[Lightfoot]

Some of you may recall the collection of low mile vintage iron that was auctioned off in Pierce, Nebraska last September.
Well, one of those cars showed up in Barrett Jackson's Scottsdale Auction this week.

Selling price at the Vanderbrink auction was a hefty $80,000.
Now add transport costs and cleanup/detail costs. (unknown)

So what do you think it fetched at Barrett Jackson?

http://www.barrett-jackson.com/appli...ln=569&aid=525

[PonchoV8]

The Vette went for that or is selling still? Hard to believe an 80k price. You could tell 30 yrs ago by the number of those cars available in low/no miles that they were going to be an investment bust.

[Lightfoot]

Originally Posted by PonchoV8

The Vette went for that or is selling still? Hard to believe an 80k price.

It sold earlier in the week for $52,800.

And yet someone paid $35,200 for this '79 with the lowly L48. So what it had less than 1000 miles. I wonder how much that seller lost, lol.
http://www.barrett-jackson.com/appli...n=93.1&aid=525

[Alvin]

Originally Posted by Lightfoot

It sold earlier in the week for $52,800.

And yet someone paid $35,200 for this '79 with the lowly L48. So what it had less than 1000 miles. I wonder how much that seller lost, lol.
http://www.barrett-jackson.com/appli...n=93.1&aid=525

And...what to do with a 36 yr old vehicle that hasn't been driven, used, etc.?

Their was an extensive article about a ultra low mileage '79 TATA IIRC in HPP (1990s?) that someone purchased and all of the bizarre things that were wrong and unexpected expenses to maintain it - as a show car.

[66bonne]

Agree with PonchoV8 on investment bust. I saw one of these Vettes here in florida with about 200 miles on it. Owner drove it the weekend he bought it and that was all.
He got so nervous keeping the car in his garage that he took off one end of his house [stick construction], rolled the Vette into a spare room, boarded up, and the car is still there.
Better yet, I saw one up in the florida panhandle with about the mileage of the one at the BJ auction. Story is that the owner met the transportation trailer at the dealership.
Rolled it off that trailer on to his own, took it home, put it in the garage and never even started it. Still had the plastic wrap around the steering wheel and factory grease pencil markings on back window. I heard later that he had stolen it from the dealership.
So if I run across two of these low mileage Vettes [both times looking for Pontiac parts], then I have to wonder just how rare they are and how many are still out there.

Jim

[Alvin]

Way too many of these "documented low mileage" original Vettes showing up @ auctions, websites, Auto Traders, etc.

Current market is flooded w large #s of pristine examples IMO. MECUM just sold creme puffs of same @ around the $19k sold price IIRC. Even w L-82 4-spd fully optioned out buyers market.

Perhaps a few too many adult beverages contribute to buyers remorse after the bidding is gaveled sold?

[MikeNoun]

The 1978 Pace Car Corvette was probably the first car marketed as a future collectable. I remember hearing stories of owners of Chevrolet dealers storing one away for their own personal nest egg. Previous Indy Pace Cars were collectible, but the 1978 Corvette edition seemed to be particularly hot.

The problem was, most of these Corvette Pace Cars were stored away in heated garages, with owners hoping that someday they would have the equivalent of a King Tut's tomb by the time they retired. Too many were stored away, and there wasn't enough demand by the 1990's. Just 10 years ago, these cars were still just barely selling for more than their original MSRP.

Beautiful cars though, one of my all-time favorite Corvettes. Not exactly stout on performance, but just a great car to look at.

[turbo69bird]

Originally Posted by MikeNoun

The 1978 Pace Car Corvette was probably the first car marketed as a future collectable. I remember hearing stories of owners of Chevrolet dealers storing one away for their own personal nest egg. Previous Indy Pace Cars were collectible, but the 1978 Corvette edition seemed to be particularly hot.

The problem was, most of these Corvette Pace Cars were stored away in heated garages, with owners hoping that someday they would have the equivalent of a King Tut's tomb by the time they retired. Too many were stored away, and there wasn't enough demand by the 1990's. Just 10 years ago, these cars were still just barely selling for more than their original MSRP.

Beautiful cars though, one of my all-time favorite Corvettes. Not exactly stout on performance, but just a great car to look at.

Agreed what makes most rare collectible cars have value is the fact that those who had them beat the snot out of theirs and now that they have some cash want one but can't find that Hi PO low numbers example they'd love to have. More demand less availability means higher prices. If anyone can get one and not too many are looking the rice tanks. Simple economics


Works that way w everything.

[Simple Man]

Lot's of 76 Eldorado converts were put away, on the premise of "no more convertibles being offered". That didn't last, either.

[PonchoV8]

I know someone with a 1973 Eldorado Indy 500 Pace Car. They're white with red lettering.

[Lightfoot]

$80 grand for a common place Vette pace car was pure stupidity.
$53 grand for the same car is still quite foolhardy.
$35 grand for a run of the mill '79 Vette (that just happens to have 900 miles),,, just as foolish.

These two '89 turbo T/A Pace Cars were so much more bang for the buck for under $30,000.
http://www.barrett-jackson.com/appli...ln=689&aid=525

http://www.barrett-jackson.com/appli...ln=700&aid=525

And an actual festival car for just over $31 grand.
http://www.barrett-jackson.com/appli...ln=111&aid=525

[65blackplate]

that's why you shouldn't buy cars when intoxicated

[keith k]

Perhaps bought back by the original consignor? (although even that would have been a pretty good size financial hit).

[PonchoV8]

But it might have been a lot less than the hit of selling it cheaper than you gambled it would.

[Scarebird]

I used to enjoy watching "Chasing Classic Cars" with Wayne Carini. He would lose money on occasion on an auction, or find something he bought had many more issues than he first thought.

I wonder at times if he goes to BJ?

[einstein]

The hotrodder/blogger Iowahawk posted a tweet the other day that seems appropriate here: David Burge ‏@iowahawkblog Jan 15 --
"Tuning into Barrett-Jackson auction to watch drunk plutocrats overpay for used cars"

[HALFWAY]

My uncles' brother bought one of the 78 Vette Pace cars, I think he said he paid $25k back then. Still had all the plastic wrap in the interior and 25 miles on it, If I recall correctly. I know he sold it sometime ago but I am not sure what he got for it. He had several older Vettes and I remember him pushing the 78 around the garage to work on the others. He eventually sold all his Vettes and moved onto Mustangs.

[Ben M.]

Originally Posted by HALFWAY

I think he said he paid $25k back then.

$25k in the late 70's\early 80's to buy a low mileage car only to sell it for $35-45k or so 30 years later is a pretty terrible investment.

[Greg Reid]

Originally Posted by Ben M.

$25k in the late 70's\early 80's to buy a low mileage car only to sell it for $35-45k or so 30 years later is a pretty terrible investment.

Basically, a glorified cookie jar.

[geeteeohguy]

In about 1981, I had a customer with a '73 Monte Carlo that had only about 10,000 original miles on it. The original owner brought it in because it was running poorly, just out of storage. Long story short, it needed an engine overhaul: the rings had frozen up and it had a couple of dead cylinders, as well as seal leaks, etc. Long-entombed cars are often in poor mechanical shape. The car did look brand new, though.