What Does The Future Hold For C1 and C2 Classics

[David R.]

Re: What Does The Future Hold For C1 and C2 Classics

I guess at age 62 - and hopefully having some good years left, although there are of course no guarantees - I will hold on to the 1962, and also keep a new(ish) one for longer trips and everyday fair-weather driving. If values drop significantly, I may add another C1 or add a nice C2. After all, these cars are for ME, because I enjoy them and appreciate them for what they represent.

So if values drop through the floor, I win. Time to buy!

[Paul H.]

Re: What Does The Future Hold For C1 and C2 Classics

I think the market for solid axles has already become a bit soft. Midyears are still strong. The older we get the less we will want to wrench and some will pass away. That will have an impact on value.

The bottom line for me is: regardless of their value they are still alot of fun to drive and own. My kids can worry about what they are worth many years from now.

[Kenneth B.]

Re: What Does The Future Hold For C1 and C2 Classics

About 15 years ago, I restored a 57 T-Bird for my wife. I was a member of the CTCI where I was by far one of their younger members at the age of 45, most were in their 70's. The price of restored T-Birds by the well known restorer Amos Minter was over $100K. Today, the majority of those members have passed away and Amos Minter cars fetch less than half what they used to.
The actual selling price of C-1's has been slowly dropping for the last few years and I see no reason for that to change. Eventually, the same will happen to C-2's and so on.
This has happened to every era of once very desirable classic cars. Model A's & T's, 32 Fords, 40 Fords, 55-57 Chevy's etc. It's simply supply and demand. As those that demand them pass away, the supply goes up and the price goes down. It's been proven time and time again and please don't say "But Corvette's are different". They aren't.

I would love to find a 57 Minter restored E bird for 50,000.00. I sold a 63 Ford 425 HP conv. at the BJ auction for 127,500.00 & a 70 LT-1 for 72,500.00. The sky is not falling the fad cars come like the 63 SPC right now & go but good cars will always have value.

[Mark E.]

Re: What Does The Future Hold For C1 and C2 Classics

Price is a function of supply and demand. (I'm playing Captain Obvious.)

Supply- Compared to many classics, Corvettes were produced in high volumes. This was part of their appeal and market niche- the every man's sports car. The exceptions may be the truly rare varients- L88, tanker, etc.

Demand- The consensus above is lower demand as times goes on.

Comparatively plentiful supply combined with lower demand ==> Lower prices.

Again, the exception may be the exceptional cars.

[Mike F.]

Re: What Does The Future Hold For C1 and C2 Classics

The prices will continue to fall as that generation passes on. The same has happened for Barbie Dolls, Baseball Cards, Beanie Babies, LP Records, etc., etc.. There will always be some cars (the top 1%) that retain some value, but most will fall.
I'm just one example of the problem(if you want to call it that). I'm 53 and while I can afford to purchase a C1 or C2, it has no sentimental value to me or most of my generation. While I appreciate a nicely preserved/restored car, I'll most likely never purchase a C1 or C2 no matter how nice it is or how cheap it may be. No sentimental attachment, the driving force in collectibles.

I love my 1970, but realistically I know I need to sell it while "my generation" can still drive cars. If I keep it till I'm 75, very few of any younger generation will want it.

[Gary R.]

Re: What Does The Future Hold For C1 and C2 Classics

This is a discussion I seem to have weekly now with guys. Case in point. A local man(about 50) and his son ( about 20) came in with a broken LH rear outer axle off his '71 trailing arm. He was at the track which equals broken parts. No surprise there.

When speaking with them I asked his son what his opinion was on C2 & C3's. He loved them and wanted to buy one when he can. Then I asked him how many of his car buddies, say 18-30 years old, wanted to buy one. His answer -0-, they would buy a new car over an old vette any day of the week. I asked, but already knew the answer, why he liked them. Like my son and myself, he grew up with them and learned to drive and respect them from his Dad, otherwise he would have been like his buddies.

I think the car hobby will still be around, past most of us here, but the high demand and prices for street drivers that are 50 years old is not going to be anything like it has been the past 25 years. Shipping them out of the country will still have interest though.

As stated above the transition has started.

[Edmund C.]

Re: What Does The Future Hold For C1 and C2 Classics

Gents:

This is an interesting discussion. I know that many of the high-end vintage Corvette Dealers and Parts Suppliers (e.g., Corvette Mike, Pro Team, LIC, Corvette Central, Ecklers, Barrett Jackson, Mechum, etc.) are NCRS Members. It would be cool if some of them weighed in on this topic as that is how they and their families make a living. To me, the most disturbing aspect is the fact that kids are not even excited about getting a Driver's License (I know that Detroit is highly concerned too). To me it was instant freedom; road trips to Cape Cod, Maine and NH; going to movies with pretty girls; cruising around town with my buddies; installing new high-performance parts; and inpromptu drag races on Granite Ave. My youngest (a 16 year old) was a car guy I thought, yet, all he cares about is Texas HS Football. As long as one of his buddies drives him around he's happy. We must sound like a bunch of old poops complainig about this "new generation"; yet, I've gotta tell you, I don't understand it. While I'm at it, I've got to share with you that I hate Monday's too. Have a great week. Best, Ned

[Ed S.]

Re: What Does The Future Hold For C1 and C2 Classics

I think there are a number of factors in play here. Some have already been mentioned. Others include the relative strength or weakness of the economy. No need to elaborate on that one, you all understand the ramifications. Another is that younger generations are essentially minimalists. They don't collect anything that persons age 50 or more value or appreciate. Look at "brown furniture", they prefer IKEA stuff. Another is younger generations are part of a throw away society. Buy it, use it for a while and then trash it. It will take something unique to happen to make owning and driving a C1 or C2 a desirable activity. Sad, they are going to miss out on something great. Especially the opportunity to meet and interact with great NCRS members.

