With three weeks of 2008 to go, the old-car hobby seems to be headed in to 2009 with relative strength compared to the stock market and the job market.
As Argus-Leader Media of Monterey, Calif., put it in a Dec. 7 report, “Collectors are convinced that rare cars will prove profitable in the long run. Prices are softening, but unlike the stock market, not plummeting. Argus quoted Ian Kelleher, managing director for RM Auctions, as saying “There is a reality check going on. 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.”
Argus concluded, “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.”
At this point I agree with this assessment. The car hobby is holding up fairly well — at least up to this point.