Mid year prices

[Tripleblack51]

As we all know the corvette is an American icon, but it is still very vulnerable to depreciation and also appreciates extremely well over time.

My question is: Do you think that with each generation of corvettes that passes our beloved mid years will appreciate at a quicker rate?

Better said, the impending arrival of the C6 the sixth generation vette makes our mid-years (as well as all the other vettes) one more generation older.
How do you think this affects the value/prices of mid years?

I know that vettes typically drop in value for awhile and usually 20-25 years later their value starts to go up.
This of course, is not without exception.
A mistreated old car will obviously not be worh as much as one that has been pampered.

Having said this, I will say that I did not buy my mid year to preserve for some other guy. I bought it to enjoy and I am doing just that.

I would like to hear what insight you guys can provide.

I look forward to your replies.

Pedro

 

[Montana]

Oh yeah

All old things get more expensive with age, take my wife.....please!

Of course they will appreciate Pedro. They are the ultimate classics. If you watch the prices in Hemmings and other sources, you will notice the upward trend over time. These midyears are a fixed supply and possess timeless styling. People of all ages wave and call out "cool car" when we drive by don't they? Driving a mid year around town is an act of "giving back to the community". Oh yeah

Montana, 65 Roadster

 

[67435animal]

Pedro, I bought my first mid year in 1986 and sold it in 1998. During that time the C4 matured (and dropped in value) and the C5 was new.

My 67 doubled in value. I think this says it all.

Bob

 

[Andy.E]

It's a bit of a fallacy that prices will automatically increase with age. If they did, '64 Vettes would be more valuable than '67s. Obviously they're not.

Price is purely a function of supply and demand. Midyear Corvettes already went through their major appreciation phase (when the '67 big blocks got to the $100k territory) so I wouldn't expect anything dramatic going forward. The previous poster owned his car exactly during this period, which is why he did so well. Sure, they'll continue to appreciate, but slowly. This makes sense because the supply is slowly decreasing (wrecks, deterioration) and the number of buyers is probably pretty constant in the short to medium term.

But over the long term the number of buyers will start to decrease as well. I would bet money that the bulk of midyear owners are in the 40s, 50s and 60s - these people were kids and teenagers when midyear Corvettes were new, and they've wanted one ever since. I'm sorry to say that in 20 years there will be a lot fewer of these people around and they're not likely to be replaced on a 1-for-1 basis by younger guys. The younger guys are (on average) more into the newer cars because those are the cars they grew up with. So as the current crop of enthusiasts dies off, prices will drift down.

Of course the bigger picture is that you'd better be owning your midyear for the experience, because you're not likely to make any money on it. Taxes, insurance and maintenance will likely wipe out any investment gains. But hey, you'll be pretty close to even and as cars go that's damn good. It's kinda like breaking even in Vegas.

Just my $.02.

Andy

 

[67435animal]

Of course the bigger picture is that you'd better be owning your midyear for the experience, because you're not likely to make any money on it. Taxes, insurance and maintenance will likely wipe out any investment gains. But hey, you'll be pretty close to even and as cars go that's damn good. It's kinda like breaking even in Vegas.

Andy, what you've said is very true and a far more complete statement of reality than mine. The paragraph quoted above is very accurate. For all the time and money we spend on these old cars, the greatest pleasure is in the driving. How can you place a value on a big s**t eatin' grin?

Bob

 

[Tom Bryant]

Very well said Andy. I don't think that the intro of the C6 will effect the C1-3s any. They will continue to follow their own market path. Now the C5s might take a small hit, more than normal depreciation, if the C6 is well recieved. C4s will probably still be going down for a few more years yet although the early C4s have pretty much bottomed and some are even being restored for NCRS judging. This will start to pull up the value of exceptional cars as their following builds.

BTW If you think the Midyear's owners hair is starting to grey you should attend a Solid Axle club meet.

Tom

 

[youwish2bme]

I guess I need to build a bigger garage so in ten-fifteen years when these cars start going down or even if they stay the same price I'll have a place to store em. I'm 28 so I know I'm in the minority here. You're right not to many young guys are into these old vettes/cars. For the reasons others mentioned above. That's fine by me. I bought mine for the same reasons you guys did. I love old cars. I just happened to grow up with one in the garage.
Heck I'll even be so nice to take em off your hands now.. Just think it's better than your children/spouse selling em to ProTeam.:L :L :L Dave...

 

[IH2LOSE]

Ill jump in most of the earley vettes are actually apreceating more then other earley cars.
Ill give you an example I just inspected a red 69 cobra jet mustang for a freind this is a rotisery restored car absoluteley MINT, definatley a #1, no excuse car.perfectly restored,every peice of documentation you could ever want with a car.the selling price.????????????

