So you always wanted to purchase a collectible car but didn’t know where to start to ensure you wouldn’t be throwing your money away.
Dean Kruse, chairman of Kruse International of Auburn, Ind., the world-famous auction house, wields a gavel nearly every weekend at auctions of automotive finery throughout the country and sometimes out of it.
He keeps tabs on what’s hot and what’s not in the collectible market.
“I’d say 1998 was the best for collectible cars in 20 years. The market was good because the economy was good,” he said.
“A collectible car is a luxury purchase, one that requires excess cash, and with the economy being so good last year, it created a lot of excess cash and buying activity,” he said.”The economy remains good in 1999. The stock market is doing well. And even the president’s public approval rating is high.”
Each January Kruse calls with a compilation of collectible vehicles he thinks will be desirable in the coming year, based on auction-circuit activity.
Since fellow Hoosier David Letterman laid claim to a Top 10 list, Kruse calls his the “Dean’s List,” vehicles that hold the most potential for the coming year.
For 1999, Kruse, as usual, has focused on convertibles, noting that, “When the top comes down, the price goes up.”
But unlike years past, when vehicles of the 1920s through the ’50s dominated the list, six of his latest choices are from the ’60s.
In part, he says, cars of the ’60s have come into vogue because collectors already have gobbled up the ’20s through ’50s models.
But even more important, he notes, “We have a new generation of buyer out there–people in their 40s relating to the cars that were popular when they were teenagers; cars that they now can afford to buy.
“And one thing about cars from the ’60s: You can drive them from Chicago to Milwaukee, unlike cars of the ’30s, which you often don’t see driven except once around the block,” he added.
So, without further delay, here’s the Dean’s List for 1999 along with Kruse’s comments:
– 1961 Oldsmobile Starfire convertible: “It shared the same wheelbase as the Olds 88 model and was powered by a high-performance 330-horsepower V-8 that was very responsive and more powerful than all other Rocket V-8 Oldsmobiles. It had straight-line styling that still looks good today. Teens who marveled at the car in ’61 can buy one. But they aren’t easy to find. Only 7,800 were produced in ’61, few of them convertibles. You can purchase one today for $10,000 to $25,000, depending on condition. Expect the value to increase 20 percent in 1999.”
– 1960 Chevrolet Impala 348 tri-power convertible: “The factory price at the time was around $3,000. We’ve sold some ’59s for $40,000 and the styling of the ’60 is so similar to the ’59 that the current price of $10,000 to $25,000 for a ’60 is undervalued. The 348 tri-powered convertible was the highest powered engine available that year, which makes it even more rare and attractive for collectors. The strong market for ’57 to ’59 Impalas over the last few years has investors looking at the ’60 as they approach their 40th birthday. Expect prices to increase by 20 percent over the next several months.”
– 1963 Pontiac Bonneville convertible: “The ’63 has been a sleeper for too long. Collectors have been buying fully restored perfect examples of ’57s through ’59s for prices as high as $100,000, so interest from investors and collectors is expected to turn to the ’63. The factory price when new was about $4,000. You can purchase one now for about $15,000. Expect prices to climb about 15 percent in 1999.”
– 1963 Ford Galaxie 500X 427 V-8: “Many collectors would list this as one of the best-built cars of the ’60s. The most desirable colors are red or black. Hobbyists can tinker with this car because parts are readily available. The high-horsepower (400 plus) 427-cubic-inch V-8 under the hood makes it undervalued at $6,000 to $12,000 in the current market. Look for it to rise by 20 percent in value over the next few months.”
– 1969 Dodge Coronet Super Bee: “This high-performance car has been overshadowed by its sister Dodge Daytona. A 383-cubic-inch, 440-h.p. V-8 makes it one of the most powerful factory cars. Chrysler produced the Dodge Coronet Super Bee and Dodge Challenger to bolster its position on the NASCAR scene. The key to buying a Super Bee as an investment is to make sure the numbers match (meaning serial numbers to ensure, for example, that the engine is the original and not one added over the years that might never have been offered in the car). The car can be purchased today for $16,000 to $28,000 and should increase in value 15 to 20 percent this year.”
