With the worldwide economy almost in ruins, classic cars are not even worth a whole lot, especially with gasoline getting ever more expensive.
To me I could care less about the value. It's the beauty of owning them. They are an art form. Hopefully prices do go down so I can find me a decently priced 59-60 Bel Air/Impala/Biscayne.
People who drive classic cars are not really sensitive to the price of gasoline. They drive them because they enjoy them. People who buy high-dollar classic muscle cars are also not sensitive to gasoline price, though they seem less likely to drive their investment. So, the value of a classic car has no relation to gas prices.
This is precisely why it is necessary to remember 1977 and the momentos of that better time - the American worker has been impoverished since then by the right-wing and capitalism. Seeing these big, comfortable, American-made cars could remind children of today of what we have been robbed - the liberal/unionized Keynesian good old days.
Tell that to the major auctions that are selling classic cars for prices in excess of $100k... Also tell that to the mass market of classic/antique/obsolete parts companies making bank off owners and collectors of classic cars.
First of all, there's nothing "classic" about a '77 Cutlass. It's definitely not a car made during the height of styling at GM. Basically boxes on wheels. In regards to fuel prices and classics, I will concur that fuel prices aren't really all that important. Most people who own one - myself included with my 55' Mercury - have an everyday car, and use the classic on weekends around town. I fill mine up maybe once every 2 months, and usually only half a tank at that. Well worth it. It's a fun car to drive.