$28,500.00 Asking price was not much higher.The fellow had every penny and more in the restoration.What makes this car worth less then our cars.

Try and find a big block midyear needing a complete restoration for that price?

What makes these worth more? As far as I can tell nothing tangeable it what folks are willing to pay.

 

[Tom Bryant]

Heck I'll even be so nice to take em off your hands now.. Just think it's better than your children/spouse selling em to ProTeam.:L :L :L Dave...

Dave,

My wife has threatened to sell my Corvette to Pro-Team with me in it.

Tom

 

[Sams '66]

I know the car owned by 67435animal......and it is one of the finest you will ever see........VERY nice '67 Bob!........


Sam

 

[67435animal]

Thanks, Sam! Yours is looking very good as well!

Bob

 

[Tripleblack51]

Of course the bigger picture is that you'd better be owning your midyear for the experience, because you're not likely to make any money on it. Taxes, insurance and maintenance will likely wipe out any investment gains. But hey, you'll be pretty close to even and as cars go that's damn good. It's kinda like breaking even in Vegas.

Just my $.02.

Andy

Andy,

Well said.

Especially the above.

Good perspective and pretty much what I said.

I am enjoying my car.

Thank you all for your replies.

Pedro

 

[SeaLawyer]

Andy, I think you make some valid points, but I also disagree with you on a few.

I'm 30 now. When I bought my 63 I was 29. Presumably I'm young for the average C2 owner. I didn't grow up with these cars, though I've always loved them. There will always be people like Dave and me that have no contemporaneous connection to these cars but love them nonetheless. Additionally, most people of my generation and even the generation behind me (mid-late 20's) didn't grow up with many cool cars. The old Datsun Z's were cool in their day, but I wouldn't want one now. I still love the C3's, but personally dislike C4's. The only other car I can think of that comes close (yet still VERY distant) might be the Mustang 5.0... But you couldn't PAY me to drive one (if I had one, I'd throw a Cobra kit on it!)...

Most people of my generation can't afford a C1 or C2 right now unless they're going to use it as a daily driver. For many, that proposition just isn't practical. Thankfully, my wife is very good to me and doesn't mind me having lots of expensive toys that I only take out on sunny days. Your implication that the average age of C1/C2 owners is a function of the fact that they grew up with those cars is only partially correct. I suspect that it is also in large part a function of the affluence of that particular demographic.

While it's technically true that price is purely a function of supply and demand, I think that puts it too simplistically. Supply in this case is obviously declining, perhaps only slightly. Demand is affected by an almost infinite number of factors, to include purely intangible ones. It's the intangible factors that I think will continue to drive up the prices of our cars for YEARS to come. In 20 years, people of my generation will be in their 50's. I anticipate that in my 50's, I'll have far more disposable income than I do now. Clearly, if my only interest were performance, I'd then buy my 911 Turbo and be done with it. But don't discount the nostalgic value that people of my generation already exhibit. Perhaps in 30-40 years, when the rice burner generation is finally affluent there MAY be a decline in demand, but by that time, I think supply will be considerably lower as well. Plus, I'm not certain that the rice-burner generation won't eventually come around to the nostalgic. Obviously that's cyclical. I think more so than any other car, with the exception of a Cobra, the early model Vette's are extremely appealing on so many levels even to youger generations. I don't think that will ever change.

Cheers,
Vaughn

 

[youwish2bme]

Vaughn,
Good to see you chime in on this man. You couldn't be a lawyer could you:L :L :L Did you get your rims yet????

Vaughn has said what I could have said if I wasn't so darn lazy... Or busy to be honest. Something that I didn't think about that he did is that a lot of people that have em now probably didn't really dream about them that much. But have fallen in with the in crowd now and deam it a status symbol. Being that so many people believe that you have a ton of money to own one. hmmm... (Had some money bought vette....now all my extra money goes to it...) Okay back to the topic at hand...

It would be great if the midyears would continue to go up in value.. well if you look to the straight axles I don't know if that will continue. You now see straight axles really at the same price or a little higher than midyears. The same is true of the bumper sharks.. Not as high as midyears but close on the nice ones.. To finally make a pt since a lot of is being drank this evening... They have continued to go up in value but I don't think the hay days of the 80's will ever come again... I however don't think I will lose money on mine b/c I will drive the money out of mine... When and if I were ever to sell mine that is...

Beer is on me...... Well it's at least in me.

:L :L Have a good night guys..Dave..

