CGT value V. Hemi cuda Convertible
04-19-2005, 08:58 PM
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CGT value V. Hemi cuda Convertible
I like to keep all you guys and girls who are immersed in the Porsche world up to date on whats happening in other parts of the car world.
It has now been confirmed that a 1971 Hemi cuda Convertible Blue with black interior and white top has changed hands for THREE MILLION AMERICAN DOLLARS. I think it was one of seven made.
A 1971 440 6 pack convertible one of 17 made is expected to bring one million dollars at an auction in Houston later this month.
In case you missed it a 1964 289 Shelby Cobra the one raced by the Shelby team and the basis for the "sting little Cobra song" sold for over two million at Russo and Steele in Scottsdale in January and would have gone for more if one of the buyers cell phone connection to Europe and not been lost. (can you hear me now) Oh and a few months before the auction the seller couldn't give the car away for 750K. I know this because I was one of the guys who passed up the car.
Meanwhile with 184 2002 GT2s built for NA and 90 2003 GT2s built and 24 2004 GT2s built and possibly only five 2005 GT2s built for NA their resale values continue to plummet. As well as the worlds finest all around supercar the CGT.
However I Les Quam or as some who know me as "the great prognositicator" hereby predict that with China's current estimated consumption of fuel oil demand that gas will be four dollars a gallon in the next couple of years and that car manufacturers will be scrambling to build far more fuel efficient cars making our rare cars the Hemi cars of the next ten years.
I am also hanging on to my wife's excursion as an investment as well. LOL
It has now been confirmed that a 1971 Hemi cuda Convertible Blue with black interior and white top has changed hands for THREE MILLION AMERICAN DOLLARS. I think it was one of seven made.
A 1971 440 6 pack convertible one of 17 made is expected to bring one million dollars at an auction in Houston later this month.
In case you missed it a 1964 289 Shelby Cobra the one raced by the Shelby team and the basis for the "sting little Cobra song" sold for over two million at Russo and Steele in Scottsdale in January and would have gone for more if one of the buyers cell phone connection to Europe and not been lost. (can you hear me now) Oh and a few months before the auction the seller couldn't give the car away for 750K. I know this because I was one of the guys who passed up the car.
Meanwhile with 184 2002 GT2s built for NA and 90 2003 GT2s built and 24 2004 GT2s built and possibly only five 2005 GT2s built for NA their resale values continue to plummet. As well as the worlds finest all around supercar the CGT.
However I Les Quam or as some who know me as "the great prognositicator" hereby predict that with China's current estimated consumption of fuel oil demand that gas will be four dollars a gallon in the next couple of years and that car manufacturers will be scrambling to build far more fuel efficient cars making our rare cars the Hemi cars of the next ten years.
I am also hanging on to my wife's excursion as an investment as well. LOL
Last edited by Les Quam; 04-19-2005 at 09:00 PM. Reason: spelling
04-19-2005, 09:11 PM
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Originally Posted by Les Quam
I like to keep all you guys and girls who are immersed in the Porsche world up to date on whats happening in other parts of the car world.
It has now been confirmed that a 1971 Hemi cuda Convertible Blue with black interior and white top has changed hands for THREE MILLION AMERICAN DOLLARS. I think it was one of seven made.
A 1971 440 6 pack convertible one of 17 made is expected to bring one million dollars at an auction in Houston later this month.
In case you missed it a 1964 289 Shelby Cobra the one raced by the Shelby team and the basis for the "sting little Cobra song" sold for over two million at Russo and Steele in Scottsdale in January and would have gone for more if one of the buyers cell phone connection to Europe and not been lost. (can you hear me now) Oh and a few months before the auction the seller couldn't give the car away for 750K. I know this because I was one of the guys who passed up the car.
Meanwhile with 184 2002 GT2s built for NA and 90 2003 GT2s built and 24 2004 GT2s built and possibly only five 2005 GT2s built for NA their resale values continue to plummet. As well as the worlds finest all around supercar the CGT.
However I Les Quam or as some who know me as "the great prognositicator" hereby predict that with China's current estimated consumption of fuel oil demand that gas will be four dollars a gallon in the next couple of years and that car manufacturers will be scrambling to build far more fuel efficient cars making our rare cars the Hemi cars of the next ten years.
I am also hanging on to my wife's excursion as an investment as well. LOL
It has now been confirmed that a 1971 Hemi cuda Convertible Blue with black interior and white top has changed hands for THREE MILLION AMERICAN DOLLARS. I think it was one of seven made.
A 1971 440 6 pack convertible one of 17 made is expected to bring one million dollars at an auction in Houston later this month.
