Time to buy? Your opinion,please.

[Wayne P.]

Starting trying to buy a pretty decent, mostly original 71, LS5, 4-speed, A/C, coupe early this year. The lawyer has finally called and asked if I still want to do the deal. I can buy the car at what at least not long ago was fair market price. The current economic situation, has my mind working overtime as to wether to go for it or not. Anybody care to give their opinion?
Thanks,
Wayne

[Ray G.]

Re: Time to buy? Your opinion,please.

Hello;

Can a person have enough Corvettes ?

Just wondering.

If you decide it's not for you, pass it on.

Ray

[Tom M.]

Re: Time to buy? Your opinion,please.

Car is only worth what you are willing to pay for it

or any car

[Dick W.]

Re: Time to buy? Your opinion,please.

Pope, to quote a well known Corvette dealer, "can never pay too much for a Corvette, you just may buy too soon"

[Tom M.]

Re: Time to buy? Your opinion,please.

Pope, to quote a well known Corvette dealer, "can never pay too much for a Corvette, you just may buy too soon"

Dick, Is that you in the picture with the horse ? LOL

Tom

[Kenneth T.]

Re: Time to buy? Your opinion,please.

Wayne,
If the car is nice and mostly original, it will be a pleasure to own and a 401K as an investment. I know folks who all want to get a "Chrome Bumper" car. I think they are coming up next. But, that said, drive it and have fun with it.

Ken

[Steve B.]

Re: Time to buy? Your opinion,please.

Buy the car if you really have to have it and you can live with the price. If you are going to lose sleep over it then pass on it. Good luck.

[William L.]

Re: Time to buy? Your opinion,please.

I don't think the value of my 67 has gone down since the first of the year, but my 401K has sure taken a beating.

[Greg L.]

Re: Time to buy? Your opinion,please.

If you don't need to borrow the money and want it then I'd go for it but keep in mind that paying what was fair market value not long ago is probably over paying for it today.

Then again,.... I like Dick's quote "can never pay too much for a Corvette, you just may buy too soon"

[Russ U.]

Re: Time to buy? Your opinion,please.

If you don't need to borrow the money and want it then I'd go for it but keep in mind that paying what was fair market value not long ago is probably over paying for it today.

My two cents....

I agree with Greg. I think collector car prices are going to take a tumble. Banks are cutting back on loans, and people are going to spend less as a result of the economic uncertainty. That means fewer people with less cash looking to buy vintage cars.

I would only buy a car now if something rare or unique popped on the market. Those cars will probably hold their value better, and/or recover any lost value quicker.

Russ

[Duke W.]

Re: Time to buy? Your opinion,please.

The guy is probably way over-leveraged and needs to raise cash. Let him sweat a little more.

By chance is it green and in Huntington Beach, CA? I accompanied a buddy looking at such about a year ago, but no deal was made.

Duke

[Chuck W.]

Re: Time to buy? Your opinion,please.

Starting trying to buy a pretty decent, mostly original 71, LS5, 4-speed, A/C, coupe early this year. The lawyer has finally called and asked if I still want to do the deal. I can buy the car at what at least not long ago was fair market price. The current economic situation, has my mind working overtime as to wether to go for it or not. Anybody care to give their opinion?
Thanks,
Wayne

Hi Wayne,

I agree for the most part with Russ. Cash is quickly becoming king. If the car is special, rare, or incredibly cheap I'd be tempted to buy it provided I still had enough cash reserves to survive for the next few years without income. I think the most important question right now is WHAT to buy, not necessarily whether to buy.

I am on the hunt to a well priced classic or another C1. Both are available at reasonable prices (and dropping) and both have future upsides in value. Just my 2 cents.

Chuck

[Wayne P.]

Re: Time to buy? Your opinion,please.

Thanks for your thoughts. Most of you are more optimistic about the near future(econmically) than I am.
Yes, the car is green, but not on the west coast. It's in Tennessee. I'm leaning toward passing on it because I think prices are beginning to drop and will continue for the foreseeable future. I do have the cash, but not the parking space, as my wife continues to remind me.