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Collector Cars to Make Money:
Is Your Mind Closed to
Other Ways to Make Profits?
By John Kamin
The Forecaster
 Do you own more than one vehicle? Forecaster advice for many years to owners of multiple vehicles has been to buy greatly depreciated old convertibles in good shape, and watch the prices go up instead, to replace one of their current depreciating vehicles.
1. The old collector cars from the 1950s, 1960s, and early 1970s, ragtops, are fun to drive, and our motto for nearly 1/2 Century has been: "Have fun with your money."
2. The convertibles do go up. Mustang convertibles from the mid-1960s can bring $20,000 to $25,000, even though their original list price was under $2900. Hard tops bring less. Some of the cars appearing at collector auctions have 250,000+ miles on them, but still bring big money.
3. Another classic is the 1955 T-Bird convertible, now in the $20,000 to $30,000 range and up.
4. I've advised clients to buy the muscle car convertibles of the 1960s cheaply. Most carmakers stopped making the convertibles in the early 1970s. The Mustangs of the 1980s and early 1990s were puny, a bit ugly.
5. I also like the big Cadillac tailfin convertibles; I favor the 1959 and 1960 models.
6. 4-door Lincoln convertibles of a decade earlier with the rear "suicide doors" have always been a classic.
I could mention dozens more, but you get the idea. Buy a fun car: if you redo it with original parts, it will bring more money at collector auctions. Have fun driving it as a replacement for one of your fast-depreciating modern cars. The ones with the big engine and all the goodies are best. But you don't want customized cars with non-original parts, not the ones with big steer horns on the hood and the fur seat covers; those are not factory originals.
Avoid: 4-door sedans, most hardtops, 2-doors, cheaper lines such as the Chevy 210, Nash Ramblers, and the like, if you want prices to soar higher.
Do not sell your collector car to any ordinary dealer. Chances are they won't pay very much, won't even know its rarity, and probably don't even have an up-to-date auction catalog of prices realized.
Instead, go to one of the big collector car auctioneers such as Kruse Auctions of Auburn, Indiana. They hold auctions all over the USA and elsewhere. There are other collector car auctioneers, too. An ordinary dealer might not know, nor even direct you to the massive collector auctions. Go to at least 1 or 2 auctions first for the experience. Look up recent "auction prices realized" for the makes and models in which you are interested.
True story. One charitable lady was going to donate her car to a nearby charity, and they would give her an appraisal for a $4000 tax deduction, when they put her car on display. It happened to be an old red convertible Olds 98. But when we looked at what the particular year and model, nicely kept, one owner, was bringing at auction, the figures went to $20,000.
I told her she would be better off to auction the car at a collector car auction, and have the auctioneer write the check to her charity for the donation. A $20,000 donation would be much more appreciated by her favorite charity, in cash, than a $4000 tax deduction. And no one could argue with her about the tax deduction, because it was what the actual car would bring at auction.
Another true story. An Ohio subscriber wanted to donate his pristine early 1970s Cadillac, a jewel, to one of his charities. Auction records indicated that such vehicles would bring about $6000 to $10,000, and his would probably bring even more, since it was a carefully-cared-for low mileage showpiece. In this case he donated it directly to the charity, and instead, they went downtown and sold it to a dealer for $700, thinking they had "scored." What a disappointment, what a waste.
Do it right, or don't do it.
Yes, we can get you a book of the latest prices realized. It's big, like the telephone book for a mid-sized city, usually priced about $42 + $6 shipping, if you want to look up your collector cars, or others.
When you consign a car to a collector auction to be sold, you can set a reserve price that suits you and auctioneer. If the bidding doesn't reach your reserve price, you can choose not to sell it, or sell it if top bid is close, your call.
Class car auctions are held all over the USA: Phoenix, San Francisco, Florida, Indiana, Ohio, and other places.
Have fun with your money. Make money. Drive at least one car that will appreciate instead of depreciate, gain in value over the years while you have fun with it.
Benefit: Yearly license fees (and usually insurance are much cheaper on older vehicles.
Editor's Note: John Kamin is editor of The Forecaster, published since 1962, 19623 Ventura Blvd., Tarzana, CA 91356, (818) 345-4421. 1 year, 40 issues, $180. Kamin offers money-making ideas on gold and silver, rare coins, real estate, the economy, stock markets and other non-traditional "speculations." Special Trial Offer: 10 issues, $59. 100% satisfaction guaranteed or refund on all remaining unmailed issues.
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