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Classic Trucks: Overpriced Or Worth Every Penny?

classic truck prices

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#1 Gorehamj

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Posted 27 July 2017 - 11:46 AM

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John Goreham
Contributing Writer, GM-Trucks.com
7-27-2017

On the day that the Ford Pickup turns 100 we thought we would ask our members if they think classic trucks are worth their current valuations. Good condition early 1970s Chevy pickup trucks now sell for the same price as a new Chevy pickup truck. Late 1940s and early 1950s pickups sell for even more. Classic vehicle collectors are turning to trucks in increasing numbers.  

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Black Book recently analyzed the value of a selection of classic trucks based on their auction sale prices and the results are very interesting. “We love our trucks today because of the versatility, functionality, and even technological features included in many of today’s popular models,” said Eric Lawrence, Director of Specialty Products at Black Book. “These trucks of yesteryear were pioneers of their time when trucks had a different meaning on the roads but still offer the right amount of nostalgia that makes them extremely valuable today.”

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Are these valuations just a bubble, or will classic trucks soon be reaching the six-figures like so many classic cars?

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#2 Grumpy Bear

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Posted 27 July 2017 - 01:35 PM

Problem isn't the auction price. It's every knot head owning one thinking theirs is a 1% truck (best in the word). 95% of the average truck shouldn't fetch more than 10K. Only one in the country is best in class. 



#3 sprayed99

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Posted 27 July 2017 - 03:28 PM

Some of them are already into 6 figures. 



#4 KARNUT

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Posted 27 July 2017 - 04:11 PM

I've done pretty good with the few I've had. The trick is not expect too much, and buy them for enjoyment.

#5 Grumpy Bear

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Posted 27 July 2017 - 04:18 PM

Hagerty values the 1970 C10 half ton at...drum roll please. Black book just tells you what some idiot recently paid at auction. Hagerty insures them and I use there valuations as a more honest guide. 

 

$28,000 in Concours condition. Best in class. Any idea what it takes to deliver a Concours condition? It won't be on someone's 'classic lot' or in their barn. 

$16,500 in Excellent

 $7,500 in Good

 $4,000 in Fair condition.  

 

Black Book is $45,000??????????????? There's always one knucklehead too spoil it for everyone. 



#6 sprayed99

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Posted 27 July 2017 - 04:34 PM

Hagerty values the 1970 C10 half ton at...drum roll please. Black book just tells you what some idiot recently paid at auction. Hagerty insures them and I use there valuations as a more honest guide. 

 

$28,000 in Concours condition. Best in class. Any idea what it takes to deliver a Concours condition? It won't be on someone's 'classic lot' or in their barn. 

$16,500 in Excellent

 $7,500 in Good

 $4,000 in Fair condition.  

 

Black Book is $45,000??????????????? There's always one knucklehead too spoil it for everyone. 

 

 

Hagerty is a joke and they honestly have changed a lot in the last 5 years. Their values are horribly low and you have to fight to get them to pay claims now. 


Edited by sprayed99, 27 July 2017 - 04:35 PM.


#7 Grumpy Bear

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Posted 27 July 2017 - 04:43 PM

 

 

Hagerty is a joke and they honestly have changed a lot in the last 5 years. Their values are horribly low and you have to fight to get them to pay claims now. 

 

Guess your a seller.  :rollin: Their values are honest and fair. I'm a buyer. 


Edited by Grumpy Bear, 27 July 2017 - 04:43 PM.


#8 KARNUT

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Posted 27 July 2017 - 05:13 PM

I've been using them for 15 years I set the price not them and pay accordingly. Never had a claim.


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#9 sprayed99

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Posted 27 July 2017 - 06:01 PM

Guess your a seller.  :rollin: Their values are honest and fair. I'm a buyer.

Builder/owner/enthusiast actually.

Their policy on modified vehicles is garbage. Their premiums on anything other than factory are extremely high. Example, tell them you have a 67 Camaro with an LS3. They then classify you as "modified" and their rates go through the roof. Everyone I knew used them 15 years ago. In fact one of the largest classic car agencies in Dallas dropped Hagerty. Hagerty uses a national price average which is junk. Guys up north love it but us southern guys take it in the shorts on that deal. I sent them all our info with my private appraisal for our 32 Ford about 3 years ago. They came back at a Max agreed value at half my appraisal and the premium was 7 times higher than my current company. We ended up moving over a dozen family cars to another company. We also had a client/friend with a really crappy claim situation with Hagerty.long story short he had to come out of pocket for 2/3s of the bill to fix his 67 Nova.


And to your example of a 70 C-10. What about the guy that used a 70 C-10 Body, but used a modern day roadster shop chassis with modern driveline? Truck could easily value over 100K if done right.

Edited by sprayed99, 27 July 2017 - 06:06 PM.


#10 Grumpy Bear

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Posted 27 July 2017 - 09:24 PM

Modified premiums are silly high for a reason. To keep the modified cars out of the pool  so the premiums remain reasonable for the stock classic cars that are their bread and butter. As far as I'm concerned and they too evidently, once a car is no longer 100 points original there is no way on this earth to get a fair estimate of value. I have no interest modified classics. You have no idea what you are REALLY getting.  Sort of an oxymoron using modified and classic ORIGINAL in the same sentence. 

 

In any event using ones personal experience as a universal guide post for and entire industry seems a bit jaded. Like you need to hate them because I do. Whaaaaaat?  :nopity: 



#11 67ChevyRedneck

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Posted 31 July 2017 - 08:50 AM

Good God.  Basing pricing on a few very high end examples is stupid.

 

I too, find the Hagerty guide to be fairly accurate, especially for conditions 2-4, and while most people refuse to admit it, what they think is a "2" is really a "3".   If we're all being honest, the vast majority of classics out there are in condition #3. 

I've owned and been around the 67-72 C10s for over 20 years, and while they have crept up in price significantly, they're still very much affordable (especially if you're OK with a long bed.)  Good running starter trucks can be had for 3-8K ( you can still pick up a total basket case for a grand or two).  A presentable truck that can be driven regularly and taken to shows can be had in the 8-14K range.  Trucks in the high teens and 20's are very well done restorations, or very well done resto-mods, or highly desirable trucks, like OEM 4x4 shortbeds (very few were built) or loaded Cheyenne Supers, etc.  You start getting into the 30-40K+ range and you're getting into some high end restorations and high quality trailer queens with an undercarriage you could eat off of.

 

While it's a great driving runner, my 67 C10 is realistically a condition 3 and my 65 Mustang is slightly below a condition 2. 


Edited by 67ChevyRedneck, 31 July 2017 - 08:55 AM.

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#12 i82much

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Posted 05 August 2017 - 08:18 AM

my 72 k10 longbed is worth a lot less than i have in it, but i use it frequently and it will not depreciate. might do a resto project with my son one day. not overly concerned with what it is worth, i like it and it still gets the job done.

none of that tells you whether these prices are accurate, but i think it is the best approach to enjoying an old truck.

#13 KARNUT

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Posted 05 August 2017 - 09:23 AM

A few years ago I watched a B.J. Auction on the speed channel. They had two little red express trucks. One original low mileage, one modernized new Hemi, overdrive trans, ac, nothing outrageous. It went for more money. Outside they looked the same. Ive owned both ways, even money I'd go retro ride myself.


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