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Nov 15, 2014 21:41:11 GMT
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5 or 6 years ago you could get a 911sc for as little as £5000 sadly it was still out of my range at the time.
Now i can or thought i could finally start looking there £15,000 upwards!
How did that happen so quick?
Its not just Porsche,s either.
Looks like I'm never going to be able to afford one now.
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Nov 15, 2014 21:52:47 GMT
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Lots of factors, but over the last few years, very low interest rates have fuelled large gains. Investors want to put money in something that will climb & classic cars have been one, along with art & wine etc.
In this months classic & sports car mag, they said the biggest gaining car was a 911 2.7 RS, 10 yrs ago £60k, now £500k
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Dez
Club Retro Rides Member
And I won't sit down. And I won't shut up. And most of all I will not grow up.
Posts: 11,784
Club RR Member Number: 34
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Nov 15, 2014 22:05:50 GMT
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rear wheel drive.
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Mike
East Midlands
Posts: 3,387
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Nov 15, 2014 22:08:07 GMT
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Normally when I sell a car, then realise that I should have kept it, I look for another the price has doubled. I've been driving up the prices of cars I like for years now.
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Nov 15, 2014 22:14:03 GMT
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Everything mentioned above, as well as other things such as movie and tv appearances possibly
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Nov 15, 2014 22:39:15 GMT
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Nostalgia obviously plays a part. Take the mk1 escort for example. Back in the day, everyone had escorts, from what i've very briefly seen they appeared to lead the market at the time. As they were so common (then), they were cheap, and thus everyone scrapped them, now they're rare, because everyone scrapped them, and the nostalgia kicks in "oh I had one of those/remember those/my dad had one". They've also aged very well aesthetically and look great modified so they've got a following.
As far as the mk1 escort is concerned there is plenty the same age that can match it in various areas that are much cheaper to buy, for no clear reason.
Thats my very loose spin on it anyway, I'm no expert, but that's what i've gleamed from being involved in classics over the years.
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Smiler
Posted a lot
I no longer own anything FWD! Or with less than 6 cylinders, or 2.5ltrs! :)
Posts: 2,492
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Nov 15, 2014 22:46:46 GMT
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Normally when I sell a car, then realise that I should have kept it, I look for another the price has doubled. I've been driving up the prices of cars I like for years now. You're not alone with that particular skill I'm afraid. I sold my mk5 Cortina early this year so their prices are guaranteed to rise. I'm getting ready to sell my mk3 Escort next. I'm well aware that these cars have been gaining in popularity, just not in value yet. But that's all about to change, approximately 6 months after mine sells at a huge loss! |
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www.Auto-tat.co.uk'96 Range Rover P38 DSE (daily driver) '71 Reliant Scimitar SE5 GTE 3.0ltr Jag V6 Conversion '79 Reliant Scimitar SE6A 3.0ltr 24valve Omega Conversion '85 Escort Cabrio 2.0 Zetec - Sold '91 BMW 525i - Sold '82 Cortina 2.9i Ghia Cosworth - Sold '72 VW Campervan - Sold '65 LandRover 88" - Sold
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Nov 15, 2014 23:05:44 GMT
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5 or 6 years ago you could get a 911sc for as little as £5000 sadly it was still out of my range at the time. Now i can or thought i could finally start looking there £15,000 upwards! How did that happen so quick? Its not just Porsche,s either. Looks like I'm never going to be able to afford one now. Well, I reckon two things really. First the 911's 50th anniversary has just passed, so all 911 models got plenty of publicity and second, there's many it would seem have decided to jump on buying classics over the last few years instead of leaving their few bob in the bank earning sod all interest. Anyway, count your blessings. A five grand 911, five or six years ago, odds on would have been a dog or at the minimum requiring a lot of work. So, today going by your figures a £15k one could be just as bad. It seems to me if you want a good driveable high mileage 911SC, £25k looks like asking price nowadays. |
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Still learning...still spending...still breaking things!
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fred
Posted a lot
WTF has happened to all the Vennies?
Posts: 2,957
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Nov 15, 2014 23:07:22 GMT
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It covers a lot of things not just cars
Try buy a mk1 Raleigh Chopper now
things back when I was a kid used to take apart and put cow horns on and such
It is the essence of retro
things hit THAT age and meet with THAT age of folk who want to reminisce their halcyon days
Prices will always go upwards. Also as mentioned TV and Films -
Take The Jag Mk2 - back in the Early 80's - pretty flat - Then Inspector Morse came along with his bright red beasty - Price UP - Up
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'79 Cossie ran Cortina - Sold
2000 Fozzer 2.0 turbo snow beast
'85 Opel Manta GSI - Sold
03 A class Mercedes
Looking for a FD Ventora - Anyone?
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bazzateer
Posted a lot
Imping along sans Vogue
Posts: 3,653
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E30 Beemers are approaching stupid money now. Get an decent E36 now for pennies and watch it appreciate over the next 5 yrs.
Same happened with Mk2 Escorts once the Mk1 went stupid.
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1968 Singer Chamois Sport
1972 Sunbeam Imp Sport
1976 Datsun 260Z 2+2
1998 Peugeot Boxer Pilote motorhome
2003 Rover 75 1.8 Club SE (daily)
2006 MG ZT 190+ (another daily)
2007 BMW 530d Touring M Sport (tow car)
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bgt
Part of things
Posts: 151
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As has been mentioned, it's about nostalgia. People who grew up around these cars when they were new could not afford them then, but they can now. They are willing to spend more than the car is "worth" because emotions play the largest part in the decision. They convince themselves that the virtues of the car are such that they "must have one."
