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Spiraling Economy Hits Vintage Car Market

Many Car Buyers From Overseas

POSTED: 7:25 pm PST December 3, 2008
UPDATED: 11:57 pm PST December 3, 2008

The economic downturn has now run into a head-on collision with classic car collectors.

The Towe Museum in Sacramento has about 20 cars for sale on behalf of vintage-car collectors.

Some of the owners are in a financial squeeze after using loans or credit to buy vintage cars, while others just need the money.

"I do believe that part of it is the economy," said Karen McClafin, the Towe Museum director. "We are finding that people are more apt to be selling their cars right now due to economic situations they might be in."

When the Towe Museum acts as a broker, it earns a commission when a car is sold. In fact, commissions from sales are the number one source of revenue.

And most of that revenue has been coming in from overseas lately, with people purchasing the classic cars online.

"The buyer was from Sweden, and the runner up bidder was from Denmark," said Rich Borqquest, who recently sold his classic 1937 Buick Business Coupe. "I think their dollar will buy a lot more of our stuff because of the exchange rate."

Borqquest was able to fetch more than $26,000 for his vintage vehicle.

McClafin also said that most of the cars the museum puts on eBay for sale end up going overseas to people in Euorpe, Australia or New Zealand.

Borqquest has another reason why the vintage cars may be a hot seller right now overseas besides the weak dollar.

"American cars are popular because of the old movies," he said.

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