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Asking prices for our Classic Cads

Started by 64\/54Cadillacking, February 15, 2016, 06:28:59 AM

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64\/54Cadillacking

Do you guys notice the insane asking prices for certain year Cadillacs? Forget  50's Cadillacs as they are already very expensive and hard to find. I was looking up some 60's cads locally on Craigslist, and certain Ads people are asking $3,500-5,000 for projects that are in need of serious resto. Some don't  run, or are in need of a ton of bodywork and interior upholstery. Clean ones that run are going for $10,000 and up.

The early 60's Cads are more expensive than the mid to later years, but even so, owners are still asking for a lot when their cars are in bad shape. What gives?

I bought my 64 for $5,000 a little over a year ago, and I personally believe I got a very good deal considering the condition and operation of the car. But flash forward a year later, and the prices listed for some of the older classics are now overpriced I believe. The 70's Cads included.


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 😞

Steve Passmore

You always seem to find that. As the price rises of a popular year there are lots of people who can no longer afford it so they look to the years each side of it hence the price rises for those years. The 1958 and 1960 Cadillac each side of the iconic 59 are a prime example. Supply and demand.
Steve

Present
1937 60 convertible coupe
1941 62 convertible coupe
1941 62 coupe

Previous
1936 70 Sport coupe
1937 85 series V12 sedan
1938 60 coupe
1938 50 coupe
1939 60S
1940 62 coupe
1941 62 convertible coupe x2
1941 61 coupe
1941 61 sedan x2
1941 62 sedan x2
1947 62 sedan
1959 62 coupe

Eric DeVirgilis CLC# 8621

They're always too high when you're buying; too low when you go to sell.  :)
A Cadillac Motorcar is a Possession for which there is no Acceptable Substitute

Scot Minesinger

I consider this a good thing. 

A friend who owns a mechanic shop and works on both modern and occasional classic cars says that a classic car costs about the same a new car.  He means that if you want a classic car that you can drive across Country that looks great, you will invest the same as a new car to get it in that type of condition when you consider what your time is worth.  This seems true to me.

The nice thing about a project car is you get to choose everything yourself, color, options, modifications and etc.  The nice thing about a classic in really great condition is although you pay a lot because condition is everything in determining prices, you don't have to do anything but enjoy.

Enjoy that you own a car that may have been purchased below market.  However, it is not an investment and likely after you get it the way you want it, the market may not value it accordingly.  It is nice though that prices are going up and you already purchased a Cadillac.

Enjoy your 64!
Fairfax Station, VA  22039 (Washington DC Sub)
1970 Cadillac DeVille Convertible
1970 Cadillac Sedan DeVille
1970 four door Convertible w/Cadillac Warranty

Caddyholic

What was the asking price of you 64? Asking prices and selling price are 2 different things.
I got myself a Cadillac but I can't afford the gasoline (AC/DC Down Payment Blues)

1961 Series 62 Convertible Coupe http://bit.ly/1RCYsVZ
1962 Coupe Deville

59-in-pieces

...Lacky,
I think pricing is also driven by style and design.
And who, when they think of classic Cadillacs, doesn't know they were synonymous with fins.

From my personal opinion, the 61, 62, 63, and 64 represent the last great designs of the Golden Age of Fins - and skegs(lower little fins) - before the fins fell off and the rears got all boxy.
And perhaps they represent the last opportunities to buy a Cadillac finned icon = the higher prices.

Yes, there was the bigger is better styles of the cars and their fins in 57(although they pointed the wrong way), 58, 59(my favorite), and its little finned brother the 60, and all are getting out of the pricing reach of mortal men.  All cars with true fins mind you, and those with rounded fins of the 48's and on - which have their own allure, are all going up in price over time.

IMHO, you are positioned just right to own a Classic Finned Cadillac - now just get out there and drive and enjoy the heck out of it.
Have fun,
Steve B.
S. Butcher

Dan LeBlanc

As long as my car holds its value, I'll be happy.

