I am avidly watching the Barrett-Jackson antique and classic car auction on Speed every day. This is really becoming a custom car auction! The customs are doing well pricewise, but it sure seems like there are not that many stock, original cars. I personally kind of cringe every time I see what looks like a beautiful muscle car roll up on the block and then I glance down and see these humongo cartoonish looking chrome wheels…. But, the engine bays and interiors are mighty impressive, I have to admit.
Would you like to be in the restoration business?
Not me, based on the prices I am seeing. Over the last few days that I have been watching the auction, I have seen car-after-car selling for about what its restoration cost….maybe. I have seen many beautifully restored 50’s 60’s and 70’s cars sell for seventy or eight thousand dollars……cars with fresh ground up or frame-off restorations. Believe me, those restorations costs more then eighty thousand dollars. I would guess that the average restoration on those cars is well over one hundred thousand dollars. Nobody is making money on those sales, except the auction company. And the winning bidders are getting some very good buys.
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