Bloomington Gold Corvette Auction - NCRS Discussion Boards

Bloomington Gold Corvette Auction

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • Jeremy H.
    Expired
    • December 31, 1998
    • 260

    #16
    Re: Bloomington Gold Corvette Auction

    Tommy sold "The Lyndale Car" at Florida Mecum in January of 2009 for $115. It was then re-restored and Top Flighted in Texas 2009, then just Gold certified last week a day before it went thru the auction and bid up to $115 again.

    Jeremy Hedges
    #31711

    Comment

    • Patrick H.
      Beyond Control Poster
      • November 30, 1989
      • 11608

      #17
      Re: Bloomington Gold Corvette Auction

      Originally posted by Jeremy Hedges (31711)
      Tommy sold "The Lyndale Car" at Florida Mecum in January of 2009 for $115. It was then re-restored and Top Flighted in Texas 2009, then just Gold certified last week a day before it went thru the auction and bid up to $115 again.

      Jeremy Hedges
      #31711
      Someone's gonig to take a bath on that car....
      Vice-Chairman (West), Michigan Chapter NCRS
      71 "deer modified" coupe
      72 5-Star Bowtie / Duntov coupe. https://www.flickr.com/photos/124695...57649252735124
      2008 coupe
      Available stickers: Engine suffix code, exhaust tips & mufflers, shocks, AIR diverter valve broadcast code.

      Comment

      • Brian M.
        Extremely Frequent Poster
        • January 31, 1997
        • 1837

        #18
        Re: Bloomington Gold Corvette Auction

        maybe 2 or 3 people.
        Originally posted by Patrick Hulst (16386)
        Someone's gonig to take a bath on that car....

        Comment

        • Pat M.
          Extremely Frequent Poster
          • March 31, 2006
          • 1575

          #19
          Re: Bloomington Gold Corvette Auction

          Originally posted by Patrick Hulst (16386)
          Someone's gonig to take a bath on that car....
          Originally posted by Brian McHale (28809)
          maybe 2 or 3 people.
          Tell me more... if you can!

          Comment

          • Jeremy H.
            Expired
            • December 31, 1998
            • 260

            #20
            Re: Bloomington Gold Corvette Auction

            What more do you want to know?

            Comment

            • Patrick H.
              Beyond Control Poster
              • November 30, 1989
              • 11608

              #21
              Re: Bloomington Gold Corvette Auction

              Originally posted by Jeremy Hedges (31711)
              What more do you want to know?
              Yah, I thought it was obvious.

              You buy a car for $115k, then restore it again (or pay for someone to do that) and try to sell it for ... $115k.

              $115k - $115k = $0 left to cover the restoration.
              So, whatever that cost will be gone, gone, gone and you will "take a bath" on that $ amount.
              Vice-Chairman (West), Michigan Chapter NCRS
              71 "deer modified" coupe
              72 5-Star Bowtie / Duntov coupe. https://www.flickr.com/photos/124695...57649252735124
              2008 coupe
              Available stickers: Engine suffix code, exhaust tips & mufflers, shocks, AIR diverter valve broadcast code.

              Comment

              • Pat M.
                Extremely Frequent Poster
                • March 31, 2006
                • 1575

                #22
                Re: Bloomington Gold Corvette Auction

                Originally posted by Patrick Hulst (16386)
                Yah, I thought it was obvious.

                You buy a car for $115k, then restore it again (or pay for someone to do that) and try to sell it for ... $115k.

                $115k - $115k = $0 left to cover the restoration.
                So, whatever that cost will be gone, gone, gone and you will "take a bath" on that $ amount.
                Well, I'm pretty dense but I was still able to decipher that equation.

                Just because a car sells for less or equal to the purchase/restoration cost does not automatically mean anything, particularly in this economy.

                My question is, does anyone know what specifically is wrong with this car? Notorious, outright fake? Simply questionable? Poor restoration? What?

                Comment

                • Jeremy H.
                  Expired
                  • December 31, 1998
                  • 260

                  #23
                  Re: Bloomington Gold Corvette Auction

                  This car did not sell for $115k, just bid up to that. Very nice car, highly documented known original car, orignal interior. 97% Top Flight at Regional, PV, and now Bloomington Gold. I think there just wasn't a buyer for that car at the auction.

                  Comment

                  • Pat M.
                    Extremely Frequent Poster
                    • March 31, 2006
                    • 1575

                    #24
                    Re: Bloomington Gold Corvette Auction

                    Originally posted by Jeremy Hedges (31711)
                    This car did not sell for $115k, just bid up to that. Very nice car, highly documented known original car, orignal interior. 97% Top Flight at Regional, PV, and now Bloomington Gold. I think there just wasn't a buyer for that car at the auction.
                    Fair enough. But just because it didn't sell for more than the purchase price at this auction doesn't necessarily mean anyone's gonna take a "bath" on this car in the future, particularly on an original, documented car.

