You took a serious hit on that Wachovia stock, and your shares of Ford aren't looking too good, either...but at least the Plymouth Barracuda under wraps in the garage is still worth a fortune. Isn't it?
Well...
The Truth About Cars thinks not. Old muscle cars have seen a huge increase in sales, and prices, over the last ten years. But, "By and large, the boom in muscle car prices was the result of nostalgic shoppers, laying out significant - but not exorbitant - sums for the dreamcars of their youths," they write. But "with financial ‘gurus' like Jim Cramer telling punters to cash-out all their investments, we can expect a glut of reasonable condition cars on the market, as folks look to pick up more money before the storm." And with more families hording cash in anticipation of a recession that may have already begun, TTAC speculates, "we will see something on the order of a 60 percent drop in the market values of cars like Camaros, Mustangs, Chevelles, and Pontiacs."
Jalopnik reports, "Auction results are starting to show signs of impending weakness. A quick look through the results of RM's Monterey sale in the latest Hemmings Muscle Machines shows most of the cars selling at or below recent average sale values, and that event took place before the black-hole economy had really hit the news."
If you happen to be in the market for a classic Challenger, however, this is all good news. Or you could just buy a new one.
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