Dear Classic Car Enthusiast
This year, despite feeling like a never-ending nightmare across the world, is unfolding towards the end. The wheels of the classic car market are still rolling on, and we are trying to avoid a few potholes which distract us along the journey. For sure, 2020 is a year we will never forget.
Although we have not seen as many classics on the open road as before, the market has reported high sales figures and some dealers are talking of low stock levels and record months.
The market has been a bit of an eyeopener with lots of cars being offered and sold in high numbers; we will admit to seeing some pretty respectable and interesting cars changing hands.
How has this affected the market? Well, we still see retails prices holding their own, but some marques have suffered this year.
Aston Martins have taken a hit for a number of reasons, Ferraris have slowed down a little and Bentleys are reporting the occasional price freeze, whereas Jaguars are keeping to the average levels and modern classics are actually tearing away.
The latter observations bring me nicely to recent auctions reporting cracking results across the board… In truth, we have our reservations about the future and what to expect.
We may well be speaking out of turn here, but our readers will take it in the right context! Why are auction houses letting the sellers write their own cars’ history and condition reports? Nice one guys! That’s because… there is NO COMEBACK!
Moreover, who is predicting the estimated prices and why are we seeing far more no-reserve cars? Of course, the ‘no-reserve’ allows the market to decide its own performance.
It is a great idea, fostered by the auction houses: the option speeds up the bidding (when it starts low) and then there is a chance that our well-known addiction may kick in: it only takes two potential buyers to lock horns, as we have recently witnessed, and things will precipitate.
Yes, there were some very good results recently, retail figures without the comeback, and little overheads: it all makes life more interesting. But running a six-hour auction from your armchair is no fun!
Hat off to these guys, they have nipped in and worked the market really well, but will it last? Time will tell, we think it will all revert back quite soon. Well, at least, let’s hope so.
If a car does not sell through auction, it is only worth what the highest (unaccepted) bid was, as that is how the market will judge that car, unfortunately. Please be fully aware of the potential for a car to be ‘burnt’ as the current practice can damage values.
We really feel the need to impress on anyone thinking of online bidding, the necessity to study the market and spend some time investigating any classic being offered through auction, as they are in the auction for a reason.
If you need any assistance with buying selling, or just friendly straightforward advice, then you know where we are.
Let’s just hope we can get our classics out on the open road soon and blow a few cobwebs away.