The other day, I was watching an auto auction on the Speed Channel, and I noted a 1964 Shelby Cobra had sold for $1.45 million. That’s incredible, and I believe this event, and others like it in the last few months have signaled an uptick in the antique auto market. Does that mean now is the time to buy? I’m not sure as we might be hitting a high point once again. Perhaps now is the time to sell if you have an antique automobile, and it might be a time to get it all cleaned up and taken to a local classic or antique auto auction. Okay so let’s talk about this shall we?
The first thing you need is a decent appraisal, and you need to be able to come in with a bottom price which will cover all of your costs, a starting bid if you will. Then you’ll need to get a first-class detail and get that car in pristine condition with all the paperwork needed to prove its authenticity. Next, you have to search around to find the auto auctions that are bringing the highest dollars and are attended by the biggest collectors in your category. Remember your category matters very much, as you wouldn’t wish to sell a French antique automobile at an auto auction with mostly classic and antique muscle cars for instance.
Prices in the used auto sector are also inching up because of a shortage of cars. I don’t believe that shortage will hold out very long because as people buy new cars and there has been a significant uptick in the number of new cars sold, that means people will be departing of their old used cars. This can fill the pipeline at the regular auto auctions and it also puts many more fixer uppers on the market. Perhaps antique cars which are nearly junk but worth their metal, and could make a good restoration project. This also can feed into the frenzy of antique car auto auctions.
Back in 2008, someone asked me what I thought they should invest in. I told them they should go and buy up all the antique cars and all the stress sales which people had to give up because they needed cash. Then I suggested that those cars be stored somewhere in a controlled environment, and just sat on until the market recovers. Well, the market has recovered, now is the time, and now I am signaling a sell signal to anyone who has an expensive antique or classic car. Please consider all this and think on it.