Never Stop Driving #28: The $50,000 Beetle
Car people, me included, can be a tiresome lot. We’ll gleefully debate the merits of a tappet versus a roller cam, recite 0-60 times for days, and revel in our insider’s jargon. Worst of all, many of us feel the need to claim that we make money at our hobby.
I’m not talking about professionals who actually take their paychecks from trading cars, I’m talking about casual car fans who brag how much money they made on their last flip. At my local cars and coffee, I hear a lot of car-trading boasts. While I’m convinced that at least half of these stories are total bull, I’m perplexed why so many car owners feel the need to even tell them. Status in the car community is somehow tied to financial prowess rather than enthusiasm, discernment, and knowledge. I don’t get it.
One of the best lines I stole from McKeel Hagerty, and there have been many, is this: “I buy high and sell low.” My cars are a hobby and they cost money, just like golf. I’ve sold a few cars for more than I paid, but with a full accounting that includes parts and my labor, they were losers. Who cares? I buy high and if that makes me the fool to others, fine. I had a great time and at least I’m honest.
So I felt a kinship with the man who recently paid $51,000 for a 1977 Volkswagen Beetle, which we featured in our sale of the week. Oh, boy, did some commenters weigh in about the price. The VW buyer responded with a wonderfully thoughtful essay that explained his passion. Reading it, I felt sad that the naysayers couldn’t see past the price and help the man celebrate that he bought something he loved. “I liked this car and had the money,” said the Beetle buyer, “so I bought it.” Amen, brother. Enjoy it.
Yes, I must admit that Hagerty Media almost always talks about prices when discussing cars. We even do an annual list that predicts which cars will go up in value. Are we then part of the problem?
Our philosophy is that most of us don’t have infinite funds, so we all need to be smart with our money. We provide resources to help, like Hagerty Valuation Tools and Hagerty Insider, a website dedicated to the market. There’s even a new weekly podcast called No Reserve. We also believe that more information invites more people to join us.
As for our predictive list, Bull Market, we started it five years ago to show just how inexpensive the car hobby can be. Those are cars that you can buy, enjoy for a few years, and then sell for about, or perhaps a little more than, what you paid. We always advise people to buy what they love and then they’ll never be disappointed.
My new love is a modified Datsun 240Z that our own Henry Catchpole featured in his latest video. Sadly, those machines are out of financial reach, which means I might have to set my sights on a…..Fiero. You probably think you know everything about that mid-engine Pontiac, but I promise you’ll learn much more, and laugh, while watching Jason Cammisa’s latest video on the plastic two-seater.
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I heard the full quote as “I buy high and sell low so others don’t have to.” That’s my motto! The only exception was a 1962 VW bug that I bought in 1970 for $75 because the engine had blown. My dad and I rebuilt it using the original Idiot’s Guide. I drove it for three years in college and sold it to my sister for a small profit. Love the weekly newsletter.
For me it is a hobby and most of the cars are toys. Most being old. It is not very expensive. Usually sell because I want the garage space for something else.
Lately I find myself usually acquiring two: one nice and one really cheap for parts but driveable.
Did outgrow Fieros but have mostly GM two seaters (not Corvettes) that were technological marvels (touchscream in dash in ’88). Do prefer 200-300 hp, 2.8-4.5 liters. All must have AC.
So for me it is “buy low and sell reasonable.”
Great article Larry, it certainly stuck a cord with me. As a kid I always loved the Corvettes, but they were always priced out of reach. I finally got one when middle aged after a good year financially. Realized I became one of those middle-aged balding guys with a Vette that I used to see as a kid (and killing it). I also love watching Roadkill, seeing those guys ignore the shiny paint, go and get that Charger, Mustang, Roadrunner whatever you always wanted. Forget that its now 40-60 years old, get it running, drive the hell out of it, and have some fun. It’s all very satisfying to live a day in the life of Freiberger and Dulcich. It’s also very inspiring to see guys follow their passion no matter what the budget. Got a low budget – No judgement here. Quite the opposite – high praise for getting off the couch, having some fun, and living some dreams.
By the way my son bought a firebird when he was 16, he has kept it 20 years and he is now 36. He told me the other day that the price quit dropping and has now come back up to at least what he paid for it. So maybe that is the secret to solving the old buy high and sell low concern – don’t sell, keep them.
Yeah, there’s a saying that says you didn’t pay too much, you just bought too early. Would love a genII Firebird. BTW< I'm 52, and am restoring a Ferrari so definitely worry about the old-dude stereotype…
Great newsletter! I always follow the rules: “Buy what you like”, and “Buy the best example you can afford”.
