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View Full Version : Studebaker market down/sellers overly optomistic?



PackardV8
12-18-2008, 10:53 AM
FWIW, none of the seven most recent Studebakers on my Bay watch/bid list reached reserve. That there was a 100% failure to sell tells me either the market is dead or sellers are overly optomistic. Some observations:
1. A recession/depression affects discretionary purchases most of all. If at all possible, keep your Stude until better times.
2. From mid-November to mid-March is a dead time for old car selling. Just moving a car in the northern half of the country during this time-zone is bad science. Spokane just got two feet of snow, more coming down, with -5 for the weekend.
3. Conversely, it is a great time to buy if you have some cash.
A. The retirement account is in the toilet, so the wife uses that excuse to bring up old resentments; how much money went into that old car, the storage cost, the insurance cost, "we can't afford it any longer - sell it now." Last week a friend got a bargain on the rare, pristine Corvette a local guy swore he'd never, ever sell at any price. Money/market paranoia killed the dream.
B. Real emergencies - lost the job, business went bankrupt, bank won't loan any more - got to raise cash fast to keep the house.
C. College costs are higher than ever; got to help the grandkids.

What have you seen out there?

thnx, jack vines


PackardV8

StudeRich
12-18-2008, 11:03 AM
Pretty much ALL of the above Jack, worse in some neighborhoods than others though! :(

Yeah everyone is expecting CHANGE all right next year, just not the kind they hoped for. [xx(]

Dick Steinkamp
12-18-2008, 11:14 AM
I haven't figured out yet if the recession/depression is impacting the old car market or not. I still see $150-$200k Chevy's selling at the big auctions. JP found a home for his very nice GT at a record price. I seem to see as many examples of stuff selling as stuff not selling. My experience is that car guys will spend their last dime on a car or car parts and eat peanut butter.

I agree that winter is generally not a good time to sell a collector car...especially a low and mid priced one ($2k-15k). Above that, collectors don't seem to care much about transport since it will most likely be picked up in an enclosed carrier. However, most guys aren't thinking "cars" until they see signs of the snow melting :D

Here's my GUESS at the impact. The recession/depression is impacting or will impact the lower end of the market...up to maybe $20k or so. These ARE generally discretionary purchases and will be delayed by those worried about their jobs and the short term future of the economy. Above that, not as big of an impact. Those that can plunk down $50k for a car probably aren't worried about their job ;).

I also agree that it COULD be a good time to buy for your reason 3. If you are in a position to buy, watch Craig's List and the local papers closely...plus the word of mouth thing. I don't think the "fire sales" will show up on eBay.


Dick Steinkamp
Bellingham, WA

http://i149.photobucket.com/albums/s66/ddstnkmp/Stude-a-mino%20old%20pics/oldpics6asmall.jpg http://i149.photobucket.com/albums/s66/ddstnkmp/finished044.jpg

JDP
12-18-2008, 11:45 AM
My HemiStude sold for 4K over mu reserve a few back, but I'm buying cars cheaper for the last few months. I'll wait until after Christmas to sell any though.

JDP/Maryland
Please vote for Sid (64GT)in the NYT contest.
http://collectiblecars.nytimes.com/Contest/

BobPalma
12-18-2008, 12:21 PM
:) 'Wife and I have accepted an Offer to Purchase our rental property and it is supposed to close before the end of the year. We have no mortgage on it, so will be receiving a large proceeds check at closing.

We were talking with our financial advisor the other day about Cari's "soon" retirement and told him of this [hopefully] approaching closing. He had to first regain his composure after fainting at the thought of our being able to sell any real estate right now, especially this month!

Then we asked him what he thought we should do with the money in today's market. Here's a guy who makes his living gathering money for various funds, but he said, "Buy staggered Certificates of Deposit and take a vacation....right now, Cash is King!"[:0][}:)] His exact words. [8D]BP

Dick Steinkamp
12-18-2008, 01:38 PM
quote:Originally posted by BobPalma

:) 'Wife and I have accepted an Offer to Purchase our rental property


Congrats, Bob!

I just BOUGHT another house. I'm betting they don't go much lower. I'm also about ready to get back into the stock market. I think the market has just about priced in everything bad that can be thought of. Doing the OPPOSITE of what the crowd is doing generally works for me...including playing with Studebakers instead of Fords and Chevys [8D].

Dick Steinkamp
Bellingham, WA

http://i149.photobucket.com/albums/s66/ddstnkmp/Stude-a-mino%20old%20pics/oldpics6asmall.jpg http://i149.photobucket.com/albums/s66/ddstnkmp/finished044.jpg

4961Studebaker
12-18-2008, 01:51 PM
4.75 one point 30 yr fixed intrest in the midwest, thought about refinancing the 5.87 I have now.

I would say it's more that the vehicles are for sale around the holiday that keeps buyers from buying, just my thought.
ChopStu
http://i132.photobucket.com/albums/q14/kkad0711/IMG_5406-1.jpg

Warren Webb
12-18-2008, 04:06 PM
I too just bought another house. It is really tempting when you see true bargins out there & what they are or arent going for. But, I have to be practical & now I should have a place for all my toys including my Studes & hopefully soon, all under one roof. It will be nice if the lending institutions start to spring loose with all this cheap capital that is being afforded to them so things will improve instead of continuing the downward spiral that is happening now.

60 Lark convertible
61 Champ
62 Daytona convertible
63 G.T. R-2,4 speed
63 Avanti (2)
66 Daytona Sport Sedan