"Modern Classics" and Sky High Asking Prices
Discussion
As we all know, when the money went out of property at the end of the last decade, it seems to have found its way into Cars. And increasingly, it seems to be finding its way into newer and newer ones. I'm not talking proper Exotica, I'm talking about things that are being given the term "Modern Classic".
The thing is, in my opinion, this term is being thrown about so carelessly right now by certain Sellers just to ask laughable amounts for cars. Looking through the classifieds, as we all do, I often find myself almost choking on asking prices for cars that were in shed territory not all that long ago.
Maybe I'm just moaning for the sake of it here, slightly bitter that I've waited to an age where I can insure most stuff, only to find the prices have gone through the roof. Take the MK2 Golf GTI's, I can totally get that they are desirable and even I would call them a "Modern Classic". I just find it hard to think "Yep, I'll spend upwards of £8000 on an 80s VW that's probably been thrashed most of its life". Because that's what I saw as an asking price for one recently. Not a rare model or anything.
If there was ever any proof of my moan, its a certain page for a car sales company on facebook. I won't name names, I'm not out to slag off peoples businesses and they do sell some interesting stuff. However, they currently have an E36 Cab for sale. Yes, its mileage is around 70-80k or something and its very tidy. However, how they can have an asking price of £4300 for an Automatic 325i SE Cab is beyond me. The fact they've thrown a pair of oversized BBS Replicas on there isn't helping matters.
Am I the only one here thinking certain cars "Modern Classic Status" is being overplayed these days in order to ask ludicrous prices? Am I just being a moany Git? Should I just shut up and get on with my life? I'm sure you'll let me know.
The thing is, in my opinion, this term is being thrown about so carelessly right now by certain Sellers just to ask laughable amounts for cars. Looking through the classifieds, as we all do, I often find myself almost choking on asking prices for cars that were in shed territory not all that long ago.
Maybe I'm just moaning for the sake of it here, slightly bitter that I've waited to an age where I can insure most stuff, only to find the prices have gone through the roof. Take the MK2 Golf GTI's, I can totally get that they are desirable and even I would call them a "Modern Classic". I just find it hard to think "Yep, I'll spend upwards of £8000 on an 80s VW that's probably been thrashed most of its life". Because that's what I saw as an asking price for one recently. Not a rare model or anything.
If there was ever any proof of my moan, its a certain page for a car sales company on facebook. I won't name names, I'm not out to slag off peoples businesses and they do sell some interesting stuff. However, they currently have an E36 Cab for sale. Yes, its mileage is around 70-80k or something and its very tidy. However, how they can have an asking price of £4300 for an Automatic 325i SE Cab is beyond me. The fact they've thrown a pair of oversized BBS Replicas on there isn't helping matters.
Am I the only one here thinking certain cars "Modern Classic Status" is being overplayed these days in order to ask ludicrous prices? Am I just being a moany Git? Should I just shut up and get on with my life? I'm sure you'll let me know.
RacerMDR said:
it is the same at the other end of the market too..........prices have gone nuts. Try looking for classic porsche!!
Yeah, that annoyed me as well. Remember the price of a Gseries a few years back? Now look. It's just more irritating when you see people trying to cash in on this with lesser cars, I guess!Chicane-UK said:
It is an interesting phenomenon. I follow it a little as an owner of a VW Corrado VR6, a car which is often referred to as a modern classic and has been on the cusp of accumulating in value for some time.
The reality is, it seems like traders acquire the cars and then double the price. I used to be quite vocal about and critical of this, but as others in the club have reminded me on a few occasions, it only serves to push the prices up for all of us.. so really has to be a good thing.
This is very true, and again I may just be disgruntled that I own a newer car and therefore may never see this. And indeed, that I sold a MK1 Golf (albeit, a driver) when I left college as I needed a better commuter, therefore not really being able to cash in on any profits.The reality is, it seems like traders acquire the cars and then double the price. I used to be quite vocal about and critical of this, but as others in the club have reminded me on a few occasions, it only serves to push the prices up for all of us.. so really has to be a good thing.
PTF said:
I have an S-reg 306 GTI-6 with 80k miles on it.
Shall we start the bidding at £5k??
You laugh but it won't be long. It's a shame because cars like yours (and I hope you dont mind me saying), are made more fun by the fact they are cheap in some ways. You wouldn't explore its limits as much if it was worth 3 times what it is now, for example!Shall we start the bidding at £5k??
Leins said:
But it's only a good thing if you plan to try and cash out of the market. For those of us who's cars have risen in value, but the cars we would like to exchange them for have moved proportionally further away, it's almost the same problem
This is the situation that riles me, as I've ended up in it. Whereas when I passed my test (2009) a lot of cars that were affordable, were too expensive to insure. Now I'm old enough to insure them the car prices have gone through the roof. andy-xr said:
Couple of thoughts
1) Sellers who tout the 'Modern Classic' tend to be overselling the bigger picture to stop you looking at another part of it. Generally it'll need 'a bit of work' and I try and avoid getting involved with these because they end up as overpriced restos
2) There are some decent straight cars owned by enthusiasts who know it's value is lower to someone else than what it is to them, and price it accordingly. There are also many many 'whats it worth' threads on forums and Facebook pages of a marque specific, where other owners dont want the value of their cars to go down, so tell prospective sellers a daft price that they then stick on eBay ads with 'Modern/Future/Appreciating/amazing classic'
This.1) Sellers who tout the 'Modern Classic' tend to be overselling the bigger picture to stop you looking at another part of it. Generally it'll need 'a bit of work' and I try and avoid getting involved with these because they end up as overpriced restos
2) There are some decent straight cars owned by enthusiasts who know it's value is lower to someone else than what it is to them, and price it accordingly. There are also many many 'whats it worth' threads on forums and Facebook pages of a marque specific, where other owners dont want the value of their cars to go down, so tell prospective sellers a daft price that they then stick on eBay ads with 'Modern/Future/Appreciating/amazing classic'
Thing is I can can almost forgive the hilariously rocketing premiums on Classic Porsches, Ferraris, E Type Jags etc. because they are what they are. It's more people selling dull stuff with a massive premium because its a "Modern Classic" or a "Future Classic".Okay, an old person has owned it and done low miles and you've paid for it to be detailed. Doesn't mean you can ask big figure sums for it.
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