Are 3X8 Prices REALLY Going Up? Value vs Price

Uh, nope. Any tired, but complete Hemi(or BOSS, Shelby, LS6,etc) musclecar will fetch much more than 30K. Conversely, show me ONE example of a restored 308 selling for 150K.
I just sold one of the best 308s on the planet for much less than that. As much as it bothers you, rare muscle is worth MUCH more than the 308 series.
I do believe that 308 prices are on the move, though.

 

You might want to check early 911 prices these days. You can not touch a nice early 911 for anywhere near the teens anymore. Most early S cars are 50K plus now. Plenty of documented sales of 67-73Scars going for 60-100K. Even the lowly Ts are selling for 30K now in restored condition.
Nice 911SC are also routinely selling for 25-35K now, too. About the only cheap 911s are the unloved 74-77s.

Looking at the rapid rise of early 911 prices, it isn't too much of a stretch to see some action with 308 pricing as well. The only difference is that Ferraris ae MUCH more expensive to repair and many still require smog testing.

 

Tommy,
Actually the biggest expense is lost income on the money. If you invested 35K in 1997 and made a modest 5%/year compunded, you would have 54,296. today. Driving it for 10 years implies 2 major services, couple of sets of tires, interim maintenance, etc. that we are all too familiar with. Not to mention insurance, registration, sales tax, etc. So the real cost of ownership is closer to 40K, even higher if financed, which is why I recommend to people not to buy unless 1. you really love the car and 2. the real monetary outlay will not shortchange important things in life like kids education, retirement, etc.

Dave

 

Ok, For you and Dr Tommy,

Since you my friend wanna use a SHLEBY, and HEMI as your example, im going Daytona Spyder, and hmmm let me think..oh..ok, lets go 250GTO...hows that for a proper comaprison...once again everyone compares apples to Oranges and think they are right. Put the 308 against a 73 Chevy Nova 350.....not a HEMI CUDA. (See my point).
Comapre your rare Muscle cars to equal rare cars...a standard Muscle car to a Standard 308.

I have yet to hear anyone say tat they sold or didnt buy the best of whatever on the planet, no one will ever admit they bought something less. As for a 308 for 150....my comparison is to compare it FULLY restored....please dont tell me you think you can properly restore a 308 for less than 150. Heres the math :

25-30 for a beat up 308 (maybe alittle less)

15K for paint,
40K for engine trans
15k for interior
new glass tires, shocks...blah, blah...say another 20k ?...of course these are ball park, but i would figure you need just alittle more...hence the 150K mark.

Ask Newman if you can do it for under 150K at a shop.
My point was, all 308s being in this age bracket and getting older not younger will have to go through this....the ones that dont will be parts or thrash...and hence, the turn on the 308.
The 150K 308 is on its way, you can be in denial....but its approaching.

Dr. Tommy, in the 90s the 308 was too knew to restore, hence way 150 would most llikely not have been seen, but i can tell you this, the 328 in 1988 was 150...the 308 was not far behind my friend.

 

Maybe you are a mercenary and are only looking to get out with money.

As time goes by maybe you get tired of the car and just want to move on to something else.

But what if, at this time, the 308 is the car you always wanted to have. Maybe it was the exotic of the day when you were in high school. And suddenly now your 308 you bought for 35K or whatever is going for 200K. So you sell it and now you can talk it up about the big bucks you made off it. Then you buy that 360 and in three years how do you feel?

Seamus

 

Maybe you should just stick to something that you are familiar with-obviously musclecars aren't it. 73 Novas are not considered musclecars. You brought up the price comparison between 308s and 150K musclecars. 150K musclecars, while not inexpensive, are hardly what I'd consider the top of the musclecar food chain. That distinction would go to Hemi 'Cuda verts(1-3m), Hemi Superbirds, Boss 429s, L88 Vettes, Copo Camaros, Zl1s, etc. all of which sell for more than most Ferraris. But, I digress.

Many on this board would certainly disagree with your statement that 30k only buys a "beat up 308". As to your restoration cost breakdown, I can also take a 73 Nova to the top resto shop in the land for a 100k restoration-doesn't make it worth 100k. Same with 308s. Currently(as referred to in your original post), there are NO 150k 308s. If you want to alter your original post and head off on a wild tangent or two, go right ahead, doesn't change the facts as they exist today. Will 308s increase in value-probably, but they are nowhere near 150K regardless of condition.

 

Lets factor in something else...

the environmental nazis that the politicians follow like zombies are going to put laws in place in the next 10-20 years like Co and Co2 taxes for operation of any car model year before 19xx as example.

There will be draconian taxes, operation and registration fees for "classic" cars even ones with cats.

So the operation and ownership of classic sports car toys will continue to rise. What does this do to the market value of these cars?

Cheers
Eric

 

As luck would have it I just got the tax bill in the mail today for my '78 308 and the tax value is $9,720 US. Oh, well .

 

Tell them you're insulted and the car is actually worth $150K.

 

Damn, now you've depressed me, thanks...

 

Unfortunately, there may be more truth to that statement than many of us would like to admit. Its up to us to fight every bit of junk legislation as it relates to our classics-exotic, muscle, imports,whatever.

