11-26-2008, 09:33 PM
As a child of the 1970s I watched the muscle car market appreciate with a cynical eye. Sure, some of the cars are cool but owning them can be a PITA, especially considering the new Mustang and Dodge seem so good. Fuel injection, traction control, IRS, four-wheel disc brakes, etc etc.
$50k for a 396 SS Chevelle? $200k for a Hemi Challenger? I stood on the sidelines and laughed. The buyers on the TV car auctions seemed to be regular people out-bidding each other in order to pay through the nose for some over-powered lumberwagon WITH DRUM BRAKES. How much of that money came from home equity loans for homes now worth maybe 60% of that value?
My prediction: the housing slump and strangled credit market's next victim: muscle cars. 90% of those cars are, at best, $10k cars. At. The. Most.
$50k for a 396 SS Chevelle? $200k for a Hemi Challenger? I stood on the sidelines and laughed. The buyers on the TV car auctions seemed to be regular people out-bidding each other in order to pay through the nose for some over-powered lumberwagon WITH DRUM BRAKES. How much of that money came from home equity loans for homes now worth maybe 60% of that value?
My prediction: the housing slump and strangled credit market's next victim: muscle cars. 90% of those cars are, at best, $10k cars. At. The. Most.