The Barrett Jackson January extravaganza is over now. Prices have been a major focus at this Arizona venue since they've dwelled on it in their press releases every year for the last decade. The word spreading through several forums and chat rooms now is how much the prices of cars have fallen. To which I say, compared to when? Compared to 2006, certainly. What must be remembered is double digit gains in one calendar year isn't normal market appreciation. That is predatory gain driven by speculators.
Another issue to be concerned about whether it is a fair comparision car to car. This is pretty difficult to do with two separate auctions. Instead, I'll look at the car itself and its attributes and offer my opinion on what it may represent in today's market place. First we have a 1967 Pontiac GTO coupe that sold for $82,500. It was Marina Turquoise with a 400 and four speed transmission. A very nice car with documentation and correct parts including delco shocks. The exhaust is a new Gardner system. $82,500 is very strong money for a coupe. The buyer obviously liked what he saw and wanted to own it. By way of contrast, a 1968 GTO Verdoro Green vinyl top and some nice goodies including power steering, brakes, console, Rally II wheels and Hurst shifter went for $22,995. This is more like what you'd read about in your local classifieds. Yes the non numbers matching engine may have hurt it a little, but this was still a decent price for a desirable car.
The first picture on the screen is a 1970 Dodge Challenger convertible RT that sold for $71,500. This was a sweet looking ride. High Impact Yellow paint, 340 V8 with pistol Grip four speed, console, black top, black interior, RT side stripes, rally wheels, all of it looking brand new. What's the catch, you say? Well, the auction report did mention the words "rebodied" and "upgraded". It also said Galen Govier inspected and gave details.Makes me wonder about it! I couldn't help noticing the base two spoke steering wheel inside an otherwise luxury interior. You'd think it would've been a woodgrained one at least. That certainly would've been one of my "upgrades." I also can't help but wonder about the strange rake of the suspension from too low up front to too high out rear. I suppose the rear could be air shocks, but the front to me suggests poorly set torsion bars or perhaps 318 or straight six torsion bars...is this part of the "rebody" note they were referring to?
Now, Mopar did build cars using the computerized sales bank method which would select options at random. However all 340 Challengers were special order.
While many dwell on the super high end cars, it should be mentioned that many did sell for relatively normal hobby car prices, say just about ten grand above private sales. Many cars were way down on price compared to 2006, but this is likely more than a correction. Rather it is the new reality for cars that aren't trailer queens and number matching rarities. I welcome this development.
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