1955 Chevrolet Bel Air convertible

This 1955 Bel Air Convertible, Lot 6,  sold for $104,500 at the Worldwide Group’s Auburn auction on September 4, 2010.

So, was this Shoebox Chevy worthy of a six-figure sales result in today’s collector car market, where some segments have been particularly hard hit? Let’s dissect the sale and see.

Anybody who claims to know anything about collector cars is aware that the all-new-for-1955 Chevrolets were a huge success. With crisp styling, including a very Ferrari-like egg crate grille, the new Chevys were undeniably brilliantly executed and handsome machines.

But the big news was under the hood. 1955 marked the first year for Chevrolet’s now-legendary small-block V8. For 1955, the 265-ci V8 was optional, and the old, stovebolt “Blue Flame” straight-6 engine was still standard. The new V8 performance was staggering, especially when the engine was fitted with the Power Pack option and backed with a manual transmission.

As a result, Chevrolet sold nearly 1.8 million cars in 1955, an increase of almost 500,000 units from their 1954 production. People fell in love with the all-new Chevrolets, no doubt in large part due to that gem of a V8 under the hood. It provided big power in a smooth and quiet fashion. This engine was  formerly available only in expensive luxury cars—but it was now an option in the affordable Chevrolet.

As all of the Big Three loved to do in the Jet Age styling wars, they restyled their product for every model year—and get a little more outrageous with each one. For 1956, Chevrolet tweaked their styling, and not many will disagree that it was a step in the wrong direction. Gone was the clean, understated styling of the ’55, replaced by more flash but not more style. Quick to see the error in their ways, for 1957 Chevrolet produced another winner—albeit with even more flash, more fin, and more trim. The 1957 Chevrolets were the last—and the most desired—of the Tri-Five Chevys.

Values for 1955-57 Chevrolets have always been at the forefront of any market price changes, up or down. You can view them as a barometer of sorts. When people are feeling good and want a collector car, many run right for what they know: 1955-57 Chevys.

In the 1980s, values for any Tri-Five convertible went through the roof. And, as we all know, what goes up must come down. Seemingly every salvageable one was dragged out of fields, barns, and garages and restored, which made supply exceed demand.

Years of stale values—with a few exceptions

When everybody who wanted their own jukebox on wheels had one, prices slowly slid back down to logical levels. Since the mid-1990s, there really hasn’t been too much movement in values. Sure, a few over-restored convertibles sold for relatively large money at high-profile auctions, and there has always been a small cottage industry of restorers who specialize in these cars and feed a few into the auctions as they get completed. However, one can’t say there has been a feeding frenzy in years. If you want a nice Tri-Five, one is usually no more than logging onto eBay Motors and a wire transfer away.

About a decade ago, many collectors wondered—much as we have about Model T Fords, full classics, and other generations of collector cars—if buyers of 1950s icon cars were dying off. Would the next generation of collectors carry the torch?

Dana Mecum proved with his ‘57 Heaven Museum auction late last year that there were plenty of buyers for the right 1950s cars, just as this result at Worldwide Group’s Auburn sale does. Paying $104,500 for a 1955 mass-produced car is big money at a time when that kind of money gets a buyer plenty of choices.

So it seems as if buyers are again seeing value in benchmark 1950s classics at today’s prices. The prevailing market for well-restored 1955-57 Chevy Bel Air convertibles has cemented itself in the $65,000-to-$100,000 range over the past five years. At those numbers, one would argue it is hard to go wrong buying one of the most recognizable American icons of all time.

Buying fast peace of mind

So, does doing the math on our subject car justify its strong result at auction?

Let’s break it down: Buying a basket-case 1955 Bel Air convertible today will run you a minimum of $20,000. And to restore one properly to concours standards could easily take another $150,000 at a professional shop. Clearly this is a case of a buyer seeing the value in buying a turn-key, nicely restored 1955 Bel Air convertible for less than the cost of restoration.

And there is an additional bonus, as the car came without the three-year-wait, headaches, and sleepless nights that can—and often do—come with having a car in some restoration shop hundreds or thousands of miles away. To many buyers, that is worth $100,000 alone.

Now, to play devil’s advocate: The Worldwide Group catalog description clearly represents a fresh restoration that most likely has not had many—or any—road miles put on it. And there are no show wins to its credit. They mention that the car is ready to win, but that isn’t always as easy as it sounds.

With these cars, it is nice to know that they have been sorted, work well, and have been judged by experts in a points-type concours at least a few times. While it is always nice to know you’ll be the guy showing up at a big Chevy concours with fresh meat, it is also nice to know you won’t be escorted off the show field with a marked-up judging sheet and your automotive tail between your legs.

However, if this car lives up to the catalog description, truly does run and drive like new, and judges well at its first show, I’d call this a great deal for buyer and seller alike.