GM F-Bodies – 1982-2002 – Can’t Miss Investments
Can’t Miss Investments – Even in this Economy
GM F-Bodies 1982-2002
As I recently stated during a seminar, and I continue to stress, we are in a buyer’s market. Given the market conditions, there are several cars that I forecast as “can’t miss investments.” These are vehicles which have hit their rock bottom price and have a tremendous opportunity to appreciate. In this article I have chosen to look at the 3rd and 4th generation GM F-Bodies, better known as Camaros and Firebirds.
1982-1992 Chevrolet Camaro & Pontiac Firebird/Trans Am (a/k/a 3rd Generation F-Bodies)
These cars reached their bargain basement price structure during the first part of this century, good solid, low-mileage, well kept, examples trade anywhere from $3,000.00 to $8,000.00, with exceptional cars trading for much more. While the 350cu optioned vehicles are always popular, the only way to get a 5spd manual transmission with a V8 engine was to order one of the 305cu engine offerings.
· Camaros poised to appreciate:
o 1982 Camaro Indianapolis 500 Pace Car replica
o 1983-1986 RPO L69 High Output 305cu 4bbl 190hp (especially rare, at least in decent condition is the 1983 variety, considering its late introduction)
o 1985-1990 IROC Camaros
o 1987-1992 convertibles
o 1989-1992 1LE Camaros (basically showroom ready SCCA prepared racers usually very sparsely equipped)
§ Of particular desirability is a 1992 1LE Camaro optioned with luxury or appearance options, such as a deluxe leather interior or the RPO Z03 Heritage Package – Extremely Rare
o 1991-1992 B4C Camaros (similar to the 1LE option but titled “service special” developed especially as pursuit vehicles for law enforcement.)
· Firebirds poised to appreciate:
o 1982-1992 Trans Am (in general)
o 1982-1984 Recaro Edition Trans Am
o 1983 Trans Am Daytona 500 pace car replica
o 1984 15th Anniversary Edition Trans Am
o 1983-1986 RPL L69 High Output 305cu 4bbl 190hp
o 1989 Turbo Trans Am 20th Anniversary Edition – Indianapolis 500 pace car replica
§ Hardtop cars are especially desirable given their rarity
o 1989-1992 1LE Trans Am (no 1LE GTAs were produced)
o 1991-1992 Firebird/Trans Am/GTA Convertibles
§ Especially desirable when equipped with 5spd manual transmission
o 1991-1992 Firebird Firehawk
A detractor from the collection of these vehicles is an adequate supply of good quality examples are quickly disappearing. With the recent spike in scrap prices, many of these cars failed to survive the high scrap prices. (Note: I witnessed scrap prices as high as $15.00 per every 100 pounds – read $300/ton.) Another detractor is that GM has all but cut off this generation from its service parts support and has therefore shifted the burden of parts supplying to the aftermarket industry, although good New Old Stock (NOS) parts can still be found. The viability of the automotive restoration parts suppliers in today’s economy remains to be seen.
Solid, well kept examples of the above referenced Camaros/Firebirds, will enjoy a marked appreciation, much like we are currently seeing with the second generation (1970-1981) Camaros and what we have already seen in the first generation Camaros (1967-1969) Camaros.
1993-2002 Chevrolet Camaro & Pontiac Firebird/Trans Am (a/k/a 4th Generation F-Bodies)
The 4th Generation of the General Motor’s F-body has been holding its own since the demise of the F-body in 2002. As I type this article the first 5th generation Camaros are hitting the dealerships. This changes everything, the demand of the 1993-2002 F-Bodies will shrink as potential buyers will be able to quench their thirst with the purchase of a new, more powerful 2010 model. While it may seem that we are about to see a decline in the value of the 4th generation F-Bodies, the reality is that this generation has been out of production for nearly a decade, but from a performance standpoint, remains nearly as powerful and agile as its modern peers and successor. Furthermore, from a nostalgic standpoint, with the discontinuance of the Pontiac motor division, the last rear wheel drive Pontiacs (1993-2002 Firebird/Trans Am) will be sought after by collectors.