When I bought it in 2013, the CAD-USD exchange rate was approximately 18%.

Today, the exchange rate is approximately 43%.

So, if I sell it for what I paid for it, there's a 25% gain in what ends up in my bank account at the end of the day.  Conversely, if either my wife or I fell ill for an extended period of time, lost our job and was unemployed and depleted our savings, or some unforeseen circumstance where we fell on dire financial circumstances and we had to do a fire sale on the car, we could sell it for 25% less than what we paid, break even, and someone would get a heck of a deal.

Of course, the car would have to go back to the US to realize that gain, but, then again, around here, I'm not in Cadillac country so selling back to the US is the most viable scenario.
Dan LeBlanc
1977 Lincoln Continental Town Car

64\/54Cadillacking

Well the owner originally was asking for $6,000. And I was competing with a guy from Australia that really wanted to buy the car at the time. I still was trying to sell my 61 Lincoln Continental which took forever to get rid of. I pleaded with the seller to hold the car for me until I sold my Linc which he did thankfully. He also didn't want the hassle of having to ship the car out of the country which worked in my favor. I talked him down to 5,000 which I thought was a fair price.

So I understand that the asking price is never the final price. Just to see how much some of these sellers are wanting for their Cads right off the bat is mind boggling and will only make it that much more difficult for them to sell their car.

I told myself before I bought my 64, "No projects". Because at the end of the day, you're most likely going to spend even more money to get the car to where it is presentable, and drivable, vs buying one that is already in nice shape. Plus once something is original, it's original only once, and my 64 is all original inside and out which I really like. I still get the old smells of the vinyl and leather everytime I step inside the car. 8)

They're some cars that you might own and say to yourself "I won't ever regret selling", then they are others that you know you will keep forever, and can never see yourself departing from. I'll probably be buried with my 64 when that time comes so I can cruise around in the clouds in heaven, I think he'll love that, God willing of course. ;D

I see the 59-60 as being extraordinary Cadillacs, a car that stylistically is incredible therefore it's true that supply and demand effect works in that favor. The last flamboyant 1950's influenced (although subdued) Cadillacs are the 61-64's thus are also very popular among enthusiast.

I have no plans on selling my Caddy, so the price fluctuations in the market don't bother me one bit. I'm a car guy, a Cad Man, and that in itself keeps me at peace. :)
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 😞

Eric DeVirgilis CLC# 8621

$5,000 sounds reasonable for an original presentable '64 and yes - asking is not the same as getting.

I could not agree more with buying condition up front; it's just more cost effective in the long run.

What model is it?
A Cadillac Motorcar is a Possession for which there is no Acceptable Substitute

64\/54Cadillacking

Quote from: Eric DeVirgilis CLC# 8621 on February 15, 2016, 05:48:10 PM
$5,000 sounds reasonable for an original presentable '64 and yes - asking is not the same as getting.

I could not agree more with buying condition up front; it's just more cost effective in the long run.

What model is it?

Yes it is! Money pits will simply make you go broke fast.

Mines a Deville. It has everything beside for cruise and auto trunk opener. It even has the original spare! A U.S. Royal WW. 8)

It's a CA car so it has very little rust. Only a bit of surface rust because the original owner lived near the coast so it's not a big deal as I've been lightly sanding down the rust and painting it over with touch up paint and you can't even tell.
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 😞

jwjohnson86

On the other hand I have been watching the 1970 Cads on eBay and the sellers who overprice cars with visible defects are not getting any bids.  A classic car priced fairly with honest disclosure of any defects will sell.
1970 DeVille Convertible 472 cid

http://bit.ly/1NhHpdt

Bill Balkie 24172

Hello ,
   I think body style has a lot to do with it .  Any top of the line Convertibles will always be desirable .along with the Coupe Devilles , you  start to see a downward  slide with Sedans and standard series 62's . You have to be careful some body styles will top out  never bring a lot of money no matter how clean they are . Unless the car has sentimental value you have to watch how much money you invest in it . Fleetwoods and Limousines who knows .  Just my opinion .

