On the Corvette? Don't have an explanation for it, except he wanted it and could afford it.......back to the "their money" thingie.......
A couple of things are happening in the antique car hobby.
Background: The Ferrari 250GTO is generally considered the most desirable "classic" car. Won LeMans, only 30-something built, beautiful, etc.
In 2013, one set a record, selling for 38 million dollars. Then, one sold for 52 million dollars, which caused a hilarious article in Forbes, where a Wall. St. banker who collects cars whined (with an astonishing and not surprising total lack of self awareness) "the billionaires are pushing the millionaires out of the car hobby".
And now, a 250 has pulled 70 million dollars.
http://www.foxnews.com/auto/2018/06/01/classic-1963-ferrari-250-gto-sold-for-record-70-million.html
This is why: as classic cars (be they Plymouth Road Runners or Porsches) go up and up in value, it prices the lower and middle class buyers completely out. Now, the only people buying them are the rich.
And because of this, they (the vehicles) enter into this Venezuela level of inflation, where they gain millions of dollars of value in a 12-18 month period for no good reason. This happens because the only person who can afford a $500K toy can also easily afford a $750K toy. A person who can blow $30million on a toy isn't going to feel any difference in spending another $10million. There is no downward pressure on prices. If iPhones went up $100, everyone would still buy them. If they went up $5,000, then only celebrities would buy them. But because the cars are so valuable at this point, there's no downward pressure from middle or lower class buyers.
It's like the difference between you and I buying a Dodge Ram SLT and a Dodge Ram Laramie. It's a few % points difference. No biggie.
The point I'm making is for the average owner of such a vehicle ($100-200K), it's like you or I buying a $5K deuce.
The other issue is that the cost to build a car to that level is absurd. I tell people you can get a 90% perfect car for $75K. That last 5-8% will double the initial figure. If you want 100% perfection? Nearly unattainable. Law of diminishing returns.
That $165K is not unreasonable. When he showed me the before pictures (an average antique car, never restored, avg. condition), I guessed I would have charged $150K to get it to the level of his shop. The paint job alone would probably have been $25K. The interior would have been $30-40K. Spend 5 minutes looking at the '63 split window link I posted. Look at the car. It's perfection.
Second point is that for some antiques, they'll retain the value you put into them in restoration. For most stuff, it won't. You'll have $75K in a $40K car, just like I probably have $5-10K more in my deuce than it'll ever be worth.
But for this particular Corvette, it's worth what he put in it.
See:
1963 Vette, 327/340, perfection level, $200K:
https://www.ebay.com/itm/Chevrolet-...ash=item1cb284b5b1:g:57wAAOSwKWha~HYU&vxp=mtr
1967 427, low miles, super nice, $240K:
https://www.ebay.com/itm/Corvette-Coupe/163191376499?hash=item25fef6ca73:g:om8AAOSw8P5baj2T&vxp=mtr
1967 427/435, near perfection, $170K:
https://www.ebay.com/itm/Chevrolet-...ash=item1cb43ed15e:g:294AAOSwUwlbISx1&vxp=mtr
Another 1967 427/435, $170K:
https://www.ebay.com/itm/Chevrolet-...ash=item520cd602a8:g:13UAAOSwuRBbRk1k&vxp=mtr
1967 L89 car (aluminum heads), $145K:
https://www.ebay.com/itm/1967-Chevr...ash=item1ee76758df:g:k7MAAOSwDZJbICcA&vxp=mtr
And yes, I posted eBay links. For a bunch of Corvettes. I assume none of us are bidding on any of these cars, so I think an exception is acceptable in this case. If anyone feels differently, I'll delete the links.
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