These are recent cars auctioned off, paid for and by rich people where the sky is the limit. All of this came from the latest edition of Automobile MagazineApril 2006. Take a look for yourselves. But here are a few examples.


1969 Camaro z/28 Used to sale for $25,000 for over a decade. Sold for $108,000. Go figure, a 100 grand Chevy.
1967 Corvette Convert. Sold for $210,000
1954 Pontica Bonneville Special Motorama Sold for $3,024,000
1954 Oldmobile F-88 sold for $3,240,000 last year
1969 Plymouth GTX conv. sold for $162,000 and it's not even a hemi. with some filled spots, chrome issues, and pitted tailight surround.
And a 1987 Porsche 911 (type 930) that sold for $20,000 above market value, and is notorious for being a terrible collectible buy.

When you are in the upper level, no one care what Consumer report or any of them "follow the hype" magazines says. If a millionair or billionaire feels like spending three McLarens F1s on a Pontiac, then that Pontiac is worth three F1s to him. If he felt like spending ten million dollars on a pinto then, that pinto is worth $10,000,000 no matter what anyone says. So value is really a subjective thing not objective. That's why a car in California might be worth more than the same car in the exact same condition than a car in Alabama and vice versa.

 

Yes, but the cars listed are classics and in limited supply. That makes their value much harder to determine, and if auctioned off to collectors-the sky is the limit- as you say. However, typical late model used cars which would be found in abundance can be determined to have a certain market value. Also, most used car values are revised up or down based on region of the country.

 

Cool it's nice to know that even rich people can be stupid . I've been following the Barrett /Jackson auction on speed and I'm just amazed at some of the prices for some of the cars going threw there. Some I understand others are just like what the **** are they thinking .

 

The Barrett/Jackson auctions, especially those shown on TV, are NOT indiciative of classic car market prices. Those auctions are more about chest pounding and less about car values. You'll never see a serious collector pay those prices. "Stupid rich people" is probably the best way to describe the buyers at a Barrett/Jackson auction.

 

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Well what else are you going to do with a few billion dollars? By another boat to add to the other two $200 million dollar ones? Wait that's probably already on order. It's a case of having too much money to spend.

Well, there are nonsense at every income level. From the tuners that spend one hundred grand total for some over done paint job, a turbo that's bigger than the engine, and a nitro system to blow up the engine, to people with Caprices/Cutlass/Cadillacs sitting on 22s and or 24s and 26s (popular in the south now, especially in Atlanta) but can't even pay the $25 rent and or put food on the table for the baby. Or people that spend millions on jewerly but only wear it once (I've seen it done at all income levels.) Or how about them people who spend half a million on a watch? Somethings don't make sense to other people and I guess it's meant to be that way. Because no matter what you do, habits and hobbies that bring joy to one person may seem like an idiotic waste to others. Like many people think it's a total waste of money to buy a Mercedes, and say that Mercedes owners are wasteful people and should be satisfied with a good Camry and invest the change elsewhere (quote that I heard numerous times.) If spending millions of dollars make sense to them, and makes them happy, so be it. I'm sure they are questioning most of our investment choices and think the reason we are not on their level is because we waste too much money on bad investments. (spot the paradox somewhere in this passage.)

 

The paradox being a "good Camry"?