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« on: January 15, 2012, 13:07:55 »
Emmanuel is right, one of the things that has perceived to hold back values of certain high performance classics has been the stigma of 'unpure' hybrid engineering. I don't know why that should be, but it is the current way of the world. I guess it is because they are often considered less 'unique'. With low production high performance cars there is tendency for the engineering 'romantics', purists and collectors to prefer a particular Ferrari because it has a home-grown Ferrari engine, a Maserati because it has Maserati Engine, and Lamborghini or Bugatti or McLaren or Aston Martin and similar makes for the same reasons.
Historically Isos, AC 428s, Jensens, DeTomasos, Montiverdis, Facels etc have always seemed to be worth less as Italian designed cars fitted with American V8s purely because they were considered to be less 'exotic' and designated as hybrids.
Collectors often tended to think of the engineering on these as 'cheating' as the factories simply fitted lazy high-torque American V8s rather than an exotic, multi-camshafted high-revving alloy engine. There is a high romance factor linked to exotic engineering.
I love my lazy American engines and the sound they make, but perhaps they don't make me 'tingle' the same way as when I hear a Lamborghini or Ferrari V12 accelerating.
Amongst the 'hybrid' cars there are often large variations in values dependant on other factors, amongst these being the rarity of the specific make or model, the perceived beauty and/or 'brutality' of the car and the perhaps competition history of the design and how much the car has become aware to the world-wide public.
To see what I mean look at the following comparisons of hybrid models and probable differences in current price value levels ( these are totally my own assessments now, so I don't expect everyone to agree as they are purely personal so no attacking me please if any of you own, or love or hate particular examples I have chosen to use LOL ).
HIGHEST VALUES :-
AC Cobra :- British specialist manufacturer, hand-formed alloy body, brutal looks ( or beautiful depending on your point of view ) , brutal performance from Ford V8s, successful competition history, massive public awareness due to the large amount of replicas, relative rarity of genuine factory-built examples.
ISO Bizzarini A3C :- Hand-formed mostly alloy Italian body, stunning looks ( not so 'pretty' to my eye ), high performance from small block Chevrolet V8s, competition history, extremely rare, not well known to the general public.
Montiverdi Hai SS :- Swiss manufacturer, eye-catching looks, ridiculously rare, crazy Chysler HEMI performance, virtually unknown to the general public.
HIGH VALUES :-
AC 428 :- British specialist manufacturer, Italian bodyshell, very stylish, massive engine, massive performance from 7-Litre Ford V8, mostly automatics so considered less 'sporty', very rare, corrosion problems from Italian steel, relatively unfamiliar to the general public.
ISO Grifo 7-Litre :- Italian manufacturer, stylish looking, massive engine and performance from Ford or Chevrolet 7 Litre V8, extremely rare, serious corrosion problems, relatively unknown to the general public.
ISO Grifo 5.7 Litre :- Same as above but less performance from Ford or Chevrolet 5.7 Litre V8s, not so rare and hence slightly lower values than the 7 Litre
DeTomaso Mangusta :- Italian manufacturer, eye-catching looks, very rare, dubious reputation for handling characteristics, good rather than amazing performance from the standard Ford 5 Litre V8, corrosion problems, relatively unknown to the general public.
Other Montiverdis :- Swiss manufacturer, varying degrees of style depending on the model, varying degrees of performance from Chrylser V8s, very rare, mostly unknown to the general public.
Facel Vegas :- French specialist manufacturer, heavily associated with French romance and style, corrosion problems, very rare, respectable performance from Chrysler V8s
LOWER VALUES :-
ISO Lele :- Italian manufacturer, dubious looks to many people ( I like them ), heavy so not amazing performance from Ford or Chevrolet 5.7 Litre V8s, reputation for shocking corrosion problems, rare and relatively unknown to the general public.
DeTomaso Pantera :- Italian/America partnership, eye-catching to many, Ford V8's with performance depending on the level of tune, poor original build quality, corrosion problems, not as rare as some of the above models, relatively well known to the general public.
Jensen Interceptor :- British manufacturer, Italian bodyshell, not so rare, corrosion problems, heavy so only respectable performance from Chrysler V8s, not everybody like the looks ( I do ), quite well known to the general public
This is not meant to be an exhaustive list, purely a few examples I have chosen at random so other readers will probably think along different lines to me.
The other question to ask oneself of course is 'Are AC 428s actually undervalued still?'
Personally I think they are now at sensible levels although a subsequent shift in the world classic car market may adjust this up or down.
Obviously if you compare the values of Fruas with Cobras they might appear to be heavily undervalued, but the point is that despite the shared manufacturer and similar running gear, they are in fact nothing like Cobras, and many exotic manufacturers have wild variations in model types and values so this in nothing unusual. A Ferrari Lusso is worth many times the value of a 365 GTC, a Lamborghini 350 GT is worth many times the value of Lamborghini Espada but they cost similar amounts to restore and maintain.
In fact I believe that now AC 428 values are reasonably in line with what I consider to be their period front-engined GT contemparies. I suspect that a Frua is probably similar in value to an Aston Martin DB6 or DBS V8, ISO Griffo, Maserati Ghibli, Ferrari 330GT / 365 GTC, Lamborghini 400GT or Islero, some of which would probably cost a lot more to restore ( I mean mechanically, as the bodyshell costs might be similar).
In reality 'hybrids' are probably no longer any lower in value than many so-called 'purer' exotics. Look at the incredibly low values of numerous 'classic' Lamborghinis ( Espada, Jarama, Urracco ), Ferraris ( 365GT , 400GT, 308GT4 ), Maseratis ( Merak , Indy, Khamsin ).
From the point of view of most owners of 428s and similar exotics, especially when like Emmanuel, they have spents substantial amounts of money restoring them properly to perfection, a rise in values is very desirable as it's nice to own an appreciating capital asset that one can enjoy, and it means that more examples will be hopefully be properly preserved. The flipside to this is that unfortunately they are taken out of the potential price range of many enthusiasts that might one day dream of owning their fantasy car.
Apologies for my lengthy waffle, clearly I had nothing better to do on Sunday morning ! ( actually I should be decorating but I was feeling lazy ! ).
My best regards to all AC owners and enthusiasts !
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