/will-coronavirus-wreck-classic-car-market

 

[Thrashingcows]

Depends on what side of the market you are on....as someone potentially looking for a B-body project car I kind of hope the prices come down. ;)

 

[Lionized]

It's like watching the housing market.
If you're not looking to buy or sell, who gives a sheet?

I didn't buy mine as an "investment" either, so there's that.

 

[Officer Higgins]

Might pick up a 71 hemi cuda for 20 grand. Or a12 bee bring it down

 

[SteveSS]

Yes, the top end muscle cars have a downward trend that's pretty severe but that started before Covid-19. The affordable classics index has been going up steadily. That index is for cars under $30K. It makes sense. Where are the new buyers for $1 million dollar cars going to come from? The action is in the more affordable cars. Honestly, I hope prices come down so there may be some deals out there but I haven't seen them yet.

 

[gdrill]

Wreck? Maybe not. Adjust, most certainly.

 

[myk r sanchez]

Its cyclical, just like everything else; there will always be ups and downs just like in the housing market. I do feel sorry for the people having to sell now because they lost their jobs or whatever; the market is set up to horse f**k them badly...

 

[slimt]

Its hurting everything and everyone in every setting. Its a huge ripple and it will take alot of time before things get back to normal. 2 months so far here. Im going to guess from the traffic in the mornings. 65 percent not working. Its a huge hit there is going to be heavier debt and liquidations are going to happen. So the car market will , and its the least of everyones issues.

Ill say YES it will.

 

[SteveSS]

Hagerty is showing a flat line in values for a 1969 Charger since May of 2018. The stuff I've seen seems like prices are way up especially for POS Chargers.

Most of Colorado opens up on Monday. I'm back to work on Tuesday.

 

[BeatersRus]

its a combination of many things.
this virus,and people finally realizing that hey they might not be around forever and letting their cars go.
the economy tanking,and people Needing to survive...this isnt over yet either.
the realization finally for many that buying a rotbox b body to invest 30 grand into,
will never pay off,and in most cases,never even get finished.
so they relist to get rid of the headaches.

which leads me to the period and passage of time...
we are getting older,and the next gen has little interest in our old boxy cars that dont get good gas mileage.
the generation gap,that grew up with 80-90s cars,are now collecting Those.
they are dirt cheap and affordable toys compared to the massive financial projects the b bodies are.

i just read a comment from a member where he said,
one car out in somewheres doesnt make a trend.
that is Very true.
however,i have been posting a limited selection of fb groups and marketplace deals.
such as the fresh rebuilt 528 cuda with an a body dana 60 full race car for 6500.
these are a daily thing,i could flood the forum with all the deals out there.
that is not something i want to do,however.
i have tried encouraging members to join those groups and see for them selves.
after daily scanning/watching these markets plus ebay and the various forums it is easy to see Where the real market is at.

btw,the market is flooded atm,not just with deals but also with utter trash as well.
it would seem everyone is trying to cash out however they can.
this trend is Not limited to mopars,but to all forms of vehicles.
the only things i see holding value,is the trucks,and even those are starting to slip.

by next year...mopars might actually be affordable for the common man again.
the way this cycle is going,i predict the collectible market to continue down until at least dec.

 

[BB BELLA]

then there's the other end of things where a guy with some dough might be trying to empty his bucket list and feels he needs to buy "now", sad but true!

 

[yella71]

the corno virus is wrecking everything.....the LAST thing im worried about is the classic car market

 

[Hilljack68]

I'll live in a storage unit and start selling my own organs before I sell the Coronet!!

 

[Chargered]

Hagerty's Muscle Car Index appears to have "recorded the largest drop" of any automobile index for the "second time in a row, falling 7 percent to a five-year low" in January, said Hagerty valuation editor Andrew Newton.

"While more than three-quarters of the index's component cars recorded no change at all, another large drop for the 1970 Hemi Cuda convertible (among the most valuable muscle cars of all) and a 4 percent decrease for the 1964 Impala SS were more than enough to pull the overall score down," Newton said.


https://www.zerohedge.com/personal-finance/will-coronavirus-wreck-classic-car-market

I hope so. It would be nice to see the cars become more affordable.

