- Chubb Collector Car Insurance

Volume 7 / Issue 1
Powering All Four
Wheels
G
rowing up in rural New
England, I was afforded the
opportunity to learn at an
early age the wonders of four-wheel
drive. Not the modern incarnation
“all-wheel-drive” Costco-mobile, but
the real deal: Locking hubs, low-range
four-wheel drive and a plow frame.
One time, my cousin Greg asked if I
would help haul firewood in his Dodge
Power Wagon. We made several trips,
managed to get the Dodge only
mildly stuck, and kept the damage of
driving off road to a minimum (sorry
about cracking the back window on
the cab, Greg — too much youthful
exuberance).
The point is that my youth was filled
with Scouts and Broncos and Blazers
(oh my!).
The idea that one could enjoy all
the benefits of a power takeoff AND
have a back seat? Nirvana!
This issue of the “Insider” takes a look
at the trends in trucks and SUVs in the
collector car market over the past few
years. We’ve all seen tons of Landies,
FJs — and the occasional NAPCO
package fitted on products from The
General — cross blocks in the past five
years. Nostalgia? You bet. That any
survived the tin worm or the errant log
toss is practically a miracle.
As a reminder, we’ve created a
readers’ survey as a way to help us
continue providing content that grabs
your interest. We’ll be selecting a winner on April 1, 2016. After completing
the survey, you’ll be entered into a
drawing to win our Grand Prize, a
2014–15 Historica Selecta Classic Car
Auction Yearbook, a $50 gift card
to Griot’s Garage, and a Chubb
Collector Car show kit. You can enter
online at: www.chubbcollectorcar.
com/survey.
Jim Fiske
Senior Vice President
Chubb Personal Insurance
jfiske@chubb.com
In This Issue
1980s–90s Supercars on the Rise����� 1
Gooding on the Market������������������ 2
Ten Amelia Auction Headliners��� 2–3
The Classics��������������������������������������� 3
Chubb and Corvette Museum�������� 4
Legal Files������������������������������������������ 5
1960 International B-110 Travelall������ 6
1980 Jeep CJ-5 Wrangler Renegade�� 7
Upcoming Events����������������������������� 8
insider
Collector Car
The Market Consolidates
Expect to see fewer million-dollar cars at Amelia Island, but
keep a sharp eye on supercars from the 1980s and 1990s
by Keith Martin
F
25th Anniversary Lamborghini Countach — one of the 1980s–90s supercars on the rise
or those of you who enjoy amusement parks, the past few months of the collector car market have offered quite a
roller-coaster ride. And it’s not going to stop — the upcoming sales at Amelia Island are sure to continue the ups
and downs.
In the 20 years I’ve been a judge at the Amelia Island Concours, I’ve watched the event grow from a regional car show
to a top-tier event, and auctions and other events are now a big part of the weekend. This year, Gooding & Company’s
selection of Porsches from the Seinfeld Collection has captured the attention of Porsche fanatics from all over the world.
The results from the 2016 Scottsdale auctions — down about 15% from 2015 — demonstrated that the market is
pausing to catch its breath after a long climb. Fewer multi-million-dollar cars were offered, as wealthy collectors paused
to assess market conditions.
There’s a danger in bringing an important, expensive car to market. If a big car doesn’t sell, its market value can be
hurt. A car is only “fresh to market” once.
As wealthy collectors rarely have to sell their cars, they can choose to sit out a few months — or even years — until
they feel the timing is optimum to offer an important car. So in this time of uncertainty, expect to see fewer seven- and
eight-figure cars crossing the block.
I am keeping a sharp eye on a segment of the market that has had a lot of activity — the cars from the 1980s and 1990s
that soared in value over the past six years. In 2010, 1989 25th Anniversary Lamborghini Countaches and 1985–91
Ferrari Testarossas were almost impossible to sell. Few collectors wanted them, and they could often be purchased for
less than $100,000. They were just depreciated used cars.
Now they are hot items, with exemplary examples of both coming near the $300,000 mark. Is this a true change in
values — or just a temporary run up? We’ll find out in Florida this March, as the market continues to reveal itself to us.
