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Classic cars that are depreciating


Rustycarlover
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11 hours ago, barrett said:

tl:dr - no, I haven't noticed cars going down in value recently

Same.

What I am seeing is a greater supply of classic cars. Not sure if that's from stuff not selling and/or lockdown purchases getting resold. Plenty of shabbier stuff coming onto the market (or not selling) which possibly might explain the appearance of price drops. Instead of them selling quickly as had been doing, they're hanging around longer so a spot check of the market makes it appear to have dropped.

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13 hours ago, motorpunk said:
13 hours ago, FakeConcern said:

 

A few young (early 20s) people I know are mad for Minis. I can’t see them falling in price.

Unfortunately this seems to be the case. I've wanted a Mini for a while but they still are on their upward march of price rises. All the same time as they get rustier and more bodged.

15 hours ago, Minimad5 said:

Still think car insurance is a massive factor for the younger generation being put off.

This is touted as a problem but it's always been the case. My first own policy in 2004 was £1200 when I was 19. That's £1884 now after inflation. Not too dissimilar to what it is now.

However communications methods have much increased and public transport has improved. So less need for a car and more interest in spending that money on learning elsewhere. 

18 hours ago, Mrcento said:

Morris Minors seem mega cheap these days.

There are Morris Minors and there are Morris Minors. A 2/4dr 60s Moggie saloon are and have always been at the bottom of the Classic Car barrell. Sub £4k easily for a really nice one. However the Travellers fetch twice that for a really nice one and a van is twice that again. By which point they're quite expensive for what they are.

14 hours ago, D.E said:

I am wondering if prices of pre war cars will drop much further. The passing of generations who fancy cars of a specific era is a likely explanation for price falls, but most people who experienced cars from the 1930s and earlier when they were new are already gone.

Someone born in 1930 will be 91yrs old now. I'd say the vast majority of owners who would remember them as a decade old have either hung up their driving cap or shuffled their mortal coil. The supply of prewar cars isn't going to increase but at the same time is well at the point it won't decrease. Anyone wanting to buy one is more likely to be an enthusiast and know how to take care of one or learn to.

I fancy a prewar car myself and this doesn't seem to want to sell:

https://www.ebay.co.uk/itm/Standard-flying-10-/165067206126

Problem is, as @barrett has said, they're not exactly thrilling machines to play around with. I'm not one that is interested in the average family car (aka porridge) as a toy and so I know once the novelty has worn off I'd get bored quickly.

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Long term, I am holding out to see if the Jag XK120/150/etc drop in value. They have interesting dropped a fair amount over the years. Used to be comfortably 6 figure cars. While now dropping comfortably to mid 5 figures. 

What I don't understand is why they are worth less than an E-Type? Admittedly I don't find an E-Type that pretty (yes they're nice but not what they go for nice) but the XK has proper racing pedigree and history unlike the E-Type. 

Short term I'm back in the market for something else. Ideally a MG Midget and/or Spitfire (or GT6 if cheap enough). This time of year in Sept-Nov is usually when I see the classic car market winds down on nice stuff selling to winter projects being stuff that moves.

In early Dec stuff that goes on tends to not sell and by the time you get to late Dec/early Jan those can be snapped up at a good price. That's when everyone is broke from Christmas, winter projects already work in progress and the Xmas cheer winding down moving towards prepping back to work/school.

What I don't know is the effect of the pandemic will have on these timings. Potentially more unfinished projects up for sale? Or will these be worked on over winter? Cars bought during the pandemic ready for easing restrictions back on the market, after realising over Xmas that it's been barely used?

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The world is changing, prices may stay the same but values are dropping; I see a lot of stuff hanging around for month after month, some cars have been for sale for years. If you have a fundamentally sound car of a favoured variety, describe it honestly,  photograph it well and put it out there at a competative price, it will fly off the shelves. Otherwise be prepared to put up with a lot of tyre kickers and a very long wait. 

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19 hours ago, artdjones said:

The rubber bumpers ruined the original styling, which was quite pretty, they raised the ride height and made the handling worse, and the mechanical bits are not inspiring.

You forgot to add that they were shit before that. 

In any case it's not a hard job to retro fit chrome bumpers and early suspension, although the cost may not be worth it.

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Anything is now a classic car over 15 years old in the eyes of a lot of folk. There’s a Fiesta at the end of our street for sale at the garage, it’s perhaps early 90’s maybe a K plate etc. Looks tidy but underneath it’ll still be rotten as fuck like they all are. Haven’t seen the price but I’m willing to guess it’ll be £2k minimum. For what realistically is a bag of rusty shit. 

