What's To Come For Classic Car Values?
March 11th 2020
Despite a rocky start to the year for the world in general, there seems to be plenty of good news in the world of classic cars. Speaking from our own personal experience, E-Type UK has had the best ever start to a year since 2016. Demand for ‘the world’s most beautiful car’ is seemingly at a high; examples from Series 1 to Series 3 restored and fettled, or sold in our workshops, have all been finding homes faster and at stronger valuations than in years gone by.
In January and February alone, we sold some of the most interesting cars we’ve had through our workshop so far – a 1963 super desirable, original right hand drive and matching numbers roadster; a 1971 E-Type UK fully restored Series 3, fitted with countless reliability and performance upgrades and a true classic 1966 restored Series 1 with a 4.2 engine – commissioned by saloon racing legend Steve aka “The Sooper Man”. Alongside those, we also sourced and commissioned a Series 3 to be given our ultimate specification treatment and a Series 1 to be fully restored.
But while it’s all well and good drawing on our experiences from our restoration and sales facility in Kent, the broader classic car world does seem to be experiencing a similar boon. At the most recent major classic car auctions, RM Sotheby’s and Bonhams in Amelia Island in March, the results were those of a market with a positive trajectory.
The RM Sotheby’s sale saw 90% of cars sell, with a Ferrari Enzo going for almost $3m with premium included. And, although the Enzo wasn’t one of them, 16% of the cars in the sale ended up finding new owners at prices above the auction house’s upper estimates. The Bonhams sale, meanwhile, saw 75% of its lots find new homes and, as classic car valuation website, K500, rightly pointed out: “The immediate post-sale gross of nearly $21m is the best performance by the Brits in Florida since 2016."
To continue the British theme, our industry colleagues from Fiskens in London are seeing similarly encouraging results at the start of this year, writing on the 31st January: "This year has got off to a flying start with the sale of the incredibly rare 1964 Iso Grifo A3/C Bizzarrini and the 1952 ex-Stirling Moss Jaguar XK120. With two sales already under our belt, 2020 could be Fiskens’ best year to date!”
If you’ve been putting off buying a classic car because of concerns about the market, our message to you is that the tide is beginning to turn. Global auction results and strong classic car sales across the UK seem to suggest that classic cars aren’t just retaining their strength, but their popularity is even on the rise.
Despite all the positive signs in 2020, the advice we give to all of our customers is to buy something you love. Classic cars are a wonderful asset – and one that’s free from Capital Gains Tax should you sell – but it’s a complex world that often requires a guiding hand to see your way to the car that you really want. Unlike stocks and shares, a classic car is an asset you can enjoy, and we want to make sure you do just that during your ownership.
The team at E-Type UK are always ready to be your guiding hand through the world of classic cars, and E-Type ownership in particular. If you’d like to speak to a member of our team about finding your first classic car, or adding another to your garage, please do get in touch below.