Classic, collector and exotic cars in the desert
January is a big month in the car world with classic car auctions. This year we saw the introduction of the new Corvette Stingray (only the 7th new generation for the icon since 1953) in Detroit. On the other side of the country, in sunny Scottsdale, Arizona, each January gives us a view into the state of the classic car industry. This year, the hobby appears to be off to a big start for the year.
Most Americans who pay any attention to classic cars immediately think of Barrett-Jackson’s weeklong auction thanks to seemingly nonstop TV coverage. However, visitors to the Phoenix area this time of year will actually find six large auctions than span the entire spectrum of classic cars, from Muscle to Mercedes and from exotic to familiar.
To put the scale of this week’s sales into perspective how about this: $223,800,000. That’s right, over $220 Million worth of cars changed hands in a matter of days. The average selling price was just over $100,000. Recession? What recession? Last year saw $183 Million in sales with an average price of $85,000 or so. Guess some of us should have put our 401Ks into hard drivable assets.