Dear Classic Car Enthusiast,
The classic car sector seems set to take a more significant market share of the overall automotive market in 2023 as interest continues to grow. Despite the increasing inflationary pressures due to global conditions, China’s slowed growth and supply chain disruptions, the classic car auction houses reported a good 2022.
A couple of the leading auction houses predict that sports cars from the golden era of motorsport and rallying will take top seats in 2023. However, these same buyers also want to secure only well-preserved or original car models from the ‘60s/‘80s.
Have we all heard this all before? In some cases, yes. Do we only have the auction results to substantiate this? Well… yes and no: when we see vehicle values rise or hold their own, then there must be a market there, and demand is predicting the ‘held’ value.
Cars like certain Porsches are a must-have in any automotive collector’s portfolio. Other notable mentions include a small number of right-hand drive Ferraris holding their own. Also, BMW 507 Series II and Mercedes-Benz 300 SL Gullwing models are doing well.
While the appetite for models from the ‘60s to ‘80s is on the rise, we have noticed a revival in collectors searching for pre-war cars, focused on the engineering and obtaining access to enjoyable events. An example? The early MGs.
With the strength of the euro and US dollar, the demand for left-hand drive vehicles is also increasing, but we still have those Brexit issues nagging away in the background.
The quality, historical significance, and rarity of the cars coming to market provide a valuable sidestep against greater economic fluctuation. As a form of alternative asset, buying classic cars helps with the variety of collector portfolios. While these are potential earnings, serious collectors would typically not put what they purchase back on the market. Usually, they are also fuelled by a strong passion for collecting vintage cars and the disposable income to support their hobby.
We have also noticed that the buyer’s mix has changed: average age is lower in recent years and the people participating in classic car purchases/collections have diversified. We have seen more first-time purchasers and this new high-spending power enables the classic car market to be even more robust and exciting in the coming year.
Let's look forward to a bright exciting future and enjoy the many classic car events coming up.
If we can help with buying, selling or restoring your classic car, or you need some good unbiased friendly advice, let us know.
Happy motoring.
Keith
+44(0)1908 270672
+44(0)7889 805432
https://www.youtube.com/watch?v=qt7Zie0E5Ss
PS:Cars for sale not advertised.
