Benefits of Using an Attorney as an Escrow Agent to Protect Yourself in a Collector Car Sale or Transaction
Benefits of using an attorney as an escrow agent to protect yourself in a collector car transaction
By: Bryan W. Shook, Esquire
Email: bshook@shooklegal.com
Using an attorney to act as an escrow agent is one of the most effective ways to safeguard yourself from the pitfalls of buying vehicles sight unseen from far away locations. In a perfect world collector car transactions would all be “above board” and transparent however as we all know this, unfortunately is not always the case. That screaming deal on eBay or Craigslist may be a great deal, but it may also be the biggest mistake you make this year. There are many hazards upon which a prospective buyer may happen, although most happen with the consummation of the sale, especially if the vehicle is not viewed, in person, by the buyer.
How can using an attorney as an escrow agent help protect you in a collector car transaction?
An attorney as an escrow agent has more inherent safeties as opposed to using a broker. Attorneys are regulated by their state’s bar association or their state’s supreme court. Brokers are usually not regulated at all and only subject to their state’s vehicle board, if regulated at all. Money placed into an attorney’s escrow account is subject to strict accounting oversight and may only be paid out with the client’s consent and agreement.
As an attorney familiar with the nuances and pitfalls of collector car transactions I can offer many safeguarding services, professionally, discreetly and unobtrusively to preserve the transaction and yet protect you the client throughout the sale.
I offer the following services:
- Pre-Purchase Inspection Review
- In-person auction assistance to both bidders and sellers
- Escrow Agent
- Sales Contract Drafting/Review
- Private Treaty Sales (start to finish)
- Independent evaluation of title documents prior to consummation of sale
- Vehicle research, including verification of provenance and pedigree
- Forensic investigatory services (number & stamp investigation, make and model investigation, production anomalies, etc.)
- Powers of Attorney
- Import/Export
- Competing Claims of Ownership
- Title Defense
- Help safeguard against misrepresentations and fraud
By utilizing my services, you are not only protecting yourself in the transaction, but you are also making a further investment in the value of your purchase.
Bid with knowledge. Buy with confidence.
Attorney Bryan W. Shook is not only a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping other collectors and hobbyists understand today’s market and protect their automotive investments. Attorney Bryan W. Shook is a seasoned automotive collector and restorer and as such brings real world experience and firsthand knowledge to the table for his clients throughout the world. Although Bryan Shook is headquartered in central Pennsylvania (close proximity to Carlisle and Hershey), Attorney Bryan Shook is available anywhere for consultation, advice, and information, most times, on as short as a day’s notice. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@shooklegal.com or by phone at 717-884-9010 More information can be found at Http://www.vintagecarlaw.com.
Rebodied Cars … what to do …
Rebodies:
What’s the big deal???
(By: Bryan W. Shook, Esquire)
717-884-9010
I’ve been getting quite a few calls lately seeking information on re-bodied vehicles. The term “rebody” is a term of art used throughout our hobby to denote a vehicle whose original factory body has been replaced with another “donor” body. The donor body is then given the original body’s VIN, serial number, data card, trim tag, cowl tag, etc. and then usually and most unfortunately sold to an unsuspecting buyer as the original, real deal automobile. This problem is complicated when the rebodied car is an “air car” which did not exist prior to the rebody. Specifically what happens is someone dreams up a car or has the paperwork from a desirable car and makes it from “thin air” using the donor body as the starting point. All of a sudden, the car has pedigree, provenance and history if the builder can dream up a good enough story. This is problematic as you can plainly see.
