More insane car prices!
 

The Mecum auction in Chicago this weekend raised the bar once again. A 5 car Yenko collection sold for $1.75 million :shock: , a 69 ZL1 sold for $840K and a Hugger Orange 69 RS/Z28 with a crossram sold for $130K(it didn't even have the JL8 4 wheel disc brakes)! Who the hell is buying these cars and how do they have any money left? On the up side, my car just went up in value again.

They sold a dodge neon (last one off the production line) for $123, 420 8)

:shock: that's one expensive neon

woo why would you pay so much for a neon? :shock:

cuz they got more money then they know what to do with. look at the ( ! ) who bought the callaway(sp?) vettes

the problem is stupid middle-aged people who will do anything to have the cars they remember from their youth. they'll pay anything, and that drives up costs for everyone else. I have a Hot Rod issue from a couple months ago....some guy has a Hemi Cuda 'vert worth $5 million. idk about you, but i wouldn't pay $5 Mil for ANY car, I don't care how rare it is.

this price gouging also extends to less-rare cars. I saw a 140,000 mile 1995 Supra that some guy wanted $40K for. a friggin Ferrari with 140,000 miles on it isn't even worth that much.

I'm sure it was one of the 7 '71 Hemi Cuda 'verts...I think 5 are still in existance.

- Justin

Well.... it IS damn SEXY!

fixed ;)

yeah, it was.

however, look at Pete Estes' 1968 Z28 convertible. One of one. Last I checked, it was worth maybe $1 million. what makes a one of 5 car more valuable than a one of one, especially a Chrysler?

I think there are 9 71 Hemi Cuda converts, 7 sold in the US and 2 for export. I would say that you're a moron to pay even $1 million for that car, but they've sold for $3 million so far and obviously the few people that own them like to hype the price up to $5 million. As of now, there's nobody paying more than $3 million for one but I'm sure that will change soon. My JL8 car is probably worth $175-200K now. The longer it takes to get the restoration finished, the more it's worth! Boy I'm glad it's taking a long time!

That's awesome man, hope it keeps going up for your sake :lol:

:? i still wish you'd keep it around for a couple months so we can all see it

With my luck, the market will tank just before my car is done and the value will drop. But I don't have to worry about it until it's closer to being done.

well, think about it this way. if you were a very successful business man, with a couple million dollars, 5m for example, and youre an fbody fanatic. you buy a 1.5m house, modest for a VERY nice house, but way more than enough. you buy say $150,000 worth of daily drivers for your family. you spend 1m or less on a car that you LOVE, that you feel good about having, maybe it reminds you about your youth, or maybe you just love the car and have the money to buy it. you still have plenty of money left, and you probably still have an income of 1.5m a year. it is not their fault for having more than enough money, but they do have it, so they might as well get stuff that they really care about.
i know i would do it!

the problem is that they pay much more than the car is actually worth. this leads to everyone with a classic car thinking they're worth hundreds of thousands of dollars.

i don't care how much money i'm making, if a car isn't worth $1 million, i wouldn't pay that much for it.

that sounds like a quote right out of a magazine... at least i know i've seen it before. it's valid, though, as even guys with cars like ford's maverick have seen a spike in the price of their cars. especially once a magazine puts it on the cover and does an in depth story on it...

all models of a car go up when the "rarest of the rare" spike. i did not buy my car as an investment; i bought it because i love the body lines. i love the sound of the motor. it's got a radio in it, but i don't think i've ever had it on while cruising. i'd much rather listen to the motor and related noise than listen to the radio. i listen to the radio in the driveway while i'm working on her.

while i didn't plan on it, it is nice knowing that i could unload my car for at least $20k more than i paid for it. it's a nice driver with a decent restoration done to it (still in progress). i've seen cars in worse shape than mine sell for $50k.

the only problem i have with the multiple-million dollar cars is that no one is driving them. they're sitting in a museum somewhere where very few people can see them and enjoy them. that's not what cars were made for...

Ain't that the truth.....

- Justin