How do you value a 1979 Z28 with 2500 miles?

Woody wrote: In reply to Klayfish: That was not tongue in cheek at all. Even outside the world of Barrett Jackson, guys get to a point in their life where they just want *that* car from their past. They probably don't even look at collector price guides or past auction results. They see the car, determine that the asking price is within their comfort zone and buy it. For many people, a seemingly absurd amount of money for an old car isn't a huge hit. He may have budgeted enough for a new Corvette but decided that this scratches the same itch instead. Maybe he'll buy the Vette too.

My friend, I can only hope I can be in a position some day to be that guy...have enough money to buy what I want without giving a E36 M3 because my bank account wouldn't notice the difference and I wouldn't care what anyone says.

Streetwiseguy wrote: Somewhat related: I know a guy whos brother has an unopened Christmas present stored from each year of his childhood.

Years from now, he opens them...

"Oh. Mom and Dad did get me that puppy."

Rupert wrote: In reply to Cotton: At $10K, I'd agree with you. But paying $30K for a car with a blue-book value of what $4K-$7K? doesn't make any sense to me. You either continue to drive only 71 miles a year or actually use it. If you use it, very soon it's value will be worth no more than blue-book value. That's worse depreciation than buying an Austin America new!

You can't go by "blue book" for cars of this caliber....no one does that accept your typical used car Camry type buyer and then they bitch about the asking price and compare it to their neighbor's hacked up POS that has a nice shiny MAACO (sorry Datsun!) paint job.

Also very few people buy cars like this to drive a lot and run into the ground. It really defeats the purpose of buying an ultra low mileage collector car. Now, that being said, I have toyed with the idea of buying something similar as "my new car" and drive it as such. Yes, you're correct, you'd take a hell of a depreciation hit, but you do that with new cars anyway. When we bought my wife's new wrangler we sure didn't do it as an investment and it cost more than this Camaro. Now unlike the wrangler and using it as a DD, well who cares, but to me the downside of doing it to something like this Camaro is you're somewhat taking away a piece of history because like Nicksta43 said, "They're only original once"

Rupert wrote: In reply to Cotton: At $10K, I'd agree with you. But paying $30K for a car with a blue-book value of what $4K-$7K? doesn't make any sense to me. You either continue to drive only 71 miles a year or actually use it. If you use it, very soon it's value will be worth no more than blue-book value. That's worse depreciation than buying an Austin America new!

Blue Book is INVALID when talking about low milage examples. However, their blue book collector's prices are pretty spot on for the bulk of the ones with normal milage

Also, lol at same time posting.

Hey Datsun1500, what's the rest of you brother's collection look like?

The low mileage phenomenon is double edged - the cars have often been neglected and not driven enough to keep everything working properly. I'd rather buy a car that has been used 500-1000 miles a year because you have a better chance that things don't go wrong. The other edge is what do you do with it when you get it? The premium that a small minority attach to ultra-low mileage cars evaporates very quickly if you actually use them, so the only buyers are those that are happy having an automotive sculpture that just sits and takes up space. If you are the type to enjoy a car by just sitting in a chair admiring it, with thoughts of what a killing you can make in a few years when you find someone as fanatic as you were, fine, but for those whose enjoyment comes from using cars, this isn't a good buy!

Of course the more duplicitous among us might say that you can use the car, just disconnect the speedo when you do, but that is the same as those that turn back speedometers and is considered to be criminal if used in misrepresentation at sale time.

In reply to Datsun1500:

Have you asked why he is obsessed with shrimp yet?

That's what kills collectible cars for me, to be collectible the car needs to be original and low mileage, which basically means you cant comfortably drive it without worrying about the originality and rarity wiped out in a few seconds by a poor driver. You guys can keep your garage queens, I'm into driving and using cars and possibly beating them. I like those old firebirds and camaros I just don't have the mullet and gold chain to complete the look.

benzbaronDaryn wrote: That's what kills collectible cars for me, to be collectible the car needs to be original and low mileage, which basically means you cant comfortably drive it without worrying about the originality and rarity wiped out in a few seconds by a poor driver. You guys can keep your garage queens, I'm into driving and using cars and possibly beating them. I like those old firebirds and camaros I just don't have the mullet and gold chain to complete the look.

In some cases that isn't true. Look at the cars where race history makes them more valuable, so maybe you should look into collecting historic race cars or rebodied Ferrari's.

A collector car policy should cover any concerns about a poor driver wiping you out.

I don't drive cars like this 'cause I'm cheap. Not a slight against the car or those that would drive it.

In reply to benzbaronDaryn:

That fear shouldn't stop you from enjoying a piece of history, E36 M3 can happen to it anytime so you might as well enjoy it, here is a prime example.

Theres a cool 10mil.

^^^

Rob Walton's ( part of the Wal-Mart family) original Cobra Daytona Coupe (one of 6). He crashed it during the Monterey Historics. Kudos to him for racing it---- and I'm sure this isn't the only time it's been wrecked.

I was in the paddock when it came back on a flatbed. They had a tarp over it and were yelling at everyone with a camera not to take pics. I guess they didn't want pics like this out there for the next time it's up for sale.

I really like low mileage original cars. I would like an entire herd of them living in a very large conditioned building. Rarity doesn't matter to me. Collectability doesn't matter to me. They would not be an investment. They would all get exorcised. I would be their caretaker and guardian. It is a completely different mentality than wanting a race car.

In reply to Joe Gearin:

The funny thing is, those race cars aren't original anyways. They can be real cars, but they're rebuilt to new again after crashes, repainted, etc.....Not that it detracts my lust for them in anyway whatsoever.

