Let me suggest that there are actually three prices to address. Selling and
asking, while important as a determiner of value, are not the final arbiters of
value. Rather, value is on a sliding scale, and such factors as location,
advertising, etc., add an intangible factor that results in a range rather than
a value. The prices to address are, the lowest a seller is willing to sell,
the highest a buyer is willing to pay, and the median of the intersecting set,
if any. The last is the closest you can come to a value.
For example, living in Las Vegas allows me to attend some of the nation's best
regarded auctions. I have also been a bidder and a buyer at these events. At
one event where I bid and won on a GTO Judge convertable, no sale was
consumated becuase I failed to meet the reserve. These auctions have a limited
number of authorized bidders, and on any given day the audience may not have a
buyer interested in the marque on the stand. My winning bid on the Judge,
which was a condition 3, was $13,100.00. The seller's reserve ended up being
$19,900.00, and it was reasonable. That day his car did not have that value
though because there was no intersection between the most to be paid and the
least to by charged.
Two cars I have bought included a 1980 Spider Veloce for $2200.00, and an '87
Camaro RS convertable, near untouched original for $4600.00. I believe both
were steals, and indeed their "value" was different within months of purchase.
$4999.00 and $7000.00, respectively. The only difference was waiting for a
buyer vs. being forced to be a seller. Note that the Spider moved for over
200% of purchase price.
Last example. At an Imperial Palace auction a Siata 208S Vignale one-off with
an original 331 cu.i. Chrysler hemi sold for a mere $79,000.00. If you follow
Hemmings, that car has now twice turned for over $200,000.00. The point is
that values are incredibly transient and fleeting.
So to Tiger values. We know the least a seller would by willing to take in any
given condition. This shows up every day on E-Bay. We also know the outside
value, having seen cars turn for upwards of $40k. Additionally, the Imperial
Palace has a few Tigers, and almost always has one out with a price at their
museum. These cars are generally nice restorations, and I believe they turn in
the $28-34k range.
As cars are the most emotional purchase there is, the most important factor is
likely the intangible of having a car someone decides they must have. If that
is the test, then what we see at the Imperial Palace is the ability to put a
car out, have thousands of enthusiasts look at it each week, and eventually the
guy who had that car as his first car in 1968 shows up and plops down the
asking price. I know one enthusiast who has over $50k into a 1973 Z28. Its a
clone of his first car and its perfect. Its also worth, to anyone else, $20k
tops.
All this being said, I would guess the market value of a Tiger to likely be in
the low 20's in restored #2 condition. If you can hold on to it for an
indefinite period of time, someone will come along and pay more; a lot more.
If you have to sell it overnight (or on E-Bay), it will go for a lot less
unless you happen upon two people that have to have your car.
One common source lists the MK1, Ia, and II out at $21k, 24K, and 26k,
respectively, for a car in excellent condition.
See,http://www.manheimgold.com.
Last example on the transient nature of values. In the mid eighties as car
prices soared, I was a lawyer on the sale of a one-of-a kind 1927 Mercedes. It
was bought out of an estate for $40,000.00. My client was buying the same for
something over $100,000.00, and had a buyer waiting in the wings at over 1
million. The buyer in the wings took the car overseas with his oil millions.
He was back in the states ten years later selling the car for 21 cents on the
dollar, and last I heard, he couldn't get it.
Finally, if value is what you are concerned with, don't look for the Tiger to
ever go much higher. Nostalgia and rarity are also central to valuation.
Those nostalgic for the Tiger have already made their money, and chosen the car
with their scarce resources. You can't expect many Gen-Xers to be looking to
this car when they can buy Trans-Ams, Mustang GTs, and 84-86 Corvettes for five
figures under our prices. Moreover, each year more Tigers actually come on the
market as restorations take place. Heck, I think the prettiest car ever made
is a Ruxton (an ACCA classic), and when the price gets low enough I'm getting
one. Just enjoy the ride.
Bob Nersesian...Dang ain't I prolific today.
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