5th Jul 2013, 11:58
The market and demand for popular models dictates the real actual value.
I will share a story. In 1970 I went to Gambacorta New Castle Delaware, who was then a new car dealer. On the lot there was a new 1970 Plymouth Superbird with a new car sticker of 5000.00. One per dealer. My dad wondered who would pay 1500 more than a new Road Runner. 1500 more may sound like peanuts today. The choice made that day was the cheaper alternative. If the Superbird was purchased and kept, it would be a 500k up to 3 million vehicle. Sometimes people are so wrapped up around a low price. Being cheap isn't always best. Rare vehicles, and I am sure with a 55 Oldsmobile Convertible, the numbers produced vs 4 doors can be a very big factor on price. There are simply less of them now, and then as well. Many are gone due to accidents, neglect, parted out lately, with many leaving the country, and that drives up the prices. And certain models have very broad appeal. And some never did have much appeal, 2 door or not.
People pay more for rare and very popular models for a reason. No one is being ripped off buying extremely popular, mass appeal coupes in nice condition. Unless the seller adds way over the high end of the market. People tend to pay more for #s matching and quality restoration. And even who performed the restoration as well! Condition is a huge factor. You can buy a 4 door, and to bring it up to standard will 9 times out of 10 blow the budget. You will have to keep it.
5th Jul 2013, 09:33
The trap in your logic is that one major repair means you are underwater on a 4 door. I have seen people that want more than a driver, and participate in shows.
Here are some tips to afford a higher dollar car on a small budget at first:
Paint alone is very high today. Even rat rods, which is where I see the direction of many 4 doors heading, cost a lot to restore. The best way I have found is doing flips and reinvesting the profit. I buy cars after Thanksgiving and snow on the ground. Christmas and home heating is the priority. I sell in the Spring. I have done this since the 70s. I bought 4 doors then for 150-300.00 and sold for 500.00 for drivers. They were not popular even then. I would some light mechanical work and cleaning, and flip for 500.
I switched to 2 doors. Painting in the 70-80s was cheap. Resale Red or Black. I remember hitting the 10k mark from profitable flips. So starting with 200.00 bucks, in essence my following cars were "free". I even calculated insurance costs into my flips. You can still do this today with cars, motorcycles, and even boats. I flip 15-17 foot Center Consoles the same way. Buy in winter, when they're cheap to buy, and sell in Spring. People love them as they are cheap to tow and run with fuel.
I have friends that have flipped the right cars, and now have cars worth nearly 6 figures today. My friend sold a 67 Vette and bought a 2013. He wanted new. Either way it's from the profit.
I would buy a convertible 2 door of the model in this review at a price I knew I could get out from later. If you are patient over time, you can own a dream car. I have done it as a result of buying right. I didn't walk out the door and pay 60k on a classic as my first buy. I like cars that appreciate. With care you can do it as well. I have made a few mistakes, but overall I have done extremely well in this hobby. If your interest is just a local cruise night or a drive on a Sunday, it is fine. But the tendency is you want to make a car better or even safer. Like getting rid of drum brakes and other issues. Then you are losing money. And 4 doors are harder to sell. The best buy is to buy the most expensive right model you can afford. It's cheaper than a slow restoration. Cars in primer look cheap, but body and paint costs are high. Some models have poor aftermarket parts support. I saw a piece of trunk trim cost 900 on a car to find and then re-chrome.
Cars that are orphans, have poor parts support or are less desirable to buy cost more money to keep on the road. My picks are 2 doors, convertible or sport versions.
My cars are technically for sale the moment I get the titles changed, but I usually wait for spring. I just flipped my low mileage Harley Davidson Night Train I bought last winter and made 2k. I enjoyed riding it, but knew it was time to sell now. Do a series of flips every year like this and you can pay for your 55 2 door. And then get your money back if you want to try a different car next. It's a lot of fun.
I have a garage full of trophies, which actually help to sell each car for another. Watch at shows what cars people flock to. There is nothing like owning the most desirable model made by a manufacturer in a model line. The hobby never loses its passion. I own my home and upgraded the same way over time, using the same logic. Work hard, pay them off and enjoy them! Good luck!