How Much Will Chrysler and GM Cars be Worth?
Holding onto Soon to be Discontinued Models Could Prove to be Priceless
Jun 28, 2009
Around the country and throughout the year, automobile collectors bid on rare and classic cars. Some of the vehicles, which decades ago were considered by car novices as just “another ride” can go for top dollar.
A January 5, 2006 Business Week article written by Keith Martin reported that one car auction in Scottsdale, Arizona expected to rack up more than $100 million in sales. The amount was $32 million above the previous year’s total sales figure of $68 million.
Discontinued Chrysler and General Motors Cars
People who are looking to buy a discontinued car in the hopes of reselling it on the street and earning a profit, might do well to steer clear of discontinued models. The street value of these automobiles will likely plummet fast.
However, car collectors who buy and trade automobiles at upscale auctions might find themselves sitting on a pile of money twenty or more years from now. For example, some discontinued 1970s Cadillac Deville Convertible’s that have all of their original upholstery and parts, can sale for nearly $30,000 in 2009 when the original car cost less than $10,000.
Keeping a discontinued Chrysler or General Motors automobile will require regular maintenance in order to preserve the vehicle’s quality look. Driving the automobile for long distances or using it as a regular commuter car might have to be reconsidered. Typical oil changes will be a necessity as will regular washings.
If any of the cars are deemed to be classics, wise car collectors know that purchasing specialty insurance for the vehicle helps to ensure that, should something happen to the automobile after it is deemed a classic, the comparable insurance payout for the stolen or damaged vehicle will be at market value.
Caring for a Potential Classic Car
Overtime the car’s engine might have to be rebuilt. Storing the car in a dry, safe location will extend the lifespan of the automobile, an event that can also increase the value of the vehicle significantly. Cars stored under the shade of a tree will have to be washed and waxed regularly to keep bird droppings from tarnishing the paint. Specialty car care centers like Meguiars, the Collector Car and Classic Cars offer tips on caring for classic cars including the best products to use on rims, tires, interior paneling and the overall body of the car.
Organizations like the Classic Car Club, define a classic car as a foreign or American built car that was expensive and rare at the time that it was manufactured and sold. The 1974 Jacquar XKE, the 1962 Bentley S2 Continental and the 1958 Mercedes Benz 190SL Roadster might come to mind. However, the 1965 Ford Mustang Shelby Colbra CSX400, the 1964 Pontiac GTO and the 1968 Chevy Camaro RS SS Coupe are classics in their own right. The latter three American built cars can command a sell price of $30,000 and higher.
Time will tell which, if any, of the discontinued Chrysler and General Motors automobiles will earn a classic title. One thing is certain, even with the regular upkeep that is required for the car, if money is not a priority and space is available, holding onto a discontinued car might yield a sizable payoff in the years to come.
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