Perfection, an upper tier driver, or a rare one off example?

I’m always interested in the mindset of people in this hobby. I’ve found people often fall into three categories.  I’ll use Packard because that’s what I’m familiar with.

If you have $50,000 burning a hole in your pocket, and you have three choices in front of you, which one tugs you in their direction?

Offering number one, the nicest 1937, Packard 120 sedan you could find. The paint and bright work and interior and engine bay are flawless and it runs like a top. This car has nothing to apologize for, you could drive it onto an event and everyone would be talking about the pristine condition of the car and it has no visible flaws.  A #1 condition car.

Offering number two, a  1934 Standard eight Packard club sedan.  A driver. The paint and brightwork and interior are serviceable and clean up nicely. Nothing is terrible, but all of it is a little tired.  You’re able to enjoy it on the weekends, but there are always a few things on your sorting list and the car has minor needs.  Every now and then it’s off the road for 90 days as something is broken and you haven’t had time to fix it.

Offering number three. A 1930 Packard 745 Victoria convertible body by Waterhouse. It’s been in the back corner of a warehouse and hasn’t seen light since 1969. The interior is in good enough condition to be used for patterns but it’s pretty beat up, it’s Mechanical status is unknown, but the car hasn’t moved for 50 years, the paint is in very poor  shape and can’t be brought back to nice condition and all of the bright work is pitted and has rust, but even in this distressed state, the lines of the car speak for itself.  It doesn’t appear to be missing any critical parts. It’s majestic pedigree still shows…..

Which of the three would you walk towards and handover the money to take home?

Aug 2, 2026

Reply to JohnBloom…

Replies (27)

· 1d

IMO: Number three, without much hesitation.

The 120 is objectively impressive, and the '34 Standard Eight is probably the most sensible answer — you'd drive it more than the other two combined. But if I'm handing over $50K, I want the car that makes me stop and stare.

The 745 Victoria has rarity, proportions, a coachbuilt body, and pedigree you can't recreate by restoring something more common. It's a Full Classic; the 120 isn't. And it's the only one of the three where the finished car could ever be worth what you'd put into it — restore a 120 sedan and you're underwater the day you start.

Yes, it's a project with a tremendous amount of uncertainty. I'd still take the rare car with the chance to bring something genuinely special back than the perfect example of a car anyone can find.

· 1d

John, your question is flawed.
50k buys very nice examples of number 1 and 2.
But a 745 Waterhouse is still a 200k in lousy condition. A real one has not sold for less in 35 years. Be aware there are many fakes and I assume you are talking real cars.
The black one Hyman is selling for 245k is real, but needs work.

· 1d

But to answer the spirit of your question, I always buy the coolest car regardless of condition.

· 1d

AJ, I’ll push back a little on your comment. I’m not talking about a Waterhouse (or some other custom body fabulous car on a 740/745 chassis) that looks like the Hyman one…. I’m talking about it looking in this type condition……a #5 condition car but “all there”….

· 1d

Where is this #5 745? Ohh, I'm supposed to pick option 2 though.

· 1d

😆

· 1d

Maybe we need to take the "waterhouse" part of the conversation out.

More apples to apples would be Pebble Beach level 120 Sedan, and 34 sedan, vs that 745 Coupe we talked about that was an unfinished restoration. I still take the Coupe. Choice 3.

· 1d

Definitely not hung up on example 3 being a Waterhouse, but something that in great condition might sell for 250-400K…….

let me also cast my vote for the third option. I have a close friend though who would just make fun of me and he would absolutely pull the trigger on option number one. He’d rather have something perfect than something rare.

· 1d

There are guys that will go for option 1, just not you and I.

· 13h

What does this coupe look like?

· 4h

· 3h

what a great car, and it is in a good place as we speak about it. I don't know what impresses me more, that long hood and cowl area on a coupe, or the fact that it survived with no previous owner cutting it and making it a Roadster. 745 Roadsters....Lust......
This makes me think of a thread we should start.......is your biggest regret in the hobby a car you bought that was a nightmare, or a car you wanted and were to timid and it was bought by someone else and you can't forget it?

· 1d

I'll go option 1 or 2. I want a car I can get in and drive. As you get older 10 year long projects become a lifetime.

· 1d

I totally understand that perspective, even though it wouldn’t be how I’d make my choice.

· 18h

There was a 1940 Packard TouringSedan 120 on the tour Pam and I went on in June. The couple was in their 80s. I looked at it a few times and thought what a cool car it was. Black of course. I could talk myself in to this. Option 3 is garage art for decades if not forever.

· 18h

I could live with that! Is that a 50k car these days?

· 18h

You can buy a very nice 120 sedan for 30-35. For 50, you should expect it to almost be perfect.

· 1d

I would go with Option 2. At this stage of my life I still want a car I can improve and enjoy a weekend drive in. If money was out of the equation after the initial $50k buy in, Option #3 all day.

· 18h

This is me. Middle ground on cool factor but something I can enjoy. Only able to afford a single non-daily and I need to have a drivable car. 2 cars and the wife's daily is in outside in the rain and snow. Not good.

· 1d

Option 2, I always wanted a 34 Packard. Even a standard eight sedan.

· 18h

The 10th series Packard is the top of the mountain for most guys. For my it is the 745 or the 1932 as I like the open fenders.

· 18h

Yes!

· 1d

The trouble with option number 3, regardless of make, is that you need to also have option 1 or 2 in the garage so you have something to use while dealing with the never-ending restoration on it. But if you already have option 1, you’ll have less motivation to get it done. And if you have option 2, you’ll have less time to get it done. You’ll probably never regret buying options 1 or 2, option 3 you might.

Having said all that, option 3 would be tempting.

· 1d

Travis, you bring up a good point, is this the only horse in your stable, or do you have other things you can enjoy and play with which might make you more or less likely to choose the very needy option three….?

And as others implied, your age might be a huge factor.

· 16h

Great post, John!

Generally option 2 - I consider myself more a sorter than restorer and I like incremental improvements cosmetically and mechanically.

A super desirable car without a realistic path - financially, time wise, etc. Doesn't appeal to me. But hats off to anyone taking something like that on!

That said a very good A victoria in mid 20s to maybe 30k could get me to go more option one.

· 15h

Steve, If the car representing option three is just a fabulous interesting car, that is probably a pull on me too hard to resist.

But I’d only want one example of that (option 3) with the balance of another car(s), that can be driven and enjoyed while doing small projects to improve it as you mentioned.

· 5h

I'd have to take number two because I can drive it and park it wherever.