ZR1 price: Whole new opinion....

[MiamiCowboy]

After watching Barret Jackson this weekend and seeing people shell out hundreds of thousands of dollars for 35-40 year old Shelby's, Chevy's and Mopars I have come to see the ZR1 price as being a steal. Not sure what makes a 70 426 hemi Dodge Challenger or Plymouth Cuda worth $170,000+. I thought they were ugly 38 years ago and still do today. Even more puzzling when I can walk into my garage and find a C5 Z06 which is a better quality car, higher technology at 20% the cost that would eat that hemi's lunch all day. I really question if that auction reveals real value of those cars or is just an open competion to measure egos and bank accounts.

[vant]

Depends on your defintion of "real value". I've always said, something is only worth as much as you're willing to spend. Sure wish I had that much cheddar to spend.

[Tom Fuscaldo]

There sure is a lot of money being thrown around out there....

[proexpert]

It is, like you said, an open competion to measure egos and bank accounts. You gotta have money to burn to buy there.

[Z064A26]

Each time someone spent $100,000 plus I calculated how many corvettes I could buy with that.

[MiamiCowboy]

When someone is willing to spend $110,000 on the Beverly Hillbilly's car then you know something is out of whack. I would watch those guys spend their money and calculate the cars I could buy with that money. It was over $77 million worth of cars they sold. I wish it was that easy to get money for Autism research and other illnesses affecting children.

[K M]

hmmm, maybe in my next life I will be able to waste that much money on cars like that...that is if i dont come back as a fly or something horrible.

[Tomasy]

One of my friends used to spend big bucks on "collectable" cars and he said if you get the right cars and sell privately, no income tax on the increase. If you add the buyer's premium to the excessive prices at the auction, seems to me most of these would be a long time before you got a big profit. Egos play a big part too. Some of the one offs may be unique, but how many would really want then enough to pay big bucks for them. Lots of big egos and big wallets in one place...

[YumaZ06]

Sad thing is a lot of these cars go into private collections and won't be seen again until it is time to sell. They are never driven except on and off the trailer.

So much for the economy being bad....a lot of people there spending big bucks.

Sounds like Barrett-Jackson was the winner again.... 10% buyers fee, sellers fee etc. etc. etc.

[AtomicZ06]

If they make 1500 ZR1 for only 2 years - that will be 3000 units. I don't think there was anywhere near that many Hemi Cudas made in '70 & '71.

The ZR1 will be an awesome car - but IMHO if you are buying one hoping to get that kind of investment return on it - you are fooling yourself. AGAIN - IMHO.

BJ gets 18%. They get 10% from the buyer and 8% from the seller. They have made an absolute fortune the last few years.

$77mm X 18% = $13,860,000.00

[Bond]

Originally Posted by YumaZ06

Sad thing is a lot of these cars go into private collections and won't be seen again until it is time to sell. They are never driven except on and off the trailer.

So much for the economy being bad....a lot of people there spending big bucks.

Sounds like Barrett-Jackson was the winner again.... 10% buyers fee, sellers fee etc. etc. etc.

Actually Craig Jackson gets 8% from the seller and 8% from the buyer. Ain't the free enterprise system great?

[DarthVette]

Interesting thread...

For another perspective, think of classic/collectible cars as works of art or sculpture. Sure, some people think that paying millions for a painting is ludicrous, but the buyer would tell you that it is rare, beautiful, and if the artist has passed, will never be made again. The exact same could be said about an original pre-war Ferrari, muscle-era Detroit iron, or one-off custom. It's a completely different set of standards and prospectives than buying a car for transportation or daily/weekly enjoyment.

Bringing it down to reality a little bit, once Carol Shelby has passed, anything he has put his personal hands on is going to become priceless. As the "Picasso of the custom automotive world" (not my words) his special one-offs, modifieds, and shop cars are going to do nothing but appreciate in value. The fact is, like Enzo Ferrari or Colin Chapman before him, there will NEVER be a Carol Shelby-lead automotive work again. The guys with the money capable of playing in that market are counting on the exclusivity, and frankly, will get a huge return on their investment. Sure they could use that money to donate to a charity...but if I know that crowd...there is a tremendous amount of money that actual DOES get donated by them in the name of many causes. They are banking on the huge ROI on the cars they buy while at the same time enjoying a rare piece of automotive history. My guess is, most of us would enjoy doing the same in their position.

The Barrett-Jackson issue is a whole different situation. Knowing a little bit about other fine and collectible auction houses (Christies, Sotheby’s, etc.) the fees Barrett takes are actually pretty standard. As a company, they have the ability to get desirable merchandise into the hands of those who want it, in a venue that makes the transaction competitive, and do so, consistently, year after year. They are a business like any other, what's wrong with them making money in the process of providing a valued service? Isn't that one of the reasons many of us go into business in the first place?

But, hey, as Denis Miller says, "That's just my opinion...I could be completely wrong."

-DV

[johniew398]

Originally Posted by AtomicZ06

If they make 1500 ZR1 for only 2 years - that will be 3000 units. I don't think there was anywhere near that many Hemi Cudas made in '70 & '71.

...[/b]

1970: 652 were built in 1970 including 14 convertibles.

1971: 100 hemi cudas were built and the seven ultra-rare 1971 convertibles are the most expensive muscle cars money can buy.

[NJREDZ06]

It's all about who can brag the most it at the next pebble beach car show.

[GOLD72]

As posted earlier, it is all about classic cars that are from a bygone era and will never be built again. Hence why they are valuable and as collector cars. Has nothing to do with those cars being competitive with today' cars and today's technology.