The Goods
by David Gooding
Ten Amelia Island
Auction Headliners
1
1961 Ferrari 250 GT SWB
California Spyder
Gooding & Company
One of 37 covered-headlight SWB
Cal Spyders. First time offered for
public sale.
Gooding estimate: $15m–$17m
2
1955 Porsche 550 Spyder
S
pring marks the return of motoring
season, as the weather finally allows
that top-down drive through your
favorite canyon road.
For Gooding & Company, the
change of seasons means we are revving up for our Amelia Island Auction,
held at a premier East Coast destination
— the Omni Amelia Island Plantation in
Amelia Island, FL — on Friday, March 11,
at 11 a.m. EST.
Our Scottsdale Auctions in January
saw strong results, realizing more than
$43 million and an 86% sell-through
rate. Nine cars sold for over $1 million.
We continue to emphasize our strength
as a leading auction venue with the
highest-quality consignments, as well as
award-winning marketing, presentation
and hospitality.
For this year’s Amelia Island Auction,
we are thrilled to bring one of the
most significant collections of 2016 to
market, as we present 18 selections from
The Jerry Seinfeld Collection. We feel
privileged to offer this exciting array of
cars from such a definitive Porsche connoisseur to our clients. These wonderful
Porsches, ranging in date from a 1955
550 Spyder to a 2012 997 GT3 Cup 4.0,
perfectly showcase the genius of the
Porsche philosophy and its remarkable
design evolution over the past six
decades.
We have also recently announced
the addition of the iconic 1961 Ferrari
250 GT SWB California Spyder. This
highly coveted Ferrari is one of only 37
covered-headlight examples produced
and has been in the loving care of the
current owner for over 30 years. The
California Spyder was also featured
in the Italian film “Ieri, Oggi, Domani”
(“Yesterday, Today, Tomorrow”), starring
Sophia Loren and Marcello Mastroianni.
We hope to see you at our seventh
annual Amelia Island Auction, an accommodating location for our growing
worldwide collecting community. If you
are unable to attend, please join us by
viewing our live webcast on our website.
You can register to phone or absentee
bid with the assistance of one of our
team members.
2
Collector Car Insider
Gooding & Company
Three owners from new and
exceptionally original. From the
Jerry Seinfeld Collection.
Gooding estimate: $5m–$6m
3
1937 Bugatti Type 57SC
Sports Tourer
4
1973 Porsche 917/30
Can-Am Spyder
5
1932 Ford Model 18 Edsel
Ford Speedster
Bonhams
One-off Vanden Plas coachwork
on a supercharged 57 chassis.
Contact Bonhams for estimate
Gooding & Company
The climax of road-racing Porsche
power. From the Jerry Seinfeld
Collection.
Gooding & Company estimate:
$5m–$7m
RM Sotheby’s
One of three custom Speedsters
built for Edsel Ford.
RM Sotheby’s estimate:
$1.2m–$1.4m
As one of the top-tier automotive weekends on
the American calendar, Amelia Island brings out
the best of the best in auction consignments.
Here are 10 star cars for 2016
The Classics
6
1933 Maserati 8C 3000
biposto
Bonhams
Supercharged Grand Prix racer
from long-term ownership.
Contact Bonhams for estimate
Looking for Classic
Motorcars? Visit a CCCA
Grand Classic in 2016
by David Schultz
CCCA Past President and
CCCA Museum Trustee
7
1957 Ferrari 250 GT
Berlinetta TdF
M
any car enthusiasts who are relatively
new to the car hobby and enjoy
Classic automobiles — as defined
by the Classic Car Club of America — aren’t
aware that there are other venues besides a
concours d’elegance to see these magnificent
automobiles.
Classic automobiles are defined by CCCA
as “fine or unusual foreign or domestic automobiles built between and including the years
1915 to 1948 and distinguished for their respective fine design, high engineering standards
and superior workmanship.”
Before the rapid growth of concours
d’elegance events across the U.S., there was
only one way to see a lot of Classic automobiles — at a CCCA Grand Classic, which featured the great foreign and American Classics
for both club judging as well as display.
CCCA regions sponsor these events. Each
year, they’re held in different locations. For
example, CCCA Grand Classics have rolled
into Cape May, NJ; St. Paul, MN; and La Jolla,
CA.
