We Should All Care about Million-Dollar Cars, Even If We Never Own One
Lottery jackpot aside, the chances of me ever owning a million-dollar car are, well, not good. And, yes, I do realize that my chances of winning the lottery are about the same as me winning a unicycle juggling contest on the rim of an active volcano in a thunderstorm.
So why should I care when some rich dude, or collection of dudes, or maybe a group of investor dudes spend wads of money on a car? It’s August, after all, which means Monterey Car Week and all the high-end auctions associated with it are upon us. We’re all going to see some version of “_____ sells for ($$$$$$) at _____ auction” repeatedly in the coming days. Again, why should I care?
Well, I do care, and I say you should care, too. Here are a few reasons why:
Personal connection
You might not have a personal connection with a very expensive car, but there are plenty of people who do. Keep in mind that while you may have grown up around, and have become a fan of Mustangs and Shelbys, there are people drawn to Corvettes, or Vipers, or Ferraris or Porsches for the same reasons. There are genuine, passionate enthusiasts of every marque under the sun, be they objects of a millionaire’s desire, or maybe just yours. We are all in the same hobby, there are just different price points.
Party talk
When someone in your circle of friends, one who isn’t into cars, reads about some record-breaking sale of a car he or she can’t understand, it provides you a chance to make a connection, provide some context, and grow the friendship. If you’re the one explaining why a 1969 ZL1 Corvette just sold for $3.14M (way more money than most ever thought a Corvette could ever sell for), your expertise is appreciated. Every time another article about an expensive automotive sale drops, the public can see that there is a huge appreciation for old cars, and it brings awareness to the hobby as a whole.
Investment
One of the big reasons some folks buy cars is because of the investment potential. (I know, boo, hiss, we all hate those guys, right?) But before you rush to judgment, hear me out, because “investment” in the car hobby has more than one meaning. There are plenty of extraordinarily wealthy owners who are true enthusiasts. Many of these folks are people I have come to know at shows and events. These guys also commission restorations. They build awesome garages, and occasionally museums. They hire people to research, move, maintain, clean and their cars for shows or races. The outsized money they spend supports local and regional economies, and the industries that keep our classics on the road. Remember that when you visit that car museum that might not exist if not for wealthy patrons, donors, or founders.
All of these actions can promote the understanding of the beauty and the history of the cars we love. Are there wealthy buyers who hide their treasures away from the public and never drive their cars? Of course. But the ones that don’t raise the visibility of the old car hobby and, every time a kid goes to a vintage race, a car show or an automotive museum, bring new people into it.
Events and entertainment
I’m no fan of reality TV, and I’m rather proud of the fact I have never watched more than a minute or two of anything with people stuck on an island (unless their name was Gilligan, because, well, classic). But, in reality, expensive cars have provided hours upon hours of both unscripted and scripted entertainment on both the small and large screen. Rebuild shows, barn finds, driving shows, televised auctions, chasing shows, whatever.
We pretend we don’t care about what the cars cost and what ridiculous sums of money that gets spent, but let’s admit it. We do. How many YouTube videos have we (collectively) watched where some guy abuses his Lamborghini, jumps his Hummer, or learns that cheaping out on his Ferrari engine rebuild is not always a good idea. Face it, it’s actually more fun to watch rich people spend money needlessly than to cringe when someone who can’t afford it gets stuck.
Paving the way
I’m defending what some might otherwise consider indefensible, but rich guys also tend to own the most expensive of collector cars, the ones that we might otherwise only see on websites or videos. The Federal Show and Display laws, those same set of rules and regulations that allow otherwise illegal cars to enter our country, were planned and developed with the input of wealthy enthusiasts so they could bring some exceptional rides to our shores before they were 25 years old. I’m going to call that a good thing, as I got to see more than a few Porsche 959’s and other cars at shows long before those 25 years had passed.
It’s an incredibly big hobby and there is room for everyone. We all play at different levels. Remember, you can feel absolutely miserable at a world-class Concours event on a fabulous golf green dripping with millionaires or be having the time of your life at a Show and Shine on hot and dusty parking lot with your car buddies. The next guy might feel the opposite, and neither is right or wrong. So when your gut reaction is to say “who cares” about an expensive car selling, remember, the goal is all about having fun, meeting people and swapping stories and maybe telling a few tall tales. The beers are much more expensive at the Concours than the Show and Shine, but I’ve been told they taste just the same.
I like just keeping up and being knowledgeable about all models at all price ranges.
While I am not a major car player I like to pick movers and losers to see if I chose wisely or not.
I have done well in choosing some but missed on others. At the end of the day I’m not out a thing.
It also helps to be wise to what may or may not be of value. What is one mans junk may be your ticket to success. I made six figures once on an item someone was tossing out.
