Why classic <b>car prices</b> have gone insane - Mother Nature Network |
- Why classic <b>car prices</b> have gone insane - Mother Nature Network
- Most average consumers can't afford typical new-<b>car prices</b> | Dallas <b>...</b>
- Average <b>Car Price</b> Affordable Only To Washington, DC Customers <b>...</b>
| Why classic <b>car prices</b> have gone insane - Mother Nature Network Posted: 14 Mar 2014 01:51 PM PDT Gone are the days when mouthwatering antiques went for $500. Today, thanks to the Internet and other factors, every old wreck is ultra-valuable.  This beat-up Series 1 Lotus Elite, needing a total restoration, is going for $50,000. Back in the day, it was a $400 parts car. (Photo: BAT) I once bought and sold classic American and European cars like baseball cards. I never paid more than $5,000, and I owned Jaguars, Mercedes-Benzes (including a 190SL), Volvos and Alfa-Romeos that would be worth a fortune today. But now the prices for classic cars are through the roof, and this former player is now a spectator. If you haven't already been there, now's the time to get over to BringATrailer.com. It's a site about dreams, and what's better than dreams? If I'm eating at my desk in the brief period between writing assignments, I always click over there to see the great cars that got away. Where else are you going to see a 1939 Steyr 220 convertible (below)? And it's for sale.
BAT, as it's known, is one of those why-didn't-I-think-of-that Web properties, dedicated to aggregating classic car classified ads from all over the world. What, you don't subscribe to the Morris Minor Owner's Club newsletter? Well, you can still know about the wood-paneled Traveler that's for sale there, and see the photos. Most of the cars are way out of my price range. Let's look at a few recent ads. A really beat-up looking Lotus Elite Series 1 (see above), described as a "running and driving restoration candidate," is being offered on CarPlanet.com for $49,995. Back in the day, you'd get change back from your $500.
Another old wreck, a 1967 Porsche 911S, went for $77,600. It too needs a total restoration that would easily cost the same amount again, if not much more. Who are these people who can afford cars like this? I once turned down a 911S in much better shape (a bit of rust was its sole flaw) for $3,000. Yes, I know there's something called "inflation," and I'm talking about the 1970s here. But still. The soaring prices are way beyond inflation. Porsches are generally going for ridiculous money. How about a 1964 356 "SC GT clone" for $169,000 at Vintage Auto Showroom in New Jersey. Do I have it right that it's a copy of a rare model? A nice job, but I can't imagine parting with that kind of money, and then having to correct people who say, "Oh it's an SC GT!"
A right-hand drive 1983 Aston-Martin V-8 Vantage (even, above, with Wilton wool carpets and a rebuilt engine) seems a mite steep (at Autosport Designs in Long Island) for, gulp, $160,000. I remember when aficionados only wanted the 1960s James Bond-affiliated models. These later ones went for little because collectors sneered, but restoration prices were still sky high. That same factor kept V-12-powered 2+2 E-Type Jags at the bottom end of the market for a long time. Now people are willing to buy them, even in desperate shape.
Are their affordable cars on BAT? Sure, some. How about a '61 Corvair 700 Lakewood wagon, with 119,000 miles and "some cosmetic and floor-rust issues" for $3,800 (above)? OK, that still seems high to me because rusty floors are a big job. To actually buy a car, I'm heading for Craigslist. But Bring a Trailer remains a fascinating guilty pleasure, in part because of the nutsy prices. Related on MNN: The opinions expressed by MNN Bloggers and those providing comments are theirs alone, and do not reflect the opinions of MNN.com. While we have reviewed their content to make sure it complies with our Terms and Conditions, MNN is not responsible for the accuracy of any of their information.  |
| Most average consumers can't afford typical new-<b>car prices</b> | Dallas <b>...</b> Posted: 12 Mar 2014 01:11 PM PDT
Most average residents in the U.S. can't afford the average price of a new car or truck – and that includes Dallas. A survey by financial web site Interest.com looked at median household income in the top 25 metro areas in the U.S. and compared that with the average new-car price of $32,086. Only residents of Washington,D.C., were theoretically able to afford the cost of an average new vehicle with a 20 percent down-payment and four-year financing – a $633 monthly payment, Interest.com said. To be affordable, that amount could not exceed 10 percent of an average household's gross monthly income. Dallas ranked 13th in the survey, with the average resident able to comfortably afford only a $20,731 transaction price and maximum payments of $405 a month. However, the Dallas area was slightly above Los Angeles (14), Houston (16) and Atlanta (18). In 16 of the cities in the survey, median incomes fell at least $10,000 short of what it would take to buy the typical new vehicle, according to TheDetroitBureau.com. "Too many families are spending way too much on new cars and trucks," said Mike Sante, managing editor of Interest.com. "Just because you can manage the monthly payment doesn't mean you should let a $30,000 or $40,000 ride gobble up such a huge share of your paycheck." While consumers in Washington,D.C., were most able to afford average new-car prices, those in Tampa were least able, according to the survey. In Tampa, ranked 25th in the survey, the typical median-income household could afford only a maximum price of $14,209 and monthly payment of just $280. Consumers, of course, have found ways to deal with rapidly rising car and truck prices, using five- and six-year – or even longer-term — loans to reduce monthly prices. Few expect the upward trend to ease, said TheDetroitBureau.com. Automakers are trying to cut their reliance on lavish incentives from years past and are starting to pass on more of the costs of new mileage, emissions and safety regulations, TheDetroitBureau.com noted. . Bookmark the . |
| Average <b>Car Price</b> Affordable Only To Washington, DC Customers <b>...</b> Posted: 14 Mar 2014 04:37 AM PDT
Unlike the average Beltway insider, a report by Interest.com claims the majority of medium-income American households in 24 of 25 cities studied cannot afford the average new-car price of $32,086. AOL Autos reports the study focused on each city's median income in relation to the new-car price average as pegged by Kelley Blue Book. Said price was broken down to monthly payments of $633 per month for 48 months with 20 percent down while interest, insurance and principal exceeded no more than 10 percent of the household's gross income. The only city out of 25 to pull off the feat? Washington, D.C., whose residents can afford the average of $32,531 on a new car, broken down to 48 monthly payments of $641. San Francisco and Boston trailed the nation's capital, while everyone else in the remaining cities were paying too much for their new car, according to Interest.com managing editor Mike Sante:
Experts recommend spending up 20 percent of take-home pay on a vehicle purchase and subsequent payments. |
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