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In this Discussion
- Ted W February 2009
1974 Pontiac Firebird Help a girl out?
-
My husband and I buy and sell used cars- never classic cars by any means.
Today- one of our customers called and asked if we'd buy their 1974 Pontiac Firebird- they are losing their home and want to get it sold. We know they have been trying to sell it for quite a while, but we live in a rural area and people don't really have the money for them.
My questions- ( keep in mind He says he has over 20k into it.)
What makes a 74 firebird worth the big bucks?
What is the difference between the formula 400 and the Trans Am?
The vehicle is finished and painted- with one small dent in the rear quarter panel- does this significantly reduce the value?
I'll likely have more information later as my husband is going to go check it out, but I'd like to have the cash in hand to buy if it really is this great deal everyone is saying it is.
So- could anyone possibly give us a crash course in this area- so that we may make a semi-informed decision?
Things to look for when we check it out?
We'd like to buy to keep for a little while for our local parades and such- we're a little community that still does that kinda stuff... BUT- should we want/need to sell, we'd like to make a little money.
Sorry this is so long. Thank you very much to anyone willing to give me some information.
Thanks,
Covergirl. -
Hello Covergirl,
You have found the right person, I am expert on investing way too money in worthless or worth-little cars and trucks. All kidding aside, today...most people will not see a 1 to 1 value in a restored vehicle or even a nice daily driver. There are exceptions for high-demand or special interest cars. Unfortunately, Firebirds from the 70's to present do not garner top investment money as a whole.
Now, there were a few expectations to this. One is if the car is a Trans Am with high option engine package, these car do come close to the 20K mark if they are in showroom new condition. I am sure that you have looked at price guides and you might have noted a big value in the listing, but what really counts are auction sales and other after-sale reports on collectable cars, which show sales under the 20K number frequently for these cars. Standard, plain-Jane cars go for far less.
Next, is what I look for….do you LOVE the car. If you do, then money is a secondary concern. I have spent 30K on vehicles that are maybe worth 12K tops. Sounds crazy, but if you love something enough…the cost is seldom in your thoughts.
So, if you really like the car and plan to keep it, great… you may have a good buy. If you are looking for an investment, the car will not do much for your retirement portfolio. The market is very soft on all collector and investment vehicles, it’s a buyers market and paying top dollar went out the window about 2 years ago.
Good Luck!