After reading about these grand automobiles in magazines, I attended a Grand Classic
in Dearborn, MI, more than 50 years ago, and it
changed my life.
2016 offers five Grand Classics — all open
to the public. In some cases, the weekend
includes a driving tour and visits to area historical attractions.
The first Grand Classic, from the CCCA’s
Southern Florida Region, was on February 21 in
Boca Raton, FL, in conjunction with the Boca
Raton Concours d’Elegance.
The second, a product of the San Diego/
Palm Springs CCCA Region, is on March 12 in
Rancho Santa Fe, CA.
A National CCCA Grand Classic will
happen on June 4 on the grounds of the
CCCA Museum in Hickory Corners, MI, held in
conjunction with the CCCA Museum’s annual
Experience on June 5.
The Ohio Region will hold a Grand Classic
on July 9 in Salem, OH, in conjunction with a
Mini-CARavan that weekend in northeast Ohio.
The Indiana Region will host a Grand Classic
on September 10 in Kokomo, IN, as part of
an Indiana Bicentennial Celebration that will
include a Grand Stutz event and a HaynesApperson Reunion.
For more information on any of these events,
visit the CCCA website at www.classiccarclub.
org.
RM Sotheby’s
Extensive competition history and
matching-numbers engine.
Contact RM Sotheby’s for
estimate
8
1931 Duesenberg Model
J Disappearing Top
convertible coupe
Gooding & Company
ACD Level One certification. One
of about 500 Model Js built.
Gooding & Company estimate:
$2.5m–$3m
9
1962 Ferrari 400
Superamerica LWB
Coupe Aerodinamico
RM Sotheby’s
The 1962 Turin show car.
Covered headlamps from new.
RM Sotheby’s estimate:
$2.7m–$3.3m
10
1964 Shelby Cobra
roadster
Gooding & Company
Ready-to-run 289 Cobra with
period SCCA race history.
Gooding & Company estimate:
$950k–$1.1m
(Images courtesy of respective auction companies unless noted otherwise)
Collector Car Insider
3
The National Corvette Museum Sinkhole
Chubb Responds to the Unthinkable in Kentucky
Aftermath of the National Corvette Museum sinkhole showing some of the historic Corvettes taken down with the floor under the museum’s Sky Dome.
O
n February 12, 2014, Wendell Strode, executive director of the
National Corvette Museum in Bowling Green, KY, woke up to a
phone call asking him to come to the museum as soon as possible.
When Strode arrived, he found something he never expected to see — a
sinkhole had opened in the Sky Dome of the museum, taking the floor and
eight classic, historic Corvettes along with it.
The privately owned National Corvette Museum was built to preserve the
Corvette’s heritage, and it also acts as a meeting place for Corvette owners
across the United
States.
Restoring the
museum was of the
highest importance
both to the National
Corvette Museum
— Chubb’s customer — and the
museum’s patrons.
Chubb was on the
scene immediately
after the sinkhole
opened — with expert building engineers to assess the
damage and begin
repairs. Chubb also
engaged automotive re-inspectors
to provide their
4
Collector Car Insider
expertise on vehicle salvage and repair.
Chubb’s claim response brought a high level of technical expertise to
the process, providing a plan of action up front, strong follow-through, and
seamless coordination between the museum’s engineers and our expert resources. The result was a successful grand reopening of the Sky Dome on
September 3, 2015, with a new exhibit in remembrance of the sinkhole.
For more on this amazing story including videos, head over to our blog at
www.chubbcollectocar.com/classic-car-blog.
Legal Files
When Restorations Go Bad
If the shop is not doing the job right — or at all — get the car and take it somewhere else
Photo illustration by Dave Tomaro
by John Draneas
D
isputes involving car restoration work are definitely in the upper echelon
of the “Legal Files” Top 10 Hit Parade. That shouldn’t be surprising.
Restorations have many elements that can easily lead to disputes:
1.It is really hard to know up front what level of work and cost most restorations are going to involve. For example, how deep the “surface rust” really
goes can’t be discovered until you take things apart.
