Vancouver car show

CNC report from Vancouver
Added On June 26, 2013

Speaking of collectibles, vintage cars are becoming rarer by the day. In Canada, auto enthusiasts gathered for the first-ever Vancouver Collector Car Sho, Sale and Auction  on Sunday, where some of them got some good deals on some classics.

Lifestyles has the story.

"Vintage vehicles are big business here in North America, so much so that a 1957 Ferrari 250 Testa Rosa sold for a staggering sixteen point three million U.S. dollars at auction in California. With the vintage vehicles getting rarer and rarer with each passing year, I'm here at the inaugural Vancouver Collector Car Show Sale and Auction to find out why these vehicles are in demand and why they are commanding the big prices that they're getting.”

With more than 500 vehicles on display in Vancouver, one of the main highlights of the weekend show was the auction of more than 100 vehicles.
With many of the vehicles being offered at no reserve, meaning they would be sold to highest bidder regardless of price, the bidding was furious with the many good deals on offer.

Show organizer Phil Heard told CNC he created the all-in-one show to celebrate car culture and to satisfy a demand from today's car hobbyists and future car hobbyists.

He says American muscle cars from the 1960s and 1970s are still the biggest cars in demand in North America as they become rarer with each passing year.

"Absolutely. The older ones, of course, are dropping off and so people want them and want to keep them and restore them and pass them down. And we're seeing a lot more of that where people are buying them with the intention of passing them down to their kids."

Heard, a lifelong car enthusiast himself, explains who is buying the cars.

"Unbelievably, they're everybody. We have seen families, we've seen women, we've seen older gentleman, and the guy who bought the car yesterday was in his eighties. We've seen them as young as early twenties, so it's everybody. Everybody's into the hobby, it's just another hobby that people love to do."

At the Vancouver auction, car enthusiasts took advantage of the many good deals that were on offer in buying lovingly restored vehicles that had undergone hundreds of hours of extensive restoration and rebuilding.

Car hobbyist Grant Wong said many of the cars have had so much work and money put into them that the sellers would never be able to get a fair return on their investment. He notes, however, there are exceptions.

SOUNDBITE(ENGLISH)GRANT WONG, National Corvette Restoration Society
"That money cannot be reclaimed, but, depending on the car, if you find a really, really rare car like a Chevelle LS6 convertible, you maybe paid a hundred thousand, you put a hundred thousand into it, you might get 300 or 400 because that car's so rare. It depends on each car. If you buy a 76 Corvette, something that's plain Jane, you pay ten, you put another ten into it, you're not going to get your money back. It's the value.”

Tim Williams has been buying and selling cars since he was a teenager. With a keen eye for cars that will be future collectibles, he provides CNC with a few tips on what people should be looking for if they are considering investing in a collectors vehicle.

"Rarity, originality, paint, things haven't been changed on the car, but some people like to change everything, so it's like these. Whatever you like. Some people like to put a big motor in 'em and exhaust and transmissions. Some people like them the way they came out of the factory.”

And does Williams think vintage cars are a good investment?

"Oh yeah, oh yeah. I used to have a Barracuda 1970 and I paid off my house with it."

By comparison, the most expensive new car currently on the market is the Bugatti Veyron (BOO-GAT-TEA – VAY RON), a two-door sports car capable of going more than 400 kilometers an hour and selling for one point seven million U.S. dollars.