16 June 2015

Hagerty Price Guide Update

The release of the most recent update to the Hagerty Price Guide shows that Classic car values are still on the rise although the types of vehicle showing the biggest gains may have changed. Fiat Dinos, Maseratis, lesser- known Lamborghinis and more recent classics have performed best, with the values of Jaguar E-Types, Mercedes 300SL and more expensive Ferraris having seemingly cooled.

The Hagerty Price Guide (HPG) tracks the prices of nearly 1500 classic car models sold at auction, through dealers, and privately. In the six months to June, it identified an overall increase of 8.4% across the market, with 23 cars increasing in value over 30%. With three exceptions, these cars were all 1970s and 1980s classics, with the majority valued at under £100,000.

Topping the list was the once-unloved Fiat Dino Spider, which saw average values increase from around £45,000 to £65,000 in the period. Its brother the Fiat Dino Coupe was close behind, (£21,675 to £30,000) and then the Lamborghini LP400S which continued on its meteoric rise (up from £210,500 to £298,500). This was followed by another recent rising star, the Ferrari 308 GTB Vetroresina, which increased on average from £79,750 to just over £112,000.

Other significant movers included the Maserati Merak SS (increase 35.7%), Khamsin (35%) and Bora (34%) and the Lamborghini Espada (38%), 400GT (33%) and Silhouette (32%). The Ferrari 308 GT4 rose by over 30% as did the 512BB. This group has two things in common: they are 1970s/80s supercars, and were until recently all very affordable. Now that the values of the Miura, Countach, Ferrari Dino, 308 and Testarossa have rocketed, it seems collectors and investors are seeking out more sensibly-priced alternatives.

Other makes also featured in the highest mover list- the Ford Mk II Lotus Cortina, the Volkswagen Splitscreen Type 2 Camper, Volkswagen Golf GTI Mk 1 and the Jensen FF all made significant gains. Notably, there was only one Porsche 911 at the top of the list- the 3.0 911 SC, until recently regarded as less desirable than its other 1980s stable-mates, but now making up ground rapidly as people spot it as a bargain.

Despite stratospheric rises in recent years, the Jaguar E-Type is notable by its omission at the top of the table. Although values are up, they have not increased at the same rate as previously- possibly the market ‘catching its breath’ after a period of rapid growth.

Another significant omission was the Mercedes-Benz 300SL, the values of which have been flat since December. Like the Jaguar, they had previously increased rapidly in value. This prompted many owners to sell, which flooded the market, especially in Germany and the US where Hagerty staff have actually seen a drop in values.

The largest faller in percentage terms was the Alfa Romeo 2600 Sprint Series 1. We believe this drop was due to a number of high dealer sales at the end of 2014 which probably created an unsustainable spike. Although interest in the 2600 has increased in recent years, the S1 Sprint (only available in left hand drive and lacking full disc brakes) is generally not as well regarded as other models.

The Porsche 928 GTS was an unexpected faller. This received a lot of positive press at the end of 2014 which inflated asking prices, but the market has not yet caught up with sellers’ expectations. This car is expected to experience long-term growth.

The fall in the value of the Rover P6 3500S was also unexpected. Previously we have seen this car increase steadily in value, and we could expect this small (2%) downwards movement to reverse.

Three of the fallers belong to Berkeley, the little-known Bedfordshire manufacturer of microcars. This highlights the trend of niche classics, especially older models, struggling to attract new owners.

The Hagerty Price Guide is available online free of charge. Find out what your car is worth (and make sure you don’t leave yourself under-insured) by visiting the link here: http://www.hagertyinsurance.co.uk/classiccarvalue

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