Having been in the classic car auction industry for more than 20 years, I’m often asked ‘ has the bubble burst’, writes Jim Ronan, Classic Car Consultant for Hansons Auctioneers.
Well as we start 2023 I thought I’d share my thoughts with you.
Firstly, I don’t agree we’ve had a bubble! I’ve seen classic car prices rise over the past 15 years to unprecedented levels and tried to understand the driving force behind it.
When selling a classic car there are a lot of variables coming into play as to why a buyer will bid for a particular lot – and it’s not just the condition of the car.
We’re selling memories and nostalgia is a strong emotion. Plus, you can easily override common sense!
Given that classic car ownership has also increased drastically we see a huge amount of clubs, car shows, pub meets and loads of other ways of showing off your classic and talking to like-minded owners.
And that’s one thing classic owners have in common, they love to talk about their pride and joy!
Also, the age of owners is getting younger, which in turn brings more recent vintage cars into the classic world. We’re now seeing the humble Vauxhall Nova, Fiesta and many other vehicles attracting interest.
Watch out for the Rover 75, Mg ZR Peugeot 106 and many others, all now reaching classic status. And why not ? Beauty is in the eye of the beholder as the old saying goes.
We also see future classics making an appearance such as the Vauxhall Omega, Smart cars and later Saab models all doing well.
Here at Hansons we welcome the new generation of classics as well as the old.
In my opinion, 2023 promises to be a strong year for prices with a fabulous car always making fabulous money, plus there is still lots of interest in viable restoration projects.
Hansons Auctioneers will hold a Classic Car Auction at Bishton Hall, Staffs on March 18, 2023.
Thinking of selling? Contact Jim Ronan on 0770 7720020 or email [email protected]
