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I received several phone calls this week from people wondering what the future of the collector car market is going to be in the face of the scary national economy. Sorry I don't have a crystal ball, but I do not see any signs of disaster either.

I know just a few things:

1- I've been in this hobby for 35 years and it's weathered many storms

2- The richest guy I personally know has always recommended cars and warned me about stocks. He doesn't have any stocks - just cars. And he stays away from borrowing money as much as he can.

3- If you leveraged everything to buy houses, cars, ponies and stocks, you are probably in trouble. Sell at a loss. You need cash.

4- If you have old cars and don't owe anything but a modest mortgage each month, you're probably doing OK. . . if not great.

5- If you're a dealer with 20 Corvettes sitting in the showroom you're probably willing to sell that $125,000 Midyear big-block for, say, $89,000. If you have one Model T in your garage and it's paid for, it is worth at least as much as it was a month ago and maybe even a little more.

6- It is a good time to BUY collector cars if you can pay cash for them. If you can't pay cash, sit tight and keep filling the penny jar.

Where to Bid

Car Auciton

Check out the Old Cars Auction Calendar

The Old Cars Auction Calendar has the when and where you are looking for when it comes to classic car auctions.