Former Congressman and presidential hopeful Ron Paul is holding an auction for his 1979 Chevrolet Chevette to benefit his non-profit Ron Paul Institute for Peace and Prosperity.

It's not just the famous owner that makes this an extraordinary classic car; this little Chevette is a part of congressional history. Paul bought it during his first term as a U.S. representative. That same year, then-Speaker of the House Tip O'Neill was advocating gasoline rationing while being chauffeured in a large Lincoln. According to Paul, this "cheeky photo" comparing his compact-car and O'Neill's massive Lincoln caused a blow-up between himself and O'Neill.



After its political career was over, the Chevette was driven by Paul's daughter throughout her college years. The Chevy with one of the worst car names ever only has 69,000 miles on the odometer, and still runs after sitting in a garage for 10 years. The car, as well as the Congressional license plate used by Paul, will go to whoever holds the highest bid on Oct. 15. Proceeds from the sale will benefit the Ron Paul Institute for Peace and Prosperity. Classic cars are increasingly becoming hot investment assets, with auctions breaking records across the country. A recent auction in Pierce, Neb., saw thousands of buyers come out for hundreds of classic cars.

The Chevette is not really a collector's item. We found a comparable one on ebay.com listed for $3,800, but of course it doesn't have the same provenance as Dr. Paul's.