Joe Gearin wrote: I was in the paddock when it came back on a flatbed. They had a tarp over it and were yelling at everyone with a camera not to take pics. I guess they didn't want pics like this out there for the next time it's up for sale.

That's funny... like anyone with the means to buy that car wouldn't know about the wreck...

nicksta43 wrote: I really like low mileage original cars. I would like an entire herd of them living in a very large conditioned building. Rarity doesn't matter to me. Collectability doesn't matter to me. They would not be an investment. They would all get exorcised. I would be their caretaker and guardian. It is a completely different mentality than wanting a race car.

Really, you'd exorcise them? Is that really needed? Wouldn't it be easier to buy examples that aren't possessed?

In reply to bravenrace:

Damn, foiled again by my own ignorance...Off to the English tutor's secret hideout.

In reply to nicksta43:

Check out this guys collection if you haven't already. It's pretty amazing. First two pages are full of pics.

http://www.nastyz28.com/forum/showthread.php?t=168544

Klayfish wrote:

Woody wrote: In reply to Klayfish:

My friend, I can only hope I can be in a position some day to be that guy...have enough money to buy what I want without giving a E36 M3 because my bank account wouldn't notice the difference and I wouldn't care what anyone says.

See! Someone with the same attitude as you & the money to back it up is who this seller is looking for! That's why he should put his car in a known auction. He might get a Walton boy to buy it, or he might someone who has had a drink or two and wants the air time. Either way, he'll probably do a lot better there than trying to move it himself. Of course if he wants to sell it to almost anyone, he should at least give it a great clean-up before posting pictures of it!

And yes I agree with several of you talking about value from the buyer's point of view. Bluebook value doesn't matter if it's what you as a buyer really want. Believe me I've taken enough baths on large boats that I understand a beautiful deal is in the eye of the buyer. But that beauty is often not the same when you as a buyer try to recoup your investment!

But if you as a buyer, buy high with your heart, you'd better buy agreed value insurance with your head. Because if someone hits you or you have a garage fire or other loss, Bluebook value is probably a lot closer to what you'll get in your claim than the $25K-30K people are assuming this car will sell for.

In reply to Rupert:

I agree on the insurance! Anything I have worth a damn, that qualifies, is on an agreed upon value policy.

Joe Gearin wrote: ^^^ Rob Walton's ( part of the Wal-Mart family) original Cobra Daytona Coupe (one of 6). He crashed it during the Monterey Historics. Kudos to him for racing it---- and I'm sure this isn't the only time it's been wrecked. I was in the paddock when it came back on a flatbed. They had a tarp over it and were yelling at everyone with a camera not to take pics. I guess they didn't want pics like this out there for the next time it's up for sale.

In that case, it probably gained value. True, only 6 were built, but only one of the six was raced and crashed by a member of America's royal family!

In reply to Datsun1500:

I never get tired of looking at the cars in my garage and I don't have anything nearly as impressive as that guy. What a collection. I'd never get tired of looking at them and driving them occasionally of course. Some people get it and some don't, which is fine, but I would LOVE to have a collection like that.

Datsun1500 wrote:

nicksta43 wrote: I really like low mileage original cars. I would like an entire herd of them living in a very large conditioned building.

A guy up the street has that. Sounds fun, but once you've seen them, then what?

I'll tell you exactly what I would do if that was my collection.

Monday I would pick out a car, let's say that 911 turbo. I would pull it outside in the evening and just stare at it in the setting sun. I'd park it in the showroom. Tuesday and Wednesday I would wipe it down inside and out. Put a fresh coat of wax on it. Thursday I would start checking it's fluids, brakes, air pressure in the tires, the condition of the air filters, ignition timing and maybe even set the plug gap and index them. Friday evening I would park it facing the garage door. I would sit and stare at it from all angles knowing that it is in the perfect tune an it's dying to get out on the open road. The excitement building in me all week would be just about overflowing. Early to bed Friday night because at five A.M. Saturday morning the garage door goes up and the car gets started and pulled outside. I would let it idle as I walked around it looking at it's silhouette, listening to the mechanical music breaking the morning silence. Then it's time to go, put a couple easy miles on it just to let everything come up to temp. Then I'd start upping the pace. Not going anywhere in particular, no destination in mind. But I would just enjoy the hell out of those sections of road that connects all those old towns that dot the Midwest. Running up and down, in and out of valleys. Across beautiful old bridges, just letting the drive take me. Then when it was time I'd turn it towards home. Park it in front of the garage and sit down in front of it, listening as it ticks itself cool as the light fades and I would reminisce about the epic adventure we went on today. I'd get up, place my hand on it's headlight and tell it we had a good run today. Sunday morning it's back on the lift, wheels off, everything gets cleaned again and as I wipe it off for the last time after putting it back in it's spot I would be overcome with joy for being fortunate enough to own such a car. Then in a couple months, when the need for another drive overtakes me, I would pick out another car and repeat the same process. I could happily live out the rest of my life doing that.

That is exactly what I would do with them

Giant Purple Snorklewacker wrote:

Cotton wrote:

Giant Purple Snorklewacker wrote: Is really low miles on a '79 Camaro really an exponential price jump?

Yes

It just goes to show... I do not understand car collecting at all. We have a 70 Chevelle SS 396 in "decent" but unoriginal shape that my father drives as a summer time DD. He takes it to car shows (which is like a picnic for the elderly car buff) and people literally attempt to throw money at him for what is basically a cool looking car that drives like a bus with pin stripes. I don't understand.

learned to drive in a 70 ss chevelle when i was growing up in pittsburgh, great car!

I just saw photos on another site of a '78 Trans Am with 60 miles on the odometer. The original owner bought it, drove it home and stored it until today when someone else bought it. Cosmetically it's perfect, although there was no mention of whether it's been run or not.