There are several legal issues when it comes to a rebodied automobile. The most important issue is whether or not the rebody was disclosed to you when you purchased the vehicle. If the rebody was not disclosed to you how can it be said you negotiated with the seller on equal footing. Another issue comes from the fact that rarely are rebodys done properly. Were the police notified of the body replacement as required under some state laws? Did the seller give you two Certificates of Titles? (Remember the best bodies come from good cars and in today’s day and age, good cars get restored … was the body stolen and the subject vehicle the product of a “chop shop”) Did the seller give you photographs of the original body to evidence the condition of the original body? Do you have confirmation that the original body has been destroyed? (This is usually where the State Police come in as this is where the stories start about two cars registered under the same VIN)
Without the safeguards outlined above, you can never been shore that the vehicle you purchased truly belongs to you. Under the law you would have a breach of the warranty of title claim if any third party were to ever come after you claiming you own the body to their car. The problem is that if you know the car has been rebodied and you can’t provide the above information to a new purchaser you could be just as liable as the seller who sold the car to you should you not disclose what you know to a prospective purchaser.
If you have a rebodied car or think you do, this is a serious matter. Rebodied cars can be nearly unsaleable and always have questions. There was way to rectify the situation and there are ways to unwind the transaction which unknowingly left you with the rebody. In any event, please call me and we can discuss your options and to what extent your car may have been rebodied.
Attorney Bryan W. Shook is not only a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping other collectors and hobbyists understand today’s market and protect their automotive investments. Attorney Bryan W. Shook is a seasoned automotive collector and restorer and as such brings real world experience and firsthand knowledge to the table for his clients throughout the world. Although Bryan Shook is headquartered in Camp Hill, Pennsylvania (close proximity to Carlisle and Hershey), Attorney Bryan Shook is available anywhere for consultation, advice, and information, most times, on as short as a day’s notice. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at bshook@shooklegal.com or by phone at 717-884-9010. More information can be found at Http://www.vintagecarlaw.com.
Bid with Knowledge; Buy with Confidence – Vintage Car Law
The Status of Vehicle Titles in Pennsylvania
The Status of Vehicle Titles in Pennsylvania
By: Bryan W. Shook, Esquire
bshook@shooklegal.com
BUYING A VEHICLE WITHOUT A TITLE
In the realm of car collecting, one thing can cloud a bargain more than anything else, a vehicle with no title. The statement “no title” or “sold on bill of sale only” is usually enough to make most potential purchasers turn and run, FAST. But should it really scare us away? Perhaps, but not without good reason.
A vehicle sold without a certificate of title is a vehicle sold with questions.
Before you purchase any vehicle without a title, you must ask yourself the following.
- Why doesn’t the seller have a title to transfer to me?
- Is the vehicle listed in either the NMVTIS or the NICB VinCheckSM?
- How am I going to get a certificate of title in my name?
Why doesn’t the seller have a title to transfer to me?
The most obvious question is why does the seller not have a title to the vehicle? There are many potential answers to this question that should be asked prior to negotiating for the purchase of this vehicle.
For instance, the vehicle could be missing its title because it was previously salvaged and somehow escaped destruction (i.e. crushing); or worse yet, the vehicle could be stolen. These are reasons to RUN, FAST!!!
Often the case, however, is that the vehicle was abandoned, so to speak, by the last owner who held a certificate of title. This usually happened when the vehicle had fallen into such a state of disrepair that the condition and its value at the time made the title and registration of the vehicle a moot point. Accordingly, whoever acquired the vehicle from the last person may not have requested a transfer of the title for these, or similar reasons.
The answer to this first question often tells you 90% of what you need to know. Trust your instinct. If the story sounds fishy or otherwise unbelievable; it probably is.
Is the vehicle listed in either the NMVTIS or the NICB VinCheckSM?
Before you purchase a vehicle without a title you should run the VIN through two sources. The first is an initiative of the United States Department of Justice located at http://www.vehiclehistory.gov/ and known as the National Motor Vehicle Title Information System (NMVTIS). The NMVTIS is designed to thwart the registration of stolen vehicles and prevent title fraud. An important note, however, when researching the NMVTIS for collector cars, is that the system is still in its infancy and relies upon information uploaded from individual states. Results of the NMVTIS include where the vehicle was previously registered and if it has ever been reported stolen or had any other title issues in the past. With respect to antique and other older collectible vehicles, it is possible that some “older” thefts may have slipped through the cracks. So, don’t rely too heavily on the results of the NMVTIS search if it comes back with no record found. This is why it is important to also check the second source.
