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Buying Corvettes & Muscle Cars

by: starbasenine( 366Feedback score is 100 to 499) Top 10000 Reviewer
3 out of 3 people found this guide helpful.
Guide viewed: 305 times Tags: Corvette C5 muscle cars


So you are here on ebay because you have either "Corvette fever" or it's cousin "muscle car fever" and you are looking for a deal? Here are a few tips from a "somewhat" recovered car fanatic that grew up on these cars. (Having owned over 250 cars from this era by the time I was in my early twenties). First of all most of them are truly great cars! Second, I have to say I am a bit sad that they are so costly these days as it puts them out of the "hobbyist" catagory and excludes many people from owning them. That being said, here are a few reasonable pointers that might save you time & money and even some frustration. Let's start with pricing, assuming you are a buyer for now. Realize that the vast majority of cars listed on ebay in general as a whole do not sell, at least not the first time around! (And many not ever).Why? One answer: The price the buyer wants isn't realistic. This can be especially true of certain Corvettes & muscle cars these days. Part of this is because of wide eyed observers watching those Mecum & Barrett Jackson auctions on cable channels.What they invariably don't understand is just how much has gone into those cars restorations. (usually always a frame off complete rebuild). They often see these cars & look at thier own classic car that they have simply repainted, (maybe thrown some decals on to claim "clone" status) and figure there car must be worth somwhere close to those values. Nothing could be farther from the truth. Recently you may have heard the myth that collector cars will always go up in value. Don't count on it. Not in this economy! Fact: a recent Hemi car that sold for $46K 6 months ago was resold recently for $23K. Value is subjective on these cars.Don't fall into the trap of paying $20K-$50K for a car on ebay and find out later it's worth half what you paid for it. Never buy a car that is over $10K sight unseen. There are some true quality show cars (most are not) on ebay at astounding prices of course.. Gone are the barn find days of getting a $1,500 classic car. But remember you simply can't see the quality of a stage 3 paint job in a picture the way you can in person. What you should know is that there are fewer buyers out there right now able or willing to pay some of those previous high prices. If you are shopping for a early C-5 Corvette for example, be aware that prices on those units are falling dramatically because new car dealers are discounting the (used) newer C-5's drastically. (A recent 2004 roadster sold at the new car lot for just $21K in mint condition with low miles. The blue book retail was over $35K! simply put, you can't trust the blue book to be anywhere close to the true value these days for any early C-5 Corvette. Reality is somewhere around about $8K-$10K below blue book depending on the car. Gone are the days of a 100K mile '97 Vette going for 18K!! Like the balloon housing market that collapsed these cars & muscle cars have (albeit smaller) popped their "bubble" now and like it or not "real" prices (the prices cars are selling for) have declined recently. Having said all that they do remain valuable, but they are not appreciating. In fact, many owner sof these cars are selling them off due to financial problems or belt tightening themselves. (Let's face it, the toys are the first thing to go!). Another tip: don't waste your time bidding $2,000.00 on a reserve auction that has a "buy it now" feature that has a price of say $25K. You are wasting your time and the sellers time asking questions. Think of what the most you are willing to pay and compare it to that "buy it now" price. Unless you are within 20-30% you are most likely wasting time. next keep in mind the old adage "if you can drive it away it's worth more"...That classic '69 Camaro that is dissassembled in pieces (who knows what is missing) is worth nowhere near the price of a dinged up one that can be driven away. Invariable hundreds if not thousands of dollars of parts will be missing fom thos basket case cars. No kidding, they are worth money in either condition of course. A single missing emblem (original) can run you $300 or more! The seller that says it doesn't run because of some minor thing (it's out of gas, the distibutor cap is missing, etc) should get the car running or expect it's value to drop. (Think about it, if it's an easy fix then why hasn't he fixed it? Especially if it could double the price he gets?) Maybe if it ran the buyer might notice that main seal or trans leaking or slipping??? Beware. Consider the paint job the car you are thinking of buying has on it. Those mecum show cars weren't painted at a production shop for  a low $800!! You won't find any orange peel in a $5K-10K paint job. If you do, ask for a refund. The point is that alot can go wrong and there is much to consider to know if you are paying too much.Conside an appraisal. You should buy at least 30% below the appraised value. (That's because the values of an appraiser tend to be inflated to make banks & loan comapnies more likeley to make the loan similar to the real estate market in the past and even now to some degree). Don't pay show car prices for cars that are actually "driver" quality! Be patient and look for a realistic seller. If you want a C-3 corvette, don't fixate on a particular car, rather chooses amongst the sellers competing for your dollars. (Keep in mind a car with certain attributes will fetch more. a red  'Vette with a black interior wiil usually bring more than a whie one with tan interior if both cars are in equal shape. It's called "eyeball" or "curb appeal"). Ask yourself if you really need that big block 'Vette that is 20K more than a comparble small block? Lastly, take cars that are listedwith no reserve alot more serious than those with a reserve. A reseve simply says the car might be for sale at my price or higher whereas a no reserve auction shouts "I am really for sale!!" Reserve auctions may indicate an over inflated price and they always inhibit bidding and keep prices down. Buyers don't like to bid on them.


Guide ID: 10000000009939875Guide created: 12/29/08 (updated 08/24/09)

 
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