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2 hours ago, SiC said:

What I don't understand is why they are worth less than an E-Type? Admittedly I don't find an E-Type that pretty (yes they're nice but not what they go for nice) but the XK has proper racing pedigree and history unlike the E-Type. 

I can agree with you on this.

I had a D Type drive by me a few weeks ago, and I thought that's a beautiful looking car. The E-Type is alright with the top down. But the moment you put the hard top on it, it just looks so ungainly and ugly. 

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Modern classic, admittedly, but surprisingly the Mk1 Hyundai Coupe. They're now 23 years old and even decent ones are worth pence.

Recently saw a Limited edition F2 Evo for sale. Only 19 left. Few extras, a little lower. Other than a slightly pepped up engine, it is a low miler, the model to get and in great condition.

The guy couldn't get £2k for it,

Bonkers. The cars are great fun - owned one back in the early 2000s. If the right one comes up for sale, I'd have another. They look like this

image.png.bb375f1a3f60373d5e67be93de3ea54b.png

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1 hour ago, TheOtherStu said:

Only 19 left.

That's the crux of it. Rare does not mean either desirable or valuable. The MK1 Hyundai Coupe (and MK2 for the most part) has never been really desirable or in demand. Highly unlikely to reach any level of cult status. Not for certain as if Hyundai becomes the biggest and predominant player then it could have a resurgence. Like the Celica MK1, 240Z, etc. But by then they'll be exceedingly rare. 

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E types have definitley dropped over the last decade. The drive seems to be for traders to ask the max for them that they can and nudge it, and commission sales where the business can boast  of the highest figure achieved for an xyz don’t help. if you don’t like price inflation as an “enthusiast” rather than from an “investment” point of view.

I guess eventually those figures are not achieved and prices gradually readjust. Not sure why the e is worth less, nor why it was on the crest of a wave the decade earlier.

FWIW once you reallise the standard ones have a narrow track relative to the body you can’t un-see that, or maybe that’s just me.

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18 hours ago, Dick Longbridge said:

On the other side of the scales, Frogeye Sprites continue to soar in value, despite their original target market being of old age now. I guess it's because they've always been quite cool little cars and have never really gone out of fashion.

I spotted a red Frogeye at the local petrol station the other day, both the lads in it must have been 25 at the very oldest, and to their credit gave it a bit of stick down the road. 

I do fancy something like an MGB, but it'd be a restomod for sure. If I really had plenty of spare cash I'd sling the B-series in the bin and shove something like a BMW 4.4 M62 in with a 6-speed and the back end from a 3 series.

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1 hour ago, artdjones said:

The thing that puts me off the Frogeye is that it was slow for a sports car in 1959. A Nissan Figaro would blow it into the weeds.

That’s why you want one of those replica GRP jobs they built under Healeys permission in the mid 90’s. Rover K series running through an FSO gearbox. 

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12 minutes ago, bicycle repairman said:

sold this and it was only on few hours i think 80s and 90s are were new money is,i want 105e anglia seen them wanting 1000s years ago be gone but you see same old 60s and 70s cars on ebay,have seen price off old ghetto blasters i wanted one but prices gone mental,

DSC01069.JPG

I really wish you'd let me know when you were selling your Montrose as I'd previously asked. Bit gutted this gem slipped through the net. 

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I consider myself very lucky that I did the Mini thing in my teens/early 20's. Back then (late 90's/ noughties) you could get a presentable runner with MOT for £4-500. They weren't really depreciating even then - I broke even or made a profit on all three of mine. Of course that's ignoring the fact that they needed constant repair and all ended up practically rebuilt 😀.

Would love another, and to be honest it wouldn't be a bad investment but sadly I can't comprehend spending that sort of money on something that rusts & wears out so fast and is so easily stolen.

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I dont see much dropping in value currently. In 12-18-24 months time maybe when the projects bought last year and this never get finished yadda.

 

I'm always bit mystified over E-types (and I'd love one) they made loads, look on any of the obvious  suc anar car and classic or ebay and you will have pages  of them  far more tha the venerable XK or the XJ6 coupe (made in miniscule numbers compared to the E-type and relatively good vfm. ) especially the early 3.8, flat floor manuals.. which are nit the best to drive.. or get in and dont go as quick as the 4.2 or V12.

