Underrated Classics

Most people are aware that buying, selling, restoring and simply enjoying classic cars have become very popular activities in the U.S. today. Beyond the obvious emotional appeal of classic iron, there is also the potential of monetary reward when making the old new again, especially if you choose the right car. Muscle cars, sports cars and the most popular classics have been enjoying steadily rising values, a fact that has been underscored by the record-setting prices that auto auction houses have seen in just the last 12 months alone. As automotive collectors and investors appear to have recovered from the financial uncertainty so prevalent in the second half of the last decade, an unintended consequence has been that the value of almost every type of old car has risen slightly as well. When the best classic cars command millions of dollars at an auction, it makes headlines, boosts overall enthusiasm and increases confidence in the entire marketplace. However, the rising values have also made the best cars a bit more expensive and difficult to find at the same time.

Although the most in-demand classic cars have always been relatively expensive compared to the rest of the market, it appears the higher values have recently begun to trickle down to some of the more common and less popular vehicles too. This has had the effect of stretching the once more narrowly defined categories of classic and collectible cars. As a result, both buyers and sellers have become more willing to consider investing their time and money in a wider group of candidate vehicles. The twin goals of buying low and selling high are still in effect of course, but it now appears that there are more viable classic vehicle choices, and many cars that were once on the fringe of being collectible or classic now have a lot less risk associated with restoring them.

In this current climate of high demand for the best cars, your chances of finding a neglected, numbers-matching Super Sport hiding in a barn are practically nil. However, there are still cars out there that will one day become quite collectible, especially in the post-WWII category where many are still relatively affordable. The result is that there are now more cars that can be considered “underrated classics.” Coupes and convertibles aside, there are still many classic-era four door sedans that are priced under $20,000 available. Hailing mainly from the 1950s through 1970s, overlooked four-door examples from GM include vehicles like the Chevrolet Corvair and early Buick Roadmaster. There are also other good categories of emerging underrated classics to be considered, like the group of full-size American convertibles from 1967 to 1975. Although the most desirable convertibles from the ‘50s and early ‘60s era can be quite expensive (1959 Cadillac DeVille), the big convertibles from the late ‘60s and early ‘70s have been largely overlooked and many can be found for around $15,000 or even less today. The same thing applies to GM station wagons built from 1965 to 1975. Although the late ‘60s wagons like the Buick Sport Wagon are beginning to appreciate a bit, many are still quite affordable and often sell for less than $10,000 today.

Old pickup trucks have always been in demand with a core group of collectors and now they appear to be appealing to a wider audience. You can still buy a fairly decent vintage truck in original condition for as little as $10,000 right now, but the market is definitely rising for the very best trucks as evidenced by the January 2013 sale of a pristine 1959 Chevrolet 31000 Apache 4X4 at an Arizona auction for $66,700. Another overlooked category of classic vehicles that bears more investigation is the category of “professional” cars like limousines, police cruisers, hearses, and ambulances. Although many of these types of vehicles have traditionally been neglected and undervalued in the collector market, a lot of them have been well maintained over the years and many can still be found in running condition with most of their original equipment still in place. Even though professional vehicles make up a very small percentage of the overall collectible market, they can be very popular at shows when displayed properly. One more corner of the market that you can sometimes find a neglected collectible car hiding in is the group of “oddball” and limited production vehicles like Cadillac’s short-lived Allante and perhaps even cars like the early ‘80s Oldsmobile Cutlass Supreme with the controversial “Euro” front end styling. Even though most of the oddball cars received a cool reception in their time, you never know how collectible they might turn out to be in the future.

Although some people have credited the Classic Car Club of America for coming up with the term “Classic Car” many decades ago, one general term cannot define the entire category. One thing that is probably more accurate is that the concept of what is truly “classic” is like the concept of “beauty,” and it is almost always determined by the eye of the individual beholder. This means that as we move into the future, what might not be viewed as classic by one person could easily be very classic to another.