The often hysterical atmosphere of past Barrett-Jackson auctions was missing this year, replaced by cautious bidders who rarely ventured out of their comfort zones. The resulting prices were some of the lowest we've seen in years, and a reminder that classic cars aren't any better than a brokerage account when it comes to parking money safely.
Here are just a few examples of how far the fortunes of classic muscle cars have fallen in just the last two years alone.
1969 Chevrolet Camaro ZL-1
2007 - $880,000
2009 - $319,000
The king of the Camaros fell off a cliff this year. Craig Jackson had to intervene several times during this year's auction just to maintain interest in the Reggie Jackson-owned example shown here.
429 Boss Mustang
2007 - (1969) $605,000
2009 - (1970) $209,000
Ok, two different years here, but close enough. Like the Camaro ZL-1, the Boss 429 is an low-volume model that typically brings big money. This year's example barely broke $200,000.
1970 Plymouth Hemi 'Cuda
2007 - $550,000
2009 - $198,000
It wasn't that long ago that anything with a Hemi in it was pulling down huge bids regardless of price or provenance. This year, even a perfect 'Cuda in a rare color with a 4-speed failed to top $200,000. Another '70 Cuda with a less desirable color and an automatic went for just $137,500.
desmolicious says:
08:16 AM, 01/19/09
About time.
It's amazing that these cars got Ferrari money (or near to) for the equivalent model years.
Ferraris, for eg, were at the pinnacle of design and performance for that era. These muscle cars on the other hand, were cheaply made econo boxes with massive motors. And they were cheap. Big money for a cheap product?...
s197gt says:
08:18 AM, 01/19/09
barrett-jackson is getting like american idol... doesn't impress me anymore. there is no longer a sense that i'm gonna see something i haven't seen before anymore.
i'm still gonna watch barrett-jackson for the beautiful cars, just like i'll watch american idol for the bikini-girl, but there is no suspense anymore.
andersendl says:
10:28 AM, 01/19/09
Come on, is anyone really surprised that the muscle car bubble finally burst along with the economy? Until the economy turns around the collector car market as a whole will fall even farther, and there's nothing wrong with that. I've felt in the last few years that BJ has had the biggest effect of anybody in inflating collector car prices beyond any reasonable measure and pricing the "little" guy out of the market. The glory (and greed) days are over for now, and it's back to reality - finally! Here's hoping that enthusiasts of modest means will again be able to afford some of these great cars.
firstwagon says:
12:12 PM, 01/19/09
The good thing about the giant spike in Muscle car prices over the last few years is every rotting peice of scrap metal that once was a cool car was dragged out of a field/ backyard/ barn and given a full restore.
There are a lot of great cars out there now.
Since it looks like the bubble has burst for those looking to buy one and flip it for a small fortune, maybe the price will continue to drop to where you can afford to buy one and drive it.
petrolhead85 says:
10:57 PM, 01/19/09
Well I'm one of those obsessive types that has watched almost every televised hour of the Scottsdale auction for the past 10 years, even going so far as to watch the streaming webcast during the (far too many) commercial breaks. There, I admitted it!
I'm with everyone's comments above, the 2007 show was absolutely outrageous, and it was inevitable that prices would crash, same as they did for exotics in the early 90's. You could already see quite a bit of softening of prices at the 2008 auction. I don't think they'll fall enough for us "normal" people to be able to afford the halo models, but maybe my dream '69 small block Camaro won't be just a dream after all....
opfreakx says:
04:13 AM, 01/20/09
but cars are great investment. Just ask Karl.
because even after losing 400k in value you could still drive it.
karjunkie says:
08:58 AM, 01/20/09
Probably not a bad time to start looking to buy one, but probably not just yet. I saw the same thing happen in the mid 80's when a good condition MB 300SL Gullwing went for as high as $800K and then dropped very quickly to $250K when the economy went south. Today a Gullwing is back to about $600K
estreka says:
09:16 PM, 01/20/09
There's a guy down the street from me who is trying to sell his '69 Malibu for $2,500. The car isn't mint, but it's darned close. If he had sold it 2 years ago, he would have gotten at least 10 times that.