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Prices of 60's and 70's Cadillac's rising.

Started by 64\/54Cadillacking, March 12, 2017, 08:28:38 AM

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64\/54Cadillacking

It's occurred to me that after randomly searching craigslist, ebay and the likes, that the prices for many Cadillac's of this vintage seem to be skyrocketing. Not sure if owners think they are holding to a big chunk of gold or something, but I've seen cars that are in miserable shape (missing trim, damaged fenders, tore up interiors, rust, horrible paint), owners are asking way too much for em.

It's also getting more difficult finding an all original, specifically untouched 60's-76 Cadillac's that is in very good to decent shape out there. If you do, they command a very high price these days.

So what's the deal? Are people finally realizing how cool these cars are, and the value you get out of them? The size of the Cadillacs alone, with their big engines, heavy duty feel, true full-size comfort with massively spacious interiors are worth a premium in 2017. Since in order for someone to obtain a car close to it's size that has a presence is a Rolls Royce Phantom or a Maybach Mulsanne.

Currently Rides:
1964 Sedan Deville
1954 Cadillac Fleetwood 60 Special
1979 Lincoln Mark V Cartier Designer Series
2007 Lexus LS 460L (extended wheelbase edition)

Previous Rides:
1987 Brougham D' Elegance
1994 Fleetwood Bro
1972 Sedan Deville
1968 Coupe Deville
1961 Lincoln Continental
1993 Lincoln Town Car Signature Series
1978 Lincoln Continental ( R.I.P.) 1978-2024 😞

TJ Hopland

Asking and what they are selling for are likely very different numbers.   Are you seeing any indication that they are selling for those numbers?

One thing I have noticed lately is the insurance companies seem to be really inflating the values.  I suppose higher values mean higher premiums?   I know last time I changed companies the value they came up with for my car based on 2 photos was twice what I was thinking it was worth.   
StPaul/Mpls, MN USA

73 Eldo convert w/FiTech EFI
80 Eldo Diesel
90 CDV
And other assorted stuff I keep buying for some reason

CadillacRob

Every year, the tax man outrageously inflates the value of my 50 Cadillac, we're talking doubling or tripling in value.  Every year with out fail, I have to contact them, send them pictures. "Yep, it's still rusty, still has holes in the floor.  Nope, I didn't win the lottery and do a full restore". They just "assume" it's restored every year.  So annoying.

Anyway, yes I've been seeing them creep up in price as well.  But deals are still out there, especially if some rust doesn't scare you away fully.
1950 series 61 sedan
1956 coupe de ville

Scot Minesinger

A car friend of mine told me that a really nice classic car costs the same a new car, so I keep that in mind.

You want a super nice 1960-70's era Cadillac, you either buy the best you can afford or restore one (then it may be more) and the cost is somewhat similar to a new car.

Frankly, I'm glad classic cars are rising in value since I own three.

Of course there is a lot of terrible condition 1960-70 era cars that are misrepresented successfully to new to the hobby buyers and that is unfortunate.  A 35 year old guy just joined our club a few years ago.  He called me and wanted his 1969 Cadillac deVille Convertible speedometer repaired and he had the cable.  Before he stopped over he asked if $4,500 was a good price to pay - and I said what all of the people reading would "depends on condition".  It was terrible, frame rusted to the point of breaking in two, it was a crummy rusty parts car that drove, complete with wrong interior and etc.  The car had to have 500lbs of body filler.  Anyway I told him to junk it, but it was sold...on to the next...

Agree with other posters, asking and selling price are often quite different. 

Fairfax Station, VA  22039 (Washington DC Sub)
1970 Cadillac DeVille Convertible
1970 Cadillac Sedan DeVille
1970 four door Convertible w/Cadillac Warranty

Eric DeVirgilis CLC# 8621

I agree with the OP's observations on values of 1960s and early 1970s Cadillacs, and I say this based on known sales, not asking prices which cannot be relied upon, obviously.

