- Chubb Collector Car Insurance

Volume 6 / Issue 4
The Kids Are Alright
I
t’s been said that youth is wasted on
the young. As I approach my fifth
decade on this planet, I’m realizing
that there is a great deal of truth to
the adage.
Let’s face it, when choosing from
a menu includes considerations for
highly-predictable gastro-intestinal
outcomes, you’re old.
Which leads me to this thesis: I think
the collector car hobby is completely
overreacting to the so-called “missing
youth” crisis. Not because they can
eat whatever they want without, um,
repercussions — but because there are
still plenty of younger car enthusiasts.
Keith Martin’s column this quarter
is on the rising tide of late-model
collectibles, which are attracting
Millennials to the hobby.
One of the feature cars for the
Scottsdale auctions is a 2003 Saleen
S7, and our new editor, who happens
to be a Millennial (who let him in?)
chose to include an article on Paul
Walker’s 1993 Toyota Supra from “The
Fast and the Furious” movie franchise.
I suspect the angst among hobby
elders is no different from what was
expressed in the 1970s, when “Longhaired-hooligans-are-raising-a-ruckuswith-those-godforsaken-muscle-cars!”
The only difference between then
and now is the cars that stir their drink.
While tuner cars seem to have become passé, jacked-up pickup trucks
are now in vogue with the 20-somethings. We don’t know what the future
holds for the old-car hobby; we only
know that it will likely be different than
the past. In the spirit of Monty Python,
“The car hobby is ‘Not Dead Yet.’”
By the way, I’d like to ask you, our
readers, to share your opinions with us.
We’ve created a survey for you to help
us continue providing content that
grabs your interest. By participating,
you’ll be entered into a drawing to
win our grand prize, which includes 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
[email protected]
In This Issue
How the Market’s Changing���������� 1
Gooding on the Market������������������ 2
Ten Important Scottsdale Cars���� 2–3
The Classics��������������������������������������� 3
Help Wanted������������������������������������ 4
Legal Files������������������������������������������ 5
1993 Toyota Supra���������������������������� 6
1966 Chevrolet Chevelle SS 396����� 7
Upcoming Events����������������������������� 8
insider
Collector Car
It’s a Changing Market
Market results for sports cars from the ’80s, ’90s and 2000s have
skyrocketed
by Keith Martin
I
1997 McLaren F1 — from a decade growing in popularity among collectors
n the 30 years I’ve been analyzing the market, I’ve never seen it change the way it has in the past two years.
An entire new segment of the collector-car market has moved to A-list collectibility, and some longtime favorites
are starting to fade.
At Monterey this year, David Gooding told me, “If we have a Countach in our auction catalog, we get dozens and
dozens of calls. If it’s a Jaguar 120, the same level of interest just isn’t there.”
And while prices of the vintage favorites like XK 120s, 140s and 150s have remained stable, market results for sports
cars from the ’80s, ’90s and 2000s have skyrocketed.
There’s a simple explanation for this. Collectors who grew up with Countaches, Acura NSXs and even Ferrari 308s are
suddenly 30, 40 and 50 years old, and have some money to spend.
When it comes to automotive gratification, their first look isn’t at million-dollar Ferraris from their father’s era. They’re
more apt to want a Porsche Turbo from the ’80s or even a 2000 Dodge Viper GTS instead — cars they remember from
their teenage years.
The grand classics from the ’20s and ’30s don’t supercharge the heart rates of these new collectors. While the finest of
the custom-bodied Duesenbergs, Packards and Pierce-Arrows will always have a following and bring strong prices, once
you are past that tip of that iceberg, 40-year-olds who lust after a 1934 four-door Cadillac are pretty thin on the ground.
Is this “recent collectible” segment of the market a short-lived fluke, and unlikely to be sustained?
No. It’s here to stay.
Special-interest cars are acquired primarily because they represent the fulfillment of a fantasy. And what better fantasy to bring to life than the one that has the red Italian car on it, and that was hanging in your bedroom as a teenager?
Bottom line, for the market, it means more buyers for cars from the ’80s, ’90s and 2000s, at stronger prices than we’ve
ever seen before.
