Haggerty article about waning collector car values.

[Speedbird]

I don't think you can classify my build as an 'every
mans' car. I've had four serious offers to sell,.
Too many run out of funds or simply
lose interest, and it becomes someone else's
barnfind.
I don't think prices for collectable cars is waning.
Current world events are having a great effect
on how much someone is willing to spend on
their hobbies.
I saw a '68 Hemi Charger RT for sale today.
For the sum of a paltry $170,000 in could be
yours. Gorgeous car. Bet it's not long before
it's being shipped to it's new home.

https://www.forabodiesonly.com/mopa...a-formula-s-notchback-340-4-speed-car.500677/

(I have no desire for a 170K dollar cliche. But that's me.)

 

[moparedtn]

I only insure to recover my costs.

That's exactly what I'm doing as well. I am slightly under-valued according to their Guide, but I'm well
covered for what I have in the car and that's all I'm really concerned about.
That may not be the wisest way of doing it, but no matter - the idea is to be able to "make me whole"
again should a total loss occur, much like with homeowner policies.

 

[Ceedawg]

I’m hoping the Hemi prices fall big time so I can buy cheap Hemi parts to finish up my 66 driver. But I’m sure they will fall after I buy the last part!

 

[moparhoosier]

Well this post has covered several topics so I thought I would chime in. First, the question is, will these cars hold their value for years to come or will they die down as the generation gets older? This topic has been discussed in many hobbies, not just muscle cars. At one time, I was a big collector of Redline Hot Wheels. About once a year, the same topic would come up in regards to high end expensive pieces. Some people have thought the same thing and sold when the market was high fearing that the market was going to take a hit. Others said they didnt care either way because they were in it for the fun and camaraderie. After 13 years, I sold my collection not because the values were high but my son, (who I enjoyed all the years together with him collecting with while he was growing up) reached 18 years old and said "Dad I dont enjoy collecting Hot Wheels anymore, lets sell some and buy a muscle car". I thought about it and said, heck ya! Now, we have spent the last 10 years working on the cars together, going to car cruises and meeting a whole bunch of new people. Moral of the story, I doubt many in this hobby are in it for the money but for the fun. I know I am! In regards to the insurance, I use State Farm for my cars and they are about 25% less than Haggerty.

 

[patrick66]

I know I am! In regards to the insurance, I use State Farm for my cars and they are about 25% less than Hagerty.

I did, once upon a time. Try collecting on that SF policy. You'll go with a classic car insurer after that. I guarantee you.

 

[67charger383]

The younger generation is absolutely just as interested into these cars as the 60-80 bracket.

I don't see prices going down anytime soon.

I won't buy any car that I can't fix myself and understand how it works. 1960-1990

 

[patrick66]

My older son has a '76 Buick Skylark that he has had for 11 years. My younger lusts for the Coronet. They're in their late 20s.

 

[67charger383]

Actually going to look at a old IDI diesel F250 tomorrow. I can't justify spending 50-100k on a walking liability of a new diesel truck that can't be worked on by me and has a computer nanny that will put it into limp mode if you don't fix the ridiculously expensive and complicated emissions system.

User repairable and functional = $$$$$

 

[Ceedawg]

Actually going to look at a old IDI diesel F250 tomorrow. I can't justify spending 50-100k on a walking liability of a new diesel truck that can't be worked on by me and has a computer nanny that will put it into limp mode if you don't fix the ridiculously expensive and complicated emissions system.

User repairable and functional = $$$$$

Got two new like you said, check engine light comes on every week now that the warranty has run out. 22,000 miles, lights been 8 times in 3 years, 2015 SRT Challenger

 

[1 Wild R/T]

A friend of mine recently bought a very nice 413 Max Wedge 1962 Dart clone (pictures on 1962 - 1965 forum). The car started out as a solid California body, treated to a rotisserie restoration. '62 Maxie top end on a 440 block, 4-speed, and Dana 60 with 4.10 gears. New interior, stainless Maxie exhaust. He priced out collector car insurance. Hagerty said they would insure it for $16,000 value. He went elsewhere.

In the past Hagerty would write the policy for pretty much what you were willing to pay for... Since they've merged with Aldel Financial I'm getting the feeling they are going to be just another insurance company....

