Classic car bubble

[TheCountOfNowhere]

https://www.bloomberg.com/amp/news/articles/2019-09-07/the-classic-car-feeding-frenzy-is-over-for-skittish-collectors

 

The prices make houses look cheap 😂

[Noallegiance]

"Meanwhile, the lower end of the market for vehicles below $100,000, including cars from the 1980s, has continued to boom. The segment saw the smallest drop in sell-through rate and, unusually, represented the largest share of lots sold at auction in Monterey, one of the world’s premier classic car gatherings."

Soooooo has a boom now got the classification of 'smallest drop'?

We are at peak crazy bullshit.

[dgul]

There'll be loads of lovely restored cars going at far less than their restoration cost -- lovely.

[TheCountOfNowhere]

Talbot sunbeams for 30k....nuff said 

[Sugarlips]

The growing interest in 80s/90s cars was natural as Gen Xers finally had the dosh to splurge and buy the car of their childhood dreams.

meanwhile the cars of the 50’s that were lusted after by people like my dad are now pushing 80 + it’s no longer practical for most of them to be trying to squeeze in an e-type or whatever.

so the R32 shoots up in value whilst the traditional classics languish

Meanwhile I’ve sold the XJ6 for a small profit as it was not very practical and whilst it never let me down, it couldn’t be trusted to get me home.

so I’m down to just the 1 classic again for now

[Royston]

Definitely anything at the more attainable end of the more recent classic/performance car market is still booming.

I'm seeing some insane, ever increasing asking prices for 90's/00's hot hatches and Jap rally reps... it makes my blood boil every time I see the words ''appreciating future classic'' in an advert, so frustrating for a true fan of the these cars who wants to own one to actually enjoy driving it rather than hoarding it away as an investment.

If in the push for EV  ukgov introduces some swingeing tax increases and other disincentivizing legislation on older high performance, high emissions cars  then some people are going to be left holding some very expensive investments.

[sancho panza]

8 hours ago, TheCountOfNowhere said:

Talbot sunbeams for 30k....nuff said 

Please tel me that's a joke,,.........

[Royston]

17 minutes ago, sancho panza said:

Please tel me that's a joke,,.........

I'm assuming he's referring to the Lotus Sunbeam, the performance version of the Sunbeam, good, fun little car in it's day and now... but £30k is still utter, utter insanity 

[sancho panza]

4 minutes ago, Royston said:

I'm assuming he's referring to the Lotus Sunbeam, the performance version of the Sunbeam, good, fun little car in it's day and now... but £30k is still utter, utter insanity 

Looks like a talbot sunbeam with some gucci headlight on.

our first car as kids.wonder what they cost now?we had a grey one.

[MrPin]

It's a common meme today repeated on numerous TV programs, restoration and how much money can be made from it. Fool if you believe it.

Maybe it's a bit of nostalgia for simpler things from simpler times. Most modern vehicles will NOT be restorable, due to the abundance of electronic widgetry, which will not be available.

[TheCountOfNowhere]

3 hours ago, sancho panza said:

Please tel me that's a joke,,.........

Partly 

[Bear Hug]

2 hours ago, MrPin said:

It's a common meme today repeated on numerous TV programs, restoration and how much money can be made from it. Fool if you believe it.

Maybe it's a bit of nostalgia for simpler things from simpler times. Most modern vehicles will NOT be restorable, due to the abundance of electronic widgetry, which will not be available.

I watched lots of Wheeler deelers episodes. Always gave me impression they barely scrapped through with some profit. And the only reason for any profit was because Ed's labour was free. 

[MrPin]

11 minutes ago, Bear Hug said:

I watched lots of Wheeler deelers episodes. Always gave me impression they barely scrapped through with some profit. And the only reason for any profit was because Ed's labour was free. 

And his £100,000 garage with free tools.

[TheCountOfNowhere]

I randomly picked a shit car type and a mental price..... 

https://www.carandclassic.co.uk/car/C1039061

 

32k, Talbot sunbeam 🤣🤣🤣🤣

 

You can get a decent aston martin db9 for less. 

 

Pretty sure its a bubble

 

[No One]

Oh yea no doubt. In 2008 the e-types went for 15k in ok condition. Cheap money sent these prices flying. Even the 944s price has come up three/four fold.

