The Price of Classic Cars: How Much Did a 1971 Dodge Challenger Cost Back Then?
Inflation is something that people have been hearing about constantly this past year or so, but what exactly is it? Well, this term refers to the increase in the price of buying most goods. Basically, if a loaf of bread cost a dollar last year but it costs two dollars now, suffice it to say that you have just gone through 100% inflation within the span of a single year. Now, it’s safe to assume that 100% inflation won’t happen since the world would cease to function if that were to ever occur, but that doesn’t mean that its very real impacts can be ignored to any extent whatsoever.
Most of the cars in the McCandless Collection which were largely sold in the latter half of the 20th century cost upwards of a hundred thousand dollars. However, have you ever stopped to wonder what their original price was? If we were to take the example of a 1971 Dodge Challenger, this car was available for people to buy at a price that was lower than three thousand dollars! That means that if you bought this car back then, you will have experienced a rate of return that would put most wealth managers and financial advisors to shame.
That said, the value increase can’t just be attributed to inflation. While we will admit that inflation has had a role to play on this, demand must also be factored in. The demand for these cars is higher than it has ever been prior to this point on the timeline, and whenever there is a lot of demand for a product that is in short supply, chances are that its price will increase no matter what else occurs.