By Dean Sprague
Several of my automotive acquisition decisions could have been better. I seem to only chase the cars that infatuate me. Return on Investment has never been a high priority. However, when I acquire a vehicle that has real potential for handsome return I generally liquate prematurely. Several cars come to mind upon reflection but it’s important to realize that demand is elastic. It’s fluid, moving over time and affected by economic conditions, hence the need for clairvoyant vision, a gift I never obtained.
My sister’s first car was a 1959 MGA. She bought it back in the mid 60’s. It ran very well but could have used a repaint and really needed a top. It didn’t have one and in Miami, Florida during the wet summer months her umbrella was just not adequate. She acquired it for $125. The MGA when first introduced, as the “new look for MG” was very popular. In fact they sold over 100,000 of them but despite continued power increases they remained a little slower than competitor’s offerings so residual values fell quickly. This is why she got a good deal on hers. If we had any vision we could have filled our back yards with them for very little and made a ton of money. Of course, I didn’t.
Now here is one that was predicted to become a great investment because it had the quintessential appearance of the British sports car. My dad bought a brand new one for my mother and I still have it. Yes it’s my MGTD. I have watched the values rise equal to or slightly less than inflation for more than 50 years. The TD seems to be the stepchild between the MGTC and MGTF with values lagging. The TF was actually intended as a temporary holdover car until the MGA went into production. It was not well received. They were slower than competitor’s cars, lacked creature comforts and so dated in appearance that new leftover TFs sitting in dealerships could be had for a veritable bargain. If my dad had only purchased a TF instead of our TD… Interestingly, today many consider the TF as the most attractive of all the square radiator MGs, who knew?
I once owned a 1953 356 pre-A Porsche coupe. Actually it was hardly more than a re-bodied VW. The 356s were affectionately called the ‘bath tub’ Porsches. That was because you felt like you were sitting in one when you drove it. Mine was slow, had a mushy shifter, poor brakes, and the tin worm loved it. However the car was considered quite aerodynamic for the period though generally not viewed as extremely attractive. Therefore, back in the 60s you could buy a good used one for a song. I did. When my engine ran out of oil and froze (most did because they barely held 2 quarts of the stuff) I went to a junkyard and bought a VW beetle engine for $50 and it was quicker! However, if you want one of these Porsches today you may need a second mortgage to make it happen. Of course when I became bored with mine I sold it for less than the nothing I paid for it.
In the late 60s I bought a mint 1963 Corvette Split Window Coupe. I got it cheap from a fellow student. He needed tuition money and because the roof pillar extended thru the back of the rear window it was difficult to see out the rear view mirror so not as popular as the later C3 Corvettes. Of course, that and the fact it’s a first year car are the very reasons they are so valued today. Not to worry though I horse-traded mine before it became valuable.
When I was in the Navy in the early 70s I paid $500 for a 1959 Jaguar XK150 roadster. It had a blown piston but otherwise very presentable. Back then XK150s had limited curb appeal because of the car’s bloated appearance when compared to its predecessors the XK120 and 140 or later the famous E-Type. Also the coupe version looked very similar to the MK 1 and 2 Jag sports sedans especially from the front. Therefore their values lagged behind the other sports Jaguars. I traded mine for a lightly used 1969 BSA Rocket 3 motorcycle, what vision!
I may have mentioned this before but in the late 60s I picked up a 55’ Aston Martin DB 2/4 coupe for under $1000. I bought it in the back of a “buy here pay here” lot in North Miami. The lot owner inherited it as part of the lot and thought it was an “Austin” something. Turned out the car was in great shape, just neglected. Lots of heavy cleaning and servicing was all that was really needed except for refreshing the British hydraulics of course. No one really wanted old exotic sport cars back then because of the high cost of maintenance and repair. I never imagined they would become so valuable. My old DB2/4 is probably worth something in the half million-dollar plus range today.
I have made many more similar decisions but let’s fast-forward to today; I have this 64 Volvo P1800. The early 1964 cars were basically the same cars that were built in West Bromwich, England but with the parts all shipped back to and assembled better in Sweden. Today they are becoming quite rare. They have timeless styling and were well appointed for a car of their time. According to automotive experts at Hemming’s and elsewhere they are predicted to become one of the fastest appreciating classics in the market.
I got the car running and cleaned up so it looked OK from 20 feet away. This is where I should have stopped and been happy using it as a driver. But, of course, I decided to restore it. When you take something apart it’s always worse than predicted but in this case it was much worse. Now I am trying to restore a previously ‘totaled’ car. I had the body laser straightened on a frame machine, replaced the entire front cross member and lots of bent steel. These unpredicted costs combined with expensive replacement parts and their lack of availability and you have the formula for a costly restoration. If the car doesn’t start climbing in value as predicted I could lose big. Fortunately it seems there’s time, my son’s Honda V-tech powered ‘Mini on steroids’ project has taken precedence. Maybe when we finish the Mini the P1800 market will be a bit better defined making the decision easier. My options as I see them are; sell it as a restoration in progress, lose all my labor and half my investment but stop the hemorrhaging, or continue on “with a stiff upper lip” until completed or just let it sit and do nothing. Maybe I will keep diddling on the body, try to paint it and finish the driveline etc.…Wait a minute there may be another option, anyone want to horse-trade? Got a nice motorcycle?