Corona-chan will pop all the bubbles and then I'll buy in cheap ;)

 

[gibbon]

Owning one car is a ball-ache, madness to own multiple. I assume they are purely investments, the owners probably never even touch the car, once purchased it's picked up on a trailer by company who then transports it to their hermetically sealed storage facility. A symptom of the fact money is basically free for a few thousand bankers and their ilk who are sat right next to the money spigot. 

[MrPin]

1 minute ago, gibbon said:

Owning one car is a ball-ache, madness to own multiple. I assume they are purely investments, the owners probably never even touch the car, once purchased it's picked up on a trailer by company who then transports it to their hermetically sealed storage facility. A symptom of the fact money is basically free for a few thousand bankers and their ilk who are sat right next to the money spigot. 

I have known people with multiple cars, and the space to keep them. The novelty is wearing off.

[dgul]

15 minutes ago, gibbon said:

Owning one car is a ball-ache, madness to own multiple. I assume they are purely investments, the owners probably never even touch the car, once purchased it's picked up on a trailer by company who then transports it to their hermetically sealed storage facility. A symptom of the fact money is basically free for a few thousand bankers and their ilk who are sat right next to the money spigot. 

The really fancy cars never leave their storage facility; the storage contract goes with the car sale.

[onlyme]

On 06/03/2020 at 08:37, MrPin said:

It's a common meme today repeated on numerous TV programs, restoration and how much money can be made from it. Fool if you believe it.

Maybe it's a bit of nostalgia for simpler things from simpler times. Most modern vehicles will NOT be restorable, due to the abundance of electronic widgetry, which will not be available.

Might be a few more spares for swaps as cannot se the same attachment factor, most designs are so identikit in their looks, cars with a decent amount of utility - good towing capacity might last a little longer, together with some sports models, but the rest, like you say will be too much trouble to be worth it.

[MrPin]

1 minute ago, onlyme said:

Might be a few more spares for swaps as cannot se the same attachment factor, most designs are so identikit in their looks, cars with a decent amount of utility - good towing capacity might last a little longer, together with some sports models, but the rest, like you say will be too much trouble to be worth it.

There's a certain "uniformity" in the design, which looks like everyone lost imagination.

[TheCountOfNowhere]

1 hour ago, gibbon said:

Owning one car is a ball-ache, madness to own multiple. I assume they are purely investments, the owners probably never even touch the car, once purchased it's picked up on a trailer by company who then transports it to their hermetically sealed storage facility. A symptom of the fact money is basically free for a few thousand bankers and their ilk who are sat right next to the money spigot. 

Spigot, a great under used word 

[UmBongo]

I still pine for an old Citroen with floaty suspension. 

Edited to add: I remember early on in my driving career in the late 1990s Lotus Sunbeams still commanded strong sums of money compared to it's slower counterparts, like around £4-5k.

Seems like a pattern of underwhelming but simplistic rear drive family cars with big engines: Escort Mexico and RS 2000s command equally big sums. 

[BearyBear]

Ford Escort 1996 went for £92.5k 

https://www.ebay.co.uk/itm/Absolutely-Stunning-Ford-Escort-RS-Cosworth-2k-Miles-From-New-SOLD/223933655918?hash=item34237c6b6e:g:k1IAAOSwp2VdushO

 

[UmBongo]

3 hours ago, BearyBear said:

Ford Escort 1996 went for £92.5k 

https://www.ebay.co.uk/itm/Absolutely-Stunning-Ford-Escort-RS-Cosworth-2k-Miles-From-New-SOLD/223933655918?hash=item34237c6b6e:g:k1IAAOSwp2VdushO

 

Jesus wept. In my home county too where property is also overpriced. I wouldn't have thought that the buyer paid £92.5k for it though but maybe not too much lower.

There were £20k annual insurance premiums on those Cosworths in the 1990s.

[dgul]

16 minutes ago, UmBongo said:

Jesus wept. In my home county too where property is also overpriced. I wouldn't have thought that the buyer paid £92.5k for it though but maybe not too much lower.

There were £20k annual insurance premiums on those Cosworths in the 1990s.

I'm always fascinated by assets that go through a 'worthless' stage.  I absolutely remember the valueless Cosworths in the 90's -- I thought about buying one and shoving it in a shed, but it was a bit of a risk (given that 'valueless' was still a good few weeks' pay)...  My thoughts at this stage are about identifying the next 'valueless asset'.