 

[SeaLawyer]

no Dave, still no rims.. :cry I did buy ONE tire to see what might fit.. What rubber do you have on yours? Trying to stay close to stock diameter. I think that's going to be a difficult proposition on 18's since tires that size are all low-profile -- overall diameter is probably be going to be too small.

Once you factor in future value calculations, it's pretty clear that our cars are BAD from a PURELY financial-return-on-investment standpoint. However, the present return I get from my car is an extaordinary amount of joy! That's worth ALOT of money to me... IF I ever sell this car, I'm sure I'll make SOME money on it, but even if I just broke even, it would have all been worth it for the fun! Of course, as cars go generally, our cars are great investments! My best friend bought a brand new C5 the year we graduated from law school. He paid $20,000 more for his Vette than I did. And now mine is worth more! :L

 

[Viking427]

I'm not certain that the rice-burner generation won't eventually come around to the nostalgic. Obviously that's cyclical. I think more so than any other car, with the exception of a Cobra, the early model Vette's are extremely appealing on so many levels even to youger generations. I don't think that will ever change

...well put.
Today's Y-generation = Japanese ricers.
X-gen = 80's Cam/Fire, T-Buicks/Montes.
W-gen = 60's-70's A,F,B-bodys.
V-gen = 30's/40's/50's rods, 55'6'7 Chevys.
U-gen = 10's/20's Model A's/T's

Todays "pop'ular ricer Genre will also pan out, the kids will mature, yet a few will still find their feet firmly planted in the automotive hobby for many years. These are the ones who's interests and budget will evolve to appreciate and embrace other makes/models/years.

The attraction of the C1/C2/C3 Corvettes are multilayered and span all ages and generations:
1) They're truly rolling art, compound french curves, sweeping body lines, wide, low stance.
2) They're beautifully basic, simple to understand/maintain and void of frivolous, unneccessary add-ons.
3) They exude masculinity; big V-8, slammin 4 speed, throaty exhaust rumble, screeching tires, can you say "Harley x 10".
4) They're entrenched into American nostalgia and iconology as deep as Elvis and Apple pie. The bright red C1 with white cove is one of the most recognized images of all time and has been used as such in marketing media for years.

I'm gonna go out on a limb here and say I don't EVER see the C4/C5/C6/C... reaching the popularity of their predecessors. We simply cannot turn back the hands of time, returning to an age long before computers, ABS, catalytic converters, plastic, and industry-wide cookie cutter shapes snuffed out our most basic of desires.

 

[Tripleblack51]

...well put.
Today's Y-generation = Japanese ricers.
X-gen = 80's Cam/Fire, T-Buicks/Montes.
W-gen = 60's-70's A,F,B-bodys.
V-gen = 30's/40's/50's rods, 55'6'7 Chevys.
U-gen = 10's/20's Model A's/T's

Todays "pop'ular ricer Genre will also pan out, the kids will mature, yet a few will still find their feet firmly planted in the automotive hobby for many years. These are the ones who's interests and budget will evolve to appreciate and embrace other makes/models/years.

The attraction of the C1/C2/C3 Corvettes are multilayered and span all ages and generations:
1) They're truly rolling art, compound french curves, sweeping body lines, wide, low stance.
2) They're beautifully basic, simple to understand/maintain and void of frivolous, unneccessary add-ons.
3) They exude masculinity; big V-8, slammin 4 speed, throaty exhaust rumble, screeching tires, can you say "Harley x 10".
4) They're entrenched into American nostalgia and iconology as deep as Elvis and Apple pie. The bright red C1 with white cove is one of the most recognized images of all time and has been used as such in marketing media for years.

I'm gonna go out on a limb here and say I don't EVER see the C4/C5/C6/C... reaching the popularity of their predecessors. We simply cannot turn back the hands of time, returning to an age long before computers, ABS, catalytic converters, plastic, and industry-wide cookie cutter shapes snuffed out our most basic of desires.

Viking427,

Good perspective.

However, who knows where technology (or man for that matter) will be 40 years from now. If the vette is still around celebrating it's 90th birthday, it might just be some kind of hover craft...right out of the Jetsons!

They may look back and say, "Wow, can you remember when those vehicles ran on gasoline?"

Thanks for your post.

Pedro

 

[67HEAVEN]

They may look back and say, "Wow, can you remember when those vehicles ran on gasoline?"

Pedro

They may look back and say, "Wow, can you remember when those vehicles ran on wheels?"

 

[youwish2bme]

So 67 have you had anyone come up to you yet and say "My what big wheels you have" :L :L :J Dave..

 

[67HEAVEN]

Yes..........on several occasions.