1961 EK Holden Special sedan. Feb 2008

But Holt did more than just go for a really long swim and fawn over US President, Lyndon Johnson. As Treasurer under the Menzies Liberal Government in the late 1950s and 1960s, Holt was responsible for overseeing a shift from an economy "riding on the sheep's back", to one that embraced the mining and manufacturing industry. As such, some hard and unpopular decisions had to be made. If you're old enough to remember the "Holt's Jolt" supplementary budget of late 1960, you'll know how difficult it made it to buy a vehicle like our feature car.
The supplementary budget clamped down on credit availability - the so-called "credit squeeze", jacked up interest rates and doubled car sales tax overnight. The tax hike (up to 40% in some instances) was so unpopular that it was overturned less than three months later.
As if to rub salt into the wounds, an all-new EK sedan, was displayed inside Melbourne's main Commonwealth Savings Bank branch, as if to say "Have a look, folks - here's the car you can't afford anymore!"

The drop in new car sales forced GMH to lay off 2,600 workers in February, 1961 - almost 15% of their total workforce at the time. There was salvation at hand, however, for GMH's own in-house finance plan ran at a 20% deposit, not the 33% of outside lenders. By the time the EK Holden debuted in May, 1961, the squeeze was largely over, but it still put a dent in overall Holden sales for the calendar year, 1961 sales down 23% on 1960 figures.

It wasn't all doom & gloom for GMH, though. They were still top dog in the Australian market and the EK was the first Holden to offer automatic transmission, an addition GMH deemed worthy enough to warrant its 'own' model. Truth be told, the EK, a mild restyle of the 1960 FB, was created largely to keep GMH in the spotlight, particularly as the new Ford Falcon was starting to draw the attention of buyers.
The styling of the EK was, quite obviously, drawn from US styling of the previous decade. The tailfins, and "tower" taillight stack in particular, are obvious homages to the 1957 Chevrolets, just as the appearance of the FB Holden mimicked that of the '55 Chevs. Compared to the lower, wider Falcon, the FB/EK styling was looking dated upon its debut, but they have stood the test of time.

While there are still a number of EKs on the market, few are in the condition of this one. Having only 2-owners from new, our feature car has travelled 89,850 miles and is in remarkably clean condition.
At some stage, the Snowcrest White roof over Castile Green body - a classic colour combo of the period - has been resprayed, but that's the only known restoration work done to the car. All the chrome work is in very good order, the underbody is rust-free, and the windscreen sunshade is a popular addition.

Inside, our feature car is equally impressive. From the two-tone grey vinyl upholstery to the Southern Cross-embedded steering wheel boss, everything looks almost factory-fresh. An aftermarket water temperature gauge has been added, a practical addition, especially with Summer driving in mind.
While the EK heralded the debut of the US-sourced "Hydramatic" 3 speed auto, our feature car carries a 3 speed column shift manual.
The asking price of $16,000 is at the top of the price range for these model Holdens, but this car's remarkably good body and clean condition make the figure justifiable.

With good HK-T-G Holdens and Toranas out of the reach of most of us, top condition EKs like this one represent a chance to buy some classic Aussie iron without breaking the bank or experiencing a "credit squeeze" of your own.
Mike Ryan

WHAT, WHERE, WHEN & HOW MUCH
Model: Holden Special sedan
Year: 1961
Dealer: Triple J Car Sales
67-69 Douro Street,
North Geelong, VIC, 3215
Ph: (03) 5278 8031
Price: $16,000
0-100 kph: About 20 seconds
Best point: Won't break the bank
Worst point: Not as collectable as other Aussie classics - yet
Recommendation: Credit yourself with this classic

Trivia: If you ever see an EK ute or panel van with the 'tower' style tail lights, it's not the genuine article. While the front end was restyled on EK utes and vans, as per the sedan & station wagon for 1961, the back end and tail lights remained the same as the FE/FC model from way back in 1956.