Last year, at a cruise night, someone came up and looked at my 1947 Cadillac. "That's worth about $80,000, right?" he asked.
That's about four times its value, but rather than give him a deal at $65,000, I asked what made him guess so high. Well, he said, one went at Barrett-Jackson the other night for that.
I don't like car auctions. They're too big, too noisy, and after a half-dozen go over the block, far too monotonous. But what I really don't like is that I think they're detrimental to the old-car hobby. Just as celebrity chefs have sent trendy fish to near-extinction, car auctions have sent otherwise ordinary vehicles into the stratosphere, from which they seldom return. Instead of people driving their cars to shows and cruise nights, piling in the family to go for an ice-cream run, and having fun with the old-car hobby, buyers have become speculators. They treat these machines like mutual funds, storing them away until the next sucker pays $150,000 for a 1958 Chevrolet and they bring them out in the hopes of getting rich.
Look around you: old-car owners are old. When I ask what it'll take to keep this hobby going into the next decade, the answer's always the same: "We need younger people to get involved." But if you're determined that your hot-rodded '32 Ford won't change hands for less than $75,000 -- because that's what they're all asking in the National Street Rod Association's classifieds -- what younger person do you think is going to buy it? And if they do invest that much into it, where do you think they're going to drive it?
I saw it in the money-soaked 1980s, when cars ran on cash instead of gasoline; it wasn't uncommon for speculators to buy and flip them without even seeing them. In 1982 I turned down a 1959 Cadillac at $5,000 because it was overpriced; five years later, they were trading at $60,000. Not every car that crosses the auction block is ridiculously priced, but these are soft-porn TV shows, and they're going for the money shot. If you can get someone to pay you eight times what your car is worth, well, good for you. But then don't complain when you go to a "classic" car show, and a Chrysler K-Car is the oldest thing there.