However, there does not seem to have been significant appreciation among later 1970s models whose values have remained relatively unchanged for decades. After taking inflation into account, these cars have actually seen net depreciation during this period. I doubt there will be a much better time to buy into this era of Cadillac which are among the last great Cadillacs of the traditional variety, without all the on board electronics that began appearing shortly thereafter.
A Cadillac Motorcar is a Possession for which there is no Acceptable Substitute

Greg Powers

Unfortunately the modern media and it's broadcast of auctions like Barrett-Jackson have created unrealistic pricing ideas in the minds of many folks. Age does not translate into value. The Cadillacs of the later 60s and 70s were not as sought after as earlier Cadillacs and many folks didn't preserve them, with the exception of the 1976 Eldorado Convertible. Unfortunately due to the massive amount produced and the fact that convertibles were revived, these cars were not the priceless collectible some had banked on. Even today within our club there are many who still have not come to appreciate Cadillacs of this era. The only thing that really defines value is what a car sells for and these prices are very slowly moving upward. To many of us, these Cadillacs represent an excellent value as an entry into the hobby. 
G.L. Powers>1954 Series 62 Sedan/1958 Fleetwood 60 Special-sold/1963 Series 62 Convertible-sold/1970 Fleetwood Brougham-sold/1994 Fleetwood Brougham/1971 Sedan Deville-sold/2000 Deville-sold/2001 DTS-sold/1976 Eldorado Convertible-sold/1983 Coupe Deville-sold/1990 Allante-sold/1990 and 1991 Brougham deElegance-sold/1992 Brougham-sold/Always looking!

Chuck Patton



Hello

I hope the current increase in 60s and 70s Cadillac prices does not deter the Millennial's and Generation Xers from joining the CLC.  An original vehicle iis a great long term investment for their portfolio.
Appraiser-Broker-Consultant
Past CLC National Board Director
Past CLCMRC Director
Past CLC Motor City Region President
CLC 1959-60 Cadillac Chapter Director
CLC Life Member #23147

Bill Young

Recently My Wife and I attended the Florida Meecum auction near Orlando about an hour from where we live. They said there were approx. 3,000 cars auctioned. I believe it , it was huge , took up an entire fairground. One thing however we noticed that a majority of cars did not sell meeting their reserve , including many Cadillac's of the 60's and 70's . Not trying to be a wet blanket but I personally have not seen our cars bringing their asked for prices . I also wonder as an aside how much if any our cars will appreciate in the future as our generation who grew up with them die off. I point to Model T and Model A Ford's , when I was younger these cars traded for good money that just does not seem to generally be the case anymore . Just my observation .

Chas

I lump the Ebay and Craig's List sellers as having been bitten by the Barrett-Jackson TV bug. What are you gonna do? The folks I have problems with are the large scale dealers. For example, about twice a month, for grins and giggles, I Google search "1970 Coupe deVille for sale". As expected, most listings come up from dealers, with WAY inflated prices. When you read the car's description, it states little about condition, what WE would be interested in. I guess they think that the photos will tell that tale (photoshop anyone?) What they DO write about is the lines of the car, how many were produced (don't forget to use the term "rare") and most importantly, how you will FEEL driving the car. Basically, a tour de force in PUFFERY! So, my impression is that these dealers are looking to feast on first time buyers, those that just got an itch to have a classic Cadillac. Funny thing is, more often than not, these same cars are still being advertised 6 to 8 months after I first noted them on the internet. I always wondered if I walked into one of these dealers with CASH, but at a fair price, if they would go for it or continue to hold out for that magical rube.
1967 Coupe DeVille
1970 Coupe DeVille
1976 Coupe DeVille
1983 Coupe DeVille
1977 Harley Cafe Racer
1991 Harley Fat Boy
1957 Harley Hardtail
1949 Lusse Bumper Car
If you're 25 years old and not a liberal, you have no heart. If you're 45 years old and not a conservative, you have no money!

64\/54Cadillacking

I agree with others that a large part of the problem are more and more classic car dealers thinking they can charge new car prices for some of these cars are smoking some of that good stuff. Classic car auctions on TV included.

Also, they're simply aren't a ton of well-kept originals out on the market for reasonable prices that are for sale. You either find beaters that owners want a semi-fortune for, or ones where they are half done and need all kinds of extra work to be in decent shape.

