Posted on 12/04/2004 1:37:44 PM PST by Tumbleweed_Connection
Car buyers, tired of designs that roll off the assembly line, are shifting gears to decades past.
Some are customizing new vehicles to look old, while others are souping up vintage models with 21st-century luxury and power.
"Resto-mods," or cars that have been restored and modified, are now commanding the kind of money that only "pure" vintage cars with all-original parts did just a few years ago.
"There aren't any more" vintage cars being manufactured, explained Tom Henderson, spokesman for General Motors Corp., "but there's a lot more money chasing them."
GM, along with other Detroit automakers, has ramped up production of its retro parts in the last five to 10 years to meet growing demand (http://www.gm-restorationparts.com), he said.
This mirrors the trend in clothing, with consumers moving away from the herd mentality for common brand names to more exclusive labels or one-of-a-kind looks.
"There are so many choices now," said Barrett-Jackson Auction Co. President Craig Jackson, who runs the world's largest collector car auction. "You don't have to go with a stock car."
For sure, collectors still treasure rare vintage models, going to great lengths and costs to rebuild them with original parts so that they look as they did in showrooms decades ago.
But for people restoring a more common vintage car, it doesn't make sense to spend all that money while keeping a V6 engine and other components that are outdated, Jackson said. Instead, enthusiasts customize, adding so much value that some resto-mods have commanded six-figure prices.
Detroit automakers have already tapped into the nostalgia boom, with award-winning Chrysler 300 and PT Cruiser harking back to lines of the 1930s to 1950s.
Among resto-mods, one striking choice is the 1957 Chevrolet Belair "Chezoom" customized by legendary hot-rod builder Boyd Coddington (http://www.boydcoddington.com). The car, which has been featured in numerous magazines worldwide, is the most highly modified '57 in the world, with hand-formed body panels and pieces too numerous to list, according to Jackson.
The iconic car is expected to sell for about $250,000 at Barrett-Jackson's 34th annual auction, scheduled for Jan. 26 through Jan. 30 (http://www.barrett-jackson.com) in Scottsdale, Arizona.
There are similar expectations for "Crazy Horse," a 1965 Ford Mustang that Coddington created on the Discovery Channel's popular "American Hot Rod" series.
A "pure" 1965 Mustang without the custom work would probably sell for $15,000 to $25,000, Jackson said.
The highest bid at the auction is likely to be about $500,000 -- for a 1936 Chrysler Airflow with a stock body resembling Darth Vader's helmet, but in gleaming silver, and a contemporary drivetrain, V10 Viper motor, state-of-the-art sound system and even a 40-inch plasma screen monitor built into the trunk.
"It's like a five-carat diamond," said Steve Drake, chief financial officer of Barrett-Jackson. "A half-carat is good enough. Bigger is better, and it has certain elements of showmanship."
The handcrafted car (http://www.airflow2010.com/), one of four remaining 1936 two-door Airflows in the United States, was built by Tim's Hot Rods and Extreme Customs in Spokane Valley, Washington, and has won more than 35 awards.
So far, the highest price paid for a street rod at auction was $432,000, for a 1938 Lincoln Zephyr -- also built by Tim's Hot Rods -- at Barrett-Jackson's auction last January.
High-profile builders enhance the value of a car with their craftsmanship, but appraising one-of-a-kind custom cars and resto-mods is difficult.
Those that are built well can cost into the six figures, Drake said, but most custom cars really have no generic value.
"What they're worth at the end of the day is what people want to pay for them," he said.
Values are easier to assign for cars restored to their original condition. Collectors of such "factory-correct" cars place a premium on accuracy, down to the date codes on the windshield, seat belts and lightbulbs.
A prime example that Jackson cites is a very rare 1967 Chevrolet Corvette 427/400 convertible with a V8 engine and four-speed transmission, worth $100,000 to $150,000.
"It's a virtually perfect original" that has won numerous awards, including one from the National Corvette Restorers Society, he said.
Demand for collector cars has surged in the last 35 years, except for a dip from 1989 to 1991 caused by a glut of speculators.
"Now people are hanging on to the cars," Jackson said. "They have a real passion." (This is the last "Assets" column. E-mail any comments on it to richard.chang(at)reuters.com).
just look at the models rolling off the lines, all from a cookie cutter mold. aleast the older cars had style, body lines, and above all CHROME!
Link to Barrett-Jackson here: http://www.barrett-jackson.com/ You can check out all the offerings. (Drooool)
You got it, B.E.
All these new cars are just so many boring bubble-shaped clones. Just look at how the Chrysler PT, with its retro-look took off as soon as it was introduced.
Personally, I still love the late 60s/early 70s muscle cars - those designers created real works of art, that still look great today.
My perspective on cars was formed watching muscle cars of the 1960’s as a grade school student. I received my license to drive about 6 months before 55mph was the law and then watched in my early adulthood as GM, Ford and Chrysler gave up the farm to Honda and Toyota, et. al., by ignoring quality.
My recollection of the cars of the 1960’s included observation of the incredible number of rattles and squeaks and the high probability of defects in even a brand new car. While I admit that current models are blander in styling – the increase in reliability and durability is phenomenal. When you look at a care from the 50’s or 60’s, whether it is with an eye to restoration or just in appreciation as a mechanical device – you have to be stunned by the number of discrete parts that went into those things, even when there were not the electronics or emission control elements in the cars. Simply the number of chrome body parts and attachments (trim strips, emblems, etc.) and the labor required to assemble is shocking when viewed from today.
Agreed – it’s uncommon for a new car to really grab you. Bu then again we have bargained away the extremes of style for things like reliability. I’d say look at the Miata vs. the Lotus Elan it was cloned off of. The Miata starts and runs reliably while the Elan owner curses the devil in the electrical system.
Check out the latest Ford Mustang. Finally....after 35 years they got it right...........again.
Lucas, the Prince of Darkness strikes again!
The Field of Dreams/Bullit ad is the coolest ad I've ever seen. Watch for it.
you also have to remeber these cars were built mostly by humans and machines primitive compared to todays standards. if chevy out a pure 67 SS 396 chevelle remake out on the market, sales would be through the roof.
i like the "re-issue" AC Cobra -- from the same factory as the originals.
that looks like a Detroit power plant.
yeah. the euroweenie's choice.
Ford Pantera w/ Cleveland 351
In the late 1960s, Ford was in need of a high performance GT to combat the likes of Ferrari and Corvette, and assist in generating additional dealership traffic for its mainstream product lines. DeTomaso Automobili was relying on Ford for engines used in the Mangusta and had purchased the Ghia design and coach-building concern. After Ford’s failed attempt to purchase Ferrari, the Ford-DeTomaso marriage seemed quite natural, so a business / purchase arrangement was consummated and work began on a new mid-engined GT. It would be marketed 
in the U.S. by Ford’s Lincoln-Mercury division.
Ghia stylist Tom Tjaarda styled the new machine, and Giam Paolo Dallara was engaged for chassis and production design. The Pantera’s layout differed from the Mangusta in several fashions. First, it was conceived with a full monocoque chassis layout, as opposed to the prior car’s spine chassis design. Secondly, it to be built around Ford’s then-new 5.7 liter (351 cu. in.) "Cleveland" V-8. This engine featured deep-breathing heads patterned after the very successful Boss 302 design, 4-barrel carburetion and 4-bolt main bearing caps. The new V-8 was mated to a ZF fully synchronized 5-speed transaxle with limited slip, and rated at 310 horsepower (SAE Gross, 1971 trim).
always admired Ford's sense of adventure.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.