Unrestored Shelby Cobra Outperforms Everything...Even Gold
Wednesday, April 06, 2011
At the recent Auctions America by RM ‘Collector Cars of Fort Lauderdale’ auction, the top seller was a barn-find 1963 Shelby Cobra (chassis no. CSX 2080), that sold for an impressive $467,500. This sale, apart from being an interesting look at original Cobra values, represents a unique opportunity to make a direct comparison between the rise in a collector car’s value and that of a traded commodity – gold.
The matching-numbers CSX 2080 was just the fifth 289 Cobra ever built by Carroll Shelby. It was purchased by its second private owner in 1981...for $30,000 worth of gold coins. At that time gold was selling for roughly $460 per ounce. The car was driven only once by its new owner and then parked for the next thirty years. When it crossed the block in Fort Lauderdale, it was in very original, unrestored condition.
Since 1981 gold values have fluctuated, but have steadily been on the rise over the last decade and reached an all-time high on March 2, 2011, closing at $1,437.20 per ounce. Based on the current gold market, that original investment of gold coins has more than tripled in value and would be worth approximately $93,730 today. The $467,500 selling price of CSX 2080, on the other hand, represents an increase of about 15 times that original purchase price of $30,000. That means the Cobra's earning power outperformed the gold market five times over.
That prompted Auctions America President Donnie Gould to point out, “Recently the media has explored the value of collector cars as more than just items to drive and enjoy as a hobby. There is strong potential for beautiful and rare automobiles as tangible assets to offer good returns on a collector’s investment.” This 1963 Shelby Cobra proves that point.
Shelby is still making history with a full line of his 1960 icons namely the Shelby Cobra 427 (CSX4000/6000), the Shelby 289 Cobra (CSX7000/8000), the Shelby Cobra Daytona Coupe (CSX9000) and the limited edition CS GT40, which are available through Shelby Distribution and the dealer network.
Shelby American Inc. in Las Vegas are making history with the Shelby GT350, GTS and the GT500 packages along with a great line of Performance parts. When in Vegas be sure to visit the Shelby Museum you will not be disappointed.