The Goods
by David Gooding
Ten Important Cars
Come to Market
1
1966 Ferrari 275 GTB
Long Nose
Gooding & Company
Late-production, torque-tube
example. Coachwork by Scaglietti.
Gooding estimate: $2.6m–$3m
O
ur Scottsdale Auctions present
one of the most thrilling events
during Arizona Auto Week. Last
year generated a 90% sell-through rate
and 25 new world auction benchmarks
set. When our viewing showcase opens
on Wednesday, January 27, you will be
able to enjoy the high-quality assortment of vehicles up for auction and
connect with Gooding & Company’s
top-notch staff and fellow collectors.
This year, we are honored to present
The Tony Shooshani Collection, featuring
an unrivaled selection of Ferraris that
span multiple eras of the celebrated
marque. Highlights from this renowned
Beverly Hills collection include the
distinctive 1960 Ferrari 250 GT Series II
cabriolet, the finely restored 1964 Ferrari
250 GT Lusso, the highly original and
unrestored 1969 Ferrari Dino 206 GT and
the illustrious 2003 Ferrari Enzo.
Additional star cars in our Scottsdale
lineup include exciting offerings from
Porsche, Ferrari and Bentley. We have
the quintessential, late-production
Ferrari 275 GTB “Long Nose” by
Scaglietti. This car has been beautifully
restored in classic red over black livery
and comes equipped with the unique
torque-tube driveshaft. Chassis 08869
offers incomparable opportunity to own
one of the last 275 GTBs produced. Our
exceedingly rare 1955 Bentley R-type
Continental fastback presents a largely
original and well-documented lefthand-drive example.
The Porsche Carrera GT needs very
little introduction to any enthusiast,
with chassis 001573 being one of the
most bespoke offerings of the limitedproduction supercar and with with less
than 450 miles on the clock.
In addition to our star cars, we
have a fine selection of automobiles
without reserve. Our funky 1967 Fiat 600
Mirafiori offers an exclusive opportunity
to own one of only four Mirafioris ever
produced, which were created by Fiat
for factory tours.
Our auctions take place on Friday,
January 29, and Saturday, January 30. If
you are not able to join us in Scottsdale,
you may participate by viewing our auction online via Gooding & Company’s
live webcast and registering to bid with
the help of one of our staff members.
Please don’t hesitate to contact us if you
have any questions.
2
Collector Car Insider
2
1952 Cunningham C3
coupe
3
1929 Duesenberg Model J
dual-cowl phaeton
4
1953 Fiat 8V Zagato
Elaborata
5
1985 Ferrari 288 GTO
RM Sotheby’s
One of just 19 Cunningham C3
coupes. This is the third Vignalebodied car and the only one to be
actively raced in period.
RM Sotheby’s estimate:
$900k–$1.1m
Gooding & Company
Coachwork by LeBaron. Delivered
new to John D. Dodge. This
car won Best of Show at the
2010 Meadow Brook Concours
d’Elegance.
Gooding estimate: $1.8m–$2.4m
Bonhams
Freshly restored and one of just
five built. This car has early racing
history and is eligible for important
events such as the Mille Miglia.
Contact Bonhams for estimate
Gooding & Company
Designed by Pininfarina.
Coachwork by Scaglietti.
Gooding estimate: $2m–$2.4m
Arizona Car Week kicks off each January and
sets the mood for the entire year. Here are
10 significant cars looking for a new owner
The Classics
6
2003 Saleen S7
Competition Package
Barrett-Jackson
One of just 78 produced, and one
of four naturally aspirated S7s
with optional Competition Saleen
Performance upgrade package.
Contact Barrett-Jackson for
estimate
Now There Are Even More
“Classics” to Enjoy
by David Schultz, CCCA Past
President and CCCA Museum
Trustee
T
7
he Classic Car Club of America
(CCCA) made a major policy change
at its annual meeting when it changed
its bylaws to include automobiles manufactured as far back as 1915. I’m pleased
to have played a role in that change.
This change meant that club’s classification committee was charged with determining which cars built between 1915 and 1924
fulfilled required criteria. The committee has
been working on this for many months and
will continue to do so. Already some decisions have been made.
