There was a lot of interest, but buyers weren't "pulling the trigger." Then, about the first of May, they took aim and fired. "We're having a hard time keeping inventory. I've got empty spots in my showroom. I can't buy cars fast enough. So, May, June, and July were superb. And prices have gone up considerably."
Waydo said what we already know and have been seeing. The modifieds are far and away the strongest part of the market. He gave us an example. "To me, it's unbelievable. Recently I had a real nice '66 GT fastback on the showroom floor. It was an MCA Gold car, and I had $23,500 on it. Parked in the same showroom, I had a restomod that looked real nice, looked stock, but underneath was a 347 stroker, rack-and-pinion steering, and four-wheel power disc brakes. I put $29,900 on that car. It wasn't a factory GT, but it sold first and brought $6,000 more than the stock GT. So that segment is hot right now. People aren't afraid to buy a modified car as long as the modifications are done tastefully. Essentially, people are looking for performance and safety."
Plains, Wisconsin, population 688, is the home turf of Jim and Mike Ring. Their Classic Auto Body is nearby in Spring Green. Last year in Columbus, Ohio, they vied for Street Machine Of The Year at the Good Guys events with their '66 Mustang convertible, badged "GT-R." A Chevy always wins this award, as was the case in 2003. But the Ring brothers were besieged with offers to buy their car. Clearly, it was getting the major attention of the top-five finalist cars.
They sold their GT-R for $100,001. Although the car looks like a Mustang, the Rings did major surgery to the body, and underneath is an Art Morrison chassis, as much race-car stuff as street-rod.
If high-performance Mustangs are hot, what about a six-cylinder? Waydo offered insight. "I sold one last week, a real nice Candyapple Red car with a black interior. I thought I was being outrageous. We used to sell them for $13,500 to $14,500, so I put $17,900 on it and it sold in two weeks. The reason is, the same car with a V-8 would be mid-$20s. So people are looking at these Mustangs and saying, 'The wind still blows through my hair and it still looks like a Mustang, and $17,900 is my entry price versus $24,900.' "
Apparently, rising water is floating all boats. The question is, will prices remain high? Vogt has a broader perspective of collectibles than most of us. He collects guns and toys and other "investment-quality stuff."
"I think for some reason we're seeing the same strong push we did about 15 years ago in the late '80s, early '90s. It's come around again real strong. I have my own opinions. I guess when investors can't do well in the stock market or other places, they go after collectibles, the tangible items they can put their hands on and enjoy. Everything collectible is getting more expensive."
Longtime collectors will recall prices cycled down in the early '90s after there was such a large increase in prices. Whether or not the boom will turn to bust again is anybody's guess.