Convertibles are always a good buy (no convertibles for 1993), but look for the 1998-2002 Camaro SS and Trans Ams to lead the appreciation charge. New for 1998 was the introduction of the LS1 all aluminum 5.7L engine that was introduced a year earlier in the Corvette C5. Some late 2002 LS1 powered Camaros and Trans Ams were actually built with the stronger LS6 engine blocks, watch for these as they are a desirable oddity. The V8 models will of course always be more desirable than the V6 models however, some appearance packages and the RS package was only available on V6 models.
· Camaros poised to appreciate:
o 1993 Indianapolis 500 Pace Car
o 1993-1999 1LE Camaros & 2001-2002 SLP 1LE Camaros (1LE option was no longer offered by General Motors after 1999 but in 2001 SLP stepped up and offered a modification to bring the 1LE package back)
o 1993-2002 B4C Camaros (similar to the 1LE option but titled “service special” developed especially as pursuit vehicles for law enforcement.)
o 1994-2002 convertibles especially with V8 engines
o 1996-2002 SLP modified vehicles
o 1996-2002 Camaro SS
o 1997 30th Anniversary Edition Camaro (white with Hugger orange stripes & orange hounds tooth interior – reminiscent of the 1969 Indianapolis 500 pace car replica)
o 1997 Chevrolet Camaro SLP Modified with Corvette LT4 engine
o 2002 35th Anniversary Edition Camaro
o Dealer Modified Camaros such as:
§ Berger, Tom Henry, etc.
o 2002 GMMG, Inc. modified ZL1 Camaros – only 69 produced in commemoration of the 1969 Camaro ZL1
· Firebird/Trans Ams poised to appreciate:
o 1993-1999 1LE Firebirds
o 1993-2002 Firebird Firehawk
o 1994 25th Anniversary Edition Trans Am
o 1994-2002 convertibles especially with V8 engines
§ Especially desirable are the 1997-2002 WS6 “Ram Air” convertibles
o 1999 30th Anniversary Edition Trans Am
o 2002 35th Anniversary “Collector’s Edition” Trans Am
o 1996-2000 Formula with “Ram Air” cold air induction system (RPO WS6)
o 1996-2002 Trans Am with “Ram Air” cold air induction system (RPO WS6)
As the aforementioned cars come to market over the next several years, I believe you will see several great buys at auction and throughout car corrals. Look for the cars that are listed above, but don’t limit your search to just those cars. A clean V8, otherwise standard issue Camaro/Firebird is a good investment, but look for the cars listed above to appreciate at a higher rate than the standard issue V8 examples. Nonetheless, investment in a 1982-2002 General Motors F-Body will provide you with a drivable interest-bearing savings account.
Bid with knowledge. Buy with confidence.
This article was written by Bryan W. Shook, Esquire the founder of Vintage Automotive. Attorney Bryan W. Shook is a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping other collectors and hobbyists understand today’s market. Attorney Bryan Shook is available throughout the United States for consultation, advice, and information. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@shooklegal.com.
State of the Hobby – March 2009
A review of the Collector Car Market in light of the current Economic Situation
Even considering the uncertainty of the current economic state antique and collector vehicles remain to be good investments. Over the past year we’ve seen the Dow Jones Industrial Average plummet from a high of 13,136.69 to a low of 6,469.95 only a few days ago. This is an evaporation of over 6,600 points or better stated, over 50% in less than one year’s time. How does this translate to the collector car market? The simple translation is BUY!!!
Current market indications are that while the wind may be out of the sails of the Dow Jones, the collector car market, viewed as a whole, is holding its own with bargains being reported from nearly every auction, which is a reiteration that we are in a buyer’s market. Overall, the collector car market has not experienced the same dramatic, marked decline as the Dow Jones. Collector cars remain a great place to park your money. Properly purchased collectible vehicles, if nothing else, continue to be an enjoyable savings account.
