72 "converted" 4x4 sold for $79,000 at BJ

[brad_man_72]

I watched a pos batmobile replica that was very poorly built sell for $90k. There's a butt for every seat

[70cst]

To me it shows that these trucks rock and these trucks are starting to really catch on

[redbaron]

Feeling better about all the money and time we have into our real 72 K10 Cheyenne. We did 90% of the work and it's spread sheet numbers are still high. When high investment in time and/or money builds are done the quality shows. NOS parts also push up the build prices.

The truck market is on fire. Especially GM 67-72. The square bodies are also on the rise.

The 2nd gen Trans-Ams are hot and getting hotter.

I think all of these vehicles would have climbed in value earlier if the great recession had not came about.

[blue 72 gmc 4x4]

Originally Posted by 70cst

To me it shows that these trucks rock and these trucks are starting to really catch on

Exactly, look what happened with the muscle cars.

[joeydurango]

Not telling you what to do, Grumpy, but isn't that part of the problem? Reduced supply in response to artificially inflated prices just makes those prices even more artificially inflated. I can see where you're coming from as an individual trying to make a living in the world, but for people just trying to get into the hobby for it's own sake and not as a money maker, having builder-quality trucks locked up in barns as "savings accounts" is a real bummer. Just a thought - not ragging on you, just thinking out loud...

[Grumpy old man]

Originally Posted by joeydurango

Not telling you what to do, Grumpy, but isn't that part of the problem? Reduced supply in response to artificially inflated prices just makes those prices even more artificially inflated. I can see where you're coming from as an individual trying to make a living in the world, but for people just trying to get into the hobby for it's own sake and not as a money maker, having builder-quality trucks locked up in barns as "savings accounts" is a real bummer. Just a thought - not ragging on you, just thinking out loud...

Well...it won't be a bummer for the guy wanting to buy a builder 5-10 years from now thats not rusted to death . I'm not buying them and flipping for twice the price in a week . I'LL WANT 20 TIMES THE MONEY HAHA !. NO really I'm keeping some old metal around for the next builder wanting a solid truck to start with . It's a gamble on the price going up but look whats happened in just the last 5 years . think of it this way maybe the next round of guys will want completely stock trucks instead of chopped up ls conversions dropped to the ground with "patina" it's called investing for the future and every truck out there is an investment to be sold someday by the owner his kids or grandkids . heck by 10 years from now they may make them hover on solar power ! banks pay basically nothing in interest on cash someone has sitting in an account whats wrong with investing in some old trucks ? There are dozens of members in here with 3 times the number of trucks I have stashed .1 is just a hobby

[67 chevelle]

I saw a big block 67 vet go for 75,000 . 80 trans am go for 100 ,000. It depends on whos biding , 2 wealthy guys that want it , is a sellers dream , they serve alcohol at these events .

[leddzepp]

Originally Posted by 67 chevelle

they serve alcohol at these events .

For the same reason they serve alcohol at casinos
A drunk and his money soon part ways

[Big Kev-O]

If you are rich guy with 80k to burn it probably more about getting a truck that is to your liking vs. actual value. Now your average guy like most of us wouldn't pay half that without feeling we got ripped off.

That messed up door paint does look stupid.

[67 cst swb]

Great! Now the price that everyone is asking on craigslist and other For Sale sections just went up another $10,000. There goes Barrett-Jackson ruining the real world again.

[yfs200p]

I have a freshly restored 1972 K10 SWB that unlike this one, is an original 4wd truck, and the two tone is painted correctly. So mine is actually better than this one and in that case, I can't see getting a penny less than $90k when i decide to sell...

In all seriousness I have mixed emotions about this. It's great in the sense that it shows there are people out there willing to pay big money for these trucks which in turn makes them more valuable.
However,when we all go to buy that next truck, the seller will reference Barrett Jackson and say "you know these trucks when restored can bring 80k" and they ask astronomical prices for something that is just one step up from junk. I can't even find an affordable square body truck anymore that hasn't been beat right to the ground by some teenager. It's depressing really. Oh well I guess I'll just sign with BJ when I need to sell! (Hopefully never)

[Malamute]

Tough crowd. Would I have paid that much for that truck? No. That being said, it's not my money and hopefully whoever bought it is happy with it.