[Leif A.]

Re: What Does The Future Hold For C1 and C2 Classics

This may initially appear to be OT, but read thru. I was watching/listening to the Golf Channel last night as they remembered the King (Arnold Palmer) who passed away yesterday. One of the recurring comments about Arnies' greatness was his social ability...not just his amazing golf game. Arnie always had time to talk with someone, give them a firm handshake, look them in the eye and provide a legible autograph. Arnie truly enjoyed people. They, further, talked about how Arnie came from that social generation...a generation that took time to visit with people, get to know people, enjoy the company of other people. Besides our love of the automobile, we are part of that social generation. We enjoy our NCRS meets, car clubs, car shows, etc. We, especially, enjoy the camaraderie of kindred souls. They went on to say that the millennials and younger are not of the same ilk. There social ability is thru their electronic devices not sitting around and talking. Just look around the next time you're in a restaurant. Whole families are talking on the phone, texting on the phone or playing some insidious game on their phone...there is no personal interaction. We talk all the time about bringing younger blood into our hobby...the problem is they don't want any part of our hobby...it's not their "thing". That's not a slam on the younger generation, it's just the reality.
I, for one, am not going to worry about the future of our cars/hobby. It will be whatever it will be. Gentlemen, enjoy your cars while you can and if you're lucky some younger person may come along and take a picture of it with their smart phone

[David R.]

Re: What Does The Future Hold For C1 and C2 Classics

Here's another take on it . . . car collecting is (and has always been) cyclical, as so many things are. There are always factors affecting the cycles, such as wars, a gas crisis (real or imagined), and the ever-increasing complexity of the automobile itself. Relatively easy to maintain cars such as C1, C2 and C3 Corvettes are a finite commodity, and will always have value even if it is to a decreasing number of enthusiasts. Someone, somewhere is always going to want my 1962 Corvette. Right now I do, so they can't have it. How much it's going to be worth to them at some future date is unknown to any of us at this point. Moral of the story: Enjoy your car. That's why you bought it, isn't it? Don't worry about what it "might" be worth at some unknown point down the road. Remember, there was a point when a Duesenberg SJ was just a used car.

[George W.]

Re: What Does The Future Hold For C1 and C2 Classics

Now here is the deal; old cars and corvettes are worth whatever someone will pay for them; I have owned 18 in my lifetime, including 4 I bought new. My '65 big block Top Flight car failed to start when I left a car show last Sunday; I had to have it "flatbed" home; darn TI system, I have not figured it out yet but I will because I love it/them and I have worked on them for >50 years. Young guys mostly won't do the work and invest time it takes to keep them running. My bride of over 50 years said why don't you sell them old cars and get a new one...so I went and ordered a 2017 ZO6 stingray white/red coupe, remember it was her idea
It is only money, I could get it back by working If I died tomorrow my 50 year old son would have them sold before the funeral.
So if you got 'em drive them and don't worry what they might be worth someday; you and they are here now, enjoy them.
Have fun, I am...

[Don H.]

Re: What Does The Future Hold For C1 and C2 Classics

Dr. George
Thanks for clarifying what the deal is.
I think that's a pretty good summary of the situation.
I hope you have that 65 BB rumbling again soon.
See you in Frisco....

[Willard M.]

Re: What Does The Future Hold For C1 and C2 Classics

My take is that I "rent" my play cars. That is I enjoy them for a period of time, sometimes 20 days and sometimes 20 years. When I sell them I am not bothered if I loose a little money because I was paying "rent" for the enjoyment of driving them. Fortunately the "rent" has often been a positive number (profit) but when it isn't that is no big deal. I don't gripe when my lawn mower dies after 15 years because I have used it during that time. My 56 BelAir was bought about 20 years ago and at one time it was worth three times what I paid for it. Now it is worth about twice, maybe less. It may continue to decline in value and might even go below what I paid for it although I see that as quite unlikely. When it is sold the profit may be much less than it could have been in 2007 but the "rent" is still cheap. I only wish my Honda DD could be owned for the same "rent."

[Frank D.]

Re: What Does The Future Hold For C1 and C2 Classics

My take is that I "rent" my play cars. That is I enjoy them for a period of time, sometimes 20 days and sometimes 20 years. When I sell them I am not bothered if I loose a little money because I was paying "rent" for the enjoyment of driving them. Fortunately the "rent" has often been a positive number (profit) but when it isn't that is no big deal. I don't gripe when my lawn mower dies after 15 years because I have used it during that time. My 56 BelAir was bought about 20 years ago and at one time it was worth three times what I paid for it. Now it is worth about twice, maybe less. It may continue to decline in value and might even go below what I paid for it although I see that as quite unlikely. When it is sold the profit may be much less than it could have been in 2007 but the "rent" is still cheap. I only wish my Honda DD could be owned for the same "rent."

A very healthy attitude and one I identify with whole-heartedly.

I had a bad car wreck in a classic car this June and the aggressive, uninsured other driver got a ticket and I got an ambulance ride to the emergency room. It doesn't pay to fall so much in love with these cars that you are afraid to drive them. They are just 'things' at the end of the day and you can do everything right, every day and still have some chump ruin things for you...

[Jim D.]

Re: What Does The Future Hold For C1 and C2 Classics

I had a bad car wreck in a classic car this June

Since you sold your 61, was your 63 the car that was crashed?