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November 2008
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USA Today: Collectible auto prices soften

I KNOW this story from USA Today will get interest in southeast Michigan.

Why? There are dozens of classic car shows every week in the region during the spring and summer months – ranging from the informal “meet up at the park Wednesday night” arrangements to the monster Woodward Dream Cruise every August.

And here’s the headline: Collectible auto prices soften.

A snippet:

So far, the auto collection world isn’t awash in bargains. But prices have softened, creating some opportunity for would-be collectors looking for alternative investments.

“Things are not necessarily flying off the shelves like they were three years ago, but that’s to be expected. A great car is still going to bring great money,” says Ian Kelleher, managing director for RM Auctions. …

Some Ferraris, for instance, have taken a hit. A 1967 or 1968 Ferrari Dino 206 GT, for instance, that would have sold for $205,000 three months ago, is now valued at $195,000, according to the latest update in Kinney’s guide.

But not all. A BMW 507 roadster from the late 1950s, of which only 253 were made, continues to increase in value. Prices are as high as $845,000.

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