Vintage car

The 1951 Cadillac Classic used by the then Saudi King

The vintage era in the automotive world was a time of transition. The car started off in 1919 as still something of a rarity, and ended up, in 1930, well on the way towards ubiquity. In fact, automobile production at the end of this period was not matched again until the 1950s. In the intervening years, most industrialized countries built nationwide road systems with the result that, towards the end of the period, the ability to negotiate unpaved roads was no longer a prime consideration of automotive design.

Cars became much more practical, convenient and comfortable during this period. Car heating was introduced (progressing from hot bricks via double-skinned exhaust manifolds to the heater radiator matrix),^[2] as was the in-car radio.^[3] Four-wheel braking from a common foot pedal was introduced, as was the use of hydraulically actuated brakes.^[4]

United States Perspective

Towards the end of the vintage era, the system of octane rating of fuel was introduced, allowing comparison between fuels. In 1923 the gasoline additive tetraethyl lead made its debut at the Indy 500 that resulted in a boost in octane from the 1950s to the 1980s^[5] In the United States drive-in restaurants were introduced as well as suburban shopping centers and motels.

Alfred P. Sloan and Harley Earl of General Motors, and Walter P. Chrysler capitalized on advertising the automobile's role in the life of the consumer for more than just the utilitarian value compared with the horse. The stock market crash of 1929 started the layoff of automotive workers and many new companies went bankrupt but over two million cars were still produced in 1929 and 1930.^[6]

United States Federal road and highway acts

The Federal Aid Road Act of 1916 was the first federal highway act. War and lack of funding hampered any positive results of this act. The Federal Aid Highway Act of 1921 (Phipps Act) started a 50/50 matching fund to states for road building and resulted in the creation of new and improved roads. During this period as well as the car adapting to society, there were better roads, and society began to adapt to the car. Dwight D. Eisenhower participated in the highly publicized Transcontinental Motor Convoy in 1919 and after becoming President the experience influenced the Federal Aid Highway Act of 1956 that included 41,000 miles of highways.

Depression of 1920-1921

The end of World War I brought about the "Depression of 1920-21" with an inflation rate of over 20 percent, a 7 percent Federal Bank discount loan rate, and an 11.7 percent unemployment rate, that resulted in many companies going bankrupt and the automotive industry was decimated.^[7]

Industry rationalization

From 1919 to 1929, many dramatic changes took place. General Motors went into a financial crisis that lasted until after Alfred Sloan became president in 1923. Hudson produced the Essex in 1919 that, by 1925, had propelled the company to third in total sales behind Ford and Chevrolet.^[8] Ford was in the process of building a new plant, buying back stock, and began an 18-month process of tooling-up to replace the Model T with the Model A in 1927. In 1921 Maxwell failed and Walter P. Chrysler, formerly of General Motors, was brought in to reorganize it and, in 1925, the Chrysler Corporation was formed. With Ford out for a period, Chrysler was able to produce and market the low-priced Plymouth in 1928, and bought out the Dodge Brothers, also in 1928, resulting in "The Big Three" in the United States.

There were other automakers that made it past the 1920-1921 depression only to fail during the Great Depression.

Europe

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During the Great Depression, in Britain many small companies started in the post World War I boom failed or merged leaving six major manufacturers: Morris, Austin, Standard, Singer, Ford of Britain, and General Motors Vauxhall. A similar boom-and-bust cycle was seen in mainland Europe.

Discover more about History related topics

History of the automobile

History of the automobile

Development of the automobile started in 1672 with the invention of the first steam-powered vehicle, which led to the creation of the first steam-powered automobile capable of human transportation, built by Nicolas-Joseph Cugnot in 1769. Inventors began to branch out at the start of the 19th century, creating the de Rivas engine, one of the first internal combustion engines, and an early electric motor. Samuel Brown later tested the first industrially applied internal combustion engine in 1826.

Heater core

Heater core

A heater core is a radiator-like device used in heating the cabin of a vehicle. Hot coolant from the vehicle's engine is passed through a winding tube of the core, a heat exchanger between coolant and cabin air. Fins attached to the core tubes serve to increase surface area for heat transfer to air that is forced past them by a fan, thereby heating the passenger compartment.

Brake

Brake

A brake is a mechanical device that inhibits motion by absorbing energy from a moving system. It is used for slowing or stopping a moving vehicle, wheel, axle, or to prevent its motion, most often accomplished by means of friction.

Octane rating

Octane rating

An octane rating, or octane number, is a standard measure of a fuel's ability to withstand compression in an internal combustion engine without detonating. The higher the octane number, the more compression the fuel can withstand before detonating. Octane rating does not relate directly to the power output or the energy content of the fuel per unit mass or volume, but simply indicates gasoline's capability against compression.