     Bill
Bill Balkie
1970 Coupe DeVille
2009 CTS

cadillac ken

Too many guys sitting home on the couch watching Barrett Jackson on TV (instead of working on that "easy restoration" they are hoping to sell)

I have noticed that cars for sale here or in the Self Starter are some of the most realistic and sanely priced offerings.

Too many "flippers" out there.  Not many hobbyists.  Flippers seem to have an overestimation of cash buyers. Hobbyists have real life experience concerning value and what it takes to do that "easy restoration".

Dan LeBlanc

Like has been said here, one can ask what they want, but getting it is another story.

http://www.ebay.com/itm/Cadillac-Other-/151983094244?forcerrptr=true&hash=item2362e5f9e4:g:9uIAAOSwFNZWu8eG&item=151983094244

I think the decimal point needs to be moved one place.
Dan LeBlanc
1977 Lincoln Continental Town Car

Blade

Quote from: Dan LeBlanc on February 16, 2016, 11:53:14 AM

I think the decimal point needs to be moved one place.

Dan:

Maybe the trunk is full of gold. You just never know ...  ;D

Eric DeVirgilis CLC# 8621

Quote from: Dan LeBlanc on February 16, 2016, 11:53:14 AM
Like has been said here, one can ask what they want, but getting it is another story.

http://www.ebay.com/itm/Cadillac-Other-/151983094244?forcerrptr=true&hash=item2362e5f9e4:g:9uIAAOSwFNZWu8eG&item=151983094244

I think the decimal point needs to be moved one place.

Best of all, the listing shows "4 watchers".

Maybe the 4 are using it for a good laugh when needed.
A Cadillac Motorcar is a Possession for which there is no Acceptable Substitute

bill06447

Quote from: cadillac ken on February 16, 2016, 09:32:27 AM
Too many guys sitting home on the couch watching Barrett Jackson on TV (instead of working on that "easy restoration" they are hoping to sell)

I have noticed that cars for sale here or in the Self Starter are some of the most realistic and sanely priced offerings.

Too many "flippers" out there.  Not many hobbyists.  Flippers seem to have an overestimation of cash buyers. Hobbyists have real life experience concerning value and what it takes to do that "easy restoration".
The flippers don't want to hang onto it, they want to "flip" it and roll the money into something else. So IMO  those guys might be a better barometer of what a car is really worth vs. someone who sits on a car for months or years hoping for the right "fish".

Bill

cadillac ken

As a hobby I keep a long "watch list" and sadly most of these higher priced cars (including projects) remain unsold on Craigslist and E-bay for months and months.  Nothing a lower more realistic price wouldn't cure. 

For me there are dealers and then there are "flippers".  Dealers move cars.  Flippers want top dollar and can't understand that the only thing keeping their car from selling is the price-- that they proudly list the car for again and again and again.

A friend of mine sold his 1962 Ranchero for a fair price.  It was on Craigslist for about 3 days.  But he's a hobbyist.

I recently bought a 1970 eldo that was listed for $3000 at first (which to me was too much considering the work it needed), then when it didn't sell after 3 weeks it was raised to $6500 for 4 weeks (I still don't get that one), then reduced again to $3000.  I "watched" this car for over 4 months. It was on Craigslist.
Finally, I called and offered him $2000.  I bought the car.  When the deal was done, I asked him: "OK truthfully how many calls total did you get on the car?"  His answer was "not many".  When I asked him who other than me actually showed up to look at the car he said: "None"




tozerco

To 64CaddyLackie:

There is another influence over the value of these cars that you have inadvertently touched on and that is foreign purchasers. Their involvement in the buying/selling process is very much a matter of exchange rates. I don't know when your "competition" for the car that you spoke about took place but, as an indication, the Australian dollar at one point in 2013 bought US$1.28! Today it is buying $0.71. So much for "Resources Booms"!

