The Market as at 04/07/09...
So here we are again, in yet another recession/depression, depending upon whose view you take (in the media, that is!)
This is the third recession that I can remember in the last twenty years, so perhaps a view of the vintage racecar market from where I’m sitting may just help some folk.
As usual, I’ve had several wealthy customers call me and tell me: “There’s going to be some bargains around; let me know when one comes along and I’ll buy it, we’ll sit on it and then make money when the market goes up again”, to which I reply: “No, there won’t be any bargains around, judging on past experience; this is what happens: Anyone who’s got a really good car is already rich, and they’re the people who don’t need to sell, hence they don’t!”
So that leaves us with everything else, which I’m going to put at less than $100,000.00, give or take $50,000.00. The message here is… it’s very quiet. Lot of people out there fishing, asking prices, making offers but little being concluded. I have personally sold a couple of cars this year but it’s hard going, compared to the last couple of years. That in a nutshell, is what’s happening.
I can tell you where the real deals are... amongst the really good cars. At some point this financial crisis will be over and folks will get back to buying cars. Frankly, I’ve been astonished at the continued strength of old car prices at the auctions. I really thought we might see “blood on the floor,” but it hasn’t happened. So if you’re brave, grab what little cash you have left over from the financial debacle and go buy something you like. You’ll not regret it.