Here's a nice example of a 61 Cadillac Sedan Deville for sale in my local area. The guy wants around $18,000 for it, what do you guys think? Over priced or right on the money?

https://sandiego.craigslist.org/nsd/cto/5999534801.html

Currently Rides:
1964 Sedan Deville
1954 Cadillac Fleetwood 60 Special
1979 Lincoln Mark V Cartier Designer Series
2007 Lexus LS 460L (extended wheelbase edition)

Previous Rides:
1987 Brougham D' Elegance
1994 Fleetwood Bro
1972 Sedan Deville
1968 Coupe Deville
1961 Lincoln Continental
1993 Lincoln Town Car Signature Series
1978 Lincoln Continental ( R.I.P.) 1978-2024 😞

Chas

My favorite ads are the ones that end with "OBO" (Or Best Offer). My experience has been that these are the most reasonable people to deal with. Their listed price is what they would LIKE to get for the car.......in a perfect world. Going in, you have no idea what the situation is. Maybe the wife is throwing him out (at the end of this week!). Maybe he needs the space asap for a new project. Ya just don't know! Throw an offer out there that you're comfortable with. The worst that the seller can say is NO! Have a little fun with the negotiation. I've had sellers get really upset, like it was an affront to their manhood, when I've come in lower than their asking price. On the other hand, I have a buddy who gets really hissy unless he feels he made the sellers eyeballs bleed. A wise man once told me "a good deal occurs only when the buy and the seller are both happy". Most important thing is, whatever the price, ya gotta WANT the car in the first place.
1967 Coupe DeVille
1970 Coupe DeVille
1976 Coupe DeVille
1983 Coupe DeVille
1977 Harley Cafe Racer
1991 Harley Fat Boy
1957 Harley Hardtail
1949 Lusse Bumper Car
If you're 25 years old and not a liberal, you have no heart. If you're 45 years old and not a conservative, you have no money!

62 driver

Living in San Diego I would say it's overpriced by $6000.  It's clean and looks nice but it's a 2 door price at best. Purchased mine off EBay in LA for $6,800. 5 years ago. Put 2 into it. Still need 6 more.
Dave Schneider,  CLC #27889

Bill Young

Although that white 1961 Sedan DeVille is totally loaded and the interior looks really good it is a repaint and they even repainted the inside of the trunk lid. Also it is now missing the DeVille markings from both front fenders , so I wonder how much bondo is now in the car even though the underhood shot suggests a clean car. Given that it is a six window 4 door I would say in this economy without being able to personally inspect and drive the car approx. $ 8,000.00 max. I just sold a very clean 90% original paint rare 4 window 1961 Sedan DeVille flat top with 36,000 original  miles in Dresden Blue with blue interior for $ 10,000.00 in February 2015. 

Dan LeBlanc

That white 61 is a mess.  Under the hood is very boogered up.  The seats have been reupholstered with the wrong cloth. I could go on and on with what I see, but, as I see, knock the 1 off the front of the price, and you'll get inquiries and expect $7500.00
Dan LeBlanc
1977 Lincoln Continental Town Car

"Cadillac Kid" Greg Surfas 15364

Value is of course in the eye (wallet) of the beholder.  I lusted after a Mirage but couldn't fine one that was either more than a billion dollars or a pile of rust held together with paint.  When this "Paris" (200 built and sold through Cadillac dealers) popped up I jumped. I now have about 28k in it and it needs another 2 for completion.  The point bei9ng, when you start thinking of concrete values you forget these cars are NOT investments.  They are toys and are only worth what we feel they are worth.   Yes prices are going up, but if I had put the 28kl into the market (when I bought the Paris) it would be over 50 now.
Greg Surfas
Cadillac Kid-Greg Surfas
Director Modified Chapter CLC
CLC #15364
66 Coupe deVille (now gone to the UK)
72 Eldo Cpe  (now cruising the sands in Quatar)
73 Coupe deVille
75 Coupe deElegance
76 Coupe deVille
79 Coupe de ville with "Paris" (pick up) option and 472 motor
514 inch motor now in '73-

dochawk

FWIW . . .

Last year, Hagerty sent a note with my renewal for my '72 Convertible that prices were going up, and gave me a box to check to increase my coverage from $8k to $10k.  Cost me something like $8 or $12, iirc.

hawk
1972 Eldorado convertible,  1997 Eldorado ETC (now awaiting parts swap from '95 donor), 1993 Fleetwood but no 1926 (yet)

Mike Josephic CLC #3877

Quote from: TJ Hopland on March 12, 2017, 10:00:40 AM
Asking and what they are selling for are likely very different numbers.   Are you seeing any indication that they are selling for those numbers?

