Credit crunch and classics
Discussion
I'm sure they'll go down......and one day they will go back up again, but I have mine becasue I want it, not becasue it'll make money, so I don't care.
Last time, exotica (that had been bought by investors), plummeted and more ordinary classics dipped a bit.
On the other hand, if you were thinking of buying one, it could be a good time!
Last time, exotica (that had been bought by investors), plummeted and more ordinary classics dipped a bit.
On the other hand, if you were thinking of buying one, it could be a good time!
It seems to me that in the main it is only the exotica which has gone through the roof this time and those people are in the main credi crunch proof. Last time everything seemed to rocket. Jaguar E type V12's were fetching well over £100,000 and I was offered £75,000 for the 3.8 but this time they haven't gone anywhere near so high. Nevertheless, there will be a correction I'm sure purely because people are sitting on their hands and not spending, no matter what we are talking about. It is purely fear that is driving the situation and only confidence can restore it. As said above, wait until January and there will be some serious bargains to be had as dealers reduce stock to clear overdrafts.
I think the market is a lot more experienced than in the 80's hence cars that are true classics eg Ferrari 250's etc may dip in value a bit but will remain high.
IMHO what are going to come down substantially are the vast majority of classic cars that aren't truly special and I include all the cars that I own within that description.
If one looks at the price drops for modern cars it is difficult to see how classic cars can be excluded plus they start to look very expensive eg good Porsche Boxster S for circa £15 - £18k, 2005 Porsche 911 2S for £30k, Ferrari 360 for £45k represent a lot of car for the money.
On that tack if anyone has a Morgan Aero 8 series 1 for sale I would be prepared to rob myself blind and give £5k for it....
IMHO what are going to come down substantially are the vast majority of classic cars that aren't truly special and I include all the cars that I own within that description.
If one looks at the price drops for modern cars it is difficult to see how classic cars can be excluded plus they start to look very expensive eg good Porsche Boxster S for circa £15 - £18k, 2005 Porsche 911 2S for £30k, Ferrari 360 for £45k represent a lot of car for the money.
On that tack if anyone has a Morgan Aero 8 series 1 for sale I would be prepared to rob myself blind and give £5k for it....
I don't think there'll be movement in top quality classics. Middle of the road to poor will drop.
There has never been enough variance between the 1st class example (top class restoration or time warp) and an average car and I reckon this market with filter those out and the cream of the crop will continue to command good money. I talking true classics not your Austin Maxis and Marinas etc.
Rarities will not suffer at all.
The majority of owners that have the special and valuable cars are generally not affected by the crunch.
There has never been enough variance between the 1st class example (top class restoration or time warp) and an average car and I reckon this market with filter those out and the cream of the crop will continue to command good money. I talking true classics not your Austin Maxis and Marinas etc.
Rarities will not suffer at all.
The majority of owners that have the special and valuable cars are generally not affected by the crunch.
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