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Pedigreed race cars and sexy roadsters aren't the only
vintage vehicles breaking records at the collector-car auctions this year.
Automobile aficionados are also driving up prices for less rarefied fare, from
Jimmy Carter-era Japanese SUVs to fruity-colored microcars with wicker seats
and fringed surrey tops.
While not inspiring the same breathless headlines ($27.5
million for a Ferrari Spider! $29.6 million for a Mercedes-Benz racer!), the
large middle market for vintage vehicles priced between $25,000 and $150,000 is
quietly expanding. Unlike trophy cars bought at Champagne-soaked concours
events and housed like precious works of art, these automobiles often serve as
weekend and vacation-home transportation, driven proudly to the ice-cream
store, the collector rally or the Home Depot parking lot.
Some two-thirds of vintage vehicles change hands through
private-party sales, according to Hagerty, a Traverse City, Mich.-based
insurance firm focusing on antique autos, while 15% sell on eBay Motors. But
public auction firms are rapidly working to add and expand ever-splashier sales
events. One of the largest middle-market players, Mecum Auctions Inc., of
Walworth, Wis., says it has boosted its offerings to 12,000 vehicles in 2012
from 6,500 in 2010. It held a 10-day marathon sale in Kissimmee, Fla., in
January, where a record-breaking 2,610 cars passed over the block, more than
25% more than in 2012.
Prices are rising, too. Another big player, Auctions
America, based in Auburn, Ind., says the average price-per-lot in its yearly
Fort Lauderdale, Fla., sale jumped by almost a quarter since 2010. While
entry-level vehicles can be snapped up for $20,000 or less at auction, the
middle-market average sale price hovers between $40,000 and $60,000, says
independent auctions analyst Rick Carey.
It can be hard for new collectors to know what blemishes lie
beneath the shiny paint and chrome—especially when so many first purchases are
made through the warm haze of nostalgia. Barrett-Jackson Auction Co. of
Scottsdale, Ariz., is instituting a rating system through which its
experts—which include, for example, members of the National Corvette Restorers
Society—try to vet seller's claims. "If you are saying it's original and
has documentation, we try to verify it," says Craig Jackson, the company's
chairman and chief executive.
That won't happen on eBay.
But at this level of the market, the emphasis is still
mainly on fun. Here, a roundup of where nostalgia is driving car collectors
now.
Corvette: American Idol
Considered the quintessential American sports car,
Corvettes, especially mid-'60s Stingray models, inspire heavy breathing among
collectors. Ultra-high-performance versions with big-block engines regularly
command six figures. But Vettes with a smaller, high-output V-8 engine start around
$40,000. "They're lighter, they're more responsive, they handle better at
half to two-thirds the price," says Mr. Carey, who also edits auction
coverage at Sportscardigest.com. And many of the earlier C1 models, released
between 1953 and 1962, can be had for between $50,000 and $80,000, says Donnie
Gould, president of Auctions
America. In top condition, in a popular color like
Panama Yellow, a 1958 Corvette
with a four-speed transmission and options including fuel
injection and both a hard and soft top easily could top $100,000.
Vintage Microcars: Quirky Beachmobiles
They're pathetic in the horsepower department. But cheek,
charm and a degree of rarity have boosted this postwar segment nearly 40% since
2008, according to Hagerty. The Fiat Jolly, a doorless, cloth-top buggy with
wicker seats, sells for between $60,000 and $100,000. The four-cylinder
version, in pastel colors such as coral or lime, bumps up value. Also riding
high on the novelty scale are the BMW Isetta ($20,000 to $40,000), which opens from
a single, snub-nosed front hatch, and the Messerschmitt ($25,000 to $45,000),
made by the wartime plane manufacturer, some with a similar bubble cockpit.
Fuel-efficient, they're not. But vintage sport-utility
vehicles are being added to existing classic-car insurance policies at nearly
twice the rate of other cars and trucks, according to Hagerty.
While vintage Jeeps are always popular, Toyota's FJ Land
Cruiser models from the 1970s have rocketed up in price by 173% in the last
five years. Their appearances at national auctions have more than tripled since
2011, with the most expensive examples selling this year for $88,000.
Why the big prices? Hard off-road use gave them low survival
rates. And restorations to bring them back can easily run to $75,000, says Mr.
Gould. Still, "their appeal is like pickup trucks: common utilitarian
objects turned into affectionate weekend companions," Mr. Carey says.
Porsche 911: It's What's Under the Hood
This year marked the 50th anniversary of the timeless 911
design, sparking a recent price rise: 1964 to 1973 models have jumped 77% over
the past three years, according to Hagerty. Good colors and original
drivetrains boost value, Mr. Gould says. But "it's not about the bling
when you're driving a Porsche," he says. "It's all about
performance." Quality of restoration and the overall rarity of a
particular model or production year are additional deciding factors, says Sam
Murtaugh, marketing manager of Mecum Auctions. Prices start at $35,000 to
$60,000, but a desirable higher-horsepower S version easily can top $100,000.
With new pickup trucks holding strong as one of the
best-selling vehicle categories in the U.S. today, it's no surprise that there
is growing collector interest in vintage trucks, especially short-bed postwar
pickups from the 1950s and '60s, like the Ford F1s, the Chevy Cameos and the
Chevy C10s. "They're easy to work on. There are a lot of parts
available," says McKeel Hagerty, CEO of Hagerty Insurance. High-quality
examples start in the $20,000 to $25,000 range, but exceptional vehicles can
top $50,000.
Ford Mustang: Budget Brawn
It's neither exotic nor rare. But it rings the nostalgia
bell for boomers while appealing to younger drivers who know it from the
"Fast & Furious" movies. The budget-friendly Steady Eddies of the
collectible market (a nice driver-quality '60s coupe starts around $20,000,
with convertibles always higher), Mustangs might see a jolt as the 50th
anniversary approaches next year. Cars from 1965 to 1970 are
most desirable, says Mr. Gould, with popular colors like
Poppy Red and Wimbledon White all adding value. While ultra-high-performance
Boss versions can hit six figures, less beastly but still powerful performers
like K-Code and Mach 1 models can be had for between $30,000 and $60,000. With
its brawny engine, racing stripe and spoiler, the Mach 1 "is the
alternative driving experience for the collector who can't afford the
six-figure Shelby Mustangs," Mr. Carey says.
Article Credit: http://online.wsj.com
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