The second source that should be checked is the National Crime Insurance Bureau’s (NCIB) VinCheckSM. This database includes information regarding whether a vehicle has been reported stolen. The link to search the NCIB database is https://www.nicb.org/theft_and_fraud_awareness/vincheck .
Importance of an Adequate Bill of Sale
If you choose to go ahead with the purchase and buy the vehicle, it is highly recommended that you have the seller give you a bill of sale for the vehicle. It is important that the bill of sale identify the vehicle by year, make, model and VIN. The seller should state something to the effect that they are delivering you the absolute rights of possession and ownership of the vehicle. The seller should also state that to the best of his/her knowledge the vehicle is not stolen and how they acquired the vehicle and from whom. Of course the bill of sale should also indicate the date of the transaction and full contact information for both you and the seller. This will ensure compliance with 13 Pa. C.S.A. § 2401 and will assist you in the acquisition of a certificate of title down the road.
How am I going to get a certificate of title in my name?
The current laws in Pennsylvania contemplate only scenarios in which certificates of title are transferred with every vehicle transaction. Therefore, by extension, the law fails to contemplate a scenario in which a person or entity would acquire a vehicle or vehicles for which no owner can produce and accordingly transfer a certificate of title.
Similarly there appears to be no law, regulation or procedure, formally in place, for the motioning of the Court for a declaration of ownership of a motor vehicle so as to permit Penndot to issue a new certificate of title to memorialize the current owner and allow for registration of the automobile. Further it is important to note that Penndot has unfortunately purged many of their old motor vehicle records, including ownership and registration records. As a result, Penndot openly states that “[v]ehicle record information is available for the past 10 years only.” Penndot Form DL-135 (Rev. 9-10). Obviously this practice of record retention leaves open many scenarios whereby an owner cannot acquire a certificate title because Penndot has no record of ever issuing one.
What can be done to acquire a title? One solution is to Petition the Court of Common Pleas in Pennsylvania. Attorney Bryan Shook can assist you with this. He can be reached at BShook@shooklegal.com.
Legal History Lesson:
Vehicle titles in Pennsylvania are often the most misunderstood aspect of vehicle ownership. This is because of historically misinterpreted and misunderstood notions of what exactly constitutes “ownership” of a motor vehicle in Pennsylvania.
Under the Pennsylvania Motor Vehicle Code, an “owner” is defined as:
A person, other than a lienholder, having the property right in or title to a vehicle. The term includes a person entitled to the use and possession of a vehicle subject to a security interest in another person, but excludes a lessee under a lease not intended as security.
75 Pa. C.S.A. § 102.
The Superior Court has described titles and ownership this way;
[i]n Braham & Co. v. Steinard-Hannon Motor Co., 97 Pa.Super. 19, 23 (Pa. Super. Ct. 1929), though it involved the interpretation of earlier legislation concerning motor vehicles, the following language of Judge, later President Judge, Keller is nonetheless pertinent and applicable to The Vehicle Code of the present day: ‘It is clear that the primary purpose of the Act of 1923, supra, was to protect the public against the theft of automobiles and their resale by the thief, and to facilitate the recovery of stolen automobiles. It was a police measure, and was not designed to establish the ownership or proprietorship of the car, * * *.’ And at page 25, of 97 Pa.Super. Judge Keller said: ‘It follows that the act does not provide nor intends to provide that the ‘certificate of title’ shall determine the absolute ownership of the car, or alter or affect in any manner the actual ownership of the vehicle and the relations of the persons interested in it. It only requires registration by the person entitled to its possession and in control of its operation. The certificate is not a warrant of ownership or muniment of title as usually understood in the law. It may be relevant evidence in establishing such title.