                    Comment

                    • Patrick H.
                      Beyond Control Poster
                      • November 30, 1989
                      • 11608

                      #25
                      Re: Bloomington Gold Corvette Auction

                      Originally posted by Pat Moresi (45581)
                      Fair enough. But just because it didn't sell for more than the purchase price at this auction doesn't necessarily mean anyone's gonna take a "bath" on this car in the future, particularly on an original, documented car.
                      What do you think the latest restoration cost?
                      $115k purchase + $50k? $60k? Maybe a "refreshening" at $30k?

                      In today's economy, any of those numbers won't be made. The owner will have to hold onto it for a while if s/he intends to get their investment back.

                      Even if no $ had been put into it, someone has put a lot of $ into transporting it around the country to all of these meets. $125k will break even, and the resto costs (if any) get added to that.
                      Vice-Chairman (West), Michigan Chapter NCRS
                      71 "deer modified" coupe
                      72 5-Star Bowtie / Duntov coupe. https://www.flickr.com/photos/124695...57649252735124
                      2008 coupe
                      Available stickers: Engine suffix code, exhaust tips & mufflers, shocks, AIR diverter valve broadcast code.

                      Comment

                      • Pat M.
                        Extremely Frequent Poster
                        • March 31, 2006
                        • 1575

                        #26
                        Re: Bloomington Gold Corvette Auction

                        Originally posted by Patrick Hulst (16386)
                        What do you think the latest restoration cost?
                        $115k purchase + $50k? $60k? Maybe a "refreshening" at $30k?

                        In today's economy, any of those numbers won't be made. The owner will have to hold onto it for a while if s/he intends to get their investment back.

                        Even if no $ had been put into it, someone has put a lot of $ into transporting it around the country to all of these meets. $125k will break even, and the resto costs (if any) get added to that.
                        What was the condition of this car prior to restoration? Do you know it took $30K - $60K to restore it? Or $10K to bring it to meets? Do you know when it will ultimately be sold, and for what price? I think it's a bit presumptuous to assume any of these parameters, unless you know something I don't. And if you do, that's why I was asking.

                        Comment

                        • Robert G.
                          Expired
                          • May 31, 1990
                          • 429

                          #27
                          Re: Bloomington Gold Corvette Auction

                          Originally posted by Pat Moresi (45581)
                          What was the condition of this car prior to restoration? Do you know it took $30K - $60K to restore it? Or $10K to bring it to meets? Do you know when it will ultimately be sold, and for what price? I think it's a bit presumptuous to assume any of these parameters, unless you know something I don't. And if you do, that's why I was asking.
                          You'd have to go back in the archives and read about it. I got the impression that the car was sold to a well known dealer in Ohio for around 85k and the dealer sold it to Tommy for 150k+. Nothing wrong with the car, it looked great. But I think he paid way too much for it.
                          Why it needed another restoration is beyond me.

                          Comment

                          • Pat M.
                            Extremely Frequent Poster
                            • March 31, 2006
                            • 1575

                            #28
                            Re: Bloomington Gold Corvette Auction

                            Originally posted by Robert Gallagher (17477)
                            You'd have to go back in the archives and read about it. I got the impression that the car was sold to a well known dealer in Ohio for around 85k and the dealer sold it to Tommy for 150k+. Nothing wrong with the car, it looked great. But I think he paid way too much for it.
                            Why it needed another restoration is beyond me.
                            Thank you Robert, that was the straightforward, polite answer I was originally looking for.
                            Last edited by Pat M.; June 30, 2010, 11:06 AM.

                            Comment

                            • Dick W.
                              Former NCRS Director Region IV
                              • June 30, 1985
                              • 10483

                              #29
                              Re: Bloomington Gold Corvette Auction

                              Originally posted by Robert Gallagher (17477)
                              You'd have to go back in the archives and read about it. I got the impression that the car was sold to a well known dealer in Ohio for around 85k and the dealer sold it to Tommy for 150k+. Nothing wrong with the car, it looked great. But I think he paid way too much for it.
                              Why it needed another restoration is beyond me.
                              There is a very well known, rare Corvette that was restored in the early '80's, late '80's, in the early '90's, and again sometime before 2003. At least $250k in restoration costs. Probably had been driven 25 miles from the first restoration until now.
                              Dick Whittington

                              Comment

                              • Brian M.
                                Extremely Frequent Poster
                                • January 31, 1997
                                • 1837

                                #30
                                Re: Bloomington Gold Corvette Auction

                                Without having to do any looking on your own.
                                Originally posted by Pat Moresi (45581)
                                Thank you Robert, that was the straightforward, polite answer I was originally looking for.

                                Comment

                                Working...
                                Searching...Please wait.
                                An unexpected error was returned: 'Your submission could not be processed because you have logged in since the previous page was loaded.

                                Please push the back button and reload the previous window.'
                                An unexpected error was returned: 'Your submission could not be processed because the token has expired.

                                Please push the back button and reload the previous window.'
                                An internal error has occurred and the module cannot be displayed.
                                There are no results that meet this criteria.
                                Search Result for "|||"