One thing I have noticed lately is the insurance companies seem to be really inflating the values.  I suppose higher values mean higher premiums?   I know last time I changed companies the value they came up with for my car based on 2 photos was twice what I was thinking it was worth.

Funny you should mention this!

My State Farm agent recently told me that my '73 Eldorado was underinsured
and came up with a number that was (as in your case) about twice what
I thought it was worth.

I believe, as you stated, that it's a scheme to up the premiums.

Especially with State Farm, who are one of the cheapest when it comes to
paying off when you have an accident.

My wife's 1995 Seville, which was an absolutely perfect driver was recently
totaled.  The nice people at State Farm (based on one comparable) offered
me a big check for $3,000 - take it or leave it.  It was not quite old enough
to be an "antique" so I had to insure it was a regular car.  Here in PA that's
25 years.

Mike
1955 Cadillac Eldorado
1973 Cadillac Eldorado
1995 Cadillac Seville
2004 Escalade
1997 GMC Suburban 4X4, 454 engine, 3/4 ton
custom built by Santa Fe in Evansville, IN
2011 Buick Lucerne CX
-------------------------------------
CLCMRC Museum Benefactor #38
Past: VP International Affiliates, Museum Board Director, President / Director Pittsburgh Region

Jeff Wilk

Greg, are you bringing the Paris to this years GN?  Its looking great!!!

Jeff
"Impossible Only Describes The Degree Of Difficulty" 

Southern New Jersey

1959 Cadillac Fleetwood Sixty Special
1975 Eldorado Convertible (#12 made)
1933 Phaeton Chevrolet - "Baby Cadillac"
1933 Master Sedan Chevrolet - "Baby Cadillac"

SOLD
1976 Cadillac Mirage (factory authorized Pick-Up)
1958 Cadillac Sixty-Special
1958 Cadillac Sixty-Special
1958 Cadillac Sedan
1958 Cadillac Coupe Deville

joeinbcs

I haven't seen any dramatic increase in prices for '60's and early '70's Cadillac's.  There are outliers...I was at Mecum Houston last week and a '65 Eldorado sold for $41K, a price twice what I'd have paid.  It wasn't terrible, but had fairly poor quality bodywork and paint, a nicely done interior, but a car that I thought should have brought $25K max.  I suspect there may have been some shill bidders or other monkey business, as the car was simply not a $40K car in my opinion.  Or maybe two bidders just had to have that particular car...one of the pitfalls of auctions...
As someone pointed out, sellers often ask ridiculous prices, but actual selling prices are fairly flat.  Look at the sales of Barrett Jackson Palm Beach.  Several nice early '70's Eldorado convertibles sold for not much more than $10K.
The exception to flat prices is the first generation Eldorado.  These cars...actual sales, not asking prices, have definitely gone up.  I think this is because the styling of these cars was so far ahead of their time, the foundation of the Art & Science theme that has made modern Cadillac's so successful.  Plus, the engineering and build quality of the '67-'70 Eldorado represented a high water mark for Cadillac.
While I love Hagerty, I believe their price guides and valuation tools are pretty much worthless.  They are hopelessly optimistic...I guess its in their interest to be optimists, but I've found their prices bear little relationship to market prices.  NADA Classics and other guides are a lot more grounded in reality.

Joe Northrop
9633 Whispering Ridge
College Station, TX  77845
joenorthrop@yahoo.com
979-324-6432

1967 Eldorado, Atlantis Blue Firemist (slick top), Blue leather.

59-in-pieces

I happen to agree with Greg the "Cadillac Kid".
..."when you start thinking of concrete values you forget these cars are NOT investments.  They are toys and are only worth what we feel they are worth."

WE are involved in a hobby, not bankers, or on Wall Street.
I enjoy working on my cars.
I look forward to the fun, and joy that I experience when I drive them - it makes me happy.
I have the cars for me, and not for the investment, nor for the thumbs up - as I drive along. 
I'm in the hobby to be hedonistic, and not a money grubbing mercenary.
I don't lament what I could have, would have, or should have done with the money, any more than not having used it for a 100" TV with surround sound.
IMHO.
Have fun,
Steve B.
S. Butcher