That makes one huuuuuge difference when you have to part with 7,042 of them to pay out US$5,000 instead of only 3,906 of them!

I would suggest that a lot of that competition, particularly from Australian buyers, has largely disappeared almost overnight. Given that the Euro has had a similar fall from $1.48 in 2011 to $1.11 today, I wouldn't be surprised if European buyers haven't been scared off by the (relatively speaking) rising US$ too.

On the other hand, great time to travel to Oz, you guys. You might even be able to buy back some cars while you are here....
John Tozer
#7946

'37 7513
'37 7533

64\/54Cadillacking

Quote from: tozerco on February 17, 2016, 07:39:21 PM
To 64CaddyLackie:

There is another influence over the value of these cars that you have inadvertently touched on and that is foreign purchasers. Their involvement in the buying/selling process is very much a matter of exchange rates. I don't know when your "competition" for the car that you spoke about took place but, as an indication, the Australian dollar at one point in 2013 bought US$1.28! Today it is buying $0.71. So much for "Resources Booms"!

That makes one huuuuuge difference when you have to part with 7,042 of them to pay out US$5,000 instead of only 3,906 of them!

I would suggest that a lot of that competition, particularly from Australian buyers, has largely disappeared almost overnight. Given that the Euro has had a similar fall from $1.48 in 2011 to $1.11 today, I wouldn't be surprised if European buyers haven't been scared off by the (relatively speaking) rising US$ too.

On the other hand, great time to travel to Oz, you guys. You might even be able to buy back some cars while you are here....

Haha! That would be great if I could afford to fly to Europe or Down Under for a vacation since the timing is perfect. :D

Sadly this hobby constricts what I can do. I hate putting things off for my cars for too long of a time because I'll forget what needs servicing, or repair. Once I get those issues dealt with, the stress and worry goes away. I'm super OCD when it comes to my cars.

In a way it's a good thing as I know my cars are always well taken care of, but also it's mentally frustrating and financially draining since I am constantly thinking, "What to fix or do next".

Watching car fix and flip shows on TV networks like Velocity. "South Beach Classics" is one of them that really gets to me, I love watching all the old cars in all, but unfortunately some of these owners of classic car dealerships simply don't have the passion nor the desire to work on the cars themselves and they see the cars as a piece of gold, rather than a hobby. I understand a business is to make money, but in the case of classic cars, especially popular ones, a lot of people that are purchasing some of these cars are car investors or collectors looking for a quick flip. This wasn't the case 10 or 15 years ago before shows like "Fast N Loud or "Counting Cars" and others popped up and sorta sparked a collector car dealer movement which has jacked up the prices for many old cars.


Here's an example.

A nice 64 Coupe Deville priced at $12,000 that personally is probably slightly overpriced although the condition looks to be good in the pictures even with a 192,000 miles.

Worth maybe 8-$9,000 depending on the running and operational condition of the car.

https://losangeles.craigslist.org/wst/cto/5447238193.html

Here's another example. First off the seller isn't showing any pics of the interior for a reason. Plus it's missing the Cadillac Crest on the front of the hood, the "Sedan Deville" Script as well, and chrome trim on the drivers side front fender. He's asking $6,200.

Worth maybe 3,000 because I would be scared to look on the inside and to hear and feel how it runs.

https://sandiego.craigslist.org/csd/cto/5430869633.html

This one looks very nice compared to others I've seen, and the price is reasonable too. This is an exception.

https://inlandempire.craigslist.org/cto/5437014166.html

Last one, it looks to be in excellent shape, and has an air ride suspension, rebuilt engine and trans, but man, this guy is asking for a lot for the average enthusiast.

https://losangeles.craigslist.org/lac/cto/5388065875.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 😞