Fuel

Fuel

A fuel is any material that can be made to react with other substances so that it releases energy as thermal energy or to be used for work. The concept was originally applied solely to those materials capable of releasing chemical energy but has since also been applied to other sources of heat energy, such as nuclear energy.

Drive-in

Drive-in

A drive-in is a facility where one can drive in with an automobile for service. At a drive-in restaurant, for example, customers park their vehicles and are usually served by staff who walk or rollerskate out to take orders and return with food, encouraging diners to remain parked while they eat. Drive-in theaters have a large screen and a car parking area for film-goers.

Restaurant

Restaurant

A restaurant is a business that prepares and serves food and drinks to customers. Meals are generally served and eaten on the premises, but many restaurants also offer take-out and food delivery services. Restaurants vary greatly in appearance and offerings, including a wide variety of cuisines and service models ranging from inexpensive fast-food restaurants and cafeterias to mid-priced family restaurants, to high-priced luxury establishments.

Motel

Motel

A motel, also known as a motor hotel, motor inn or motor lodge, is a hotel designed for motorists, usually having each room entered directly from the parking area for motor vehicles rather than through a central lobby. Entering dictionaries after World War II, the word motel, coined as a portmanteau of "motor hotel", originates from the Milestone Mo-Tel of San Luis Obispo, California, which was built in 1925. The term referred to a type of hotel consisting of a single building of connected rooms whose doors faced a parking lot and in some circumstances, a common area or a series of small cabins with common parking. Motels are often individually owned, though motel chains do exist.

Alfred P. Sloan

Alfred P. Sloan

Alfred Pritchard Sloan Jr. was an American business executive in the automotive industry. He was a long-time president, chairman and CEO of General Motors Corporation. Sloan, first as a senior executive and later as the head of the organization, helped GM grow from the 1920s through the 1950s, decades when concepts such as the annual model change, brand architecture, industrial engineering, automotive design (styling), and planned obsolescence transformed the industry, and when the industry changed lifestyles and the built environment in America and throughout the world.

Harley Earl

Harley Earl

Harley Jarvis Earl was an American automotive designer and business executive. He was the initial designated head of design at General Motors, later becoming vice president, the first top executive ever appointed in design of a major corporation in American history. He was an industrial designer and a pioneer of modern transportation design. A coachbuilder by trade, Earl pioneered the use of freeform sketching and hand sculpted clay models as automotive design techniques. He subsequently introduced the "concept car" as both a tool for the design process and a clever marketing device.

Federal Aid Road Act of 1916

Federal Aid Road Act of 1916

The Federal Aid Road Act of 1916, Pub.L. 64–156, 39 Stat. 355, was enacted on July 11, 1916, and was the first federal highway funding legislation in the United States. The rise of the automobile at the start of the 20th century, especially after the low-price Ford Model T in 1908, created a demand for better roads on a national level. The act provided federal subsidies to road-building efforts.

Dwight D. Eisenhower

Dwight D. Eisenhower

Dwight David "Ike" Eisenhower was an American military officer and statesman who served as the 34th president of the United States from 1953 to 1961. During World War II, he served as Supreme Commander of the Allied Expeditionary Force in Europe and achieved the five-star rank as General of the Army. Eisenhower planned and supervised two of the most consequential military campaigns of World War II: Operation Torch in the North Africa campaign in 1942–1943 and the D-Day invasion of Normandy in 1945.

Antique automobiles and early to middle era classic cars do not have the safety features that are standard on modern cars. The most rudimentary of safety features, front wheel brakes and hydraulic brakes, began appearing on cars in the 1920s and 1930s respectively.

For the average person car collecting is a hobby. A person can have a fascination with a certain vehicle, make or a history with one so seeks a particular make or model. Finding such a car at an affordable price is not always hard but the price will depend on the condition or the desired end result. Usually the less work required on a vehicle equates to a higher price, the more work required means a cheaper initial cost, but often more in the long run, and a person's level of restoration experience plays an important part.^[9]

Investment

Comedian and avid car collector Jay Leno stated, "Any car can be a collector car, if you collect it."^[10] Car collecting as an investment can be rewarding but most serious investment collectors seek rare or exotic cars and original unmodified cars hold a more stable price. Collecting as an investment requires expertise beyond enthusiast collecting and the standard of quality is far higher as well as a need for investment protection such as storage and maintenance. A short-term investment collector must be able to find a vehicle that has market value that is expected to rise in the foreseeable near future. A long-term investment collector would be less interested in any short-term value seeking to capitalize on an expected value rise over a period of years and a vehicle must have certain intrinsic values that are common to other investors or collectors of both short and long term.