Previously, the club accepted cars built
earlier than 1925 only if they were virtually
identical to their 1925 counterpart. An
example was the Locomobile 48, hardly
changed after 1915.
But many outstanding motorcars had
been excluded, such as the Lafayette,
Winton, Richelieu and ReVere, since all had
gone out of production before 1925.
Other cars weren’t considered Full
Classics because their pre-1925 models
differed from their 1925 Full Classic counterparts — yet, in the opinion of many (including me), were Full Classics in every sense.
The bylaw change also enabled some
cars that previously had not been considered as Full Classics to attain that status,
such as the bigger models of Haynes, Paige
and Owen-Magnetic.
In coming months the club’s classification
committee will continue to study other
automobiles built before 1925 that may be
worthy of Full Classic status. The results will
be published in the club’s Bulletin and on its
website.
During those deliberations the committee
will adhere to long-established criteria of
what constitutes a Full Classic, as published
in its bylaws — “fine or unusual domestic or
foreign motorcars built between and including the years 1915–1948 and distinguished for
their fine design, high engineering standards
and superior workmanship.”
During the discussion about these cars it
was acknowledged that it’s not likely many
examples of these cars survive — in some
cases, perhaps none. So, why do this?
My answer is “because it’s right thing to
do.” These cars deserve their long-overdue
status as Full Classics. Hopefully, in the coming months and years we’ll see some these
grand motorcars at CCCA Grand Classics
and concours d’elegance, where they
belong.
1971 Ferrari 365 GTB/4
Daytona Berlinetta
RM Sotheby’s
Finished in its original colors of
Giallo Fly over Nero. Factory a/c.
Less than 27,000 miles from new.
RM Sotheby’s estimate:
$700k–$800k
8
1973 Porsche 911 Carrera
2.7 RS
Bonhams
Matching-numbers car finished in
its factory colors.
Contact Bonhams for estimate
9
1947 Talbot-Lago T26
Worblaufen cabriolet
Barrett-Jackson
One of three T26s produced by
Swiss coachbuilder Worblaufen.
Offered for the first time in 24
years. Contact Barrett-Jackson for
estimate
10
1970 Oldsmobile
442 W-30 4-speed
convertible
Russo and Steele
Extremely original, ultimate-spec
example. Known history from new.
A Muscle Car Review November
2015 cover car.
Contact Russo and Steele for
estimate
(Images are courtesy of the respective auction houses unless noted otherwise)
Collector Car Insider
3
Help Wanted
Seeking History on Chubb’s ‘Mobile Toolbox’
Vintage track support vehicle now helps get clients out of scrapes on rallies
by Jeff Walker
If you’ve been following the
story about our van on our social
media channels, you’ve likely seen
we’ve had it all over the place in
the past several months. In fact, our
van has successfully traveled over
2,500 miles since the end of August
with little issue. During those many
miles, this van has done more than
impress us: It has traversed Western
mountain passes, seen the Pacific,
crossed the Hudson, and hasn’t
skipped a beat. It has also proven
itself very worthy in its intended
role, lending assistance to over a
dozen cars and getting much positive attention along the way.
As you expect in this hobby,
we’ve met a lot of good people
during our travels with the van,
many of whom are curious about its
history. We did, however, have one
hungry gent approach us thinking
the van was a food truck. He was
surprised to learn we only serve
wrenches and oil, no hot dogs.
Nevertheless, folks want to know if
Back in service — this old Beeline Dragway support vehicle now helps Chubb clients keep ’em running
the Beeline Dragway really existed
(it did), where in Arizona it was
(Scottsdale area), and what the van did while there, considering its “Safety
ack in 2010, Chubb Collector Car Insurance decided to get involved
Crew” lettering.
with vintage car rallies as part of our sponsorship strategy. Our role
This got us thinking that we really don’t have a lot of information about
on the driving rallies started with the simple purpose of locating
the history of the van other than what we could piece together from sparse rebroken-down cars along the rally routes. Over the past several years, we’ve
sources on the Internet and physical evidence we’ve found in, on, and under
developed the role into full-fledged mechanical support on events like the
it. It may very well be the last piece of significant track equipment from the
California Mille and others that fill up our calendar. Why just locate the cars
Beeline Dragway. Could it have helped any famous racers? Could it have
when we could actually fix them?
hauled any interesting cargo during it’s time at the Beeline? Who knows?