2.Given the estimation difficulties, many projects are handled on a time-andmaterials basis. Although logical, that can reduce the incentive to work
efficiently.
3.Writing off time means the worker gets paid less and, if the customer later complains about the cost, adjustments require a worker
“refund.” The shop owner feels pressure in both directions.
Restoration work can be very profitable. Capable craftsmen become very
hard to find, and shops often have little choice but to use less-experienced
labor than they would prefer.
4.Strong markets also bring people into the hobby that don’t really know what
a restoration can actually entail.
Unlucky first-timer
Our office recently assisted a first-time collector who had grown unhappy
with the work of a restoration shop. The shop quoted a fixed fee of $250,000 and
warned that the project could take two years to complete.
Nine years and $300,000 later, it appeared that all that had been accomplished
was that the car had been fully disassembled and the parts incompletely cleaned.
The owner looked for legal help.
The smart strategy was to just go get the car back from the shop. It didn’t look
like there was any way the shop was ever going to complete the project.
There was no sense factoring in the money that had already been paid to the
shop. That was properly viewed as lost money — and the subject of legal action
to recover. The unfortunate owner had no real choice other than to take the pieces
somewhere else and start all over from dollar one; otherwise, this car was never
going to get finished.
Mechanic’s liens
The shop owner was initially compliant — but then lawyered up. The expected
immediate response was that the car would not be released because it was subject
to a lien on the part of the shop.
State laws routinely give repair shops lien rights on cars they work on. If the
shop has not been paid, it does not have to release the car to the owner.
If payment is not received within a specified time after demand is made (typically 60 days), the shop can sell the car to get its bill paid, with any excess going
to the owner. In addition, the shop is able to add storage charges to the lien, and
usually its attorney fees and costs.
Lien laws put the shop in a powerful position, but the owner does have some
bullets to shoot.
First, the owner can pay the shop, take the car, and then sue for a refund. This
is often unappealing, as the shop may not have the money to give back in the end.
Second, the owner can post a bond for the amount owed (often a multiple such
as 150% is required) and file suit to challenge the amount owed. Posting the bond
forces the shop to release the car, as the bond becomes the shop’s collateral.
Perhaps most importantly, the shop may no longer be able to recover its legal
fees unless the restoration contract or some other provision of state law provides
for it, which is not always the case.
Third, the owner can recover damages if the lien was invalid due to no liability,
violation of state laws in connection with the work or the lien, and so on.
Our first-timer’s local counsel was able to get the car released by making clear
that a bond would be posted and by stressing the third bullet.
The validity of the lien was questionable given the initial fixed-price estimate,
the obvious questions about how much work could really have been done given
the lack of progress, the inclusion of a $5,000 charge to photograph all the parts
before releasing them, and the shop’s treatment of its legal fees as restoration
costs.
Get the car
Once it appears that the shop is just not going to do the job right or at all, the
best thing to do is get the car and take it somewhere else.
A very experienced SCMer, who is probably now kicking himself for not
knowing better, sent two race cars to a shop for engine rebuilds.
Things got heated after a surprise visit to the shop disclosed that the engines
were in disorganized pieces and mostly nothing was happening.
Payments to date had exceeded $100,000. Litigation ensued and got serious
with the shop’s attempt to sell the cars at a lien foreclosure sale that our collector’s attorneys had to stop. Ultimately, after over $100,000 of legal expense, the
dispute was settled with the shop paying $80,000 to the collector and agreeing to
complete the engine rebuilds at no additional charge.
You guessed it — the shop made no effort to complete the rebuilds, so the
parties are back in court.
What are they thinking?
Why would a shop accept work from a paying customer and then just never do
it? It boggles the mind, but it does happen. Based upon a number of experiences,
but admittedly without the benefit of a formal degree in psychology, “Legal Files”
has concluded that the cause often boils down to two possibilities: The shop isn’t
capable of doing the work, or it just doesn’t want to.
Whatever the cause, the result is the same. Your project is never going to get
finished properly. Your best bet in such a situation is to cut your losses. Take the
car elsewhere, start over with the new shop, and get good legal advice.
To preserve your legal case, you need to preserve the evidence. You have to
photograph and catalog everything, so you can prove the condition of the project
when stopped and what was done, not done and missing.