 

[Ron H]

It's also similar to the stock market and folks in a position to buy stocks during a tanked market. Friend of mine did this during the '08 crash and had retired about this time. He did his heady research on stocks to buy and turned his $50k stash into $300k. There's all sorts of opinions out there that say this tanking market is unlike anything before and would seem to be stating the obvious...last thing you want to do is invest in companies filing for bankruptcy before this eventually ends.

 

[Billccm]

I'm wondering how the value drop on Classics will effect guys like Mark Worman, Kindig, etc. We will be seeing Mark Worman working a the counter at a tire shop in Springfield and the Grave Yard Cars facility a new Amazon distribution center?

 

[Hey-O]

I bought my coronet to drive it to death, not to hopefully make money at the end of the road. I invest money in the market to make money, then buy whatever. Cars are down, stocks are down and like everything, it's driven by demand. I'm just going to be honest, I can buy whatever I want and buy when I want, everything changes as circumstances changes and good news tomorrow could bring all of this right back. My last house that I was holding a loan on sold yesterday and closes May 6th or 7th. I didn't think they would get what they were asking, they did, go figure. To boot, they were all lake houses, second homes with higher interest rates. I don't have answers to what going on, but buying a rusted out 6 cylinder cuda for 15000 dollars is a sucker's bet, you better like it and that's fine, because it's not a money maker, it's a dick extension for those that can afford it when they're done.... enjoy what you have, while you can, isn't that what it's really about...... as always, just my 2 cents, which now is worth.... nothing!!

 

[70chall440]

I sincerely believe that the classic car market has been declining for quite some time with the exception of resto mods which seem to be trending upward. People like the looks of the old cars but not the maintenance, reliability, stopping , handling, etc. The next round of potential buyers did not grow up working on these cars or even understand the basic concepts of the various systems in them. Just look at some of the questions that are asked on this forum alone, usually from a "new" guy/person. Not at all digging on them, my hat is off to them for buying/obtaining the car and having enough sense to ask a question, but those people are declining. I saw on here the other day a comment from a member that he had never worked on a carb before....

I don't think these cars are going anywhere anytime soon, but I do see a bit of a "seesaw" of pricing coming as the older people decide to sell while they still can or families selling off a deceased family member's vehicle and the people who have seen the highs jumping in to try and make a quick dollar. In other words, there will be some deals but there will remain the stupid high prices for some time; difference is that less cars will change hands overall.

 

[BeatersRus]

i completely agree with the first half of your post.
the second half tho,ive been posting and showing the declining market and prices since jan.
that last line,doesnt make sense? am i reading it wrong?
theres more cars available now for sale then there has been for quite some time.

the only thing i see retaining high prices is the 68-69-70 charger projects,
everything else has started slipping or has Been slipping.

 

[70chall440]

i completely agree with the first half of your post.
the second half tho,ive been posting and showing the declining market and prices since jan.
that last line,doesnt make sense? am i reading it wrong?
theres more cars available now for sale then there has been for quite some time.

the only thing i see retaining high prices is the 68-69-70 charger projects,
everything else has started slipping or has Been slipping.

Sorry, what I meant is that what I think is that there will be a growing amount of cars for sale but less actual sales due to some wanting top dollar and the declining population of interested buyers. Perhaps I am just projecting my own situation in that I currently have 5 classic cars (3 done, 2 to go) and while I still love the brand and various models, even if a smoking deal came along I am not sure I would even consider obtaining another one; no room, time or money. I've heard others on here say similar things such as "sold off all but one".

I guess the point I am trying to make is that the amount of people who grew up with these cars and love them and can work on/build them isn't getting any larger. The next generation of "car guys" didn't generally grow up building cars, certainly not these types of cars and are used to a different level of form, fit and function. These are the ones who if they like the "old school" look of a classic muscle car, they want the reliability of drivability of something more modern.