Up until recently, we would drive the route and lend mechanical assisWhat we do know is that when we acquired the van back in January, it
tance out of a rental car/truck/van that we’d pick up at the airport then return
was all-original save for the wheels and fresh clearcoat to preserve its patina.
a little worse for wear about five days and many miles later. That also meant
The original rear seats were long gone; headliner and all interior trim were
we were shipping several large crates of tools and supplies back and forth
also missing. We located a partial factory build sheet which offered a few
across the country each time, much to the dismay of many a delivery driver.
details about the van in its original “G10” Form: 4.10 rear, 230-ci straight six,
As we chased vintage vehicles all over the country, it was often discussed
and 2-speed Powerglide auto. With the exception of basic interior upgrades
how a classic support truck of some kind would really elevate our game. Not
and a new transmission, the van remains largely unchanged, and we plan to
only could it serve a purpose, it would have a story. So a story is what we
keep it that way.
found:
Though we have started to uncover a bit of the van’s history, we think
In January of this year, we bought our 1968 Chevrolet Sportvan from
there’s more to the story. We’re turning to you, our fans, to see if we can dig
Gooding & Company’s Scottsdale auction. The van caught our eye because it
up more about the 1968 Chevrolet “Beeline” Sportvan.
checked all the right boxes: It was vintage, it was unique, it ran (barely), and
Any information about the dragway or the van would be helpful and interwas custom hand-lettered with the markings of its former life as a “Safety
esting. We’re not exactly sure what we’ll do with the info once we receive it,
Crew” vehicle at the Beeline Dragway. Most importantly, it had enough room
but we’d like to start compiling the stories. We’re also extremely interested
for our tools and all the other items we typically bring along.
to see if anyone has a photo of the van at the race track during its time there.
But before we could put the first mile on the odometer of our new support
If you’ve got a photo and a story, you’d be our hero.
van, it needed a bit of work to be fit to serve. A very long story short, the
So since we’ve decided to preserve this unique piece of racing history,
project was completed in late June this year and the end result is a fullyhelp us tell its story. You can send any info you have to us at CollectorCar@
functional mobile “toolbox” fitted out with a new interior, tool storage,
chubb.com, or get in touch with us on our Facebook page.
custom racks, and several other handy features.
B
4
Collector Car Insider
Legal Files
Check Your Collector Car Insurance Today
Agreed-value policies are great — unless your car is now worth more than the policy states
by John Draneas
Garaging: Some policies require that your car be stored in a secured garage when not in use. Some require that the car be stored in a secured garage
every night.
Racetrack Incident: Don’t even think about it. Everybody excludes coverage for things that happen on racetracks and at competitive events. That
includes autocrosses and the like.
Rallies and Tours: You shouldn’t have to worry about vintage rallies and
tours. They are run on public roads, and they are not competitive events. Your
standard TSD rally shouldn’t cause any problems, as it is not a speed event in
the sense of a race.
The main coverage questions with rallies and tours are the use restrictions
and, most applicable, the garaging requirements. If your collector car policy
requires garage storage every night, that won’t work with most of these events
— even if they provide security when the cars are parked outdoors.
Claims handling
Is your collector car properly covered?
C
ollector car insurance policies are the coverage of choice for car
collectors. The premiums are very low, and you get better service
and claims treatment. But while collector car insurance policies, as
a class, are almost always superior to your basic consumer auto insurance
policy, they are not all created equal.
Are you covered? Here’s a few examples of what to check in your policy:
Other Drivers: With one notable exception, all insurance policies cover you
for anything that happens when your car is being driven by someone you have authorized to drive it — a “permissive user.” The permissive user covers friends and
family — and also parking lot valets, dealer service personnel, transport drivers
and anyone else who might be driving with your express or implied consent.
The notable exception is drivers younger than 25. Oddly enough, consumer
auto insurance policies don’t routinely include that exception, but some collector car insurance policies do.
International Driving: To cover you in another country, your insurance
carrier must be licensed to offer insurance in that country. If you’re going to
travel through Europe, for example, each country you are going to visit must
be considered separately.