Hobbies are supposed to be fun. I play with cars and have fun learning and wrenching. If I start thinking profit and loss it’s now a business and that is nothing more than a job. I’ve played with a Datsun 240Z, a 260Z, an MG TD, and recently with plan B …an MGB. Once I rejuvenate the toy and play with it for awhile (and all the bugs are out) it’s time to find then next new (old) one and dance with it. Like having new girlfriends all the time, and not getting into trouble for it!
Larry, I enjoy reading your Friday email! Thanks.
Larry, I enjoy reading your Friday email! Btw, just waiting on delivery of a Boxster S from Hagerty auctions. Replaces my Boxster S with 184,000 miles. Thanks.
Larry, I thanks for your update. Btw, just waiting on delivery of a Boxster S from Hagerty auctions. Replaces my Boxster S with 184,000 miles. Thanks.
Dang, lucky you as you’ve found a favorite kind of car. Nice!
I am a huge z car guy. I had one road going 280Z for a while and now my son and I race a 240Z and a 280Z. We also have a 280Z shell behind the house (just in case) and we are building another 240Z race car. Hindsight being 20/20, I should’ve restored this car instead, but when we made the decision to build another race car, their selling prices weren’t ridiculous. I used to buy parts cars for $500. now they’re $5000+. Whatever your passion, spend the money and do it. You can’t take it with you.
I’ve always said it’s easy to make a small fortune buying and selling special interest cars. You just need to start with a large fortune.
I spent 7k on a severely rusted VW double cab. Probably only worth about 2 to 3k at most, but I’ve been trying to buy it for about 10 years and it was my dad’s. Lots of family history. Hopefully with a truckload more cash it can be on the road again making more memories.
Flippers often leave out what it cost them to own the car. I sold my 1991 500SL last spring, owned it for 8 years and sold it for $1000 more than I paid for it. Woo Hoo! But…I had $8000 in repair bills over those 8 years (and the convertible top worked perfectly), not to mention insurance (with Hagerty) and fill ups with premium unleaded while getting 10-12 mpg.
Sounds like you had some very cheap fun there….
Thank you, Dr. Webster. Words of wisdom, yours: “I’m perplexed why so many car owners feel the need to tell them (stories about profiting from a car sale). Status in the car community is somehow tied to financial prowess rather than enthusiasm, d i s c e r n m e n t, and k n o w l e d g e. I don’t get it.”
Neither do we, Larry, those of us who only bought what we like, money talk destroying this hobby. Sure, cars cost money. So do other pursuits. So do food, clothing, shelter. What else is new?
I printed out your above article and highlit key lines for my offline retired neighbor, who is unable to talk about any old car, be it merely old, vintage or august, without then invoking money, “worth,” as if that’s substitute for knowing not just how a given car built, but w h y, understanding its design, engineering, how it compared, contrasted with competitors in its day.
We also think it hilarious when someone says they can’t afford a fine vintage piece like a Pierce-Arrow, Delahaye, Auburn, Bristol, etc., only to drone on and on about how much money he’s dumped into a “numbers matching” Mustang, Camaro, as if that makes it worth more, and he could’ve easily bought a strong-running example of a sound vintage car like the preceding examples, let alone a hundred other illustrious makes and models, f o r l e s s.
Please, sports fans. Not maligning your Mustang, Camaro, teenybop “muscle car,” et al. But you get the point.
This is a nice series Mr Webster, keep up the good work.
Hey, if the appreciation in my ride just covers operating expenses – aka I get to drive it for free – I’ll be happy. Ironically, I recently bought one of my “dream cars”. The model had been slowly appreciating over the last 10 years and I figured it was now or never. Since the purchase, it’s experienced a significant jump in value but I couldn’t care less. I bought it for exactly the same reason I bought X1/9s and Scorpions back in the day: because I love driving mid-engine sports cars (OK, maybe the fact that I’d lusted after one for 45 years had something to do with it to). But even with the jump in value I never hesitate to drive it every chance I get because A) It’s just a collection of (mostly) replaceable metal and rubber and fabric and B) The dumb thing is still worth less than a lot of new mainstream SUVs. No one thinks twice about jumping in their Tahoe to go grab Thai take-out in a monsoon, and while I’m not quite that adventurous with my 40 year-old sports car, I am eyeing my local weather forecast (I live above the 45th Parallel) to see if I can sneak out for a quick run tomorrow.
Bottom line, do what makes you happy. If that’s flipping cars, great. If it’s driving the wheels off of them and then rebuilding them for the next generation, that’s cool too, but no need to cast aspersions on either faction.
Well said!
I buy a lot of cars that I want to experience for a year or so, then move on. I try to “buy right” and so far my sales have worked out very well.
I do often explain to people that I have made or expect to make a little money on the cars I have, not to brag, but rather the opposite. To make a point that I’m not some rich guy throwing money around on fancy cars and flaunting it.
Love the podcast!
Thank you Gary, for listening and reading.