Thursday 19th February 2015

Delivery miles classics: Under The Hammer

Is a zero-miles classic the holy grail or a poisoned chalice? Chris considers some case studies

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In what condition should a classic car ideally be? Restored to within an inch of its tailpipe perfection is the logical answer, but perhaps going out of fashion these days. Somewhat surprisingly the 'barn find' seems to be more prized now. But perennially popular, nestling in its very own stratum of desirability, is this: the classic that's virtually never moved in its life.

Adding the words 'low mileage' to any classified ad is a guarantee of piqued interest. Announcing that the odometer in a decades-old classic has lots of zeros in it brings delivers a whole new level of want.

50km on the clock, not 50K!

Personally, I'm not entirely sure what I'd do with such a machine. Lock it away in a dehumidified cocoon for another 20 years? Embark on that most anal of all pastimes, the concours competition? Not I. But serial collectors love the showroom-fresh patina, and are prepared to spend big on it.

The near-zero mileage classic is a rare beast indeed, so it's a real surprise to find a glut of 'as new' classics going under the hammer at this weekend's Race Retro show at Stoneleigh Park in the Silverstone Auctions classic car sale.

Unstirred Martini
In ascending order of recorded mileage, let's start with a Lancia with a mere 50km on the clock, all of them recorded by the dealer when he delivered the car brand new in 1992. It's an Integrale Martini 5, surely the loveliest Integrale of them all, and one of just 400 made. Limited edition Integrales have been going ballistic recently, and this "brand new condition" example may well go for northwards of £100K. See here for an earlier story on the car.

Big money for a little car? Discuss.

With just 264 miles from new, this Mini Cooper is one of the Rover Special Projects' 1990 special editions (1,000 sold in the UK, 650 in Japan). With the original factory wax still on the underbody, it looks brand new. Back in 1990 it would have cost you £6,995. Today, the estimate is a not unreasonable £16,000 - £20,000; but I think it might even go for more.

I make no secret of how much I love the Alfa Romeo SZ. Despite being something of a nightmare to run, with its bubble-tastic paint and Friday evening build quality, it's epically glorious. It cost £40,000 new and remains criminally undervalued now. But what price could this SZ fetch, with the auctioneers saying it "can only be described as new"? With 808km on the clock, but still unregistered (hmm, does someone have a private track somewhere?), the auction estimate is between £50,000 and £70,000.

Chris's trigger finger may be getting itchy

Barely broken-in stallions
And so to a final farrago of Ferraris. Very much undervalued at the moment is the Ferrari 456 GT, so I'd be fascinated to see how much this 400-mile-from-new 1999 Ferrari 456M goes for, especially as it has the desirable manual gearbox. The estimate is £75,000 - £90,000 but I reckon it's just possible it could top £100K.

Undoubtedly the star of this particular collection is the 2005 Ferrari 575M Superamerica, one of only 559 Superamericas built. Its sole German owner has covered just 1,300 miles from new, justifying an auction estimate of £230,000-£270,000. However, with the only other one on sale in the classifieds having more miles and a higher price tag, the hammer may well stay its fall until it goes even higher.

Mondials remain the runt of the Ferrari litter - you can still find them in the classifieds for as little as £17,995. So it's perhaps a little eyebrow-raising to see one that's estimated to fetch £50,000 - £70,000 at Race Retro. It may be a mere 1991 Ferrari Mondial T, but this one is being sold "as new" - with only 2,088km on the clock.

If you missed 'em when they were new, you've still got a chance now...

 

[Ggeo1uk]

I'd prefer a high milage car so that I could drive it without feeling that I'm 'destroying it's value'. Most of all, it's great to add a bit of history to your car, scrapes, dents and spare parts. Like you said, I couldn't just lock it away or polish it to within an inch of its life to go concourse hunting.

[Fayaz LP640]

The unregistered barnfinds are likely to be locked away forever but the premiums that the low milers attract offer a false economy. Lower milage should, in theory, mean better condition but when they sit for years on end, it does them more harm than good. That Integrale will have rust-free arches but will fall to pieces if it's driven as it should be.

[epom]

Was expecting an article about That Merc !! Personally I think you'd be better off with low mileage than no mileage. That way drive on mad, isn't that what cars are for ?

[soad]

epom said:

Was expecting an article about That Merc !! Personally I think you'd be better off with low mileage than no mileage. That way drive on mad, isn't that what cars are for ?

What Merc?

[J4CKO]

Not bothered about the prices really, but interested in the backstory to these kind of cars, who the hell buys a 456 and only does 400 miles ?

[PhantomPH]

A few thousand miles can still be driven (albeit a little bit) without losing too much of the 'value' that low mileage adds. 0 (or as close as) miles, means that you cannot actually drive the thing unless you want to lose the value that other buys add on for the fact that it's a 0-miler.

Personally, I'd like a car I could drive without worrying about, but also will hold value if that's my bag (baybee).

