Classic Car Values are Reflecting the Struggling Economy
If you ever frequent any classic car shows or cruise-in’s there is one question you are sure to hear over and over. It is not the most polite of questions, but it still finds its way into conversations. “What’s it worth?” Ofcourse the simple answer in return is, “whatever someone is willing to pay me for it… within reason.”
The Wall Street Journal is reporting that as a reflection of the current economic downturn in the United States, and much like the housing market, the classic car market is feeling the pinch. But just as it is the middle class that is most effected by the economic crunch, so too it is the mid-ranged classic car that is most effected.
Mass produced and fairly accessible cars like the Chevrolet Bel Air and Ford Mustang are just two samples of mid-ranged classics that fall in the $30-50,000 range. It is reported that those cars are suffering up to a 1/3rd drop in their value as sellers come down in price to meet a shrinking demand.
In some regard it is the classic car market righting itself from a decade where even the lowly six-cylinder models were fetching prices never before seen by buyers with borrowed cash who were fledglings in the classic car market. Those buyers who were using home-equity for their classic car shopping spree are now finding those loans more difficult to come by. 
