Classic car values in the 1970's?

[TJ Hopland]

In the for sale section someone referenced a 76 Eldo for sale asking $64K.   That got us talking about values and someone else said that the 76 Eldo's were often selling for $25K-40K in the next couple years being the last convert and all.   That got me and at least a few other members wondering....

Lets say you were an automotive enthusiast in the late 1970's with $20k-40k burning a hole in your pocket, what could you buy both new or used?  Anyone have a Hemmings or similar from that era?    I assume you could get a couple 59 Eldo's or a Continentals?   Maybe a Duesenberg?   Were there 'exotic' 'import' cars that cost that much then?   At that time in general it was only the higher end American cars that had just broken the $10K mark?

[INTMD8]

Interesting question. I think the farthest back I go on "for sale" publications is mid 90's, and even that is depressing! Of course I was only 16 then so as cheap as they were.... still out of reach.

[Eric DeVirgilis CLC# 8621]

Hindsight is 20-20 but I think Duseys can be safely ruled out for $40K in 1976: A Dusenberg had been the first classic car to hit the $100K mark in 1971 or 1972.

Regarding 1976 ELCs, my understanding has always been that they briefly hit the $25K mark in the summer of '76, shortly after which began their precipitous decline when the initial hoopla had run its course.

I began following the old car hobby in the mid- late '80s - ironically enough - just before '59 values shot into the stratosphere, virtually overnight. As late as 1986, '59 'Ritzes had been regularly advertised in Hemmings for <$20K with OCPG assigning $16K for a #1 - in 1986 (IIRC). One had been sitting in a barn owned by local Cadillac dealer from 1972 (at the time it had been traded in) until 1988 at which time he sold it for $3,000 to a buyer on the west coast. (Imagine how that dealer felt a year or two later!)

I was only 12 in 1976 and hadn't developed an appreciation of vintage cars yet - so I'm afraid I cannot answer your original question of what I would have done with $25K - $40K in any meaningful way...   

[TJ Hopland]

I work for a guy who was related to a one time owner of that first record setting Duesenberg.   Was the 100K one to the founder of Dominos Pizza?  Or was it a little later and it was a similar car for $1million?   The Dominos guy was the one the guy I know was slightly related to.   He has a photo of him in an Auburn that the relative was trying to sell his dad in the late 50's or early 60's for something like $2000.  Next time I see him I can confirm, he has the news article framed in is garage, its just been a while since I have seen it. 

Hopefully someone will have some ads from the 70's. 

[Eric DeVirgilis CLC# 8621]

He could well have been the first $1M Dusey buyer - I cannot affirm.

I'd be less certain that he was involved in the earlier transaction.

I once saw a documentary on Tom Monaghan and found his success story very fascinating.

*A friend has Hemmings going back to the mid 1980s, possibly earlier. I'll see what I can find.

[TJ Hopland]

Did some searching and it was the $1M and it was in 85. 

http://blog.hemmings.com/index.php/tag/tom-monaghan/

$100K, 1M what ever, who can keep track?

The guy I work for was not related to Monaghan (Domino's), he was related to someone that once owned that car.   The guy did apparently have a few bucks but I got the impression he owned the car when it was likely at the bottom of its value curve whenever that was.       

[TJ Hopland]

When did Self Starter start?  Someone must have older issues of those and those would at least have Cadillac prices in em?

[Bill Ingler #7799]

It is always interesting to look back 40,50 or 60 years and look at prices. Then remember, if you go back in age that far, what you thought of those prices. I can remember my father and I attending D. Cameron Peck`s sale in 1951 and my dad saying no way someone will pay $1000 for that 1930 V-16 Cadillac roadster- but someone did. Hindsight as they say is always 20/20 so if you are young enough today, in 30 years you will say- why did I not buy that 76 Cad convert- it sure was a bargain. The first picture below was taken from an old copy of the CCCA Illinois Region Dashboard and look at the Duesenberg prices for 1955. The second picture is part of the auction flyer we were given at the 1951 Peck sale and notice the minimum bid for the 30 Cad roadster.  Bill

[B Garrett]

I bought a number 3  56 sedan deville around 1975-76 for 1,000. Sold it in the early 80's needing engine work for 600. In 1970 I was offered a Lasalle, I think it was a 1939 that was used by an Ohio Governor at one time, the seller was giving me a deal at 900 which was a fortune to me at the time.
Kids came before cars !

