Classic values - up or down?
Demand for the best cars remains strong despite a dip
After a somewhat febrile period are values of classic road and racing cars cooling, or even starting to drop?
Research from specialist finance broker Moneypod paints a potentially alarming picture for those betting the farm on historic metal, their figures claiming a 10 per cent drop in values over 2016.
Specialist dealers are more sanguine, and demand for the most desirable cars remains strong. “The classic car market has levelled off,” says Porsche road and race car specialist Lee Maxted-Page, though in his view this isn’t necessarily a bad thing. “Short-term speculator enthusiasm has thankfully disappeared and the market has returned to a more stable pace. Current buyers are prospective long-term owners, looking for quality at the right price.”
James Cottingham at DK Engineering is also optimistic: “There’s no evidence of a drop and people need to be more sophisticated at how they look at the market.” Quality of stock – and the way it is sold – is everything, auctions in particular sensitive to venue, timing, audience and the draw of the cars on offer.
In terms of growth areas Cottingham’s knowledge of the Ferrari market has him tipping F40 values as on the rise to equal those of 288 GTOs, F50s and Enzos, while in competition cars interest is growing in ’90s GT cars as more opportunities arise to race them – the F40 GT/LM for sale with DK now embodying both trends. Maxted-Page has enjoyed interest in Group C cars while pre-66 2.0-litre Porsches are also on the up, given their – in his words – relative affordability.
The common theme? While some sectors may be ‘stabilising’ demand for the best cars is still strong. Less that the market is souring, more that the cream is rising to the top.