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**** Classic Car Market is on the Skids ****
The housing market is not the only thing is it? When those Stock Market Investors, Bank CEO’s, and House Flipping Gurus ran out of places to put OUR hard earned dollars they started to invest in another market that seemed to have no end to up, Cars
During the boom every one who had or could put their hands on a 1960’s or 1970’s paid premium prices, then poured money into them, cloning them to look like SS or an RS and so on. Now the Market has become tighter, more scrutinizing and many of these would be Classic Car Gurus have lost 1/3 to 1/2 of their value. At the same time, because the economy went south, they now need the money and need to sell. This has added troubles to their misery. Now there is a glut of these mediocre cars on the Market and these private car owners do not know where to turn.
Evidence of this can be found on all the different websites where these individuals are listing their cars for sale. For example if you observe E-bay you will notice that a large percentage of cars do not meet the reserve set by the seller, some getting no bids at all. Classic Cars and Classic Trucks are relisted over and over again just hoping for bite or a nibble. This has left them vulnerable to all kinds of scams and low ball tactics.
In Speaking to Larry FitzGibbon, partner of All About Detail, an online business website dedicated to allowing Private Classic Car owners list their cars free, he states "we hope that we can help these owners by offering them a free listing with a really good looking presentation, a site where potential buyers will enjoy themselves looking around and will come back often to see what is new. If we are able to accomplish that and build trust, then we will be there when the market turns and will have a lot of new friends. Who can beat that, great cars and good friends.”
He was asked how his business makes money and he responded by saying “that is the real glitch isn’t it. Right now we have sponsors such as Tire Rack, J C Whitney, Advance Auto, Auto Geek, and Max Cover and others. We have had plenty of offers by smaller concerns to place ads but no commitments to date. We have also started offering a more proactive service where we will earn a commission if and when a Car sells. We have also added a inspection service because of our concern for the buyers of our listed cars. We are offering "All About Detail Inspection Service" (AADI) for those who for logistic reasons or because they do not feel qualified, hire All About Detail to “Kick Tires” so to speak. It is a truly comprehensive inspection with a full photo report. It gives the would-be buyer an excellent review of the car. Interior, exterior, suspension, lights, air conditioning, transmission, exhaust and so on.” Of course because of the nature of cars and because we do not tear down any of the drive train, we can not give a warranty. We do give a condition report #1-3 and will give an appraisal based on current market values.”
He was asked what he foresees for the Classic Car Market in the future. “He stated that the high-end cars will continue to increase in value unless the economy completely tanks, which in my opinion is not beyond the realm of possibility. Short of that, the market will stabilize and will rebound with the economy. There has been one silver cloud with all this. A lot of good and great cars have been preserved and I love cars.”
One thing is evident; the Classic Car Market is reflective of the economy as a whole. Presently it is on the skids but like the rest of the economy it will bounce back.
In the mean time If you have a Classical Car to sell, if you are looking for Beautiful Classical Car for your garage, or you just like to look, ww.w.All-About-
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Website offering free ad space to private owners of Classical Cars, Classic Cars Marketing, Car Inspections and Appraisal.