Is Today's Economy Good for the Car Collector

We say yes! For the savvy car collector or even first time buyer, now is a great time to buy and restore a car. If we had a good amount of cash, we’d buy several cars and put them away in a warehouse for three years.

The classic car market, which is gently maneuvering its way through this economic downturn, has been affected by a general decline in people purchasing luxury items and collectibles of any kind. This has caused sellers to bring down prices to move inventory.

Auction results over the past six months show that cars, which are the prime specimens of their make and type, are still retaining their value - much like great art. But that doesn’t seem to be the case with the collector cars that are more in line with your average enthusiast’s budget.

Even American Muscle and British Sports are seeing a twenty five to thirty percent drop in theirs sales price over last year. A 1958 Convertible Corvette that could fetch $90,000 twelve months ago is now selling at about $65,000.

But it’s not only sellers who are bringing down their prices; you may want to talk to your trusted mechanic or the local paint shop about doing some work on your restoration project. These companies are also seeing a decline in business and may give you a better price just to get some work in.

If a buyer does their homework and checks the car’s documentation on its originality and equipment, and is only willing to spend what he or she is comfortable with, then now could be a very good time to buy or restore a collector car.

Check out our Buying Advice section for more information on finding the right car at the right price.