Today in a failing economy foreclosures and repossessions are becoming an everyday occurrence. For some, in order to keep the bills paid they are giving up their classic and collector cars. And for those car owners who fall on hard times, one mans lost is another mans gain.
Since 2007, Americas love affair with the car has been fading. With the rise in gas prices and exponential job loss, it has become more difficult to maintain and afford our automobiles. Many drivers have opted for more fuel efficient hybrids and economy cars. But what about the classic car owner who is pampering his pristine 1965 Mustang or 1972 Gran Torino. Scan your local newspapers classified ads, and your subject to find classic or antique automobiles in mint condition being sold off by the droves. Many have looked at classic car collecting as an investment and hobby. But when it comes down to a dwindling retirement fund, or losing the money you have been saving for a college education, cashing in on that classic car is becoming more appealing. Classic car Sales lovers who would have never dreamed of selling their cherries are starting to make their peace and are giving up their cars.
In places like the Inland Empire, a vast suburban populated desert just east of Los Angeles, the classic car sales culture is a lifestyle. Each year many collectors and enthusiast cruise the historic Route 66 from as far east as Riverside into Pasadena, Glendale and Eagle Rock. Car traditions like cruising have been apart of American culture since the invention of the T-Model Ford. In films like George Lucas’ “American Graffiti” car cruising is depicted as the pentacle of weekend entertainment. Getting your car washed and waxed, dropping the top and cruising from one end of a long stretch of street to the other may seem like a waste of money and gas today, but during the golden age of the automobile it was an experience many American people looked forward to.
The image of the American car has gone from golden to burden. Most classic car sales produced in the United States are labeled as gas guzzlers and poor investments that won’t last as long as their European or Asian counterparts. But even the collector car is now finding the same fate as it’s modern decedents. The most current trend is burning or sinking of classic cars that have been heavily insured. The federal government reports an increase in personal property destruction for the insurance payment. Classic cars that were once treasured are now being soaked with gasoline and burned in sparsely populated areas or being driven and abandoned in Mexico, only later be reported as stolen.
But for the classic car sales enthusiasts who have never been able to afford their dream cars, now may be the time to make your first purchase. Many owners who are desperate to sell are pricing their classic cars to move and move quickly. In fact, if you opt to pay cash you may be able to walk away with a steal…if you can afford it.