Weigelt v. Factors Credit Corp., 174 Pa.Super. 400, 404, 101 A.2d 404, 406 (Pa. Super. Ct. 1954)
The idea that a vehicle may have both a legal and an equitable owner was recognized by the Commonwealth Court in Dept. of Trans. v. Walker, 136 Pa.Cmwlth. 704, 584 A.2d 1080 (1990). The Court in Walker stated that “[i]t follows that Section 102 of the [Vehicle] Code does not provide nor intend to provide that title to a motor vehicle shall determine absolute ownership of such. In fact, our research reveals that in Pennsylvania, the certificate of title constitutes no more than some evidence of ownership.” Id., 584 A.2d at 1082, citing Semple v. State Farm Mutual Automobile Insurance Co., 215 F.Supp. 645 (E.D.Pa.1963). See also Aetna Casualty & Surety Co. v. Duncan, 972 F.2d 523 (3d Cir.1992) (under Pennsylvania law, a state-issued certificate of title is in no way controlling on the question of ownership).
The courts of Pennsylvania look to see who it is that in fact possesses the attributes commonly associated with ownership. Aetna Casualty & Surety Co., at 526. The elements of ownership that Pennsylvania looks at are the elements of use, benefit, possession, control, responsibility for, and disposition of the automobile. Wasilko v. Home Mut. Cas. Co., 210 Pa.Super. 322, 326, 232 A.2d 60, 62 (Pa. Super. Ct. 1967).
Conclusion
In summation, although you may not have received an actual certificate of title when you purchased your vehicle, you still most likely own the vehicle. This is barring any type of theft in the vehicle’s past or another “owner” stepping in and challenging your interest while asserting that their interest is legally better than yours.
With this in mind, the motioning of the Courts for a declaration that you are the owner of the vehicle, and therefore entitled to a certificate of title from Penndot is often your best bet in getting the vehicle properly titled and on the road. The declaration of ownership is possible if you have actual legal ownership of the vehicle. The court will, to the extent that it is able, extinguish the rights and interests of all others, whom you are able to find and notify of the proceedings, in the vehicle. This will ultimately allow you to register and enjoy your vehicle without having the issue of not having a title hanging over your head and clouding your “ownership” of the vehicle.
Finally, always remember that a vehicle sold without a certificate of title is a vehicle sold with questions. This, however, does not absolutely mean that the vehicle can never again be titled. It does however underscore the need for the exercising of enhanced due diligence throughout the transaction.
The above information is in no way meant to be construed as anything more than general information. The above information is not legal advice. The author encourages you to seek the help of an attorney any time you are contemplating the purchase of a vehicle without a certificate of title. Further THE AUTHOR ASSUMES NO RESPONSIBILITY AND ACCEPTS NO LIABILITY FOR ACTIONS TAKEN BY USERS OR READERS OF THIS DOCUMENT, INCLUDING RELIANCE ON ITS CONTENTS. It is strongly encouraged that you seek legal counsel for all matters related to a collector or antique vehicle purchase given the amount of money involved and the rarity of the vehicles. This information is not intended nor does it create an attorney-client relationship.
This page includes links for your assistance only. This page is in no way associated with the NCIB page or the NMVTIS.
Bryan W. Shook, Esquire is a devoted automobile enthusiast. Attorney Shook would be glad to help you with any vehicle title issues you may have including lost titles, no titles, bill of sale transactions, etc. Attorney Shook is a collector and as a collector knows the ins and outs of the hobby, let Attorney Shook’s legal knowledge of the collector car hobby work for you. Attorney Bryan Shook can be reached at 717-884-9010 or by email at BShook@shooklegal.com. For more information – http://www.vintagecarlaw.com.
