People who make more than $250K do not have more money right now. Not overall, anyhow. Prices on food and energy, the basics of life, have gone up. Interest rates on consumer credit (credit cards) has gone up. Of course someone who makes $250K has more money than the person who makes $80K, they always did, it's simple math. And depending on lifestyle, the portion of their income not going to housing, food, and utilities may be higher, and the standard of living higher. But a lot of people who make $250K and a desire for toys set their sights a bit higher than a Firebird, restored or not, when buying classic cars.

I do agree it is a correction, exaggerated a bit. I think prices are a little lower than they would be in a positive economic climate.

The bad thing about the correction is that the prices of restoration parts is still going up, so there may be fewer marginal cars saved as those who are restoring for sale won't be able to recoup their investment. That will help bolster the price for the remaining cars. The other bad thing is that insurance values will go down, we could potentially lose money if our cars are damaged or destroyed while the book value/market value is lower than the investment. Check your policy, I use an agreed value policy that allows me to adjust for market conditions if desired.