Dear Classic Car Enthusiast,
It is said that the Classic Car market will have turned over £20b worth of car sales worldwide, following one of the best years on record, in 2021.
Yet if you listen to dealers, who should be celebrating a bumper year, they still complain about how difficult it is to find decent stock; everyone is, of course, chasing that ‘special’ motorcar alongside that ‘special’ buyer to agree that ‘special’ sale.
A combination of those three ‘S’s is hard to hit. So why are we having this extraordinary situation, and why is the market is so buoyant even in these very difficult times?
Interest rates are just starting to turn the corner, some businesses are really struggling and have no assets to pin their growth or battle to survive, and savings seem to have no real future.
Classic cars are seen as hard assets and in an inflationary environment (as last year has been proven to be) we have seen, paradoxically, collectors sell off less important cars for higher value than more collectable and desirable cars. These are the people who get it right most of the time.
What should we all be looking out for? That question will remain unanswered, mainly because we are all seeking different avenues and appreciate different values.
This is just as well or… we would all be driving the same old reliable classic car. Trends spotted: we are still seeing modern day classics (1980s to 1990s cars) moving forward and up, something which has been going on for a while now; the surprise of the month?
Pre-war cars! They are doing well, and long may it last. We feel very concerned about online sale platforms; these may not be full-fat auction sites as such, but more like Ebay sales where you are entitled to very little protection.
If you are thinking of dabbling in online sales, please be extra careful. It’s so refreshing to see the good restoration shops still very busy with some extremely special motor cars being looked after.
It’s a pleasure watching these highly skilled folks putting their irreplaceable abilities to work to make old classics look perfectly original. I think I may need some help in that area!
There seems to be a growing split within the auction houses, all dealing with different market levels and niches; I see a big change in the auction world in the very near future but feel it may not be an agreeable one to all involved. We shall see.
If you are considering buying, selling or restoring a classic in the near future, we are here to assist with anything to do with classic cars, the market and all the ancillary (sometimes complicated) functions supporting what may look like a straight, simple transaction.
Happy motoring and keep safe.