The Sincere Definition of Numbers Matching
Numbers Matching: From a Legal Standpoint
By: Bryan W. Shook, Esquire
Attorney-at-Law
BShook@shooklegal.com
A seller, an auction house, a broker, etc., all have express duties to not mislead buyers. It is the presentation that entices and induces a prospective buyer to make an offer or bid on a car. Often included within this presentation is the phrase “numbers matching”. Rarely in any field does a single term mean so much; in the field of car collecting, the term “numbers matching” means everything; or does it?
The phrase “numbers matching” was coined an untold number of years ago to describe a vehicle which retained its original driveline (i.e. the driveline that was installed into the vehicle during its initial assembly at its manufacturer’s plant). Specifically and most important in this definition is the engine; as this is the single most important aspect of a vehicle’s originality. There are some in the hobby, however that would have you believe that the phrase “numbers matching” has parted ways with its original and understood definition. These individuals would have you believe that the phrase “numbers matching” means that the driveline, has numbers appearing on its components, that look as though they could have been placed on there during the initial assembly process on the manufacturer’s line. This is where the issue with restamped engines and transmissions becomes ever apparent.
This disingenuous play on words is polluting our hobby.
Numbers Matching means ORIGINAL; the phrase and the meaning of “numbers matching” have never parted company. Numbers matching still means, as it always has, that the engine, transmission and rear axle are original to that particular vehicle. For the phrase to have any other meaning would render it flawed and unnecessary. The use of the phrase “numbers matching” in a disingenuous fashion opens the seller to a high level of legal exposure. The buyer who learns after he purchases the vehicle that the vehicle, is not “as advertised”, has the right to revoke his acceptance of the vehicle and enjoys many protections that come along with legal revocation. For example, these protections could include a statutorily created security interest in the vehicle up to the amount paid for the vehicle, plus certain expenses and other damages.
Any misleading use of the phrase “numbers matching” blackens the eye of the hobby. The only reason one would use such a deceitful definition of “numbers matching” would be in a calculated attempt to mask the true nature of the vehicle for self-serving purposes. This ultimately has a negative impact on the hobby.
For more information on what your rights are in such a transaction, please call or email me, I would be more than happy to discuss this or any other matter concerning car collecting with you.
Bryan W. Shook, Esquire is a licensed Pennsylvania lawyer. Attorney Shook’s office is headquartered in central Pennsylvania although his practice takes him across the country. During his career, Attorney Bryan Shook has become a powerful advocate for his clients and one of the foremost collector, antique and automotive fraud and misrepresentation attorneys in the country. He has successfully tried as well as amicably resolved cases throughout the United States. Bryan Shook can be reached by e-mail at BShook@shooklegal.com or by phone at 717-884-9010.
Bid with Knowledge; Buy with Confidence – Vintage Automotive
32nd Annual Spring Carlisle Swap Meet & Collector Car Auction – April 21-26, 2009
32nd Annual Spring Carlisle Swap Meet & Collector Car Auction
By: Bryan W. Shook, Esquire
Email: bshook@shooklegal.com
The 32nd annual Spring Carlisle Swap Meet & Car Corral are about to get underway. Officially the event runs from April 21 through April 26, 2009, but large vendors are starting to arrive today. Carlisle’s swap meet offers what might be the best selection of automotive treasurers of any swap meet in the world. For the automotive faithful that make their annual trek to Mecca, the weather for this year’s Spring Carlisle looks to be better than most years, with forecasted highs in the low to mid 70s and clear skies! I know, the diehards will be depressed … “What no rain, how can it be Carlisle without rain???”
A change for this year’s event is that the Collector Car Auction will be held on Thursday and Friday nights, April 23 & 24, 2009 at the Carlisle Expo Center. Also new for Spring Carlisle is a cruise-in to be held on Sunday at the grandstands. This follows last fall’s successful Sunday cruise-in. I look for several hundred cars to attend.
