Pardon me if I’m a little jumpy, but I was nearly run down in the parking lot by a bright red 1964 Chevrolet Corvette convertible that was peeling rubber.
Estimated value of the Corvette: $40,000.
Estimated age of the driver: 60 years old.
Not the first case of Senior Road Warrior Syndrome and certainly not the last. Collectible cars of the ’50s, ’60s and ’70s have become investment vehicles for aging Baby Boomers with money burning a hole in their pocket.
Muscle cars, such as the Pontiac GTO, Chevelle SS 396 and Plymouth Hemi Barracuda, are in demand in this attempt to recapture youth without robbing one’s individual retirement account.
Many collectible cars have increased in value, sometimes dramatically if in mint condition, but it’s a quirky investment market of bubbles and bursting bubbles that rivals the stock market. Popularity rises or declines on current events (for example, the recent Ben Stiller/Owen Wilson retro movie “Starsky and Hutch” revived the flashy red and white 1976 Ford Gran Torino), as well as supply and demand.
Unfortunately, a number of available cars have been doctored to resemble rare examples, are filled with body putty that eventually falls out or are sure to drop a pool of oil in your garage. It’s an impulse market too. If your neighbor’s dad had the first 1964 Mustang convertible you ever saw, now it’s your turn. So much for bargaining.
Also keep in mind that auto safety and handling have improved over the years.
I was once doing a TV taping driving a beautiful black collectible 1957 Chevrolet Bel Air convertible. I was to drive toward the camera, stop and give the car’s value. I overshot the camera by 75 feet my first try, then 25 feet and finally hit my mark by stomping on the mushy power brake for nearly a half-block.
So carefully do your homework, use your investment primarily for weekend pleasure driving and watch out for us pedestrians. Really, you’re not 16 anymore.