Your typical consumer auto insurance company isn’t going to be able to
handle this job. Some collector car insurance companies can’t handle it either.
Some of them can arrange coverage through a “partner” in the country you
will visit. Some just don’t deal with this at all, and they leave you to obtain
separate coverage altogether, which can be expensive.
Mileage Limitations: Some — but not all — collector car insurance policies limit your allowable annual mileage. The reason is obvious — the less
you drive, the lower the risk of an insurance claim and the lower the premium
that can be offered.
Some collector car insurance companies give you the choice, with corresponding premium differentials. If you don’t drive a car very much, then
you might as well take the mileage limitation and save a few bucks.
The key question is, what happens if you exceed the mileage limitation?
Say you are butting up against your annual limitation when you take your car
on one of the 1,000-mile vintage rallies. If you have an incident toward the
end of the rally when you are over the limitation, do you still have coverage?
The answer depends upon the precise wording of your insurance policy. The
penalty may just be an added premium, but it can also be denial of coverage.
Use Restrictions: All collector car policies restrict you from using the
car in a business or as your daily driver, but some go much further with use
restrictions.
What really sets the collector car insurance companies apart from the consumer auto insurance companies are their claims-handling procedures. But,
as in most things in life, they aren’t all the same.
Let’s say you have a little mishap and moderately wrinkle the front end of
your collector car. Every insurance company will pay for the repair, but to
what level of quality? Here are some questions to consider:
Can you select the shop you want for the repair work? If you can, will the
insurance company pay their labor rates — or limit their payments to what
their shop of choice would have charged? If your choice is a specialty restoration shop, will the insurance company pay for that level of work? If the closest
specialty shop is two states away, who pays for transport back and forth?
Ask lots of questions
The best course is to select a collector car insurance company that will
handle your claim properly. But their marketing materials all say they will, so
how can you find out ahead of time?
“Legal Files” posed this question to Paul Morrissette, President of Chubb
Insurance Solutions Agency Inc. Morrissette gave an excellent presentation
on collector car insurance issues as keynote speaker at the SCM Insider’s
Seminar in Scottsdale in February.
Morrissette’s advice was to ask all of these questions ahead of time. Ask
the carrier how they would handle each of these aspects of your potential
claim. Be very specific about shop choices, parts choices, and the scope of
restoration work they will pay for.
It’s not a bad idea to get it all in writing. Write a confirming letter describing everything that was discussed, and don’t forget to ask for clarifications
where needed before you buy the policy. It’s too late to do that afterwards.
Agreed-value policies
“Legal Files” has always recommended agreed-value policies. They can
be your best friend, as they eliminate arguments about value. However, especially in times like today where many collector cars are rapidly increasing in
value, they can be your worst enemy. Why? You and your insurance company
have set the value of the car for all policy and claims purposes.
Say you purchased an agreed-value policy on your 356 Porsche two years
ago, with an appropriate agreed value of $75,000. It’s now worth $150,000,
but you never got around to increasing your agreed value.
The solution is to keep your agreed values current. If they don’t reflect
current market values, you can really get caught short.
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
1993 Toyota Supra “The Fast and the Furious”
Stunt Car
In the end, what the buyer got for his $200k is a dripping-cool piece of motion-picture history
by Jeff Zurschmeide
Photos by Steven Pham, courtesy of Mecum Auctions
All this speed, stardust and money fueled
a boom in movie cars and tribute copies.
This car was actually driven by the late
Paul Walker, one of the “The Fast and the
Furious” franchise’s major stars, which
makes it even more special.
Way more show than go
This car, Lot S157, sold for $199,800, including buyer’s premium,
at Mecum’s Indy Auction in Indianapolis, IN, on May 16, 2015.
Buying a movie car is one of the greatest gambles in the car-collecting
world. Generally speaking, you’re going to get a base model that has been
tarted up to look like the hot rod model from 50 feet away at 50 mph. Movie
producers usually make several more-or-less identical cars for filming —
and then they sell the cars at the end of production.
In the best case, you will buy a “hero car,” which is used for close-up shots
with the actors. A hero car is usually in better condition, with more attention
to detail, but it will still be a base model with cosmetic modifications to look
like the car the script specified.