As for the auction, there are several very appealing lots. With more than 250 vehicles scheduled to cross the auction block, there is certain to be something that appeals to everyone! See you in Carlisle! Http://www.carlisleevents.com.
Attorney Bryan W. Shook is a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping other collectors and hobbyists understand today’s market. Attorney Bryan Shook is available throughout the United States for consultation, advice, and information. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@shooklegal.com.
Bid with knowledge. Buy with confidence. – Vintage Car Law
Let’s Review: Barrett-Jackson – Palm Beach 2009 Collector Car Auction
Let’s Review:
Barrett-Jackson – Palm Beach 2009
By: Bryan W. Shook, Esquire
Email: bshook@shooklegal.com
Well, it’s hard to believe but the 7th Annual Barrett-Jackson Palm Beach Collector Car Auction is behind us.
How did the stars of the auction do?
The top seller of the weekend was Lot Number 369.1 the Super Chevy Magazine feature custom 1969 Chevrolet Camaro RS/SS titled “Project American Heroes”. The Camaro, which included parts supplied by over twenty five major speed parts producers and a legendary LS-series GM 427cu GMMG supplied powerplant, hammered sold for $500,000.00! The proceeds from the sale of the Camaro will go to benefit the Armed Forces Foundation, a truly worthy cause.
Two other stars of the auction with their proceeds going to charity were Lots Nos. 655 and 655.1 the 2004 Ford Mustang GT Convertible concept car and the 2004 Ford Mustang GT Coupe concept car, respectively. These cars debuted in January 2003 at the North American Auto Show and arguably started the current muscle car frenzy amongst the big three. Many people believe that these two concept Mustangs are what raised the ante for General Motors and Chrysler to go all in again and give the public what they want, FUN muscle or muscle-type cars. Ford let these two ponies out of their livery for Charity. Both concepts sold individually for $175,000.00, each, a bargain, any way you slice it. The proceeds from the sale of these two pieces of current American automotive history went straight to the benefit of the Juvenile Diabetes Research Foundation (JDRF). After the bidding for the coupe stalled around $150,000.00, Barrett-Jackson, CEO, Craig Jackson and Barrett-Jackson, President, Steve Davis, big against each other with Mr. Davis eventually taking home the concept car for the very reasonable price of $175,000.00.
The third historic Mustang that Ford auctioned off, was lot number 665, a 2010 Shelby GT500 coupe, the very first available for public sale. The hammer price was $150,000.00 and the proceeds above MSRP for the car went straight to the Carroll Shelby Children’s Foundation.
So, how did my “sleeper” predictions go? Pretty well, but judge for yourselves.
1920 Chevrolet Model T – 1 Ton (open cab) chassis truck (Lot # 678) – Sold $37,400.00
1964 ½ Ford Mustang convertible (Lot #347) – Sold $51,700.00
1972 Chevrolet C10 Cheyenne Short Bed pickup (Lot #32) – Sold $35,200.00
1976 Chevrolet C10 Silverado Long Bed pickup (Lot #330.1) – Sold $29,150.00
1994 Pontiac Trans Am 25th Anniversary Edition Convertible (Lot #58) – Sold $37,950.00
1999 Pontiac Trans Am 30th Anniversary Coupe – Daytona 500 Pace Car (Lot #616.1) – Sold $39,600.00
I think my sleepers performed very well considering that the lack of national publicity that other auction cars enjoyed and the current economic situation but they all sold at the high end of their respective value ranges, proving that good quality cars (and trucks) will always command higher prices.
Closing Thought – I believe GM has sold over 200 or so of its Heritage Collection and I hope that this “garage sale” is over soon. On the bright side, I hope that the new owners of these GM refugees allow the cars to see the light of day again and hopefully we can all enjoy them at an upcoming automotive event or car show.
