Just wanted a place to post thoughts and comments on everything from classic and sportscars, graphics and art, music and film, and whatever. I hope you find it enjoyable.
Am I crazy? Probably. But for the last few years I've noticed that people are paying an inordinate amount for the restoration of their cars. When there is a fresh restoration for a P1800ES that cost 40,000 pounds and the car is selling for 18K, you wonder. Then there are six figure restos for cars worth, even on a good day, less than half the cost. Does that make sense? Now I understand that there is a subgroup that doesn't mind paying way over book ("the seller should be happy""), for a 2+ or higher car. And some outrageously un-knowledgeable buyers at the high-end auctions where it is less about worth than ego. But as restoration costs creep higher and higher, there is a sneaking suspicion that dealers are pushing the values of such cars to justify high price tag restorations. I enjoy ads from UK dealers (I'm in the U.S. but enjoy Brit car mags the most,l bar SCM) such as Sherwood Restorations. There cars are promoted as having mega-buck restorations, yet selling for much less. Or the phrase, "The restoration would be twice as much today as what we are asking" or similar. Of course, this is the company that is trying to sell an ultra,, ultra low-mileage Jag XK150 OTS for a quarter million pounds. Of course, that the car was totaled almost immediately after original sale and sat around until decades later to be restored. So, basically you are paying, say, three times value for a Category D write off now restored to, I'm sure, a wonderful better than new condition. Gives one pause though. What am I driving at? What's my point. Well, as Keith Martin's Sports Car Market (one of my favorite publications) says, 'Pay for the restoration, get the car for free." Well, don't even pay for the restoration. Dealers are flexible when they are sure to make a profit at the expense of the previous owner. Now, how about those low-mileage cars and the premium they carry. Fodder for my next post.
Am I crazy? Probably. But for the last few years I've noticed that people are paying an inordinate amount for the restoration of their cars. When there is a fresh restoration for a P1800ES that cost 40,000 pounds and the car is selling for 18K, you wonder. Then there are six figure restos for cars worth, even on a good day, less than half the cost. Does that make sense?
ReplyDeleteNow I understand that there is a subgroup that doesn't mind paying way over book ("the seller should be happy""), for a 2+ or higher car. And some outrageously un-knowledgeable buyers at the high-end auctions where it is less about worth than ego. But as restoration costs creep higher and higher, there is a sneaking suspicion that dealers are pushing the values of such cars to justify high price tag restorations.
I enjoy ads from UK dealers (I'm in the U.S. but enjoy Brit car mags the most,l bar SCM) such as Sherwood Restorations. There cars are promoted as having mega-buck restorations, yet selling for much less. Or the phrase, "The restoration would be twice as much today as what we are asking" or similar. Of course, this is the company that is trying to sell an ultra,, ultra low-mileage Jag XK150 OTS for a quarter million pounds. Of course, that the car was totaled almost immediately after original sale and sat around until decades later to be restored. So, basically you are paying, say, three times value for a Category D write off now restored to, I'm sure, a wonderful better than new condition. Gives one pause though.
What am I driving at? What's my point. Well, as Keith Martin's Sports Car Market (one of my favorite publications) says, 'Pay for the restoration, get the car for free." Well, don't even pay for the restoration. Dealers are flexible when they are sure to make a profit at the expense of the previous owner. Now, how about those low-mileage cars and the premium they carry. Fodder for my next post.