In case you missed it a 1964 289 Shelby Cobra the one raced by the Shelby team and the basis for the "sting little Cobra song" sold for over two million at Russo and Steele in Scottsdale in January and would have gone for more if one of the buyers cell phone connection to Europe and not been lost. (can you hear me now) Oh and a few months before the auction the seller couldn't give the car away for 750K. I know this because I was one of the guys who passed up the car.
Meanwhile with 184 2002 GT2s built for NA and 90 2003 GT2s built and 24 2004 GT2s built and possibly only five 2005 GT2s built for NA their resale values continue to plummet. As well as the worlds finest all around supercar the CGT.
However I Les Quam or as some who know me as "the great prognositicator" hereby predict that with China's current estimated consumption of fuel oil demand that gas will be four dollars a gallon in the next couple of years and that car manufacturers will be scrambling to build far more fuel efficient cars making our rare cars the Hemi cars of the next ten years.
I am also hanging on to my wife's excursion as an investment as well. LOL
i'm gonna get right on looking for some excursions for future money making :-)
04-19-2005, 11:23 PM
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My post was informative in nature to bring to those who might not otherwise be aware of some of the prices muscle cars or as they are called now "classic cars" are changing hands for at the present time.
Then I drew a comparison that these so called classic cars that were mass produced pieces of junk when built are now considered classics and selling for prices that exceed hand built Ferrari's and the older high dollar traditional classics such as Auburns and Dusenbergs. I then went on to discuss that hand built Porsche's such as the CGT and GT2 with incredible low build volumes are what I believe to be abnormally depressed from a resale point of view. While every car except perhaps the Enzo and the F-50 go through a normal depreciation cycle these cars it seems to me are selling for much lower than might be considered normal given their low build volume and amazing high quality.
One reason for the high price muscle cars are trading for is the astonishingly high level of restorations that exist today. These cars while not hand built originally are completely disassembled and then assembled again with a true level of craftmanship never before seen on these types of cars. The other reason the muscle car market is so hot is because the people buying them baby boomers are in their peak earning years and these cars bring out emotions that other cars like a Porsche's for example don't.
The opinion that the muscle car market is artificial or overheated has been raised many times over the years but the cars still continue to appreciate. For example 4 years ago 1971 Hemi Cuda's were selling for 150K today they change hands for 500K for premium examples. 4 years ago people said the same thing that 150K is insane and unsustainable. But 61 million dollars worth of muscle cars changed hands at Barrett Jackson this january. Where it will all end no one knows.
Hope that clarifies my post??
Then I drew a comparison that these so called classic cars that were mass produced pieces of junk when built are now considered classics and selling for prices that exceed hand built Ferrari's and the older high dollar traditional classics such as Auburns and Dusenbergs. I then went on to discuss that hand built Porsche's such as the CGT and GT2 with incredible low build volumes are what I believe to be abnormally depressed from a resale point of view. While every car except perhaps the Enzo and the F-50 go through a normal depreciation cycle these cars it seems to me are selling for much lower than might be considered normal given their low build volume and amazing high quality.
One reason for the high price muscle cars are trading for is the astonishingly high level of restorations that exist today. These cars while not hand built originally are completely disassembled and then assembled again with a true level of craftmanship never before seen on these types of cars. The other reason the muscle car market is so hot is because the people buying them baby boomers are in their peak earning years and these cars bring out emotions that other cars like a Porsche's for example don't.
The opinion that the muscle car market is artificial or overheated has been raised many times over the years but the cars still continue to appreciate. For example 4 years ago 1971 Hemi Cuda's were selling for 150K today they change hands for 500K for premium examples. 4 years ago people said the same thing that 150K is insane and unsustainable. But 61 million dollars worth of muscle cars changed hands at Barrett Jackson this january. Where it will all end no one knows.
Hope that clarifies my post??
Last edited by Les Quam; 04-19-2005 at 11:25 PM. Reason: spelling
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04-19-2005, 11:37 PM
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I just thought I would expound on the whole issue.
The emotion and prices these muscle cars bring out just amazes the heck out of me.
The quality of some of the top guys and their restorations defies description. They actually spend years tracking down original parts for some of their restorations. 40 year old brand new parts on new restorations? Some of the guys are becoming legends in respect to their respective fields such as GTO's , Mustangs and Cuda's. Actual automotive works of art. As beautiful as any Ferrrari I have ever seen new or restored.
The emotion and prices these muscle cars bring out just amazes the heck out of me.
The quality of some of the top guys and their restorations defies description. They actually spend years tracking down original parts for some of their restorations. 40 year old brand new parts on new restorations? Some of the guys are becoming legends in respect to their respective fields such as GTO's , Mustangs and Cuda's. Actual automotive works of art. As beautiful as any Ferrrari I have ever seen new or restored.
04-20-2005, 01:00 AM
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I completely agree that buying cars for investment purposes is unrealistic and most of the time unprofitable.
