Mecum Auctions- Pricing

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wwwfora

wwwfora

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I've been watching Mecum Auctions on HDTV. Doesn't it seem strange how cheap these cars sell for? I mean I've looked at many cars and a lot of different prices and even if these cars are rebuilt and not numbers matching, for the condition I can't believe the prices they sell for. Am I missing something here? Makes me feel like I really go ripped off buying mine!
 
I go to the Mecum auctions when they are local and also drove the cars through the Spring Classic auction for about three years when it was in Belvidere. What I noticed then is that there are several cars that need something, either detailing, engine work, or more. Looks can be deceiving. On the other hand, a lot of them are very, very nice. I think what your seeing is a flat or falling classic car market. I watched the BJ auction that was a week or so ago and noticed the same thing. I wish I had more cash, I'd be buying!
 
Superbird went for $60k today (don't know if it was live), made me sad I wasn't there to bid!
 
Also, is there anybody who has used MECUM to purchase a car? Curious on how many details the owner gives you about the cars condition? Any advise would be appreciated about bidding.

Thank you
 
Most of the nicest cars change hands on word of mouth, or private deals not auctions,
 
EL5DEMON340 said:
Most of the nicest cars change hands on word of mouth, or private deals not auctions,
Click to expand...

I think that is starting to change. You have 5 or 6 major auction houses roving the country each selling 2-300 or more cars each month. Not to mention the all around auction houses like Christies that are doing very high end stuff. They are getting heavy TV advertising and coverage. The auction is basically becoming mainstream for most cars, which is leaving Craigslist with the subpar cars and fixer-uppers.

They were advertising a Corvette only auction with over 400 Corvettes, that is some serious movement if they sell 60-75% of them.
 
Actually,

I'm more curious about hearing from people that have actually bid before, because I'm curious what the "MECUM" checkover on the car is prior to bid? Also, what does the seller have to divulge as far as issues with the car? I know it's risky, but a car with bad compression isn't worth half the price as it would be if it were otherwise. Hope to hear from somebody. BTW, I never hear anything about classic cars where I live, so I almost have to go to conventions or watch classic TV shows. This is on HD Theater.

Thanks again!
 
They aren't going to give it more than a visual inspection. Probably decode the vin. The high end cars tend to have corroborating evidence of some sort as to their authenticity, pictures and docs on restorations, etc. The low end cars are going to be "as is" and you will have only what the owner says, just like any other car you would buy.

I watched a behind the scenes type piece on a guy buying a car at an auction and he happened to find an oil service sticker in the car, he called the shop and was able to get a full repair history on the car which was quite extensive.

I've never even been to a Mecum, but it is easy to assume that logistics and time would prevent them from doing much of anything to check on what the seller claims on any cars unless they are likely to sell for over $75k.
 
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