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The last few years have seen a steady rise in old car values. It's not just the pressure of inflation, which has been moderate, but the old story of supply and demand. Early Porsche 356's are up to the point that cars that used to be parted out are now being restored at great cost of both time and money. We all look back at cars that we should've kept but what about the ones we bought cheap and passed on to a new owner for short money or just threw away? Back in my college days my brother and I towed a '52 356 out of a junkyard in College Park, Maryland because we wanted some of the parts off the car and it was only $25. We didn't own a Porsche yet but it sure looked cool sitting in our apartment building parking lot even without an engine in it. I remember that it was a dark green and had all its' gauges in it. After many years and many moves I came across the three individual idiot lights, the last remaining bits off the green lump, at the bottom of a coffee can. They were common to the early Pre - A cars only, and when listed on Ebay last fall brought over $100. Maybe if we saved more parts, we'd be retired by now. There was a '65 356 SC coupe in Concord, Ma that I bought from an autocrossing buddy because I wanted the engine for a VW camper that we had. It was back in the mid '70's. The car was rusty but that didn't keep me from driving it home for $500. The engine went into the VW and the car went to the crusher. I don't think I even took any parts off it before it left. Today that car would be over $10k even with the holes in the floor and no engine. A '58 Cab got towed home with a rope from Newton and never ran before it went off to a new home. That was in '74 and it cost $400 as I recall. I think the new owner paid me $1000 and I thought I was a genius. In today's market the gauges and the radio would bring that kind of money. Back in 1990 (doesn't seem that long ago does it?), I got a call from a woman on the Cape that had a 356 under her back stairs that she wanted to sell. Seems that her boyfriend left it behind when he lit out for California some years earlier without her. She said that she didn't know what model it was but it had a roof and the name started with the letter C. Thinking it was a four cam car I was on my way over the Bourne Bridge in less that an hour. It turned out that it was just a worn out 356C that had been ridden hard and put away wet. Engine was seized and the fenders were flapping but it went to the next guy at a tidy profit before my son, Rob, had a chance to finish the cleanup. That tidy profit wouldn't buy a tool kit in today’s market. With the leveling of the playing field by Ebay those barn/field finds are a thing of the past. Just last week a 356A Cab was dragged out of a field in two pieces and listed on Ebay for $3500 and two guys got it a contest over it. It had no engine, no interior, and no running gear. The body had rusted through in the middle and the nose and the tail were pointed the same direction on the flatbed. That's what is called "field stored". My guess is that someone will invest $100k in the heap and wind up with a $75k car. Always on the lookout for a companion for my '58 Speedster, I was excited to find a '58 listed on the auction site by a guy settling an estate in Michigan. The car was complete, hadn't been run in 10 years and needed some rust repair but not a lot. The car was listed for 10 days and sat for a week at $55k. With a good driver at $100k and show cars at $140k I figured that a fair price was somewhere in the mid $60's. I spoke with the seller at some length to discover that now white, the car left Stuggart in graphic metallic, a very unusual color back in '58. It was built only 230 cars before mine and I could already see it parked in my garage. The auction ended at 8 pm Boston time so I was ready to swoop in and grab it from my laptop at home. I was poised to hit the bid now button with 10 minutes left when two bidders went by me in third gear. They must have put in 20 bids in the last 3 minutes with the winner throwing $78,600 at the dead bathtub. I was in shock. As a matter of perspective, my brother bought his Speedster in '65 for $1500 and drove it home, I bought mine 10 years later for $2750 and towed it home. My how things have changed. A few days after the auction ended one of the 356 Registry members was on the Talk List (a Porsche chat line for old guys with old cars) asking for help locating a transport company to pick up his Speedster in Michigan. I know a few transport guys that are good with older cars so I called to discover that he was the high bidder for the Speedster I pictured in my garage. Talk about a case of buyer’s remorse, this guy was textbook. He was going through with the deal but he was a wreck. Seems that he had purchased a '59 356 Convertible D a few years ago for $25k (now worth over $70k from his description) but always wanted a Speedster. He said that if his wife ever finds out that he spent almost $80k on a car that needs restoration, she'd kill him. I had a wife like that once and I could identify with the fear in his voice. I suggested that he add the two cars together and when anyone asked, reply that they averaged a little over $50k each. He agreed that it was an excellent answer when the neighbors ask especially if the wife was standing next to him. I also added that at the present rate of appreciation, by the time that the car was finished it would've doubled in value and he would be OK. Some years ago I was asked to give a speech at the Porsche Club annual dinner about the older cars. I think that the reason for the request was so that I wouldn't do the annual roast of attending club members that caused so much indigestion. I did a review of the rising prices and how everything had gotten priced out of sight. I remember saying that if the members didn't already have the vintage Porsche that they wanted time was running out. They should get the car of their dreams now even if the price seemed outrageous because it wasn't going to get any better. Speedsters were over $25k and 356 coupes were over $10k. It was just getting crazy. It was 1981. The most recent edition of Excellence posted the annual review of 356 market prices and found Speedsters at $109k and coupes at $36k. Guess we all should've kept a few back in the barn ourselves. KTF |
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