A buddy recently looked into moving his classic cars from a State Farm "Agreed Value" policy to Hagerty... They were willing to insure both his E body clones for more than he feels they are worth... They will insure his 65 Dart GT for more than it's worth.... But the won't insure his beautiful numbers matching 69 Coronet R/T 440/4spd/N96 car for more than 30K....

He too went elsewhere...

I recently dropped Hagerty & signed with Grundy, higher coverage & less $$$... My classic car bodyshop owner friend has always said if you don't have Hagerty or Grundy getting your car repaired properly is gonna be a fight... Hopefully Grundy is still taking care of business....

 

[RS27L0]

A friend of mine recently bought a very nice 413 Max Wedge 1962 Dart clone (pictures on 1962 - 1965 forum). The car started out as a solid California body, treated to a rotisserie restoration. '62 Maxie top end on a 440 block, 4-speed, and Dana 60 with 4.10 gears. New interior, stainless Maxie exhaust. He priced out collector car insurance. Hagerty said they would insure it for $16,000 value. He went elsewhere.

Guess they haven't bought any toilet paper lately.

 

[cosgig]

Our current Admin is intentionally driving us to ruin with nonsensical $3.5T budgets and all the rest of their antics. Enjoy what you have now.

I agree. However, if politicians really cared about America and it’s people, they would take that $3.5T and really use it to repair and replace the aging infrastructure of our crumbling country. Old, outdated and broken water supply systems, crumbling roads and bridges, and a host of other stuff the country needs would easily cost that much, and the American people would be behind that. Sadly, it will all go to their pork belly pet projects, and into their own pockets.

 

[barbee6043]

^^^^ That is so true and we all know it, some st don;t want to admit it.

 

[Cojohnso1]

I agree. However, if politicians really cared about America and it’s people, they would take that $3.5T and really use it to repair and replace the aging infrastructure of our crumbling country. Old, outdated and broken water supply systems, crumbling roads and bridges, and a host of other stuff the country needs would easily cost that much, and the American people would be behind that. Sadly, it will all go to their pork belly pet projects, and into their own pockets.

$1.5 tril is to infrastructure. And as of today? That's the only part that has passed? The "Build back" part is stuck. (That's the more confusing part of this budget proposal.) But it does favor families with kids. If your kids are grown and past that as I am? The "Build back" plan is not as favorable. Fortunately I'm not in need of subsidiary assistance. But understand there are MANY younger struggling families that do.

Is this the job for government? That is a whole other debate topic. Current administration believes it is. Opponents believe it's not.

 

[barbee6043]

The gov'ment would f**** a wet dream. Give them ALL credit.

 

[gtx6970]

Mine is with Hagerty. And I had no problems insuring it for 75k last year. Didnt even have to supply any pictures

Im actually thinking about bumping it to 100k .


And as for waning values ? not in this market.
Values are higher today than Ive ever seen them since I started messing with cars

 

[1 Wild R/T]

Mine is with Hagerty. And I had no problems insuring it for 75k last year. Didnt even have to supply any pictures

Im actually thinking about bumping it to 100k .

Yeah, I didn't understand them setting a low value on my buddies Coronet, They also didn't want to raise the value of my Challenger... It was absolutely under insured just based on it's true value and I'd recently read an article talking about the added costs involved in trying to replace a car in the event of a total loss.... I'm not the type to get burned buying a car sight unseen, if I had to replace my Challenger R/T vert you can bet I'd travel to personally inspect any potential replacement vehicle..... The inspection costs, travel costs, transportation costs, taxes, registration fees... Those things add up... So you need to allow for them in your insurance value...

 

[Dave6T4]

Our collector car insurance here in Ontario even allows for the 13% sales tax incurred in buying a replacement, so a car valued at $50,000 would actually be insured for $56,500.

 

[themechanic]

I have a question. Do they still insist you have another car that is 10 years old or less, that is also insured?

I’ve been driving’68 Plymouths since 2001. My wagon until ‘14, and my 383 4 door since.

View attachment 1170167

Yes

 

[themechanic]

Sure. And that is quite a reasonable request. Classic insurance is not designed for daily driving duty.

Agree. But Hagerty really doesn't track mileage. They understand that we want to drive the cars more than just a few miles for a local show.