Stay in close contact
One exacerbating aspect of this problem is distance. If the shop is distant, as is
often the case, your ability to push the work is weakened.
Periodic reports and photos are helpful, but they can mislead. If you want
prompt service, there is no substitute for actually visiting the shop and inspecting
the progress of the work on a regular basis.
John Draneas is an attorney in Oregon. His comments are general in nature
and are not intended to substitute for consultation with an attorney. He can be
reached through www.draneaslaw.com.
Collector Car Insider
5
Market Analysis
1960 International B-110 Travelall
One of the growing uses of these vintage Travelalls and Suburbans today is towing vintage
camping trailers
Courtesy of Leake Auctions
by B. Mitchell Carlson
This truck, Lot 461, sold for $33,000, including buyer’s premium,
at the Leake auction in Dallas, TX, on December 5, 2015.
SOLD!
A Suburban’s worst nightmare
While International Harvester built panel trucks that aftermarket vendors fitted with windows and rear seats dating back to the early 1940s, the
Chevrolet Suburban lost its monopoly on truck-based, steel-bodied station
wagons in 1953 with the introduction of the Travelall.
By 1957, the Travelall was an integral part of IH’s Light Line. As this was
the 50th anniversary of International Harvester building trucks, they celebrated with the introduction of an all-new line, the A-series (for Anniversary).
Part of this line was International’s first wide-side pickup box. While it
was not offered as standard equipment like Ford (most were built as limitededition Golden Jubilees), this Custom series styling was mimicked in IH’s
panel van and Travelall.
While the Chevy Suburban could also now be equipped with 4-wheel drive,
IH fitted another door on the curbside to the new Travelall, making it three
(this was also done on their industry-first crew cab Travelette — which also
premiered with the A-line).
GM was always a step behind the truck-based wagon-door count. IH added
a fourth door when the Travelall body was shaved and lowered for 1961. GM
added a third door for their new 1967 trucks and finally sprouted four doors
for 1973. However, GM had the last laugh, as IH left the light truck market in
1975 — but built Travelalls up until the
last day of production.
Details
Years produced: 1953–75
Number produced: Not defined (records at the time
of production only show total of all trucks built
at a given plant)
Original list price: $2,890
Current SCM Valuation: Median to date, $33,000;
high sale, $36,180
Tune up cost: $250
Distributor: $20
Chassis # location: Driver’s side frame rail, in the
vicinity of the steering box, stamped on the
capacity plate riveted to the driver’s door
Engine # location: Boss on the left side of the
engine block towards the front
Club: National International Harvester Collectors
Club
More: www.nationalihcollectors.com/
Alternatives: 1955–59 Chevrolet Suburban,
1955–59 GMC Suburban Carryall,
1954–66 Dodge Town Wagon
SCM Investment Grade: C+
6
Collector Car Insider
I should’ve had a V8 — or
is a six fine?
Introduced during 1959, the lightly
revised B-series ushered in quad
headlights (for IH, stacked one atop
the other) and the option of a V8 engine.
International’s Silver and Black
Diamond series of OHV 6-cylinder engines were as good as any in
the light-truck industry, but with a
market growing enamored with V8s,
International needed to follow suit.
IH actually introduced three new V8
engines that year, but only the smallest-displacement 266-ci unit found its
way into the Light Line.
Aside from the color of the background paint on the hood trim (going
from black to argent), the biggest change for 1960 was making the V8
standard equipment, with the Black Diamond 240-ci 6-cylinder engine
a no-cost option. Our subject truck is so equipped, and I suspect it was
ordered for a frugal customer who wanted time-proven economical performance over a more-complicated engine. Another option on this truck is the
4-speed manual transmission, as the “three-on-the-tree” was standard.
One thing that I think hurts the market for this Travelall is the Black
Diamond 6-cylinder engine under the hood instead of the V8. Not that
it’s any better with either motor, as both are within spitting distance for
displacement, horsepower and torque.
Unlike the engine choices for the Suburban, both IH engines were designed from the onset as truck engines for low-end torque. They were not
higher-revving car engines dropped into trucks.