Attorney Bryan W. Shook is a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping other collectors and hobbyists understand today’s market. Attorney Bryan W. Shook is a seasoned automotive collector and restorer and as such brings real world experience and firsthand knowledge to the table for his clients. Attorney Bryan Shook is available throughout the United States for consultation, advice, and information. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@shooklegal.com.
Bid with knowledge. Buy with confidence – Vintage Car Law
State of the Hobby – March 2009
A review of the Collector Car Market in light of the current Economic Situation
Even considering the uncertainty of the current economic state antique and collector vehicles remain to be good investments. Over the past year we’ve seen the Dow Jones Industrial Average plummet from a high of 13,136.69 to a low of 6,469.95 only a few days ago. This is an evaporation of over 6,600 points or better stated, over 50% in less than one year’s time. How does this translate to the collector car market? The simple translation is BUY!!!
Current market indications are that while the wind may be out of the sails of the Dow Jones, the collector car market, viewed as a whole, is holding its own with bargains being reported from nearly every auction, which is a reiteration that we are in a buyer’s market. Overall, the collector car market has not experienced the same dramatic, marked decline as the Dow Jones. Collector cars remain a great place to park your money. Properly purchased collectible vehicles, if nothing else, continue to be an enjoyable savings account.
The collector car market, like any other free, open market, is driven purely by economics. The premise is simple: supply and demand. Given the current uncertainly of Chrysler, General Motors and Ford, collectively known, at least for the time being, as the “Big Three”, demand for stylish, desirable cars from their past will continue to be high, much higher than supply. It was announced by General Motors on February 20, 2009, that, at least for the time being, all sixty engineers of the High Performance Vehicle Operations (H.P.V.O.) have been “temporarily” reassigned. H.P.V.O. was the birthplace of high performance and specialty vehicles from GM. Therefore it is easy to predict that the future of desirable collectible vehicles from GM will be extremely limited. Over the years, the group has developed vehicles such as the Cadillac CTS-V, STS-V and XLR-V, Chevy SSR, HHR SS, TrailBlazer SS, Colorado V8 and the Saturn Ion Red Line.
Over the past several years we were blessed to see some great vehicles come to life from the drawing boards and auto shows and into the dealerships. These vehicles include the Ford GT, newly redesigned, Ford Mustang, the Dodge Charger and now the Dodge Challenger and Chevrolet Camaro. Other collectible offerings include the Dodge Viper, Chevrolet Corvette C6 Z06 and C6 ZR-1 and the Saturn Sky and Pontiac Solstice roadsters.
To collectors’ detriment, the recent economic viability plans submitted to Congress on behalf of the Big Three, predict a paucity of desirable (i.e., collectible) vehicles from Detroit. Instead of producing niche vehicles it seems that hybrids and alternative energy vehicles will be receiving all of the design dollars and energy in the coming years. You should be admittedly suspicious of this choice to design cars around the strings attached to federal bailout monies … hopefully this won’t lead to the insipid vehicles that came from Detroit after the smog regulations were rolled out in the early 1970s. Given the current unfortunate economic situation, headlined, by the Big Three’s struggle to survive, the collector car market stands to benefit exponentially by an increased demand for the past-produced models; especially the high-performance models.
To the true collector, the economy does not necessarily play a role in whether to purchase a vehicle. The true collector’s decision to purchase a vehicle is driven by price, desire to own the vehicle, and the hobby’s market…not the stock market. Buying with this in mind will result in a good vehicle purchased at a good price and a safe investment; or in the very least a good savings account. In contrast to the sharp decline of the stock market over the last year, to the best of my knowledge, we have not seen a single collectible vehicle decrease by 50% in value in less than one year’s time!
Bid with knowledge. Buy with confidence.
This article was written by Bryan W. Shook, Esquire the founder of Vintage Automotive. Attorney Bryan W. Shook is a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping other collectors and hobbyists understand today’s market. Attorney Bryan Shook is available throughout the United States for consultation, advice, and information. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@shooklegal.com.
