Buy a Vintage Ford Bronco Now, Before They Cost More Than $100,000

[kscarbel2]

Bloomberg  /  January 26, 2017

Last week in Arizona, car fans spent $259.8 million on vintage and collectable vehicles at the famous Scottsdale auctions.

It was $9 million more than last year, thanks largely to the success of million-dollar Ferraris and Jaguars, a group that saw double-digit increases in both the sell-through rate and the average sale price vs. 2016. 

Less expectedly, the market for cars below $100,000 saw record sell-through rates and above-market sale prices, too. This was true especially when it came to mainstream domestic cars such as the first-generation Ford Bronco.

“This interest has been surfacing for a while—the younger buyers love vintage SUVs,” said Jonathan Klinger, a spokesman for Hagerty, a Michigan company that insures vintage and collectable cars.

Barrett-Jackson alone sold 12 of them in Scottsdale (“Interest in them continues to grow,” said Craig Jackson, chairman and chief executive officer of the eponymous auction house), with 21 offered throughout all auction houses for the week.

Their values have risen as well: The current average value of one in perfect condition is $47,025, according to Hagerty, vs. $23,400 five years ago. For one in drivable and generally good condition, but not perfect, the value is $29,188 vs. $14,500 five years ago.

To wit: A rare and highly restored 1968 Ford Bronco Custom pickup sold for $82,500 at the Barrett-Jackson in Arizona, and Mecum sold one in Florida last week for $110,000, a world record price for a special edition Bronco. (The world record for any Bronco sold at auction is $500,000, for a 1969 Bronco sold in 2013.)

It all seems to indicate a new norm in the collector market today. While baby boomers dream of vintage muscle cars, millennials with money to spare want vintage SUVs. (And Ford is betting they’ll want new ones, too; an updated Bronco is expected to roll off production lines in 2020.)

Ford’s Old Faithful

The “first-generation” Broncos that Ford made from 1966 to 1977 are by far the most coveted. These were the cool metal squares set high on big, knobby rubber tires, often with no top at all.

The pilot seats inside were vinyl, with a simple, minimal dashboard design, a straightforward manual, three-speed transmission on a short wheelbase and choice of rugged, 105-horsepower straight-six or (later) V8 Ford engines that made them notoriously easy to repair.

“We think of the Bronco as neither a conventional car nor a truck, but as a vehicle which combines the best of both worlds,” then-Ford Vice President Donald Frey said in a press memo during the launch. “It can serve as a family sedan, a sports roadster, a snow plow, or a farm or civil defense vehicle. It has been designed to go anywhere and do nearly anything.”

Indeed, early Broncos came in wagon, truck, and roadster versions. They excelled at navigating uneven terrain and inclement conditions and were relatively cheap (around $2,404) at the time—the perfect competitor to the Jeep CJ-5 and International Harvester Scout. Ford made nearly 24,000 of them that first year.

A Shift in the System

While other vintage SUVs, such as the Toyota FJ Cruiser and the Land Rover Defender, have fielded high prices and wild popularity among cool-kid collectors in the U.S. since the turn of the last century, it took longer for Broncos to emerge. They just didn’t seem as special. (Maybe it had something to do with the residual image damage after O.J. Simpson’s White-Bronco-led police chase—though that one was not a first-generation specimen.)

That attitude is changing. Millennials were the first generation to mature parallel with the SUV phenomenon, which continues to dominate the new-car market. So it’s only natural that as time passes, that proximity and ensuing affinity would translate into increased appetite for vintage SUVs—especially American ones, which are cheaper and more reliable than their European counterparts.

The majority pull of the collector market still comes from baby boomers and Generation X, but not for long.

“Here in America we are an SUV culture, so for someone entering this hobby for the first time, they’ve spent more of their life in an SUV than someone in their 60s,” Klinger said. “We know that at some point this year online activity of millennials searching for collector car values will surpass that of baby boomers.”

A Good Investment

Prices on these vintage jewels vary widely depending on their condition, age, the amount of miles on the engine and the amount of restoration they’ve had. Some have been restored so heavily they’re like a whole new animal. Others are crashed, rusted and not drivable. (Many didn’t survive the abusive off-road duties for which they were designed, which only increases the desirability of the ones that did.)

Hemmings lists a 1969 version in white, with pristine burgundy interior, for $115,000; Autotrader lists them for $27,900, $21,495, $77,000, and everywhere in between. You can even get a bare-bones one for less than $7,000—though the likes of that require plenty of extra work. (That’s really part of the allure anyway.)

One of the biggest draws, besides those rugged good looks, is their simplicity. Broncos are reliable and easy to use, as far as vintage cars go. Where owning an older car is often like being in a dysfunctional relationship, with continual hurts and disappointments perpetrated by both parties (see: those sexy but finicky vintage Defenders), Broncos are “basically a handful of bolts on a body,” Klinger said.

It means you can repair, modify, and upgrade them to your heart’s content.

“The mechanicals are very common—most that you need are available at your local Napa Auto Parts store—and the interiors are just a heat-laminated vinyl seat form over foam, so they’re simple and rugged,” Klinger said. “You can really get mechanical satisfaction and mastery out of working on it.”

[GA_Dave]

I wouldn't give you $100,000 for ALL of them!

[TeamsterGrrrl]

BTW, it's "show off your next years model in camo" season here in south Florida, saw what might have been the upcoming Ranger followed by a possible upcoming Bronco 4 door on Collier Boulevard. Both had styling reminiscent of a shrunken F150. Didn't have camera with and I don't take pictures of "test cars" anyways, 'cause the manufacturers want free publicity. Heck, you don't do "secret testing" on a 6 lane highway in the middle of the day...