With that in mind, all movie cars are a special case for collectors, because
what you’re paying for is not really the car, but the provenance.
Depending on the movie, that provenance can get very expensive. If you
wanted the Aston Martin DB5 that Sean Connery drove as James Bond in
“Goldfinger,” that would have cost you a cool $4.2 million when it sold back
in 2010. On the other hand, you could have bought the “Family Truckster”
1979 Ford LTD wagon that Chevy Chase drove in “National Lampoon’s
Family Vacation” for a mere $35,000 in 2013. The price of a given car generally reflects the popularity of the movie in which it appeared.
SOLD!
Smoking tires and red-hot
box office
In terms of movie car sales, this
1993 Toyota Supra is a pretty big
deal. This is the hero car used in the
climactic final race scene of the original installment of “The Fast and The
Furious,” which was released in 2001
and became a huge hit. “The Fast
and the Furious” spawned a massive,
hugely popular franchise. Universal
spooled off six sequels (more are on
the way) and has raced to the bank
with almost $4 billion.
6
Collector Car Insider
Details
Years produced: 1993–98
Number produced: 11,475
Original list price: $33,900
Current SCM Valuation: $6,200–$13,500
Tune-up cost: $200
Distributor cap: $13
Chassis # location: Dash, door sill and engine
bay plates
Club: Toyota Owner’s Club
Club website: www.toyotaownersclub.com
Alternatives: 1989–2000 Nissan 300ZX, 1990–2001
Mitsubishi 3000GT VR4, 1991–2002 Mazda
RX-7
Investment Grade: C
But what is this car, really? The answer
is a base-model 1993 Toyota Supra Mk IV,
with a 220-horsepower normally aspirated
engine and a 5-speed manual transmission.
It’s not the hot rod twin-turbo model sporting 320 horsepower and 315 pound-feet of
torque and a bulletproof 6-speed transmission. What this car did on film was movie
magic. It’s pretty easy to make 60 mph look
like 120 mph on film.
Still, the Supra has had some serious
modifications for its role, including a roll
cage, race-inspired interior, aluminum door panels, racing gauges, and a
fuel cell with dual nitrous oxide bottles installed but not actually plumbed
into the engine. The outside is unmistakable as “The Fast and the Furious”
machine. It features a body kit, lurid side graphics, and a double-decker
boy-racer wing that would be the envy of a World War I fighter pilot. The
auction listing also states that the car has a heavy-duty “stunt suspension”
— although what that means exactly is unclear.
All the work was done at a reputable shop in California with a long history
of making movie cars, so let’s assume it was done right. The car will be drivable, and maybe even enjoyable, but it won’t turn any 10-second quartermiles with the stock engine under the hood. This car has already taken first
place in its class at the Detroit Autorama hot rod show, and its future is likely
to be more of the same. That’s what you do with a car like this, because if you
change it in any way, you destroy its value.
In the end, what the buyer got for his $199,800 is a dripping-cool piece of
motion-picture history. Take away that provenance and you’ve got a $10,000
car — if you’re lucky.
What will the future hold in terms of value? That depends entirely on the
staying power of the “Fast & Furious” movie series, which is a cash-generating monster and one of the most popular worldwide movie franchises in history. This just might have been a good buy for a car that is more Hollywood
glitz than Street go.
Market Analysis
1966 Chevrolet Chevelle SS 396 convertible
The price paid here was on par with a rock-solid hard-top SS 396, so the buyer got the convertible
option for free
Photo courtesy of Russo and Steele
by Patrick Smith
This car, Lot 4008, sold for $50,050, including buyer’s premium,
at Russo and Steele’s Monterey Auction in Monterey, CA, on
August 13–15 2015.
Chevrolet unleashed the Super Sport option on the Chevelle in 1964 — the
first year of the car’s production. The next year, the 375-hp 396 big block
entered the picture, showcased in a special Z16 Chevelle package — a very
limited supercar. GM only made 201 Z16 Chevelles, and at $4,586, they were
expensive. But all the good stuff was included in the package, including big
brakes, a 4-speed, and that monster 396 engine.
was a slightly better car with a dual-circuit master cylinder, available power
disc brakes, hazard flasher, TH400 transmission option for the higher-spec
engine, and a collapsible steering column. Still, production of 1967 SS 396
Chevelles was down due to increased demand for those engines in the new
Camaro.
