The Shark, the Sheep and Dinosaur By Allan Moon Reprinted from the June 1980 edition (issue #9) of the News-Flite

In the News-Flite number 7 there was an article containing "Old Cars 1979 Price Guide, Chrysler Price Guide (Chrysler 300s)". There was also a request for feedback. The following is our feedback. These are our personal thoughts and gut instincts on our experience with 300s over the years and do not necessarily reflect the viewpoints of others.

With all due respect for the fact that the thing is just what it says, a guide, we thought perhaps a few words on the basics of 300ing would help qualify the figures used. The key to this whole article goes back to the old adage, "Buyer Beware". Incidentally, through talking with other folks in other car clubs , it seems that much of what we are writing could very well apply to other groups or people and marques.

Now to the point. It seems there are three basic types of enthusiasts. They could be called the Shark, the Sheep, and the Dinosaur. The Shark is a fast moving breed that is extremely enthusiastic about 300s in terms of such things as intrinsic rates of return, capital gains, accelerated depreciation schedules, rate of return against money market, various and sundry write offs, etc. The Dinosaur, on the other hand, is quite simply enthusiastic about the car itself. The Sheep is to one degree or another a crossbreed of the other two. This groups often comprises the majority of a membership. (Recall that Sheep get fleeced.)

In the case of those enthusiastic about the car, the Dinosaurs, these people would more sell their 300 than they would sell the family dog or youngest daughter. Their 300s are extensions of themselves, family if you will. The 300s belonging to Dinosaurs have no dollar value. Such obscene thoughts as affixing a viable sale price to their "baby" has never seriously entered their minds. (Sharks often regard this custodial attitude as peasant-like and bordering on being just plain un-American.) The Dinosaur has learned that haste makes waste and very carefully goes about his business of collecting a nest of 300s and all the sticks and stones necessary to keep these 300s in good working order. The Dinosaur pays little attention to the Shark. The Shark doesn't really affect him. The Dinosaur has seen by way of other Dinosaurs or on his own that the agile Shark could so him little good, and most any kind gesture by Sharks are viewed as a Greek bearing gifts. True, the Dinosaur is a slow moving ponderous beast, but nevertheless he can usually secure what he needs, in the condition required and at a hobbyists' price. So as you can see, Dinosaurs are not extinct, their numbers are just diminished.

Sheep, on the other hand, are quite numerous. The flock is comprised mainly of newer folks and those who have never had the time or perhaps the inclination to really get right down to the nuts and bolts of total 300ing. The Dinosaur will associate with certain portions of the flock. So will the Shark, although each has entirely different motives. There are lots of good guys and girls within the Sheep group and if given the chance, most have the potential of becoming dyed in the wool (sorry about that) 300 wacko's. Sheep need time to develop, but schools of Sharks are there to feed before this can happen. There are unfortunately quite a few instances where Sharks have had real feasts and accordingly the ranks of the flock lessen. This in turn often causes harsh words and a general dissension within the entire ranks of the membership. The largest segment of enthusiast is most important to the organization because within its ranks will come the future leaders. It really hurts the Dinosaur to see a Sheep being sheared. Perhaps a friendly word of warning would have prevented so many potential problems. Maybe one day someone will take the time to give such a warning and hope the word is printed and heeded.

Now to the Shark. He is champion of the price guides, and why not, he created the figures in them, didn't he? This group detests low prices (unless of course, they are buying) and artificially "jacks" values in price guides through false advertising and a variety of other marketing techniques. The wilder the market, the more blood and the more Sharks. Initially, when interest in a marque is low, there are no Sharks, only later do they first appear. When a marque is featured in a national magazine, this automatically attracts Sharks.

All of this maneuvering is of course based on business ethics. One way of inflating a marque's value is by advertising high unit prices in national publications. We call this false advertising. Keep in mind that the advertised asking price is seldom the selling price, and quite often the actual sale price is roughly 50% or less of the asking price. Yet many will accept such values as the "going price". Sheep unknowingly follow suit here. Haw many times have you heard this, "if Joe Blow's car is worth this much, then mine must be worth _____!" After all, it is right out of _____ magazine and they are the experts! And look at these auction results! Shark activity often centers around auction results. Ever notice how the same car keeps popping up at various auctions or as ads with the price referenced to the supposed auction prices or price at last offering? Who is fooling who?

The pity is that here Sheep get fleeced. As the supposed value of 300s appear to rise, Sheep are drawn into the trap and in most cases unknowingly contribute to the slaughter of their own kind, thus for the benefit of the Shark, more and more Sheep are caught up in the cycle. Here is a hypothetical example:

A 300 that upon concerted effort by Sheep and Dinosaurs over a period of time, could have been bought for $200 - $500, is purchased instead for $1,500 (very cheap according to the price guide). After expenses are figured in, the proud owner has $1,700 in the car. Now he fixes it up under a budget for another $500 - $1,000. It looks good to him, but when compared to the meticulous backyard restoration or professional jobs, the car does not come up to par. What to do? 1) If he goes all the way with restoration, he will never be able to afford it, or get his money out of it. 2) Drive it like it is and take his lumps. 3) Or sell it and try for a better deal next time. In the attempt at selling his problems while making a little profit to be immediately sunk on his next 300 and recovering his labor at whatever value, he puts the car on the market this time for about what the price guide says its worth, $2,500 - $3,500. The Dinosaurs will not consider buying it because more than likely, they knew the car was overpriced and trouble before it was purchased in the first time. The Sharks won't touch it on a bet because at anywhere near the asking price (their trumped up price guide values), it would be a bad investment, besides if the "turkey" is stuck with it, he will sooner or later have to sell it at a loss anyway. In short, the only chance of a reasonably quick sale is within the group of Sheep. If the car is sold at say $3,000, there is little chance at resale at anything other than a loss. Somebody nearly always get stuck in this spiraling circumstance. The one who gets the shaft is the one who has to live with asking prices vs. selling prices. Ask this person what he thinks of price guides, if you can still find him. More than likely, he's home soaking his head and will not be seen at meets again. Even if he does come to meets again, he has a new attitude and this attitude is becoming more and more prevalent. This kind of viewpoint does not contribute anything good to the cause of 300ing, either I'll get them this time, or I wouldn't tell anybody anything I know about the 300 in that barn, even it is rots there.

We need not bore you with obvious detailed explanations of how Sharks use price guides to their personal or corporate advantage...the sting has been around for a long time.

To make a long story short, BUYER BEWARE! Spend a little time talking with 300 crazies. Spend a lot of time if necessary, but he thorough. Good deals still exist (no matter what price guides or Sharks say) and there are a whole bunch of good people around, willing to help.

What is the net results of this whole aspect of the old car hobby?

1) Dinosaurs keep plodding along.

2) Sharks still swim in the old car market, though as of late, we hear some are now sporting gold teeth. Better check the so-called Sheep and Dinosaurs for teeth too. Sharks are a sneaky bunch.

3) Sheep are often left holding the old car bag, or are off collecting stamps instead.

Moral: BUYER BEWARE! IGNORE PRICE GUIDES! TAKE LOTS OF TIME! LOOK UP A FRIENDLY DINOSAUR!