There was one goal of the 120 when Packard started design and production: keep the company in business until the end of the Great Depression. Packard, which had catered to the wealthy, now had to target a broader audience. They chose the 120 as the car that would bring a Packard to the masses.
The 120 was not a cheap car in its day by any standards. Think of it more like Rolls-Royce selling a car for the price of a new Cadillac instead of Cadillac selling a car for the price of a Kia. The prestige of owning a Packard made this car a highly-sought commodity for those middle class customers who never thought a Packard would be priced within their budget. Of course, at that point in the depression there were fewer and fewer middle class customers left.
There were many body styles on the 120. The most popular were the 2 and 4 door sedans, but there was also a convertible and a Club Coupe. The L-Head engine had 8 cylinders and made 110 horsepower, which was decent for that era.
Sold at around $1,000 brand new, the Packard 120 was a success soon after hitting the market, outselling the rest of the Packard lineup by threefold.
For the 1938 model year the car was called the Packard Eight, as Packard attempted to organize its naming structure. They already had the Packard Six.
With the name returning for 1939 and lasting until 1941, the 120 still offered multiple body styles like the Touring Limousine.
The final year of the 120 saw a reduction of body styles. This was due to the fact that Packard was transferring some body styles to the new 110. Remaining body styles for the 120 included the Business Coupe, Club Coupe, 2 and 4 door sedans, convertible, and station wagon.
175,000 of these cars were sold during original production. You can still find them on the American classic car market, but you have to know where to look. My first stop is always eBay auctions. They have cheap cars and low prices on Packard parts, and it also gives me an idea of where the market is priced.