On the street, the Mercury Cyclone GT 390 4-speed and Fairlane GTA were
good rivals. Plymouth’s Satellite 383 Commando was a second slower on average, while the GTO, 442 W-30, and Hemi-powered Mopars were faster. But for
many buyers, the Chevelle SS delivered the most bang for the buck.
From Z16 to SS 396
On the upswing
The buzz generated by the Z16 in 1965 drove GM to mass produce the SS
396 in 1966. It was a more basic muscle car, with the 325-hp 396 as standard
equipment. But you could order the goodies you wanted instead of taking
whatever was given, unlike the prescribed Z16. Most buyers were just happy
to be able to get one of these hot shoes. For about $2,800, they could.
As for that 396, it was available in flavors ranging from mild to wild, from
the L35 325-hp standard mill to the available 360-hp L34. On the top end,
buyers could spec out the ultra-hot 375-hp L78.
Sales were hot and heavy, with 66,843 coupes and 5,429 convertibles
made for 1966. Most of them were base 325-hp cars, while 24,811 got the
360-hp L34 engine. Just 3,099 of those cars were L78 powered — the top
engine wasn’t promoted by Chevrolet and didn’t appear in the brochure. It
was essentially a customer-ordered mill for those in the know.
The 1966 model had a few flaws.
Power disc brakes weren’t available
yet, so power drum brakes with meDetails
tallic sintered linings was as good as
Years produced: 1966
it got for stopping power. There was Number produced: 72,277 (5,429 convertibles)
Original list price: $2,811
no automatic transmission available
Current ACC Valuation: $45,000–$65,000
for the hot SS engine — it was either Tune up/major service: $200
a heavy-duty 3-speed manual or the
Distributor cap: $10.99
VIN location: Driver’s side A-pillar
4-speed Muncie. It goes without sayEngine # location: Machined pad below pasing that anyone driving one of these
senger’s front cylinder head
brutes got a free workout along the
Club: Team Chevelle forums
More: www.chevelles.com
way.
Alternatives: 1966 Pontiac GTO, 1966 Ford Fairlane
The 1967 Chevelle had basically the
GT 390, 1966 Plymouth Satellite 383
same body with new grille and tailInvestment Grade: B
lamp treatments. But underneath, it
Prices for the 1966–67 generation Chevelle SS have been on the rise. The
doldrums are definitely over for these cars. Considering how rare an SS convertible is, finding one for sale is an event.
In 2007, the average price for a nice-condition SS 396 hard top was in
the mid-$30k range, while a great numbers-matching car crested at $50k.
A convertible added $8k to $12k more to the price for the usual 325-hp job.
As the market bottomed out, prices for average SS cars fell to mid-$20ks
for street drivers and low $30ks for nice show cars. By 2013, the market was
recovering, with nice hard tops regularly selling for high $30ks to low $40ks,
and convertibles bringing $50k or more. Real concours examples went even
higher. The average of all 1966 SS 396 sales in 2015, according to the ACC
Premium Auction Database, is just over $60k.
Our profile car is an archetype of the mid-’60s muscle car era. In fact, in
the 1966 Chevelle brochure, you see an almost identical car on page three.
The only difference is that car has a red interior paired with Regal Red paint.
In 1967, Chevrolet decided to showcase a convertible in the same color from
behind. These “brochure” cars tend to do very well at auctions, stirring up
the desire among buyers wanting to live the dream.
SOLD!
Which engine?
Speaking of dreams, what can be said about the discrepancy between the
catalog title description mentioning a 375-hp 396 and the text, which states
a 325-hp date-correct 396 being installed? Let’s put it this way: For the price
paid, it doesn’t matter if it was a typo, a factory L78 car that grenaded its
engine across a freeway, or an L35 done up as an L78. The price paid here
in Monterey was commensurate with a rock-solid hard-top SS 396 in today’s
market, so the buyer got the convertible option for free. While it wasn’t a
steal, I’d say the car was well bought.
Collector Car Insider
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