The collector car market, like any other free, open market, is driven purely by economics. The premise is simple: supply and demand. Given the current uncertainly of Chrysler, General Motors and Ford, collectively known, at least for the time being, as the “Big Three”, demand for stylish, desirable cars from their past will continue to be high, much higher than supply. It was announced by General Motors on February 20, 2009, that, at least for the time being, all sixty engineers of the High Performance Vehicle Operations (H.P.V.O.) have been “temporarily” reassigned. H.P.V.O. was the birthplace of high performance and specialty vehicles from GM. Therefore it is easy to predict that the future of desirable collectible vehicles from GM will be extremely limited. Over the years, the group has developed vehicles such as the Cadillac CTS-V, STS-V and XLR-V, Chevy SSR, HHR SS, TrailBlazer SS, Colorado V8 and the Saturn Ion Red Line.
Over the past several years we were blessed to see some great vehicles come to life from the drawing boards and auto shows and into the dealerships. These vehicles include the Ford GT, newly redesigned, Ford Mustang, the Dodge Charger and now the Dodge Challenger and Chevrolet Camaro. Other collectible offerings include the Dodge Viper, Chevrolet Corvette C6 Z06 and C6 ZR-1 and the Saturn Sky and Pontiac Solstice roadsters.
To collectors’ detriment, the recent economic viability plans submitted to Congress on behalf of the Big Three, predict a paucity of desirable (i.e., collectible) vehicles from Detroit. Instead of producing niche vehicles it seems that hybrids and alternative energy vehicles will be receiving all of the design dollars and energy in the coming years. You should be admittedly suspicious of this choice to design cars around the strings attached to federal bailout monies … hopefully this won’t lead to the insipid vehicles that came from Detroit after the smog regulations were rolled out in the early 1970s. Given the current unfortunate economic situation, headlined, by the Big Three’s struggle to survive, the collector car market stands to benefit exponentially by an increased demand for the past-produced models; especially the high-performance models.
To the true collector, the economy does not necessarily play a role in whether to purchase a vehicle. The true collector’s decision to purchase a vehicle is driven by price, desire to own the vehicle, and the hobby’s market…not the stock market. Buying with this in mind will result in a good vehicle purchased at a good price and a safe investment; or in the very least a good savings account. In contrast to the sharp decline of the stock market over the last year, to the best of my knowledge, we have not seen a single collectible vehicle decrease by 50% in value in less than one year’s time!
Bid with knowledge. Buy with confidence.
This article was written by Bryan W. Shook, Esquire the founder of Vintage Automotive. Attorney Bryan W. Shook is a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping other collectors and hobbyists understand today’s market. Attorney Bryan Shook is available throughout the United States for consultation, advice, and information. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@shooklegal.com.
Jury Verdict: Restamped Engine is not “original” “number’s matching” engine!!!
Bryan W. Shook, Esquire
717-884-9010
Des Moines, Iowa (1-29-2009) – Jury rules that seller breached contract when he did not disclose a 1969 Chevrolet Camaro Z/28 (VIN 124379L524309) did not retain its original engine.
The case began in June 2003 when the Defendant, David Reyes, acquired the Camaro from a co-worker for $15,000.00. When the Defendant acquired the Camaro from his co-worker, he testified that it did not have its original engine and that another engine was given to him by his co-worker at the time of the sale. This other engine was the crux of the case.
The story goes that when the engine in the vehicle began to run poorly and smoke a little, the Defendant had the engine that his co-worker had given him rebuilt. Apparently, his co-worker had located the other engine and choose it because it was date coded appropriately for this particular December 1969 built Camaro. The story goes that the co-worker had the vehicle identification number of the Camaro stamped into this replacement engine, making the replacement engine look identical to the original engine, prior to the Defendant acquiring it.
