Mecum Auction
Des Moines, Iowa
July 26, 2008
Hemi, 6.1 liters, automatic transmission. Hemi orange pearl coat with black leather. As new, 85 miles on odometer. No nicks, chips or dents. Includes option package 22X, sunroof and GPS. Original list price before any hoped-for discounts or expected dealer adjustments was $41,985.
SOLD AT $52,500
Why take a new car to a classic-car auction? As famous bank robber Willie Sutton said, "That's where the money is." The history of late-model cars showing up at collector events is a long and storied one. Some 1976 Cadillac Eldorado convertibles brought way more than list price even before the production line closed. Other recent sales to the "I gotta have it now, how much does it cost?" crowd have included Plymouth Prowlers, Chevrolet SSRs and numerous Corvettes--all now depreciating assets.
Paying for someone else's place in line is a tradition some call the Greater Fool Theory. You get in early, buy your car and market it before you put any miles on it and production catches up with demand. For the Eldorado in 1976, word was out that the end of the full-size American convertible was upon us. Midsize cars became full-size cars, and convertibles continued after a brief respite. Rising gasprices , possible sinking demand and the beginning of the 2009 model year are the game changers here. Who's the greater fool? You figure it out.
Source: http://www.autoweek.com/apps/pbcs.dll/article?AID=/20080912/FREE/809099993/1023/CARNEWS
Des Moines, Iowa
July 26, 2008
Hemi, 6.1 liters, automatic transmission. Hemi orange pearl coat with black leather. As new, 85 miles on odometer. No nicks, chips or dents. Includes option package 22X, sunroof and GPS. Original list price before any hoped-for discounts or expected dealer adjustments was $41,985.
SOLD AT $52,500
Why take a new car to a classic-car auction? As famous bank robber Willie Sutton said, "That's where the money is." The history of late-model cars showing up at collector events is a long and storied one. Some 1976 Cadillac Eldorado convertibles brought way more than list price even before the production line closed. Other recent sales to the "I gotta have it now, how much does it cost?" crowd have included Plymouth Prowlers, Chevrolet SSRs and numerous Corvettes--all now depreciating assets.
Paying for someone else's place in line is a tradition some call the Greater Fool Theory. You get in early, buy your car and market it before you put any miles on it and production catches up with demand. For the Eldorado in 1976, word was out that the end of the full-size American convertible was upon us. Midsize cars became full-size cars, and convertibles continued after a brief respite. Rising gas
Source: http://www.autoweek.com/apps/pbcs.dll/article?AID=/20080912/FREE/809099993/1023/CARNEWS
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