I have a 1958 Beetle Deluxe and it spent most of it's time in Africa...so probably gone to the moon and back before the speedo was replaced with a UK item on import. The condition is great and I can drive the car when I like without worrying about maintaining a 'low' mileage. But I promise you this - the value of my '58 is only going in one direction for the foreseeable future as with all classics.

Almost any solid classic is a better investment than that ISA you are about to be battered into opening...

[j90gta]

The good chaps at a certain supercar dealership in the Midlands currently have a 138 mile Testarossa in for belts and service. The car has never been MoT'd and they have strict instructions not to road test it. It gets pushed around the workshop to avoid adding even 1 mile! How do you find out if the brakes work properly?? They also have a 2,000 mile ex-USA Merc Pagoda which looks amazing; difficult to value either of them. Would be interesting to see what happens if they ever are for sale.

[PhantomPH]

j90gta said:

The good chaps at a certain supercar dealership in the Midlands currently have a 138 mile Testarossa in for belts and service. The car has never been MoT'd and they have strict instructions not to road test it. It gets pushed around the workshop to avoid adding even 1 mile! How do you find out if the brakes work properly??

It actually begs the question - what's the point in having the work done?? Clearly nobody is going to buy that to drive, but if they do, they will have to go through a decent 'recommissioning' service anyway??? The dealer must be laughing their head off - billing for work on a car that doesn't need it.

[muppet42]

It is always interesting to me to see one of these low miles cars come up. It's almost like a time capsule of factory freshness

However, there's always that caveat of something like a 25+ year old F40 with all its original parts, including tyres, mounts, belts, fuel tanks and so on. A low mileage find may well be an amazing thing to behold but if it's barely been used, there'll be plenty to go wrong with it and need replacing unless you want to seriously bork it within a few miles of happily purchasing it. Assuming you do actually drive it...

[10b0b]

Fayaz LP640 said:

The unregistered barnfinds are likely to be locked away forever but the premiums that the low milers attract offer a false economy. Lower milage should, in theory, mean better condition but when they sit for years on end, it does them more harm than good. That Integrale will have rust-free arches but will fall to pieces if it's driven as it should be.

Inclined to agree, rubbers and plastics will be preished and mechanical components designed to rotate can corrode and tarnish each other especially if disimilar metals are in contact.

Id never class them as 'nearly new' they may still require extensive restoration.

I never quite understand the mentality to purchase and then not enjoy such fabulous machines, id much rather go to the grave with the memories of ripping round a mountain pass on a glorious sunny day rather than the invesment i turned.

Like those kids who keep their toys in the boxes... yeah they might turn a random profit, but they grew up with no imagination

[soad]

I’m amazed at how many would-be Ferrari buyers have an odometer fetish, defined by low miles or a one-owner history.

[Pelo]

Cars are built to be driven.
Few buyers of these examples will ever drive the car.
I think its sad!

[iloveboost]

Ggeo1uk said:

I'd prefer a high milage car so that I could drive it without feeling that I'm 'destroying it's value'. Most of all, it's great to add a bit of history to your car, scrapes, dents and spare parts. Like you said, I couldn't just lock it away or polish it to within an inch of its life to go concourse hunting.

This. It depends if you're buying the car as an investment or as something to drive.

[TimS2000]

These cars are for people who enjoy investing money regardless of what it is, not for people who enjoy cars.
Having said that, that Mini looks like a bargain if did end up going for less than £20k.

What would amuse me is if some fabulously wealthy petrolhead bought one of these and proceeded to use it was designed to be - the hardened investors would choke on their caviar!

[Pablo16v]

Maybe pushing the term 'classic' with this one but there's a 255 mile Renault 5 Campus in an auction near here

[ackbullchang]

TimS2000 said:

snip...
What would amuse me is if some fabulously wealthy petrolhead bought one of these and proceeded to use it was designed to be - the hardened investors would choke on their caviar!

Is that not the sort of play that the Youtube famous taxtherich plays on? There sure are some fine cars in his stable!

[PhantomPH]

iloveboost said:

Ggeo1uk said:

I'd prefer a high milage car so that I could drive it without feeling that I'm 'destroying it's value'. Most of all, it's great to add a bit of history to your car, scrapes, dents and spare parts. Like you said, I couldn't just lock it away or polish it to within an inch of its life to go concourse hunting.

This. It depends if you're buying the car as an investment or as something to drive.

They're not mutually exclusive.

[annodomini2]

To me it's just a waste, ooh look it's never been driven, well it's just an expensive ornament then.

[GreatGranny]

Cars are bought for the owner to do what he/she wants.

Their car, their choice.

[Modificata]

J4CKO said:

Not bothered about the prices really, but interested in the backstory to these kind of cars, who the hell buys a 456 and only does 400 miles ?

The car was originally purchased by a gentleman who had a decent collection. He unfortunately got ill and passed away and Sparks purchased in the car in a bulk sale from his estate. I seem to remember a Testarossa being in the bulk, as well as a few other exotics.

Sparks have had the car for a number of years now and have been unable to shift it. Hopefully it will exceed £100K, which I am sure it will do. £115k is my bet!