What’s New in Classic Cars

BY » Peter Eisenhauer

“If you drive a ‘56 Impala you will always draw a crowd, people will want to know the story of the car.” So says Deborah West, owner of Classic Lady Motors, a collector car marketing service headquartered in Cornelius.

West moved to the area 19 years ago from Chicago after visiting a friend in the area and loving it. She had started selling classic cars and found the region with its ties to NASCAR and large numbers of car enthusiasts was an ideal base. “I networked into a business, all by word of mouth, based on convenience to the customer,” West said.

Looking at trends in the market today, West said, “muscle cards always do well.” She sees the leaders currently are ‘60s and ‘70s muscle cars such as Ford Mustangs and Chevy Camaros.

John Gibson, sales manager at Shelton Classics and Performance, a consignment dealer in Mooresville, also sees a strong market for 80s muscle cars, such as Mustangs and Corvettes, particularly if they are in original condition, Gibson said. There is also increased interest in Buick Grand Nationals, one of the hot performance cars of the 1980s. Gibson also sees strength in the market for early 70s pickups, such as the Chevrolet K10. The 4-wheel-drive models sell best.

Gibson sees a softer markets for prewar vehicles. As older models become more difficult to maintain, many end up as decor. And the market is currently flooded with mid-50s Chevy cars, like the Bel Air. “Prices on some of those models are down by half,” Gibson said.

“You never know what will increase the market value,” said Gibson. “A movie or TV show might feature a model and suddenly it takes off.”

West sees trends in car collecting mostly based on the successive generations of buyers. Millenials who have now come of age and have the money are looking for the cars of the ‘80s and ‘90s that they admired back in the day.

“It’s always a sentimental reason, like ‘I drove that car in high school.’,” West said. Many of the younger buyers are keen on finding Ford Broncos and other off-road vehicles.

Although the classic car market is active year-round, spring is always the busiest season, with another peak in early autumn when there are also some major car shows. In spring, people are getting out more. Driving their cars. “You don’t want to drive a classic car in inclement weather,” West said. “They need to be kept out of the elements.” Gibson said that along with the better driving weather, spring-time also brings tax returns to many collectors, which can often make a nice downpayment on a desired acquisition.

As far as prices in the classic market, West cites data that shows whereas the cost of used cars overall has increased 20% because of the impact of the pandemic, classic car prices have only increased about 10%. There is a different dynamic driving the overall increase in used car prices -- with the knock on effect of supply-chain disruptions in new car production propping up demand for late model used cars. The relatively lower price increases for collector cars are not a sign of market weakness, though.

Both Gibson and West noted the record sales volume at the trend-setting Barret-Jackson auction in Scottsdale, Arizona this January. Sales were up 22% over 2020, with over $195.9 million changing hands in deals on 1,857 cars. That’s an average price of $105,000, just for reference. That show also saw $7.3 million in sales of “automobilia,” items such as vintage gas pumps and neon dealership signs. The auction also featured sales of NFTs (nonfungible tokens) commemorating sales of certain signature cars.

The current economy also bodes well, as historically, West has found that higher inflation rates encourage classic car purchases. “People want to put their money in something tangible.”

Good sources of information on the classic car market include companies specialized in insuring collector cars, including Hagerty Insurance (hagerty.com), and J.C. Taylor Insurance (jctaylor.com). Their respective websites include valuation guides and background information.

Of course, there’s nothing like seeing a great collection of cars in person. In addition to visiting dealer showrooms, car shows are a great opportunity. Classic car enthusiasts will want to mark their calendar for the next Charlotte AutoFair, which will take place April 7-10 at the Charlotte Motor Speedway. The Antique Automobile Club of America (AACA) - Hornets Nest Region has been sponsoring the event for over 35 years. The April show will include about 10,000 assigned spaces and organizers are expecting over 150,000 buyers and restorers to attend.

Along with considerations of personal taste and market value, West notes that collectors need to pay attention to the cost of maintaining their vintage automobiles. Parts can be difficult to find, expensive, or simply not available. She cites a customer who owns a 1928 Auburn and can’t find fuel gauge for it. This can be an issue even with later model cars, when they have gone out of production or been acquired by other producers.

But car collectors are not easily deterred. And many persist in the hobby despite their best intentions to move on. West speaks of one client who came to her with the intention of selling off everything in his collection. But like many, once he sold one car, he was ready to buy another. “Twelve years later, he’s still at it,” West reports. Herself the once and probably future owner of a 1960 Cadillac convertible, she understands the draw of the older cars. “There was more art, more beauty in the designs, big fins, lots of chrome,” West said.

Gibson and West both say that if you do have that collectible car you are ready to let go, now is the time. “It’s a great time to sell,” West said. There is plenty of demand, Gibson adds, and he is looking to build up inventory.

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