However, the auto industry’s pervasive marketing for the past six decades
convinced most of us of: “V8 good; anything else, not as good.” So most
everyone wants a V8.
One of the growing uses of these vintage Travelalls and Suburbans today is
towing vintage camping trailers, where the perception is that the most powerful modern engine you can stuff under the hood is needed to tow one.
Thing is, that mindset is so far from the truth it’s silly.
Way back — say 55 years ago — one of the top markets for Travelalls was
the burgeoning camping market. Travelalls were the way to go, especially for
the followers of Wally Byam, the builder of the aluminum Airstream trailer.
Byam led lots of caravans, and the Travelall was the tow rig of choice. An
Airstream and a Travelall go together like pie and ice cream. If anything,
there was more of a preference towards the three-quarter-ton models rather
than I6 engines versus V8 engines. Indeed, for someone who’s serious about
towing, our featured rig is hurt more by being a half-ton rather than by what’s
under the hood. Keep it out of the fast lane on the Interstate Highway, or just
follow the original Lincoln Highway, and it’ll do just fine.
Towing the line in the market
Our featured Travelall has made the rounds of the auction circuit throughout the Midwest in recent years.
I first reported on it when it crossed the block at Mecum’s Kansas City
auction in December 2014, being declared sold at $36,180. It has reappeared
in at least two auctions since — at the Branson auction in April of last year,
where I reported it was a no-sale at $33,000 (against a stated $45k reserve),
and then selling at Leake’s recent Dallas auction, which prompted this report.
Both times that I’ve laid my peepers upon it, it was unchanged except for
having a few more miles. The truck has a lot of eyeball at the initial look, but
it lacked in details upon closer scrutiny.
In particular, I was not at all impressed with a haphazard installation of
the trim after the repaint — and that the driver’s door was difficult to latch
properly (if at all). Cornbinders may not have had jewel-like fit and finish, but
at least they function.
Having not witnessed its sale at Leake Dallas, I can’t say whether these
issues had been resolved. Overall, this Travelall gave me the impression that
it was made up pretty to flip for as much cash as possible — instead of being a
home-spun restoration that meant well but couldn’t quite nail it.
Three years ago, vintage truck prices — especially vintage SUVs — were
rocketing up. Since then, the market has stabilized markedly, with only noexcuses showboats still bringing crazy money.
As such, our Travelall’s most recent sale reflects its place in the market.
Bought and sold for about where it belongs — and hopefully the new owner
got a tow rig for a single-axle Airstream.
Market Analysis
1980 Jeep CJ-5 Wrangler Renegade
Open-air Jeeps are hardly practical, but I’ve never heard anyone say, “Hey, you know, that Steve
McQueen sure was a practical guy”
Photo courtesy of of Auctions America
by Jay Harden
SOLD!
This Jeep, Lot 1129, sold for $18,000, including buyer’s premium,
at Auctions America’s sale in Auburn, IN, on May 8, 2015.
The universal cool
The bearded Dos Equis beer guy, better known as “The Most Interesting
Man in the World,” most likely doesn’t drive much, but when he does, he
probably drives an old Jeep — and for good reason. What other form of fourwheeled transportation is as universally appealing as it is functional — one
as equally at home cruising the local high-school parking lot, commuting to
the office, or scouting along dusty forest roads?
If we look to movies and television as a barometer for coolness and utility,
Jeeps, the CJ-5 and 7 in particular, must be the automotive equivalent of
Kevin Bacon — think Six Degrees of CJ. They’re sexy enough for Daisy Duke
and Barbie, durable enough for Jurassic Park, the A-Team, and bad guys
everywhere, but also approachable and endearing enough for Gumby and
the “Cars” movies.
Perhaps the most telling tribute to the classic Jeeps’ character is that there
really is no stereotypical Jeep owner in terms of age, gender, bank account
or social status — a fact not to be idly dismissed.
Of course, the argument could be made that the open-air Jeeps are fairly
worthless if you value such nonsense as practicality, but I’ve never heard of
anyone saying, “Hey, you know, that Steve McQueen sure was a practical
guy.”
