In 1975, when publicizing the next year’s model line, Cadillac made a startling announcement, the 1976 Cadillac Eldorado would be the last manufactured in convertible form. While long-time fans were dismayed, investment-minded collectors saw an opportunity to purchase a last-of-its-kind vehicle that will become quite collectible over time.
As expected, the news drove sales of the convertible Eldorados which were snapped up as quickly as they arrived at dealer showrooms. Many were either immediately placed in storage or driven briefly before being retired for future investment purposes. Those that remained on the road, even if well-cared for, never saw an increase in value as time went by with many knowledgeable enthusiasts aware of the fact that so many original, undriven/low-mileage examples were sitting, tucked away, awaiting entrance onto the collectors’ market.
That time appears to be now. Within the last two years, the classic Cadillac restoration specialists of Cadillac Parts & Restoration (CPR) have seen a sudden influx of convertible 1976 Eldorados. Many, very low-mileage examples with one having just over 300 miles on the odometer. While some of these cars have barely seen the road and lived in storage for the past 40+ years, they do require attention before being sold to the investor/enthusiast community.
Rubber body filler panels deteriorate, rust/oxidation happens,
lines/hoses/brakes/motors/other mechanicals and issues must be addressed. Having served the classic Cadillac community since 1984, the CPR team is well-known in the industry and has received seven of these classics over the last couple of years.
Market interest is picking up for these examples. A look at recent auction sales shows rising prices for 1976 Cadillac Eldorado convertibles. However, with a significant number of these cars hitting the market at the same time, it’s the better-condition cars that are commanding the higher prices.
While the sudden entrance of these long-stored models hitting the market, it’s quite possible that the increased supply, while stimulating greater interest, is also suppressing prices, at least temporarily. To get a true gauge of where the market for these classics is going, we’ll just have to wait. But, if having an original, low-mileage and last-of-an-era classic Cadillac is your desire, now is the time to consider the 1976 Cadillac Eldorado.