The best of both worlds I imagine would be buying a car you enjoy then being able to sell it when you choose to move to another car at a profit.
I will say though that there are many people making a lot of money right now in the muscle car market. But the level of fraud is at unprecedented levels and most people don't learn they have bought a fake until they try to sell it and the buyer does a better job of research then the previous owner and determines it is not authentic. So I would speculate many more are losing money then making it in the current muscle car market.
There is however many an owner with a car that they paid 10K for in 1981 that is worth 500K to a million right now that they have enjoyed and used for the past 24 years and could make a nice profit with one phone call. I personally know of one owner who owns the only fully documented 1967 Shelby GT 500 factory installed 427 supersnake that paid 300K for it two years ago and EVERYONE laughed at him for paying that much. He turned down one million a year ago and recently turned down three million from a well known but not very talented rock star. This is not rumor either because I know the broker very well who tried to put the deal together and was pretty frustrated that he couldn't make the deal happen.
So as Sonny and Cher once sang "the beat goes on"
The best of both worlds I imagine would be buying a car you enjoy then being able to sell it when you choose to move to another car at a profit.
I will say though that there are many people making a lot of money right now in the muscle car market. But the level of fraud is at unprecedented levels and most people don't learn they have bought a fake until they try to sell it and the buyer does a better job of research then the previous owner and determines it is not authentic. So I would speculate many more are losing money then making it in the current muscle car market.
There is however many an owner with a car that they paid 10K for in 1981 that is worth 500K to a million right now that they have enjoyed and used for the past 24 years and could make a nice profit with one phone call. I personally know of one owner who owns the only fully documented 1967 Shelby GT 500 factory installed 427 supersnake that paid 300K for it two years ago and EVERYONE laughed at him for paying that much. He turned down one million a year ago and recently turned down three million from a well known but not very talented rock star. This is not rumor either because I know the broker very well who tried to put the deal together and was pretty frustrated that he couldn't make the deal happen.
So as Sonny and Cher once sang "the beat goes on"
04-20-2005, 01:24 AM
#11
I guess it is no more crazy to pay a million for piece of painted cloth or a piece of rock.
BTW Les congrats on the CGT and don't let Ben give you any ideas on how to drive the damn thing. I know both him and I will be sharing a jail cell in the very near future after one of these "spirited drives" and Nick will probably has to bail us out
BTW Les congrats on the CGT and don't let Ben give you any ideas on how to drive the damn thing. I know both him and I will be sharing a jail cell in the very near future after one of these "spirited drives" and Nick will probably has to bail us out
04-20-2005, 01:35 AM
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Michael,
If you haven't been to Barrett Jackson you should go. It is a car experience like no other. When you see people bidding an 1959 Oldsmobile corvette prototype up to three million it gets surreal.
Not as surreal as doing 35 MPH on the SD freeway with Ben behind the wheel but pretty close.
When you guys get locked up don't forget to take plenty of pictures to post on the forum. LOL
If you haven't been to Barrett Jackson you should go. It is a car experience like no other. When you see people bidding an 1959 Oldsmobile corvette prototype up to three million it gets surreal.
Not as surreal as doing 35 MPH on the SD freeway with Ben behind the wheel but pretty close.
When you guys get locked up don't forget to take plenty of pictures to post on the forum. LOL
Last edited by Les Quam; 04-20-2005 at 12:16 PM. Reason: grammer
04-20-2005, 02:14 AM
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if u really want to think about losing money when buying cars might as well just get a TOYOTA or HONDA. getting a car like GT2 or CGT is a pure passion for some people and u can't justify that with money, at least in my narrow point of view.
04-20-2005, 07:25 AM
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Have you checked into the 356 restoration processes lately? The same process exists. An otherwise wreck that appears to be rusted out junk is rebuilt into concours condition over as many years as the muscle cars you describe. I personally know a couple of restorers in California who hand build their own parts from blank sheet metal and stock. These cars sit in their shops for months, even years, while they are brought back to better than new condition. All metal finished as well. And current preservation methods and finishing materials insure that they will survive much longer than originally expected. I assert that there is as much passion for a 4 cam speedster in the 356 community as any of these muscle cars generates. The people restoring them are artisans and levels above "body shops". True craftsmen. A few years back a 904 was burned almost to the ground and today it has been entirely rebuilt to concours condition. And how about a 917? Checked prices on one of those lately? I know of one of two 917/30s that would fetch a hefty price it it could be pryed from its owner's hands.
Check out the "Post pictures here" thread in the 356 forum for an example of such passion. https://rennlist.com/forums/356-forum/192855-the-post-pics-of-356-s-here-thread.html
Check out the "Post pictures here" thread in the 356 forum for an example of such passion. https://rennlist.com/forums/356-forum/192855-the-post-pics-of-356-s-here-thread.html