STUPID money for musclecars

Check out the auction results from the latest Mecum auction. Prices are INSANE. Way worse than the musclecars-as-investment scramble of 1989. When will the big crash occur? Are all of these rich bastards real enthusiasts?    

I don't think a lot of these rich guys are entusiasts like any of us on CARCRAFT.com! They would probably argue with you,"of course I'm an enthusiast,I paid 1.5 million dollars for one of my hemicudas" I think they pretty much try to buy their credibility. I'd really enjoy seeing the bottom drop out of the market so these kind of people lose their ass.There probably are a few who really had musclecars before,and have been successful in business,and now they want one better than their original,condition and options wise. But there's alot of them that are just rich show-offs,basically like any feature in HOT ROD. The cars are cool and it's neat to see them in one place,but when the reality of how much money they have into each car sets in,along with how much they spend on their exhibit halls (real garages aren't that clean) it just makes ya sick.

I think they are just plain stupid. A million bucks for a car is nothing more than a power trip meant to impress their rich friends. They are saying, "Look guys, I can throw away all this money on a car!". If underwear cost 10,000 bucks for a pair, these guys would probably crap their pants on a regular basis. I can see it at the country club now, "Look, Fauntleroy just crapped himself for the 3rd time today, Im impressed!"

Personally I hope the bottom doesn't drop out completely since I have several investment cars.  The big hang point to that statement is that when you invest, the idea is to buy with some range of value increase possible. 

Every car I have purchased as an investment has gone up over 50% over the last five years.  Good for me, but people who are buying cars at more than face value now are screwing themselves.  A hemi cuda is worth a lot of money.  I don't argue that point.  But to pay half a million (or worse yet a million) for one is just plain stupidity.  That dollar value is all that it will ever be worth.  If it gets marred, or damaged, then there goes your investment.

The whole idea with investment cars is you give yourself room to conduct repairs yourself - make improvements - restore and then you see a return on your efforts.  That's what I see going on here and it's called car crafting.  What is going on in the auctions is pure lunacy.  You buy a car at absolute top dollar, that's most likely all that car will ever bring.

As you say - stupid money for cars, and I agree.

Bowser

yes. prices are insane. a friend of mine spent just terrible money restoring a 'Cuda recently, and the sad thing is that if he tried to buy the same project now it would probably cost 30% more than when he did get it.

on the plus side, it did allow me to sell one of my Cougars for $2,000 when i only bought it for $100. even after the repairs and registration i had to go through i still made more than $1K.

If you want to invest ..buy gold ,if you want to work on car ,buy a car.

i know back in the 80s my dad had a green 1969 mustang fastback that he paid $500 for and ended up selling for dirt now for $500 you cant even buy a 95% striped one  

barret jackson is insane
there was a beautiful '32 ford that you could tell cost at least 200 grand to build but only went for about 130 grand
alot of people lose their a** on auctions like that  

i bought a 55 chevy 210 four door wagon for $1,750 with no engine or trans.
i thought i got a good deal until we pulled it apart and found loads of rust.
we got screwed.
make sure you look over your cars