Unless you’ve been living in a hole in the ground, you will have noticed that classic car values have risen a bit in the last few years.
Do you know how much your classic is really worth?
And by a bit, I mean a lot. You may well remember the headlines: Artcurial’s record sale of a Ferrari 335 Sport Scaglietti in February for €32.1m and RM Sotheby’s sale of an Aston Martin DB4 GT Zagato for a British car record of £9.45m in December. The Hagerty Price Guide blue chip index has shown values rise by 325% since 2007- compare that with the mere 95% rise in gold values or the measly single-figure gains of the FTSE100.
But it isn’t just top-end classic cars that have gone up in value. Hagerty have shown that some of the biggest price risers in recent months have been in the sub- £30,000 bracket.
In particular, 1970s and ‘80s performance Fords have been rocketing. The Capri Mk III 2.8i has shown a 6.9% increase in the first quarter of 2016, and some high-quality Ford Escort Mexicos, Lotus Twin-Cams and RS1600s have all achieved double-digit percentage growth in the same period.
Front-engined Porsches, once the 911’s poorer (and cheaper) cousins, have also started to make up ground. Hagerty have shown good quality Porsche 944 Turbos rising by nearly a quarter, and Porsche 928 values taking off, especially the top-of-the-range GTS.
MGs, whose values have been stuck in a bit of a rut of late, have also started to gain value- especially the MGC GT, with top values now over £25,000.
So what does all this mean for the classic car owner? If you’re not intending to sell your pride and joy, then you may think not a lot. But beware- if the worst did happen and your classic was damaged, lost or stolen, just make sure your insurance is going to provide you with enough money to buy a replacement. Keeping track of your car’s value isn’t greedy- it’s common sense.