With prices going up, it's time to take a look at your insurance on your '80's collectible car.... This is information you need !
American Collectors Insurance Announces Market
for Classic Cars of the ‘80’s
Cherry Hill, NJ (January 24, 2005) - Did you ever hear the saying, “Everything that is old is new again?” Well, that’s especially true in the case of the 1980’s. Eighties classics are back in a big way in 2005. So, dust off, your Swatch, grab your best pair of Jordache jeans and peg them tight, throw on your check Vans, grab your Rubik’s Cube and get ready to relive those “glory days”. That ‘80’s car you’ve meticulously maintained over the years and stored lovingly in your garage may now be a bonafide collectible.
“Talk about early ‘60’s classics and people think of big cruisers with fins,” says Jill Bookman, CEO of American Collectors Insurance, Inc. “Talk about early ‘70’s classics and people think Muscle Car. Talk about classic cars from the ‘80’s and people say, Huh? In those years, Americans were heading out of a gas shortage and wanted economy, not performance. But like every decade, certain vehicles came out of the ‘80’s that have become not only staples of pop culture, but of history as well. That makes them collectible.”
Check out these radical rides that are fueling the ‘80’s collector car market. (For those of you lyrically challenged, the ‘80’s reference below is from the song, “Jenny 867-5309” by Tommy Tutone.
8 - Pontiac Trans Am - Who didn’t dream of being able to use your Casio watch to summon your car? Well, if you had the famed K.I.T.T. (the top-secret super car from Knight Rider), you and David Hasslehoff could easily make that happen. Then there was Molly Ringwald’s dream of a pink or black Trans Am in Sixteen Candles. It’s easy to see how this car quickly rose to classic stature. A well-preserved ‘87 Trans Am is currently worth about $7,000.
6 - Pontiac Fiero - The only North American mid-engine mass-produced automobile, and the only 2-seater ever produced by Pontiac. The lightweight, high strength plastic body construction was revolutionary. And it was the car that Ferris’ sister Jeanie drove in one of the decade’s top ten movies, Ferris Bueller’s Day Off. A well-preserved ‘84 Indy Pace Car is currently worth about $8,500.
7 - Chevy Camaro - The popular IROC-Z (named after the International Race of Champions and known as the “ultimate mullet mobile”) featured big 16-inch five-spoke wheels and unique graphics. A ‘87 2-door convertible IROC-Z in #1 condition is currently worth about $20,000.
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5 - Lotus Esprit - “Bond, James Bond” is the reason for the outbreak in popularity of this fine vehicle. First seen in The Spy Who Loved Me, then in For Your Eyes Only. This car is as suave and debonair as its 007 counterpart, making it an obvious choice as a classic. A ‘88 Lotus Esprit in excellent condition is currently worth about $20,000.
3 - DeLorean - With its flux capacitor and ability to time travel, who didn’t dream of sliding into that fun car that had wings like a bird. It was, in fact, so immortalized as a staple of the ‘80’s culture in Back to the Future, that it even appeared again later in the ‘90’s in The Wedding Singer. An ‘81 DeLorean in #1 condition is currently worth about $25,000.
0 - Chevy Corvette - Thanks to fine ‘80’s classics like Less Than Zero and Weird Science, this car not only lit up the screen and streets, but the music industry as well. Well-known artist Prince even wrote an entire song about it entitled “Little Red Corvette”. Today, a ‘84 Corvette in excellent condition is worth about $25,000.
9 - Ferrari 308 - No ‘80’s list would be complete without the hot car from the hit TV series Magnum P. I., starring Tom Selleck. Referred to as an icon of the ‘80’s, the “Magnum” Ferrari’s are undoubtedly responsible for much of the mystique and desire for Ferrari’s in general starting in the ‘80’s. This is easily seen by the fact that the Ferrari 308 and its descendant, the 328, are still commonly referred to by casual admirers as “the Magnum P. I. car”. One of the models used in the series, a ‘84 308 GTS QV, is currently worth about $35,000 in good condition.
And Finally #1 - Ferrari Testarossa - You didn’t need to wear socks with your loafers, if you had a Testarossa to drive; at least that’s what Crockett thought when it debuted on the ‘80’s hit Miami Vice. A ‘85 Testarossa in fine condition is currently worth about $50,000.
To find out if your ‘80’s (or any other era) car, truck, or motorcycle is a classic, call American Collectors Insurance at 800-360-2277. Note: Vehicles must be garage-kept and driven on a limited, pleasure-only basis to qualify for collector coverage.
About American Collectors Insurance
American Collectors Insurance, an industry leader and innovator since 1976, specializes in insurance for collector vehicles and collectibles. Based in Cherry Hill, NJ and licensed in 48 states, American Collectors offers products directly to consumers, as well as through independent insurance agents and brokers.
For more information, visit www.americancollectors.com or call 800-360-2277.