Quote:
Originally Posted by shaffe
Agreed I have no idea why people think some of these modern cars will turn out like the classics. Barret Jackson is 100% to blame, for the most part it's the baby boomers buying them up to relive their youth, and it made everyone think their car was worth mega bucks, but really it was only the rarest of the rare that fetched huge money. And that is what gets lost on people. It's the rare option cars that are worth the big money now. Because back then you could order a la cart options.
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Very true. I know a guy who is into classic cars. He built one and enjoyed the project, but it was a complete money pit. From then on, he only bought fully restored cars. He let the rebuilder take the hit finanically, pick the car up for less than it cost to buy and restore, then he could sit on the car and see if it appreciates. His strategy was to buy a car just before the group that idolized that car began to get late in their careers and/or retireing. At the time he was telling me to ge an early 3rd gen Corvette Like a '69 or '70 with the big block. He told me it didn't need matching numbers, but the vin should be a vin that had a big block from the factory rather than one that was converted.
I looked into it at the time, and they were selling in great shape for like $10k-$15k fully restored because everyone wanted 1st or 2nd gen cars. He said that soon, all the folks that used to drool on that car when they were a kid will get their kids out of college, and they will buy one before they retire. Now they are like $25k-$40k.
So, he buys a fully restored car just before the demand hits, drives it on weekends and to shows, then sells for a profit. He has gone through three cars than I know of, and because he keeps making money, the next car keeps getting nicer and nicer.
Not a bad strategy.