Across the United States, it’s car show season. This past week, as many as a million spectators crowded Woodward Avenue north of Detroit, for the annual Woodward Dream Cruise.
In Pebble Beach, California, ultra-expensive collector cars were on display at the annual Pebble Beach Concours d’Elegance.
And, there have been less-extravagant car shows of many sizes in towns around the country — if those car shows weren’t canceled due to the expense, the weather, lack of interest or someone to organize it.
As much as many people love classic cars, there’s a growing concern among the owners of this rolling architecture that nobody will want to take care of the iron that they’ve so lovingly maintained.
Even as the elite gathered out west, Fortune Magazine reported that auction estimates at Pebble Beach fell 14 percent, to $290 million. It’s the third straight year in which Pebble Beach auction figures have dropped.
The fear about the future of classic cars also shows up in data from Hagerty, which tracks collector car values for insurance purposes. Their website is a gold mine of information about the value of and future trends in vintage cars.
Right now, there’s a definite reason to worry. Hagerty’s monthly index of collector car values stood at 64.86 in August, falling for the sixth time this year.
Says Hagerty: “The number of owners expressing the belief that the values of their vehicles are increasing continues to gradually decline, and this is true for the owners of both mainstream and high-end vehicles. The drop is particularly pronounced, however, for owners of previously hot models like the Ferrari 308 and Ford GT.” Continue reading