[fxfymn]

This trend will quickly fade when everyone and their brother starts bringing Broncos, Blazers, and Scouts to every auction that is out there. The price of collectibles is always dependent on supply and condition. With as many of these that were made the supply will quickly grow to exceed demand and the price bubble will burst. 

[DailyDiesel]

Even the 90's Broncos (Think O.J.) are selling in the low to mid teens. Crazy.

[TeamsterGrrrl]

The only Bronco that really stands out was the original, because it was way ahead of the Jeep and Scout of the time. But it's not rare, even though it was a slow seller by Ford standards.

[Freightrain]

Friend already bought one a bout a year ago.  Pretty solid unit and was cheap.

[Red Horse]

1 hour ago, TeamsterGrrrl said:

The only Bronco that really stands out was the original, because it was way ahead of the Jeep and Scout of the time. But it's not rare, even though it was a slow seller by Ford standards.

Not rare? right as in as rare as an original 427 Cobra!  But to all you  early Bronco experts out there-take a guess-what was the number produced in the highest year-66-77?

[BillyT]

I think they are really cute, but I agree with Ga Dave! They're not 100k cute! What about the International scout? Similar vehicle,but I forget what they're going for! Gonna have to check my latest Hemmings! While on the subject of things with four wheels,I can't miss the opportunity to reinstate my rant on the Buick Envision what MFing unpatriotic pos would buy a poorly rated overpriced CHINESE made suv? Or for that matter the south Korean made Encore! If you are determined to buy a Korean branded car there are several made in America, also Japanese,Swedish, and German branded cars! There are reliable competitively priced cars in almost every class made in America!,except possibly the higher end exotics!, and all of them are made by properly paid and treated workers! Unlike the subsistenence paid Chinese workers who have to wear a surgical mask to walk around in their polluted cities! I don't think there is a person on this site who would buy a new car without thoroughly researching its ratings and country of origin! However a little pat on our back I think we are the exception! I believe the average American consumer is the proverbial " sheep led to slaughter" and that is what Buick is counting on! Ok I'm done!..... For now😁

 

 

 

 

[TeamsterGrrrl]

Around 25,000, far exceeding the 427 Cobra production stats, even if you include all the "continuation" 427 Cobras.

[Red Horse]

1 hour ago, TeamsterGrrrl said:

Around 25,000, far exceeding the 427 Cobra production stats, even if you include all the "continuation" 427 Cobras.

Very good.  Highest vol. year was '74 at 25,824.   Total built in 12 years was 225,585 for an annual average of 18,798.  My point is when you consider last year of production was 40 years ago, I say "rare" is not an unjustified term when you look at used vehicle prices.  To say nothing of the fact they were rust buckets and a lot of them for sure were "rode hard and put away wet" the survival prospects were not the best.

In any case, I and my two sons are smiling as we each have one.  Mine has been sitting ever since I got the "Mack" bug but the wife has been after me to get it back on the road.

 Who am I to argue

[jettertrucks]

we went to all ford carlisle in 2016 i never thought i see early bronco sell up to 100k i remember back in the early 80's when we wood by them for $1500 AND CUT THE WHEEL WELLS FOR BIGGER TIRES now every one want the uncut wheel wells

 i have a 1968 half cab at the paint shop and a 1971 i got them when the prices were low                                                i got a 1965 scout 80 that looks close to a bronco

Edited January 27, 2017 by jettertrucks

[mowerman]

I had a 67 Scout, wife had a 58 Bronco. Both great vehicles....I'm anxious to see the new Bronco ...I think they will sell...bob
 

[kscarbel2]

There are few things that I'd rather have than a cherry first generation Ford Bronco with a 302 V-8, auto and the dual fuel tank option (14.5 + 11.5 gal).

[fxfymn]

It isn't just rarity that drives price, it is also demand. My 52 A model is very rare, only 38 built, but it will never be valuable because there is limited demand for it. The demand for these vehicles will not last at those prices, so if you want to cash in on the bubble you better get yours to market soon.

[Dirtymilkman]

I never understood the first gen bronco thing. Give me a '68 c10, orange-black-orange, Cheyenne with a big block. 

[TeamsterGrrrl]

The 1st generation Broncos are collectable because they are an exceptional design for the time, even if they made a lot of 'em. Same with the M151 "Mutt", another way ahead of it's time Ford product that is now near extinct. And if you want a real rare but significant Ford, how about the Taunus "Cardinal", Ford's front wheel drive German offering from the early 60s?

[ws721]

On ‎1‎/‎26‎/‎2017 at 8:30 AM, TeamsterGrrrl said:

The only Bronco that really stands out was the original, because it was way ahead of the Jeep and Scout of the time. But it's not rare, even though it was a slow seller by Ford standards.

In what ways was the Bronco "ahead" of the Jeep or the Scout?

[kscarbel2]

40 minutes ago, ws721 said:

In what ways was the Bronco "ahead" of the Jeep or the Scout?

The smaller "jeep" was in a league of its own, only accompanied by the equally rugged (if not more so) FJ40. The original Scout was a crude tool. But the 1st gen Bronco, reflected on in today's setting, has a unique subtle style and "class". Ford did something entirely unique and different. The later Ranger and F-series Broncos pleased many a customer, but were not true Broncos in form and function.

[Dirtymilkman]

The vacuum powered windshield wipers were cutting edge technology. Haha. 

[other dog]

On 1/26/2017 at 8:51 PM, j hancock said:

On a quiet day, you can hear rust mites eating a first gen. Bronco.

Richard Rawlings paid $5,000 I believe it was for an older Bronco that was just a rust bucket.

[41chevy]

On 1/28/2017 at 4:22 PM, Dirtymilkman said:

The vacuum powered windshield wipers were cutting edge technology. Haha. 

At one time, so were nails