[David Greenburg]

One of my first car purchases, at the age of 13 (no, I was not allowed to drive it) was a pretty nice, original '59 Coupe de Ville in 1972, for $350.  It was then, as now, tremendously appealing to me, but at the time it was just a big old used car.  I sold it after a few months because it needed a trans overhaul that was going to cost as much as I paid for the car, and I couldn't afford that on my paperboy income.  In '83, I bought my '59 60S as a complete, running but tired car for $1000. I have some Self -Starters from the mid-80s; I'll try and dig them out and get some prices.

[C.R. Patton II]

Hello TJ

Interesting topic. Thanks for sharing.

I just found a CLC Self Starter January 1967

1938 Cadillac V-16 model 9029 Convertible Sedan Fleetwood. Factory radio, 59,000 miles, complete. Original maroon paint, good leather, new denmans, new radiator, 1966 rebuilt all water pumps, fuel pumps, carburetors and rewired ignition. Tuned and runs well. Asking 60¢ per lb. Terms for qualified buyer. Also would consider trade, particularly for construction or ranch equipment.

(The 2014 current price for this car is 150k)
I couldn't find any LaSalle vehicles for sale.

[TJ Hopland]

So roughly 4000 pounds, thats $2400.     

Thats 1/2 price of a new 67 Callais which was $5k.    $2700 would have bought you a new base model Firebird in 67.   

I'm guessing in 67 many new cars were in that $2400 range so you could buy a new car or a almost 30 year old Cadillac. 

[Gene Beaird]

Just about any late-60's or early-70's Mopar with a hemi. They were still a bit expensive in the late 70's, but we're just about at the bottom of their value then.

And any Pontiac with a SD455 or 455-HO

[Big Apple Caddy]

$20K to $40K in the late 1970s, say 1978, would be the equivalent of about $72K to $144K today.  You should be able to get a couple of nice 1959 Eldos, certainly Seville or even pretty decent Broughams, for under $144K still today.

As far as brand new in 1978, I think the highest priced new American car was the Lincoln Mk V Diamond Jubilee Edition which was about $20K to $22K+ sticker price.  The highest priced Cadillac that year would've probably been the Seville Elegante at around $17K to $20K+ sticker price.

[INTMD8]

  You should be able to get a couple of nice 1959 Eldos, certainly Seville or even pretty decent Broughams, for under $144K still today.

If we're talking a pair of 59 Seville's or 59/60 Brougham than I agree. 59 Biarritz or a Nice 57/58 Brougham could singularly eat up that budget of course.

Considering Eric's values of 59 Biarritz being sold for less than 20k up through the mid 80's I would say you definitely had a lot more buying power back then.

[Big Apple Caddy]

Considering Eric's values of 59 Biarritz being sold for less than 20k up through the mid 80's I would say you definitely had a lot more buying power back then.

Sure but we are also comparing cars at different stages of the value curve.   20 year old cars, what a 1959 Eldorado would've been in the late 1970s, generally don't have high values as they are often considered to be too new for serious collector interest (especially today) and too old for reliable daily driver use (especially back then).  A 20 year old Cadillac today would be a 1994 model and not worth a whole lot for the above reasons but in the coming decades will see varying degrees of collector value more or less just as 1959 Cadillacs went through value changes over time.

[INTMD8]

Sure but we are also comparing cars at different stages of the value curve.   20 year old cars, what a 1959 Eldorado would've been in the late 1970s, generally don't have high values as they are often considered to be too new for serious collector interest

Of course, I thought that was the topic 

Lets say you were an automotive enthusiast in the late 1970's with $20k-40k burning a hole in your pocket, what could you buy both new or used?  Anyone have a Hemmings or similar from that era?    I assume you could get a couple 59 Eldo's or a Continentals?

[INTMD8]

That's what it seems like. More buying power in the 80's, does that mean the market now is generally overpriced and due for a correction?

As Big Apple Caddy mentioned, they just weren't old enough then to have appreciated in value. (Think mid 90's Cadillac prices today)

I think now that they are appreciated and recognized as iconic classics, 50's Cad's will continue to trend upwards in value. Of course there are always market fluctuations like with anything else but I can't think of any reason there would be any significant drop in value.

[Big Apple Caddy]

Of course, I thought that was the topic 

Sort of but the OP's comparison question had two variables; not only different selling years (late '70s vs today) but different car ages (20 y/o vs 55 y/o) as well.  I was more referring to your reference to buying power and was essentially commenting that like age cars, eliminating one variable, would be a better buying power comparison "then" vs "now" due to value stages cars go through.

[Big Apple Caddy]

I think now that they are appreciated and recognized as iconic classics, 50's Cad's will continue to trend upwards in value. Of course there are always market fluctuations like with anything else but I can't think of any reason there would be any significant drop in value.

I wonder really how much upward trend there will continue to be as people most connected to that '50s era age and eventually get out of the hobby and therefore remove some of the demand.