Rarity

Cars that were made in small numbers or often have a higher value but can be more difficult to maintain. Certain year and model cars became popular to turn into hot rods thus destroying their original condition. Other models were produced in such quantities that the price is still not inflated. Market trend is an important part in the price of a vintage car. An "almost" original and in perfect shape model A that was abundantly produced can be purchased for $20,000.00.^[11] A collector as an investor would have to know the potential market and have a belief that the future market will bring a return on an investment.

Valuation

Determining the value of a vintage car can be difficult, as there are many different factors that can potentially influence the price. The age, condition, rarity, modifications, vehicle history and mileage can all drastically change a car's value, among other observable factors such as body type, drivetrain and engine capacity.^[12] In recent years, services have begun providing classic and vintage car valuation data to the public, by establishing baseline prices for vehicles in various conditions and publishing marketing trends and forecasts collectors can use to monitor the state of the market.^[13] As a result of the variability in car values, most insurers offer Agreed Value insurance coverage for classic cars. Agreed Value coverage involves both the owner and insurance company agreeing on the car's value and insuring it for the agreed amount. This differs from the Actual Cash Value claim settlement method used in traditional auto insurance policies, which determines the claim value of the vehicle after a "total loss" or vehicle theft occurs.^[14][15]

Condition categories

To collectors and investors, a vehicle's condition rating^[16] is important, and in the United States there are two systems, the category and the points system. The category system has six categories used to rate the condition of a vehicle. The points system assigns points from 40 to 100 that correspond with the category system and below 40 there are three for other conditions. Both systems are listed together for ease of comparison:

• Category I, Perfect; 90 to 100 points. A vehicle is considered as good or better than the day produced.
• Category II, Excellent; 80 to 89 points. A vehicle in excellent original or superior restored, near-flawless condition.
• Category III, Fine; 70 to 79 points. A vehicle with an older restoration or an original car with minimal wear. These are considered "show quality".
• Category IV, Very good; 60 to 69 points. A vehicle that is in complete original condition, or possibly an older restoration, that is usually a well-cared-for daily driver.
• Category V, Good; 50 to 59 points. A vehicle that shows wear, needs attention or work, and needs only minor restoration, with no major flaws. Points from 40 to 59 fall into this category.
• Category VI, Driver; 40 to 49 points.

Other categories

• Restorable; 30 to 39 points. This vehicle would be in need of restoration of the motor, body, interior and/or chassis. A car in this class should be more or less complete, needing some parts but requiring a tremendous amount of work to get to show quality.
• Partial; 20 to 29 points. This vehicle would require extensive restoration with a significant number of parts and amount of labor—a very time-consuming and costly prospect.
• Parts car; 10 to 19 points. This would generally be an inoperative vehicle in poor condition, kept as a source or 'donor' of spare parts. With the exception of very rare vehicles, complete restoration of this category is usually not feasible.

Discover more about Collecting related topics

Jay Leno

Jay Leno

James Douglas Muir Leno is an American television host, comedian, writer, actor, and automotive historian. After doing stand-up comedy for years, he became the host of NBC's The Tonight Show from 1992 until 2009 when Conan O'Brien took over as host. Beginning in September 2009, Leno started a primetime talk show, The Jay Leno Show, which aired weeknights at 10:00 p.m. ET, also on NBC. When O'Brien turned down NBC's offer to have Leno host a half hour monologue show before The Tonight Show to boost ratings amid reported viewership diminishing, Leno returned to hosting the show on March 1, 2010. He hosted his last episode of his second tenure on February 6, 2014. That year, he was inducted into the Television Hall of Fame. From 2014 to 2022, he has hosted Jay Leno's Garage, and since 2021, has hosted the revival of You Bet Your Life.

Intrinsic theory of value

Intrinsic theory of value

In economics, an intrinsic theory of value is any theory of value which holds that the value of an object or a good or service is intrinsic, meaning that it can be estimated using objective measures. Most such theories look to the process of producing an item, and the costs involved in that process, as a measure of the item's intrinsic value. Paradigmatically, money is supposed to be good, but not intrinsically good: it is supposed to be good because it leads to other good things, such as buying better teaching equipments at a local primary school. The explanation aims to differentiate the original meaning of intrinsic value from the actual physical benefit it has.

Hot rod

Hot rod

Hot rods are typically American cars that might be old, classic, or modern and that have been rebuilt or modified with large engines optimized for speed and acceleration. One definition is: "a car that's been stripped down, souped up and made to go much faster." However, there is no definition of the term that is universally accepted and the term is attached to a wide range of vehicles. Most often they are individually designed and constructed using components from many makes of old or new cars, and are most prevalent in the United States and Canada. Many are intended for exhibition rather than for racing or everyday driving.