– 1969 Mercedes-Benz 280SL convertible: “This short-wheelbase (94.5 inches) Mercedes is a performance vehicle. Keeping with the Mercedes tradition, it is a prestigious, high-quality car. Mercedes introduced the 280SL to satisfy the American market for more power under the hood than its 250SL predecessor. The ’69 will reach its 30th birthday in ’99 and the value should exceed current market prices ranging from $12,000 to $20,000 depending on condition. Values should rise 15 percent.”
– 1956 Chrysler 300B two-door hardtop sports coupe: “The Chrysler 300 Series has been so dynamic that Chrysler introduced a 300M series this year, and interest in the old 300 series has been helped by the fact Chrysler has been using some of those old models in the ads for its new 300M. The 300 Series was known for its elegant style. Fun to look at, but even more fun to drive. The ’56 technically was a sub-series of the Chrysler New Yorker. The factory price of $4,300 was the highest dollar consumers paid for a Chrysler in 1956. Only 1,102 were produced. Prices today range from $8,000 to $17,000, depending on condition. Look for values to go up by 18 percent this year.”
– 1959 Mercury Turnpike Cruiser convertible: “It has the well known back window that went down and almost every option imaginable. The Holley four-barrel carburetor adds an extra power boost. Only 1,265 convertibles were produced. It’s not unreasonable that these cars could bring $75,000 in a few years. There are very few fully restored perfect examples in existence. Today, prices range from $26,000 to $36,000. Values will appreciate by about 15 percent in 1999.”
– 1957 DeSoto Adventurer convertible: “The ’57 cars were the beginning of the high tailfin design. The look was so well accepted the fins were raised for the next two production years. This car will always be desirable for its high power. It was chosen as the Pace Car for the Indianapolis 500 that year, an honor given only to exceptionally high-powered high-performance cars. One can be purchased for $12,000 to $24,000 today. However, with limited production of only 300 vehicles, value will appreciate rapidly by 20 percent in 1999.”
– 1948 Chrysler Town & Country convertible: “One of Chrysler’s best postwar cars, a limited-edition luxury car that’s difficult to find today. Only about 4,000 were produced over a three-year period. The ’48 was the most desirable because the wood used on the body sides was very elaborate. A 4,000-pound car built like a Sherman tank so it could last forever. Current price about $30,000 to $50,000 that will increase in value by 15 percent in 1999.”
Kruse cautions that his price and value estimates are based on fully restored models. Find one in need of parts or repairs, and you could cut prices and values in half, he said.
And what about the misses?
“Anything from the ’20s or ’30s that’s boxy and square. For some reason, they’ve lost their eyeball appeal at this time,” Kruse said.
And what about the new Beetle?
“It was the best new car in the market last year. Buyers were on waiting lists to get one. We sold a couple at auction last year that cost $17,000 but went for $28,000 and $29,000. That won’t happen this year,” he said, noting that the Plymouth Prowler that commanded $145,000 at auction in its first year on the market in the 1997 model year was selling for about $70,000 last year.
KRUSIN’
Here’s a brief look at the collection cars that have made the 1999 “Dean’s List,” their purchase price and the amount that noted auctioneer Dean Kruse (above) expects them to appreciate.
Expected
Auto Value Increase
1948 Chrysler Town & Country convertible $30,000-$50,000 15%
1956 Chrysler 300B two-door hardtop sports coupe $8,000-$17,000 18%
1957 DeSoto Adventurer convertible $12,000-$24,000 20%
1959 Mercury Turnpike Cruiser convertible $26,000-$36,000 15%
1960 Chevrolet Impala 348 tri-power convertible $10,000-$25,000 20%
1961 Oldsmobile Starfire convertible $10,000-$25,000 20%
1963 Pontiac Bonneville convertible $15,000 15%
1963 Ford Galaxie 500X 427 V-8 $6,000-$12,000 20%
1969 Dodge Coronet Super Bee $16,000-$28,000 15-20%
1969 Mercedes-Benz 280 SL convertible $12,000-$20,000 15%
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