I hate to say this but I think the cash value of our hobby cars has also just taken a big nosedive. People are thinking about their income and what's absolutely essential to them these days. Luxuries like hobby cars are pretty low on that list. 

It again reinforces the point that you shouldn't have one of these unless you can easily pay for it upfront.  Even then, thinking of it as an investment you can cash out whenever you want, is likely going to get you in trouble. 

The occasional kijiji ads I see that are asking ridiculous prices for pretty ordinary cars will be generating nothing but crickets for a response.

I actually think that with the general mood out there even driving around with a hobby car is going to get you hostile stares not thumbs up.       (I'm speaking from an Alberta perspective here.)  I'm not sure this applies to the rest of the country but I suspect it does.

I hope I'm wrong...

66 Grande guy wrote:

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I hate to say this but I think the cash value of our hobby cars has also just taken a big nosedive. People are thinking about their income and what's absolutely essential to them these days. Luxuries like hobby cars are pretty low on that list. 

 

It again reinforces the point that you shouldn't have one of these unless you can easily pay for it upfront.  Even then, thinking of it as an investment you can cash out whenever you want, is likely going to get you in trouble. 

The occasional kijiji ads I see that are asking ridiculous prices for pretty ordinary cars will be generating nothing but crickets for a response.

I actually think that with the general mood out there even driving around with a hobby car is going to get you hostile stares not thumbs up.       (I'm speaking from an Alberta perspective here.)  I'm not sure this applies to the rest of the country but I suspect it does.

I hope I'm wrong...

 

 

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 Ken, i agree with all your well thought out comments. I can only speak for myself driving around in my neck of the woods, which is southern Ontario and i have been getting thumbs up and friendly waves from folks. While driving my 57 Poncho or 74 Chev i have only experienced positive reaction. Just last week in my 57 i stopped at a light and a young person in a car next to me yelled out "Nice to see you are not giving up on life" and then he gave me a thumbs up. I do not doubt that there will be folks out there that will be bent out of shape, seeing someone enjoying their toy and not being miserable sitting in their house. Those that have that attitude can deal with it because it will not stop me from enjoying my vintage cars. If anything i will enjoy my toys even more. I am not flaunting my vintage toys, just enjoying them like i always have and i hope always will. Cheers. 

Ford had their bond ratings drop to junk status, gm and fiat are in trouble too. A lot of those loaded 4 door pickups financed for 8 years may be coming back?

66 Grande guy wrote:

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I actually feel the same Carl. I just enjoy them just as you do.

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 It's kind of like when we bought our cabin in 2008. A man I know who is a wise investor told me it was a bad investment. I told him I didn't care if it was worth a dollar a year after I bought it, I wasn't planning to get rid of it any time in my lifetime.

We have to look at our old cars that way too if we truly want to enjoy them. 

Wait a minute,

A world where classic cars are no longer seen as an investment tool but a possession, solely for the enjoyment of ownership ?

What a wonderful world.

I certainly think this pandemic and the associated economic impacts will be reflected in the car markets for some time to come, and I agree with most everything that has been said here. 

With respect to collector cars, demographic changes are driving the value of some vehicles down anyway, with or without the impact of a weakened economy. Just as in the past, the baby boomers are aging out of the hobby and the number of people who want an original 32 Ford, or 55 Chevy, or stock concours restored Impala SS 427 are in decline. If a younger person wants a 32 Ford or a 55 Chevy it is likely to be a hot rod or a resto mod, not a pristine original car. Of course this does not apply to everyone but it is a noticeable trend that drives down the value of original style cars relative to hot rodded versions.  

Case in point: my 68 Impala SS 427 convt project. 10-12 years ago top examples of these cars were trading in the $80-90K USD range. Today these cars are at top dollar in the $60K range. I can tell you with certainty that you can't restore all but the most rust free straight example  for $60K. I know I will have a lot more than that in mine when it's done. 

At the same time, unless trading in the collector car market is your business, many do not do it to make money. They do it to preserve and value vehicles that mean something to them personally. I never expected to get this car done and then sell it for a windfall. But once you make a decision to go down the restoration path you have to be all in no matter what it costs.  I set a budget for my car which exceeds its retail value in the current market. That's the only way to get it done. But it will also be the only car I will ever build to this standard.

I also noticed Ford is advertising that for new vehicles they will defer 3 months interest and absorb 3 months, which seems to be geared to enticing sales when people can't go to the dealer stores to shop. 

You are absolutely right. When your life and your livelihood are threatened the new car can wait. 

DonSSDD wrote:

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Pontiacanada wrote:

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In Canada (and the U.S.) GDP sales down 9% across the board, and that is just for the latter half of March ... wait for April's numbers. Cars are the last things on people's minds.

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 Not true Darryl; I need to get my heater core fixed on the 63.

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 That's different. We are working on our hobby cars, which are likely keeping us busy and our minds somewhat off the other madness around us. 

I've been waiting to get my Old Autos to check out those cancellations. 

Unfortunately there was an outbreak of Covid 19 at the local postal station, which has seriously crimped mail delivery. I haven't had an issue since Feb 20.

Which issue is in circulation now? 

Thanks