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1976 last convertibles

Started by D.Smith, May 15, 2020, 07:55:31 AM

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D.Smith

Last week I posted a 1976 newspaper ad for a new 1976 Eldorado convertible that was factory special ordered in 56 Mountain Laurel pink for $20K and some people here were shocked that a dealer would ask so much above MSRP for a new car.

Well, apparently people have short memories. 

So here is a reminder of the hoopla that was going on in 76.

I left the image large so you can read it, but you may have to download it or scroll around to read it.

Rotorhead

Thanks for that. The Boston globe photo is nearly identical to my Caddy...

Scot Minesinger

I was in high school at the time and remember this fairly well.  Basically any convertible went up in value at around this time.  Also concurrently horsepower ratings were going down.  In 1978 for example, a 1968 Thunderbird (ten years old) with a factory 360hp rating on a high compression (sole offering) 429 engine would eat alive a new police car (at least on paper).  It was very well known at the time (late 1970's) that any convertible, muscle car, or both would be an instant classic.  Today it is rare that a ten year old car is a classic, but in the late 1970's it was common.
Fairfax Station, VA  22039 (Washington DC Sub)
1970 Cadillac DeVille Convertible
1970 Cadillac Sedan DeVille
1970 four door Convertible w/Cadillac Warranty

"Cadillac Kid" Greg Surfas 15364

Long story about 76 Eldo convertibles as an investment (in 1976).
Back in late 1975 back when I considered myself an ultimate entremanure, myself and 2 other guys put together a package. Money was relatively cheap (car loans), and our plan was to buy 3 new Eldo converts (they were going for double list price in CA back then), we had arranged for 7 years of storage in a climate controlled high dollar item storage facility and figured we would retire after the 7 years on the profits.
For whatever reason, and it was not the money I had second thoughts and bowed out at virtually the last minute. I was able to find someone else to carry my share so the deal went through. 
You talk about screwing up in the right direction. The cars, I am told ended up selling in 1983 for something like $15,000 each.  That was less than the $20,000 they cost and of course does not take into account the financing or storage.
That $60,000 for the 3 cars would have returned $165,700 in 1983 at the then 14.6% CD's were earning.
Just shows, God protects fools, children and sometimes entremanures.
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-

fishnjim

There were 200 suckers who bought the bicentennials too.  Insurance had too much influence back then.   There was no real reason to cancel the convertibles.   Same thing happen to the 25th anniversary vets.   They sell for peanuts today.   People bought them unprepped for a premium, if you could get one, and lost big time...
Lesson1: No one can predict the future.
I kept a rag top when I junked one at that time, thinking it'd be needed some day for a restoration, but it's still sitting in my garage.   I tried to give it away, no takers.   Soon as I throw it out, someone will need one...
Lesson2: Damned if you do and damned if you don't.

The Tassie Devil(le)

Quote from: "Cadillac Kid"  Greg Surfas 15364 on May 15, 2020, 04:00:28 PM
Just shows, God protects fools, children and sometimes entremanures.   Greg Surfas   
Well, you would have had the bragging rights that you owned 3 New Cadillac Convertibles.

Bruce. >:D
'72 Eldorado Convertible (LHD)
'70 Ranchero Squire (RHD)
'74 Chris Craft Gull Wing (SH)
'02 VX Series II Holden Commodore SS Sedan
(Past President Modified Chapter)

Past Cars of significance - to me
1935 Ford 3 Window Coupe
1936 Ford 5 Window Coupe
1937 Chevrolet Sports Coupe
1955 Chevrolet Convertible
1959 Ford Fairlane Ranch Wagon
1960 Cadillac CDV
1972 Cadillac Eldorado Coupe

Mike Josephic CLC #3877

I remember all of the fuss quite well.  There was a local
dealer, then McVey Cadillac in Wexford, PA that I did
business with.

The owner, Mr. McVey had a bicentennial edition that
he kept in a storage room at the dealership for his
personal collection.  I recall seeing it when they took it
out for occasional service over the years.  It sat in that
room for over 25 years.

Long story short -- the guy passed away and the
business was sold to one of the mega dealers. 
I never did find out what happened to that car
other than it was sold during the new dealer's
business reorganization.

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

D.Smith

If you paid just over MSRP for one new and had a place to store it for free all these years, you could certainly sell an unused one, still in the wrapper, for $50K (or more if a Bicentennial).

But how many people could do that?   A few dealer principles probably did and those guys are dead now.  Their heirs no doubt have sold those cars off at auction.

Eric DeVirgilis CLC# 8621

Can only imagine how many '59 EBZ and Series 62 droptops that could have purchased for the "fool's gold" prices '76 ELCs were commanding at the time. 

Rule #1 of investing: Never follow the herd.

Rule #2: Rarely does anything marketed as "collectible" when new ever become particularly collectible.
A Cadillac Motorcar is a Possession for which there is no Acceptable Substitute