CBODY67
Old Man with a Hat
- Joined
- Mar 27, 2011
- Messages
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By observation, each generation has their own perception of "value" and "investment for profit", it seems.
Almost every year at Mopar Nats, we (from TX) would watch as very rusty B-bodies would be hauled in on trailers. Later look at the prices that had been put upon them by the seller. We'd shake our heads. THEN, we'd see those same cars be hauled out with "SOLD" signs on them. Now, we didn't see an actual money transaction, but the suspicion was that they sold for those elevated prices. Happened every year.
A friend that has dealt in Tri-Five Chevies, for decades, became a regular stop for a guy from Ohio. He came down here to buy cars to take back to OH for resale. My friend would kind of be embarassed by the prices he was offering, but after the guy compared what we (in TX) consider "too rusty", is just "minor rust" in Ohio. Later, they developed a good working, friendly, relationship. Neither was trying to "get rich" from these transactions, just make a nice living and helping keep older cars in circulation for those looking for them.
Back in the very early 1980s, as the economy cratered back then, a pattern developed that when the bank CD rate was down, investors sought other places to put their money to make money. "Cars" was an easy choice as there were many original-owner muscle cars in garages in places like Dallas, TX. They'd go up to the owner, talk about the car as if they knew what they were really talking about, make the deal, do some clean-up work, and then take it to the next collector car auction in Dallas or Houston. Made some nice cash, but not boat-loads, still enough to validate their investment. Now, we've got a plethora of TV shows that do the same, which only escalates the situation. As a simple "wash and wax" has now escalated to full-blown detail work.
Back when my friend was doing his used car deals, on the side, in the later '70s, he'd have a nice '57 Chevy that he'd done some work to in front of his shop. This was back when "restoration" meant "new tires, a little engine work, new upholstery, and some touch-up paint". A potential buyer would come by, they'd settle on a price, and then the buyer would say "I'll go talk to my long-time banker . . . "
My friend would caution him on that, as this was also during the first wave of local bank buy-outs, where what had previously been done with hand-shakes now needed viable paperwork. Which got worse from there, by observation. Many banks did not want to loan money on "old cars". Later model used cars that were in the Kelly Blue Book, but not older cars that weren't. So, many times, the buyer would have to renig on the deal.
Whenever I see the scenario which Gerald mentioned above, I just grin, shake my head, and drive on. With the orientation that I've still got MY money to use for something else. Whomever might "bite" for those deals could probably regret it later. Unless what was being sold was something they had been looking for, WITH the available funds to buy it. But also relying on somebody else the buyer trusts to tell them what they did. Everybody has their own sensitivity levels on these things. To each their own.
Enjoy!
CBODY67
Almost every year at Mopar Nats, we (from TX) would watch as very rusty B-bodies would be hauled in on trailers. Later look at the prices that had been put upon them by the seller. We'd shake our heads. THEN, we'd see those same cars be hauled out with "SOLD" signs on them. Now, we didn't see an actual money transaction, but the suspicion was that they sold for those elevated prices. Happened every year.
A friend that has dealt in Tri-Five Chevies, for decades, became a regular stop for a guy from Ohio. He came down here to buy cars to take back to OH for resale. My friend would kind of be embarassed by the prices he was offering, but after the guy compared what we (in TX) consider "too rusty", is just "minor rust" in Ohio. Later, they developed a good working, friendly, relationship. Neither was trying to "get rich" from these transactions, just make a nice living and helping keep older cars in circulation for those looking for them.
Back in the very early 1980s, as the economy cratered back then, a pattern developed that when the bank CD rate was down, investors sought other places to put their money to make money. "Cars" was an easy choice as there were many original-owner muscle cars in garages in places like Dallas, TX. They'd go up to the owner, talk about the car as if they knew what they were really talking about, make the deal, do some clean-up work, and then take it to the next collector car auction in Dallas or Houston. Made some nice cash, but not boat-loads, still enough to validate their investment. Now, we've got a plethora of TV shows that do the same, which only escalates the situation. As a simple "wash and wax" has now escalated to full-blown detail work.
Back when my friend was doing his used car deals, on the side, in the later '70s, he'd have a nice '57 Chevy that he'd done some work to in front of his shop. This was back when "restoration" meant "new tires, a little engine work, new upholstery, and some touch-up paint". A potential buyer would come by, they'd settle on a price, and then the buyer would say "I'll go talk to my long-time banker . . . "
My friend would caution him on that, as this was also during the first wave of local bank buy-outs, where what had previously been done with hand-shakes now needed viable paperwork. Which got worse from there, by observation. Many banks did not want to loan money on "old cars". Later model used cars that were in the Kelly Blue Book, but not older cars that weren't. So, many times, the buyer would have to renig on the deal.
Whenever I see the scenario which Gerald mentioned above, I just grin, shake my head, and drive on. With the orientation that I've still got MY money to use for something else. Whomever might "bite" for those deals could probably regret it later. Unless what was being sold was something they had been looking for, WITH the available funds to buy it. But also relying on somebody else the buyer trusts to tell them what they did. Everybody has their own sensitivity levels on these things. To each their own.
Enjoy!
CBODY67
