“USE IT VS. PERSERVE IT”
BY DEAN SPRAGUE
Lately I have been watching a lot of auto auctions on cable television and I see people spending ridiculous sums of money for “barn finds” because, I think, they are described as completely original Preservation Class cars. Investors are seeking out these cars that haven’t been driven in 20 years or more and most can never really be driven again until their roadworthiness has been restored.
This seems to have created a new market for investors by expanding the definition of Preservation Class to include some old barn finds. I believe this class was designed to encourage continued preservation of true pristine original, unmolested, low/no mileage cars. You know, examples that received regular fluid changes and occasional running while being stored in temperature/ humidity/ light controlled spaces. These cars should be protected and placed in museums or other venues where they can be safely viewed and enjoyed. What I am referring to are the cars that are relatively low mileage “original” cars that have been exposed to the ravages of time. I am sure there is some reward in this kind of leave it alone acquisition maybe fantasizing about the time when someone important sat in it while traversing roads like route 66 or running up the Pacific Coast Highway but the new owner will never do any of this without significant additional investment. I know this sounds a bit harsh but frankly only about one in ten of these vehicles (and that’s generous) actually meet the criterion for Preservation Class. Of course, if you actually tried to drive one of these cars two things would happen. First; the value would diminish exponentially with every mile driven and second; lots of things would start going wrong. Hence, I think these cars should be valued as potential #1 museum quality restoration cores and sold accordingly.
Many investors have gravitated toward the most “original” cars they could find until the definitions of pristine original and patina are blurring a bit. Many times this has created false value bidding until the prices are artificially escalated. The term original within these broadened definitions seem to mean looking at the past efforts of master craftsman thru cracked and split leather, smelly mold, faded and tired bodies incasing barely operative (sometimes) drivetrains. I think this kind of patina actually is a clever term for old and tired. Why would a car enthusiast want to spend an indecent amount of money for this? These cars can make fabulous restorations but they are not much if any cheaper to restore. Despite this, these buy them and never touch them cars seem to be the new hot properties at the auctions. Actually, sometimes they bring more money than a legitimate quality restoration!
This got me thinking more about this whole “use it vs. preserve it” thing. I began to realize how different most British car collectors are from typical American muscle car collectors. The muscle car guys will spend 6 figures or more (like we can?) on beautiful restorations of Camaros, Mustangs, GTOs, etc. They get them to Number 1 condition and put them in their garages. Then aside from an occasional car show (usually delivered in a trailer) leave them there. Most of the time they just invite their friends over and drink beer while they show off their toy. Maybe it’s the cost of fuel or maybe it’s just the time it might require to clean or repair them to perfection again if they actually drove them. I don’t know but the cars are seldom driven and enjoyed on the road. We British car people however tend to restore our cars to drive them. Sometimes we drive them until we wear them out. Then we re-restore them again. For most of us it’s mostly about the experience of actually using them not just pining over them or holding them until the market increases so we can flip them for a nice profit, if that’s even possible for a LBC. Most of us find pleasure in going places and doing things in our cars with other like-minded enthusiasts. We take afternoon drives, tours, trips, and rallies, some even enjoy watching or participating in historic racing and autocross. Don’t get me wrong some things should only be collected and never used. Things like stamps or coins but vehicles were designed to transport, excite and be driven.
We had a speaker at a recent car club meeting. He runs a classic car restoration shop and he commented; ‘despite his NASCAR experience and training he shifted from restoring American classic and muscle to British cars for this very reason’. He wanted to see the fruits of his efforts back on the road and driven. He tried of seeing his masterpieces tucked away in dark garages and never moved until it was time to find a new owner at the next auction. I had to admire his purity of spirit and dedication. I guess it’s not always about the money sometimes it’s about the craftsmanship and the experience. Maybe we have hit upon it. We don’t really look at these things as just an investment packaged as an amalgamation of sheet metal, leather and chrome. I think most British car people at least tend to look beneath the shinny exteriors at the heart of their noble steads to find adventure, escape and maybe even a brief resurrection of the past. Over time I think we begin to see our cars almost like an extended family member and many have even given them pet names. An investment surely, but solely viewed as a potential return on investment (ROI), not a top priority. Bringing them back to life for our enjoyment seems to be priority enough, as it should be.