Mind the market  is always fluid. 10-15  years ago old range rovers were pretty worthless.. now  the prices door huge project/total restorations  is 5 figure.

Certainly stuff from the 70s 80s and 90s are  the most in demand now as  has been said those that wanted them but couldn't afford them  can now..  or at least borrow to buy.  And as for  the age/generational thing all of my ones are older than me - ther will always be a  shiter/petrol head looking.

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I honestly don't know what the future holds,i mean when will petrol get just too stupidly expensive or even banned that all the old stuff from the 20th century become little more than static museum pieces.

I follow a facebook group that are electrifying the old stuff using Nissan Leaf running gear and their new found "useability and performance is very impressive.

Re Morris Minors a standard one has zero appeal to me and i am in my early fifties so i'm guessing guys and gals much younger than me will also quickly tire of any car with a weezy engine,poor brakes and pants heating and lighting (cute looks can only take you so far) and will soon ditch them for the convenience of a modern ride.

Looking at values are Beetles dropping in price?

I am into  my Jap stuff and  early 90's Supra's and Skylines are being advertised for crazy money.

Yes i've posted a total ramble (been down the pub) but i really can't see where the "classic car" movement is going to be in ten years time.

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18 minutes ago, Joey spud said:

.... i really can't see where the "classic car" movement is going to be in ten years time.

Nobody can. Then again, nobody saw that the rush to ban internal combustion and go electric would be partly driven by a certain diesel emissions scandal, or that there was going to be such a scandal in 2015....

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5 hours ago, HMC said:

FWIW once you reallise the standard ones have a narrow track relative to the body you can’t un-see that, or maybe that’s just me.

Not just you. One of the things I don't like on them. Looks wrong and ungainly with the wheels so inboard. Likewise the FHC looks a bit weird to my eyes too.

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18 minutes ago, SiC said:

Not just you. One of the things I don't like on them. Looks wrong and ungainly with the wheels so inboard. Likewise the FHC looks a bit weird to my eyes too.

Surely this is like complaining that an achingly pretty girl has ankles that are slightly too skinny?  

I do wish that classics would come back down to relatively sensible levels - say mid-2000s prices.

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17 minutes ago, The_Equalizer said:

Surely this is like complaining that an achingly pretty girl has ankles that are slightly too skinny?  

I do wish that classics would come back down to relatively sensible levels - say mid-2000s prices.

I'd say its more that everyone tells you they are pretty but you just don't find it that way. They look nice to my eyes, don't get me wrong.

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But this looks more right to mine, especially for similar/less money.

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11 minutes ago, sierraman said:

I’ve never driven an E-type but I can imagine they are absolutely dreadful, heavy, expensive to restore, unreliable etc. In effect buying one now it’s a museum piece for the main part.

Its about the experience. Anything similar priced or even far less will be more competent in every way. But that is not the point?

Driving pleasure isn't about how fast you accelerate, how quick you can corner or how fancy the car looks. Its about how a car makes you feel. 

Everyone told me I'd hate my MG BGT and that they're a load of shit. Out of all the many cars I've owned and driven, its still my favourite. What is interesting is to see many other Millennials like me who love their MGBs too.

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1 minute ago, SiC said:

I'd say its more that everyone tells you they are pretty but you just don't find it that way. They look nice to my eyes, don't get me wrong.

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But this looks more right to mine, especially for similar/less money.

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S1 E-Type would be a better match, but I am with you concerning the XK150. My love came from watching John Hurt smoking about in a white one in the film Scandal.

scan024.jpg.1566bdc73b14d033751da4932b54ad96.jpg
Photo from - https://www.reelstreets.com/films/scandal/

There's a nice one coming at Baron's that looks sensible money (relatively speaking of course):

https://www.barons-auctions.com/view-lot/4171/for-sale-at-barons-auctions-1960-jaguar-xk-150-se
 

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Thinking about poor man's E Types, a few years back I fancied a Triumph GT6 MK3. I'd been lusting after them since falling in love with the stunning red mk3 the chair of governors drove at my then workplace. Both the looks and sound drew me in. 

The reality of actually sitting in, and driving one complete shattered the illusion for me. It was noisy, cramped, uncomfortable and like an oven even with the windows down. Bear in mind I've run a 1960's Beetle as well as a Moggie, so I'm no stranger to living with a far-from-modern car. 

I can only assume I'm in the minority with my opinions though, as GT6 prices have gone crazy over the last decade.

 

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