SNAKE BITE

YES, YOU CAN BUY A GENUINE SHELBY COBRA FOR UNDER A MILLION

- CLIFF CHAMBERS

In a world beset by economic confusion, the specialist automotive market is having one of its CTRL-ALT-DEL moments.

Those who have observed this volatility since the 1980s, when older vehicles suddenly became interesting and valuable, know very well that classic vehicle prices once pushed beyond the bounds of reality tend to contract before returning to sustainable levels and gaining momentum for another 'boom'.

As occurred during previous downturns, the current glitch is going to deliver its share of bargains, with lucky buyers picking up significant cars for minimal money. Those who hold their nerve will then be able to reap decent gains when the good times return.

Occasionally though, the Earth shakes out a genuine oddity with the potential to deliver huge dividends for an adventurous owner. This happened recently when a well-documented, albeit extensively modified, Shelby Cobra 289 was knocked down at RM Sotheby's Miami auction for less than US$480,000*.

This admittedly was not the kind of Cobra that would attract purist owners; those people who spend two weeks polishing then trailering their gem to the annual Pebble Beach display.