As Gary Coleman would say.....Diff'rent strokes for diff'rent folks.

[DLTruck1973]

Originally Posted by Malamute

Tough crowd. Would I have paid that much for that truck? No. That being said, it's not my money and hopefully whoever bought it is happy with it.

As Gary Coleman would say.....Diff'rent strokes for diff'rent folks.

Whatchoo talkin bout Willis

[Malamute]

Originally Posted by DLTruck1973

Whatchoo talkin bout Willis

I'm glad I'm not the only one dating myself by knowing what that meant.

[70STOVEBOLT]

I would not pay that kind of money for a truck or car, but I like to drive my vehicles. a lot of people would hate me if I was rich because it would not matter what I had I would still drive it a lot. Even a 71 Hemi Cuda convertible. They were made to drive. Why pay $80K for a truck and sit and look at it?

[Grumpy old man]

Drive them like you stole it , Primping over a garage queen drives me nuts I love nicely built trucks but $80k ? for that I can buy another rental house and leave it to my kids/grandkids future. MY brothers are car guys too one has a few $100,000.00 + Porsches that sit in his garage the other builds and sells 3/4 scale euro kit race cars for a retirement project and sells Huge amounts of race parts ,I don't care for either one ...the type cars the brothers are ok.

[rsmarr1982]

It was converted to 4wd (professionaly) but they never hooked up the hose to the booster for power brakes lol

[Grumpy old man]

Most business licenses cost less than $100.00 once you have one your a professional builder .

[John H.]

"It was converted to 4wd (professionaly) but they never hooked up the hose to the booster for power brakes lol"

I noticed that too, along with the AC, Rad hoses etc. Probably needed pics for the auction book and were pressing to finish.

The 72 CS K20 project I just finished up had $30k in receipts with $0 towards my labor. I actually donated my time (hundreds of hours) for a very close family to ours. I have my own family truck with twice as much in it as it is worth and I don't care.

Moral of the story is begin with the end in mind and build it to the level you want and can afford.

Take your frame off completed trucks to BJ and put in the auction at no reserve and see if you pucker up a bit before the auction ends. You have to remember these sellers signed up last Summer for this auction and watched the stock market decline in the weeks prior hoping to get their investment covered.

Hats off for the buyers willing to put their hard earned money toward their dream and for the sellers to risk their investment without a safety net.

It's all good

[CastIron]

I have been in the auto industry a long time and may see things a little differently than most people. But I have a good understanding on how much it really cost to fix things and do it right. It is possible to spend a huge amount of money to restore a vehicle, but it isn't necessary.

First off, I would never pay retail price for any parts unless I had to. Almost everything can be found cheaper if a person is willing to spend some time looking. Wait for a sale or consider buying used parts. I once bought a truck for $200 that had a power steering pump, steering gear, and an Edelbrock intake and carb that I wanted. The steering parts were repainted with good quality rattle can paint and the manifold and carb cleaned and look as good as new.

And speaking of used parts, it helps to learn how to refurbish things. Not everything has to be new. A lot of smaller parts can be made to look like new with a little work.

These trucks are pretty basic. Almost anybody with a little knowledge can fix most things. And with forums like this there's no reason to not educate yourself and do some of these repairs.

I would try to avoid paying a big shop to do work. If you can't do something yourself, find a small shop (with little overhead expenses) or somebody who works at a shop that is interested in doing side work. Finding the right person to work on a vehicle is probably the hardest part.

A restoration can be done at a reasonable price, it just takes more thinking and more time.

[davepl]

Originally Posted by CastIron

A restoration can be done at a reasonable price, it just takes more thinking and more time.

That's why mine cost $85K instead of $250K, I did all the work myself (almost).

If my labor were done and priced professionally, it'd be a $300K restoration. But since professionals would be faster than me, you'd be at $250K. Which is ballpark what it costs at any quality restoration shop for a full restoration (with some rust).

I don't mean "Gas Monkey Garage" restorations, I mean Musclecar Restorations or Legendary Motorcar restorations. Drop your keys and a $250K check off and they'll call in two years to tell you what your balance is.

