Antiques were sought after, classics from the 1950's were hot, then came the muscle cars, which have dominated the field the last decade or so. Now, with the economy in plunders, and the classic car industry taking a hit with prices and values falling, we get an eye-opening piece of news that was released today. Old trucks are HOT!
For many years, buying and restoring an old truck was something done primarily only by those who truly love them. It wasn't seen as much of an "investment". Trucks have always tended to be an overlooked commodity, but I invite you to read the story which appeared in PickupTrucks.com. Perhaps you'll change your way of thinking about trucks!
To sum it all up, basically insiders were stunned at the prices that some of the old trucks were fetching at last week’s 2012 Barrett-Jackson Scottsdale auction. A 1932 Ford pickup went for $250,000. The 1958 Chevy Cameo (shown in picture below) sold for $93,500. A total of 25 different trucks sold for more than $50,000 (including commission)! See the complete sale list by clicking the story link above.
“We have been watching classic pickup values steadily go up for a few years now, and this was definitely the year of the pickup in Scottsdale,” said McKeel Hagerty of Hagerty Insurance, which tracks auction sales throughout the country. “Compared to 2011, the average prices are up, and the buzz around pickups was talked about just as much as the multimillion-dollar sales.” (requoted from post by Mark Williams in PickupTrucks.com)
“Classic pickups are currently one of the hottest trends in collecting,” Hagerty said. “For many years, old trucks were primarily used for utility purposes, but collectors are now buying them to restore and show. The great thing about classic pickups is they are affordable, easy to work on, have great style similar to the cars of the era, and appeal to a wide audience.” (requoted from post by Mark Williams in PickupTrucks.com)
Motorheads Performance have always been interested in classic trucks, and Guy and I own four ourselves. Yet we've always heard the same old story, "Why waste your money on that!" In the eight years we've been repairing, maintaining, upgrading and restoring all types of projects from the 1920's through the 1970's, we've had a great share of old pickup trucks that have been lovingly repaired and/or restored for our customers. Not every old truck will attain values like those reported, but we're pleased that this may be a boost to the values these great, often overlooked, vehicles.
While the news may be good for those who already own an old truck, news like this certainly will bring about demand for them, and we may soon find ourselves with inflated costs to purchase them, raising prices on parts, as well as difficulty in finding parts. When certain "investors" get involved, they're doing so because they can pick something up cheap, fix it up and turn around to get big profits. We've seen it happen with the classics and the muscle cars. Will it now be the hillbilly hotrods?
Guy Algar and Andrea White are owners of Motorheads Performance, a classic car repair shop located in South Central Texas. They specialize in classic cars and trucks, muscle cars, antiques, hot rods and street rods.