Eric's Autos: Buying a Car Post-Coronavirus
People who've longed to buy a classic car may be thinking now is a great time to go shopping for one.
But classic cars are not like new cars or even used cars. Classic cars are an indulgence, while new/used cars are necessary appliances. No one needs a classic car. Those who own them tend to be people who can afford the indulgence -- who own one in addition to their "appliance."
It's certainly true that some of these people will need to sell their classic car to raise some money -- because of the coronavirus -- but the people who buy them will be people who can afford the indulgence.
Such still exist and will continue to exist, in spite of the coronavirus.
This will keep prices up, probably. The supply is inherently limited.
Even before the coronavirus, classic muscle car prices were so high they priced most average people out of the market. Even fairly run-of-the-mill cars like my '76 Trans Am sold (and seem to still be selling) for about what you'd pay to get a new Camaro or Mustang. Which is a lot of dough for most people and -- unlike a new or used car -- harder to finance and much harder to justify to the wife.
Especially when you're unemployed -- because of the coronavirus.
For these reasons, it is doubtful there will be many deals on classic cars -- even if the economy collapses. The affluent will always have money and be able to indulge.
However, there will be -- and already are -- spectacular deals on new and used cars.