Sure, CJs are cold in the winter, hot in the summer, leaky and foggy when
it rains, and plodding and wandering on asphalt. They’re neither as comfortable as a car nor as dutiful as a
truck. But so what? There’s something
Details
empowering about staring down the
Years produced: 1954–83
daily commute with the reckless aban- Number produced: 14,156 (1980)
don we so often forfeit on our path Original list price: $6,195 (1980)
through adulthood, and few experi- Current ACC Valuation: $8,000–$15,000
Tune-up/major service: $150
ences can evoke youthful vigor like
Distributor cap: $6
blasting down a side street with no
VIN location: Driver’s side dash
roof over your head or doors to keep Engine # location: Stamped number on block deck
Club: www.jeep-cj.com
you safe. And yes, Mr. McQueen had
Alternatives: 1969–72 Chevrolet Blazer, 1966–77
a chrome roll-barred CJ-5 of his own.
Ford Bronco, 1971–80 International Harvester
Off-road for everyone
The first civilian Jeeps hit the U.S.
Scout II
Investment Grade: C
consumer market under the Willys moniker around the close of World War
II. They were updated only incrementally over the next decade. The KaiserFrazer Corporation then acquired the Willys-Overland Corporation in
1953, and immediately began exerting their influence.
The CJ-5 was the result of the new leadership’s vision, and
debuted on October 11, 1954. With a stretched wheelbase and
a somewhat softer, more stylish visage, the newest CJ proved
more comfortable, capable, and versatile than its predecessors.
Over the next 30 years of production — the longest ever production run for any Jeep vehicle — the CJ-5 evolved slowly,
with the most dramatic updates being found under the hood.
The “Dauntless” Buick 225-ci V6 was introduced in 1965, and
nearly doubled the output of the standard-issue four. Following the
sale of Kaiser Industries to AMC in 1970, the CJs picked up a few
more inches in the hood and wheelbase to accommodate two more
cylinders in the form of AMC-built 304 and 360 V8s.
In 1976, the CJ-7 was introduced to the public, and represented the most significant Jeep update in two decades. The wheelbase
was again stretched to provide enough wiggle room to cram an automatic
transmission between the front seats, and, for the first time, a cozy little hard
top was made available to improve the Jeep’s all-weather capabilities and
broaden its daily-driver appeal. However, it took nearly a decade for the
CJ-7 to kill off its older sibling — a testament to the durability, simplicity
and lovability of the 5.
Easy and hard to find
To be honest, the market has, in my opinion, gone a little bonkers for fourwheel-drives in the past few years, and, strangely enough, the 4x4s don’t
seem to be held to the same quality standard we impart on cars of similar
vintage.
Toyota FJs and early Ford Broncos are perfect examples of simple, quality
machines that have skyrocketed in value over the past decade, but whose
average sale price appears little affected by fit, finish or originality.
I’m as much a sucker for giant mud tires and hood scoops as the next guy,
but I don’t expect to pay a premium for them simply because old four-bys are
suddenly the latest infatuation for the newly initiated. And I think that’s why
I like this CJ so much.
When evaluating older four-wheel-drive vehicles, it’s important to keep
in mind that most were purchased and used — shockingly — for actually
working off paved roads. As such, many, if not most, bear the bumps, bruises
and blisters of a lifetime of utility. Old Jeeps seem even more inclined than
most to carry the ravages of the elements simply because they are, by design,
so much more exposed. As a result, finding a nice, mostly original example is
more difficult than the 30-year production run would suggest.
According to the American Car Collector Pocket Price Guide, CJ-5s
should fall somewhere between about $8k and $15k, and I don’t expect those
numbers to fluctuate significantly in the coming years for a couple of reasons: First, there are a lot of Jeeps out there, even if the really good ones are
thinner on the ground. They’re easy to fix, and they’re desirable without the
element of fanaticism that can so easily turn a market on its head.
Simple, rugged and fun is probably the best way to describe an old CJ,
and this particular example fits that description to a tee. Although it sold
for a tick over our high estimate, the price paid is still reasonable. I love
the period paint and graphics, which are just old enough and ugly enough
to be cool again, and the likelihood of finding a similarly unmolested and
complete example is slim to none. I’ll call it a great deal for both parties all
day long.
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