Not only did I make some money but I was able to save some significant piece of history.
When I was a kid in the early 90s, I lived by some kind of Ferrari dealer or importer. The showroom never seemed to open, but it had a new F40 sitting in the window next to the sidewalk for what felt like years. I used to ride my bike just to visit the F40. One day the F40 was gone and I was devastated. I will likely never own an F40 but they will always be an important part of my enthusiasm for cars.
A bit too much of ‘The Butterfly Effect’ don’t you think? Should I care about the current prices of Ferrari GTOs? Probably not . As relevant to me as the prices of thoroughbred race horses or horseshoes for that matter. My limited concentration would probably auger better placed elsewhere. Like watching Jeopardy and realizing you know a lot of trivia that will do absolutely you no good what so ever. Besides I’ve comfortable with a certain amount of schadenfreud for instance. Seems healthy.
I presume (so could be wrong) that Jay Leno, about as regular – that is, unaffected – a guy as I can imagine would nod in agreement with your points, Dave. I’d even guess (so could be wrong again) that people here who disparage your article find many of Leno’s youtube vids and his tv car shows interesting or at least not a rich guy being obnoxious. The point is that for some people big $$$$ and the people who have it provoke an automatic grouchy dismissal. So you get the “bah, heck with them” response expressed here. So. it’s not about the cars and the (entire) car world but a kind of class distinction irritation. (Maybe why Leno always wear denim.) My take? If you persue what you love regardless of what others think, you’re probably going in the right direction.
Rich people will continue to do rich people things. Not sure it is mentally healthy to focus too much on that as a not-rich person…
Be careful of catering a hobby to the wealthy, equestrian stuff is a good parallel: 120 years ago just about everyone in America had experience with horses and most were either confident riders and or could handle a carriage in a pinch. Now there is a clear class line one must be floating above to do the horse hobby, unless you are that super-passionate person that goes the “I’ll be the stable hand” route just to get in. There is great money on various aspects of horses… but most people don’t care about it because it has become so unrelatable to their own lived experience. Gatekeep too well and you choke out the hobby.
“We Should All Care About ________________ Even If We Never Own One” is a solid premise of a series however. A few suggestions:
Fiero
Lemons racer
“salon spec” modified JDM cars
vintage modified (aka early stock cars)
gen 1 Civic
Model T
Kaiser Manhattan
Nash Metropolitan
Rambler
Studebaker Lark
Studebaker Wagonaire
Jimmy Deuce-and-a-half
Lowrider culture
…and so on…
Well written. But no. I don’t care.
My big beef with the million dollar car is two-fold. One, I have watched cars that were neat old cars when I was a young lad soar into oblivion price-wise now that I’m in a position to collect. Two, even if I were to miraculously get my hands on one of these cars, they are way too valuable to drive. It is a process that is increasingly taking the fun out of cool old cars
The purpose of any car manufactured, whether by assembly line ( Vega) or by hand (Ferrari) is to move people somewhere instead of using a horse, or public transportation. Once this purpose is no longer being fulfilled, it can no longer be called a “car”. It is an object that is used to fulfill a dream, or idea, or lifestyle. That usually means it has become art. These million dollar cars will never appear on the 495 Beltway around Washington DC like my 2004 Corvette does. Or even my 1954 Corvette has. I love those cars. But I use them to get around. I would be willing to bet the heater core in my ‘72 Vega you will never see the ‘69 “3-million-plus-dollar Corvette anywhere on public roads ever again. You cannot blend collecting millions of dollars of art with collecting useful automobiles. Not even close. See you at Cars and Coffee in Tysons Corner VA. Just off 495.
I care about the cars that interest me, regardless of their price. The sad fact is once they reach some magical price point the ability to see them tends to dry up really quick.
Great article, thanks for sharing!
$3,000,000 to spend on a OLD car. Humm.
I’d rather have 300 $10,000 (on average) examples.
Of course only if I had another 3 Mil for a building to keep them in.
I’m a car guy, favor C3s in particular, but still wouldn’t be able to explain why that one sold for $3M+ at a party.
I’m a car guy, favor C3s in particular but I still wouldn’t be able to explain at a party why that one sold for $3M+.
True story , Arizona concourse , being a dealer I was becoming jaded I decided just to take photos of dashboards . Everyone was very accommodating & i get to sit in every car I asked. The last one was record setting F Car selling close to 30 million earlier that year. My buddy thank him for letting me sit in the car & get detail shots. He said he was just the handler & didn’t think the owner even liked cars. I asked why did he drop 30 mil on a car then ? “So you can’t have it “. The same mentality as big $$ art , only to be displayed in private or place in a warehouse out of site. I love the fact that someone preserves the auto , what he paid for it has nothing to do with it.