Or you can restore it to look good from 20 feet away for $20K, I know that. The last 20 feet are expensive. The last 3 inches are priceless - that's where you're looking for 2000-grit sanding sratches in chrome or a slight haze in your stainless polishing from the wrong media.

Some will say "you've said that all before", but I repeat it every couple of months when the "That's a really nice truck, the owner must be stupid to spend money" thread comes up.

[Coley]

Originally Posted by CastIron

It is possible to spend a huge amount of money to restore a vehicle, but it isn't necessary.

First off, I would never pay retail price for any parts unless I had to. Almost everything can be found cheaper if a person is willing to spend some time looking. Wait for a sale or consider buying used parts.

And speaking of used parts, it helps to learn how to refurbish things. Not everything has to be new. A lot of smaller parts can be made to look like new with a little work.

This is an excellent take on the hobby,....and I fully agree.
There were literally millions of these trucks made so don't invest money or time that you think someone will pay you for....because it supposedly cost you personally somehow...time and money. Most people either don't care and/or often don't believe the 32,000 hrs @ $150/hr invested angle and most buyers, even serious, would never buy based on that balance sheet...that is something the builder owns solely.....noting perhaps Chip Foose is one of the few exceptions...lol
Anyways, life and certainly economics doesn't work that way 99.5% of the time...never has.

Invest in your truck for you....do not think that everyone is waiting for your personalized masterpiece because many...most? aren't....public adulation and payback comes in about a 5-8 minute review and walk-by at the show'n shine...and that's about it. If it's highly personal...thats different, enjoy your effort....but take the public review value and resale value to the public, out of the question.
Be careful what you put effort and money into.....but most of all enjoy on it a personal basis first.

My two bits.
Coley

[davepl]

Sadly I can't really call spending money on my truck investing, any more than if I played golf I could call it "investing" in my mental health or exercise or something.

Fellows like Grump Old Man that are stockpiling dry parts might be investing - I already have my post-apocalypse barter stuff squared away though :-)

The vast majority of us, since we spend more than its worth, are just spending. Some of us are spending more than others.

If some guy has $20M and spends 50K on a truck is that any crazier than if a guy has $20K and spends $50 bucks on his, given a similar rate of return? Not to me, at least not until you've overrun the value of the truck so wildly that it's just wasting money. And if that $50 bucks is for a steering wheel wrap or fuzzy dice, it's worse!

[Wasted Income]

Can we see pics of this $85k/300k '70 GMC?

[davepl]

Originally Posted by Wasted Income

Can we see pics of this $85k/300k '70 GMC?

Hey, whoa, I never said $300K - that was IF it were done by professionals (like one of maybe 10 shops in the country). And I specifically said my work is NOT at a professional level. My truck's not even correct in a number of ways, so I'm not claiming any VALUE, just what I spent (less than 85K, but not much less).

Things that add time: the gas cap and every other original or NOS part that I hand-restored to high lustre/like-new.

Things that add cost: the two reproduction batteries, one T62, one R59, because that's how it came.

So it's that sort of thing - you could have an identical truck with Costco batteries for $600 less. But that kind of thing matters to me.

I also have NOS hubcaps on factory wheels. Do you know what me and 28 other bidders agreed NOS 8-bolt chrome hubcaps are for a one-year (or 2) option? About $1500. So you could have the same truck for $1500 less. Or don't cad-plate the booster, save another $250. Don't rebuild the rear end, the posi is probably fine. Don't dyno the motor, that's almost a grand. Don't replate the carb, that's pricey. You get the idea.

The engine compartment photo is old and unfinished, hence the tape where I'm checking AC o-rings, but I wanted to post an engine photo. Getting all the stock stuff in the right place matters. The engine is painted with autobody supplies and a gun using the correct leaded acrylic enamel. It's even hard to find. But a rattle-can works, I get that.

Since it has the original 402 Big Block, AC, Buckets, Console, Air, Tach, Tilt, Vacuum, Speed Warning, AM/FM, Dana 60 Posi, GM PleasureLift, GM PowerPack Compressor, GM Compass, and more... Honestly it might bring $30K on eBay, but I built it for me, not eBay.