More than that though, it's about sellers monitoring the market. They see a car similar to theirs advertised for more money than usual. They advertise theirs for a bit more. This goes on. And since the buyers let their hearts rule over their heads, and are willing to part with the cash to get the "right car", you get a car that appreciates in value. Even the bad examples appreciate because they have the potential to become the right car.
A relatively new phenomenon now is the opposite effect. People who grew up in the 30s and 40s are dying, and with them most of the interest and enthusiasm in cars from those eras. So they are depreciating in value, at least the more ordinary models. Bugattis and Duesenbergs and the like have reached a level where they will more often than not be treated as a piece of art.
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Last Edit: Nov 16, 2014 8:07:49 GMT by bgt
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kite
Part of things
Posts: 260
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As mentioned above Porsche's 50th anniversary has had a positive effect on values,
The next milestone on classic cars maybe the bmw 2002 classic , due to the fact that it's Bmw's 100th anniversary and the 2002's 50th in 2016.
Prices have already started to rise.
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Dez
Club Retro Rides Member
And I won't sit down. And I won't shut up. And most of all I will not grow up.
Posts: 11,784
Club RR Member Number: 34
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Nov 16, 2014 10:37:07 GMT
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A relatively new phenomenon now is the opposite effect. People who grew up in the 30s and 40s are dying, and with them most of the interest and enthusiasm in cars from those eras. So they are depreciating in value, at least the more ordinary models. Bugattis and Duesenbergs and the like have reached a level where they will more often than not be treated as a piece of art. i don't think thats really true at all. i work within that market more than the 'retro' one these days, and prices certainly are NOT falling. the ages of owners are changing though, its not at all unusal for guys in their twenties and thirties to own pre-war cars these days. and if its a car that is usually not rodded or customed, (in other words, a pre war ford) values are as bouyant as ever. |
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Nov 16, 2014 10:50:23 GMT
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Anyone remember the late 80's and Yuppie era ? Morris Minors were fetching £7-10000, E Types sometimes over £100,000 and so on. Speculators bought everything they could think of as an "investment". At work (H M Inspector of Taxes) we get said Yuppies having things like crates of fine wines, gold bars, classic cars etc as bonuses to get around paying tax on the bonus. Now the *ankers (put a b or w depending on your opinion of them) simply give themselves £1,000,000 bonuses instead.
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Nov 16, 2014 12:08:32 GMT
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Competition plays a part, when a car reaches a certain age it becomes eligible for historic racing, so demand causes the prices to rise. Also people can't afford the car they want so they buy the next best thing, ie Mini Cooper prices rocketed now people are looking at umps and a35's as alternatives pushing up prices for those .
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Nov 16, 2014 14:57:34 GMT
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Anyone remember the late 80's and Yuppie era ? Morris Minors were fetching £7-10000, E Types sometimes over £100,000 and so on. Speculators bought everything they could think of as an "investment". At work (H M Inspector of Taxes) we get said Yuppies having things like crates of fine wines, gold bars, classic cars etc as bonuses to get around paying tax on the bonus. Now the *ankers (put a b or w depending on your opinion of them) simply give themselves £1,000,000 bonuses instead. I remember it well. I remember equally well the crash in the very early 90s. I have my suspicions that a similar crash is not that far away and for the same reasons. There are investment cars and there are enthusiast cars. There is a limited crossover. When the investors get into the enthusiast market, it doesn't bode well in the long term for investors or, in the short term for enthusiasts. I think there are currently too many so called investor enthusiasts in the market. I see on many forums many threads where owners are consistently talking up the values of their cars. The same thing happened in real classic car meetings back in the late 80s. People are buying cars not purely because they want to own and enjoy the car and hopefully won't lose too much on it, but because they expect it to rise significantly in value. It'll all end in tears. I hope. |
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jaswh
Part of things
Posts: 154
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Nov 16, 2014 15:02:33 GMT
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Nov 16, 2014 15:17:12 GMT
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I remember being at college 9 years ago and a college mates mom had a near mint white 90 spec escort rs turbo. Only had around 60k on the clock if I remember correctly.
Anyway it was stolen one night from outside their house and found 5 miles away the next day with no damage other than door and steering lock/ignition. She didn't want to claim off the insurance so my mate asked if I wanted it for £50 (those were the days when you actually had to pay to scrap a car) I turned it down because I couldn't afford the insurance at the time being 18. She scrapped it in the end.
How gutted I am now!
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bortaf
Posted a lot
Posts: 4,549
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Nov 16, 2014 16:13:19 GMT
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Everything mentioned above, as well as other things such as movie and tv appearances possibly This, Life On Mars turned the Mk3 cortina from a £500 shed into a 5 grand unobtainium mobile ! before LOM i often picked up parts cars for £100, even the odd 1 owner been in a garage for 20 years type car, after LOM you couldn't find a shed for uner £800, now i can't even afford to by parts for them  |
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R.I.P photobucket
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v8ian
Posted a lot
Posts: 3,824
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Nov 16, 2014 18:27:29 GMT
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The last time cars went Ballistic, it was the last rescission, The bubble will burst, when the last rescission ended, My brother in law bought a 98 point Dino 246s for 18k, it had been restored at Marinello Concessionaries and came with receipts for 95k only a year earlier, I bet that stung!!!!!!!!
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Atmo V8 Power . No slicks , No gas + No bits missing . Doing it in style.
Austin A35van, very different------- but still doing it in style, going to be a funmoble
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