Reminds me up a great short story(I think it was published in Road &track back in the 70s during the first major onslaught by the safety/enviro nazis) called "The Last King". The story described the ever tightening noose on classic cars by the government in the not too distant future. Eventually they were completely outlawed and everyone had to turn in their classics for destruction except for a few non running musuem pieces. Gasoline was outlawed and the government had enforcers with sensitive "sniffers" to track down violators. One man refused and eventually became the last man in the US with a running IC vehicle. It was a vintage V12 Ferrari and he was finally detected late one night and led the law on one final defiant blast. he elected to drive it over a cliff at redline rather than turn it over to the feds. Story ended with the witness to the incident sneaking down the cliff over a period of months to gather the pieces. Final comment was something to the effect of, "we hope to have the engine running in a few weeks"

 

Are they a good investment, no, not really BUT when I am 45-65 years old they will be. I truly do not think that any of us purchased our 308s for an investment other than our own enjoyment. High quality muscle cars took awhile to reach where they are today. Even ugly 78 Corvettes are increasing now and THAT has to say something. This has been said too many times but it all comes down to kids growing up and now wanting what they had as posters on the wall. That was certainly my case as I am sure it was with you. The problem with the 308 is that it is just not old enough. I was in 1st grade in 1980 and loved the 308! Now that I am 33, I feel blessed that I can afford one with all the other expenses life throws at you which many of my friends that are paying on home loans, have 3 kids already and many other expenses cannot afford it at this time. They day will come though that they will be able to buy one and the prices will rise....how fast I do not know BUT I have 4 friends right now that if they could buy one they would in a heartbeat especially if I did not have one.

 

I hope so, as I don't see 150k 308s anytime soon. Although, if you would have said I'd have to pay 80K for an early 911, I wouldn't have believed it either.

 

One reason why 308's are selling at good prices might be the following..
Canadiens are buying them!!
Since the canadien dollar is almost at par with the USA,,
Canadiens people are transporting them across to canada side(i'm an example)..
Higher demand ,means higher prices..

 

Most cars will never be a good investment. Even the old Deusenbergs did not appreciate as much as the initial amount of money, invested - without ever touching the principal or interest, mind you - for the same amount of time.

If you're passionate about F-Cars (or any cars), buy what you like, and ENJOY them. If you want to make a profit, invest in stocks and bonds.

 

If there were any car built in the last 40 years I could imagine going through the roof, more than any other, it would be the early 308. It is the Icon of Icons.

 

I have seen an early '75 GT4 that is currently undergoing an $80K restoration....what will that one be worth when it is done? It won't be sold, but if it were I'd have to believe it would be amongst the top $ paid for a GT4....

Slightly off topic, but what would a collector give for OMGJON's 246 that he is restoring? I would think that IF he were to sell it, that car or any 308 restored to that level would bring BIG BIG BIG bucks!!!

JIM
(Catching up on this FAST moving thread!)

 

If anything, I think prices are softer than numbers that are being quoted in this thread...

 

Agreed!! With the sub prime mortgage mess I look for even more of them to be up for sale and sold at decent prices for buyers. There are no shortage of these cars in general.
Shortage of true all records, low mileage never seen bee pollen cars, but not a general shortage. They are attractive cars but the upkeep is a large large % of the initial ownership fee.

 

Great analogy, sounds like what a new Mercedes-Benz is worth.

Cheers,
Aaron
'82 GTSi

 

73 Novas, and any other 2 door 350, 396,427 engine are all considered muscle cars...whether its a 73 Nova, or a Chevelle, or a Buick. The top of the line Muscle car chains are 429s, Hemis and Copo, but my point was those all fetch TOP $$ now becuase they are all restored....Barn finds are not fething $200K my friend.

Stop saying you can restore a 308 for top money like a muscle car at 100K...YOU should stick to something you are familiar with.
A 30K 308 is a driver....by beat up i meant, it would need a restore, whether people like it or not, the 308 is getting to the point where you either restore them or toss them, just like the muscle cars of the 60s/70. Therefore, if and when you find a 100,000 Miles and over 308 (and there are some nice drivers still), there are also many beat up cars that will need to either be tossed, or restored.

Therefore, if you want a perfect 308 (again)....the day is around the corner when the 150K mark is around the corner.

Once again, this buyer is not the same buyer that will say "i can buy a 360 for that"......i think thats where you guys are missing the point. Again, its not the same buyer that will spend 100K for a NEW Z06, that would buy a used 355. TO say that a 308 will NEVER hit 150, i think some are kinda missing the boat. The car is not for everyone, just like a 1,5M daytona spyder isnt for everyone. As for facts my friend, you should take a pencil and do the math on what a new 308 will cost to build (if someone wants one)...i think 150 might be abit light, unless you plan on doing it in my mommy's garage, and beg and steal parts.......but thats another story

PS..DR Tommy, if i ever decided to restore a 308 and spend the 150, it would never be for sale in my lifetime...and there are many owners out there like this. I have this associate who is the origignal owner of an 87 TR....he spent 236,000 on it brand new...it has 30,000 miles on it....go tell him you will offer him market value of 80K for his TR.....he'll have his dogs eat you for breakfast....some of you guys miss the point. The majority of these owners have there investmnets in things that actually make alot of money to afford the toys for them to enjoy, not the other way around. The world is not flat, not everyone wants to drive a ferrari for 6 yrs and defer manitence and then flip the cars cheap.

 

Wow is that what the "market correct" price is for a TR of that vintage with that many miles?

Then this one is a steal! http://www.bostonsportscar.com/1988%20TR.htm ;-)