GT40s.com - View Single Post - Auction This Weekend: 1966 FORD GT40 MK I Serial #1065

Hershal Byrd · 08-15-02, 01:08 AM

I watch the Barret Jackson auction on
speed vision when it is on. I was shocked
at how many cars did not make reserve. The
one car that did really well was a Yanko
camaro that fetched $145,000 ! To me, that
was an example of someone wanting a peticular car real bad. [img]images/icons/grin.gif[/img]
One thing is for sure and that is when they say there are more cars in the auction than
ever before you can bet it's because people who bought for investment are new trying to unload and save their a$$.
I can remember 15yrs ago when all the baby boomers were reliving there high school yrs and just had to have the car they had back then. Well, the prices for these muscle cars were going sky high. People started buying them for investment purposes as well as nostalgic reasons. Then the boomers got tired of the toy and decided that it would be nicer to have a cottage on the lake and the toy would make a great down payment. They didn't all decide this at the same time but enough of them did that it effected the price.
I myself wanted to buy a 68 442 Hurst Olds. The fellow that owned it wanted $20,000 but I new he only paid $14,000. I offered him $18,000 and he turned it down. Two yrs later he still had the car and now he calls me wanting to know if I was still interested. He said he would take $16,000 for it. I told him that I had to pass because I bought another project. He eventually sold the car but for much less than he paid. Ten yrs later the car is worth about $20,000 but the cost of living has increased significanly as well,so there was not much gain if it was for investment puposes.
during those prosperous times there were thousands of counterfiets being build to get the big money. Most were chevies. That why documentation is worth probably 30% of the price.

Hersh [img]images/icons/smile.gif[/img]

08-15-02, 01:08 AM	#17 (permalink)
Hershal Byrd Hershal Byrd 10 tenths Join Date: Sep 2001 Location: Phoenix GT40: RF Posts: 1,262 Rep Power: 20	Re: Auction This Weekend: 1966 FORD GT40 MK I Serial #1065 I watch the Barret Jackson auction on speed vision when it is on. I was shocked at how many cars did not make reserve. The one car that did really well was a Yanko camaro that fetched $145,000 ! To me, that was an example of someone wanting a peticular car real bad. [img]images/icons/grin.gif[/img] One thing is for sure and that is when they say there are more cars in the auction than ever before you can bet it's because people who bought for investment are new trying to unload and save their a$$. I can remember 15yrs ago when all the baby boomers were reliving there high school yrs and just had to have the car they had back then. Well, the prices for these muscle cars were going sky high. People started buying them for investment purposes as well as nostalgic reasons. Then the boomers got tired of the toy and decided that it would be nicer to have a cottage on the lake and the toy would make a great down payment. They didn't all decide this at the same time but enough of them did that it effected the price. I myself wanted to buy a 68 442 Hurst Olds. The fellow that owned it wanted $20,000 but I new he only paid $14,000. I offered him $18,000 and he turned it down. Two yrs later he still had the car and now he calls me wanting to know if I was still interested. He said he would take $16,000 for it. I told him that I had to pass because I bought another project. He eventually sold the car but for much less than he paid. Ten yrs later the car is worth about $20,000 but the cost of living has increased significanly as well,so there was not much gain if it was for investment puposes. during those prosperous times there were thousands of counterfiets being build to get the big money. Most were chevies. That why documentation is worth probably 30% of the price. Hersh [img]images/icons/smile.gif[/img]