In April 2004, Defendant placed the newly rebuilt, but non-original, restamped engine in the Camaro and placed the Camaro for sale through the internet auction website, eBay.com. The Defendant placed the vehicle up for auction with a “Buy it Now®” price of $35,000.00, over twice what he paid for the vehicle less than a year earlier. This may not seem to be a big deal, but in this case, the numbers on the non-original engine were stamped so well, that even the Defendant’s own expert witness on cross examination by Attorney Shook, at the trial could not tell they were restamped. No where in the description did the Defendant ever say the vehicle did not have its original engine and he never disclosed this fact.
Specifically, the Defendant advertised the car has being “Numbers Matching DZ302 Original,” “unmolested,” “low mileage,” and “as close to being a true survivor as any you’ll find.” The auction ended with the Plaintiff, Daryl Hansmeier of Davenport, Iowa buying the Camaro for $25,200.00.
It was never disclosed to Plaintiff that the engine in the vehicle was not the original engine, as a matter of fact, the engine restamping was not disclosed to Mr. Hansmeier until February 27, 2007 nearly three years after the sale of the vehicle.
In March 2007, the buyer, Mr. Hansmeier contacted noted classic car fraud attorney, Bryan W. Shook (Camp Hill, Pennsylvania) to help him resolve this matter. An inspection of the Camaro was performed by world-renowned Camaro guru, Jerry MacNeish (Eldersburg, Maryland). Upon inspection, Mr. MacNeish confirmed that while the Camaro was a genuine Z/28 model, it did have a restamped, non-original engine. Mr. MacNeish valued the car at $19,500.00 at the time of purchase, meaning that Mr. Hansmeier paid too much for the vehicle when he purchased it.
Local counsel, David Hellstern of the Kreamer Law Firm in West Des Moines, Iowa and Attorney Shook subsequently filed suit on behalf of the Plaintiff, Daryl Hansmeier and his wife for Breach of Contract, Fraud, Material Misrepresentation and Breach of Warranties.
A three day trial was held at the Polk County Iowa Courthouse on January 26-28, 2009 with the Honorable Chief Judge Arthur Gamble presiding.. The Defendant, Mr. Reyes’, defense was that he and the Plaintiff, Mr. Hansmeier, had different meanings of the terms of the contract, namely the term, “Numbers Matching DZ 302 Original.” The Plaintiff put on the testimony of noted Camaro historian and chief judge of concours judging at the Camaro Nationals in Carlisle, Pennsylvania, Jerry MacNeish, who testified that the phrase, “Numbers Matching DZ 302 Original,” means, to someone in the market for a 1969 Camaro Z/28 that they are looking at a vehicle with its original 302 cubic inch engine with it’s original stampings. Mr. MacNeish stated unequivocally that a person without specialized knowledge would not be able to tell that the engine had been restamped and accordingly wouldn’t know that he had been deceived until someone told him.
The jury retired to the deliberation room early in the afternoon of Wednesday, January 28, 2009 and quickly returned a unanimous verdict finding that the seller, David Reyes was liable for breach of contract for failing to deliver to Mr. Hansmeier the 1969 Camaro he promised him, specifically, a 1969 Camaro Z/28 retaining its original, correct, numbers matching engine.
Attorney Bryan W. Shook, is a true car guy, in every sense of the work, he is not only an collector, restorer and hobbyist, but is also and attorney who devotes a large portion of his practice to helping other collectors and hobbyists when they find themselves the victim of receiving something other than how it was advertised. Currently Attorney Shook is involved in automotive deception cases and represents clients in nearly a dozen states. Attorney Shook had this to say about the case, “Let it be known, that misrepresentations in the collector car hobby will not be dealt with lightly, the court system proved this today by a unanimous jury verdict in favor of full disclosure and truthful dealings.”
