Americans Growth To Like Old Cars

Posted: January 10, 2009 at 6:47 am

Old_carImagine millions of Americans owning antique cars. A 1966 Ford Fairlane is worth almost $140,000. A 2001 Chrysler Prowler $40,000.

Consumers are keeping their vehicles much longer because they cannot afford to buy new ones. If they hold them much longer, they may become so ancient that they qualify to become collectibles. If people have lost the equity in their homes, perhaps they can get it back from the value of their vintage cars.

According to Bloomberg, "Used vehicles being traded in at dealerships averaged 6.3 years of age after the Wall Street meltdown in late 2008, about 6 months older than before the crisis, according to forecaster J.D. Power & Associates in Troy, Michigan."

Put another way, the car companies get into deeper trouble every day.

Douglas A. McIntyre

Read more: Autos
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