Classic car market
26/06/2008
John Glynn
Consumer Valuation
& Older Car Editor
Though the older car market has attracted a fair amount of media attention this year with stories of celebrities paying record prices for classic models, general sales activity within this sector of the market has been relatively subdued.
Reports that radio DJ and former TV presenter Chris Evans paid just over £5.6 million for a black 1961 Ferrari 250 GT SWB California Spider caused a stir in May this year, particularly because the car was estimated to sell for barely half the price that Evans ended up paying for it.
This hype, however, has not been reflected in the buying trends amongst the general public. The tightening of financial belts and a lack of practicality is putting some potential customers off buying.
Pre-1973 cars are exempt from road tax, which is still an attraction for some buyers, but the reality is that there are few such cars suitable for use as daily transport. Most are not considered to be practical enough these days, and are regarded purely as toys.
The public’s general prudence with money this year has been a real challenge for the market, overriding the advantage of free road tax for the few months of the year that the car will be in use.
Reports that radio DJ and former TV presenter Chris Evans paid just over £5.6 million for a black 1961 Ferrari 250 GT SWB California Spider caused a stir in May this year, particularly because the car was estimated to sell for barely half the price that Evans ended up paying for it.
This hype, however, has not been reflected in the buying trends amongst the general public. The tightening of financial belts and a lack of practicality is putting some potential customers off buying.
Pre-1973 cars are exempt from road tax, which is still an attraction for some buyers, but the reality is that there are few such cars suitable for use as daily transport. Most are not considered to be practical enough these days, and are regarded purely as toys.
The public’s general prudence with money this year has been a real challenge for the market, overriding the advantage of free road tax for the few months of the year that the car will be in use.