Will classics ever become affordable again?
Posted: Sun Dec 18, 2016 1:30 am
I've been daydreaming a bit and looking at a few classics I would like to get one day, and am growing increasingly despondent at ever being able to get anything nice, let alone a collection.
For example, as per my recent post, the offer of a MK3 Capri has kind of reignited my spark again. I still mostly intend to find a MK1 version here is the US as they are relatively affordable ($5,000 buys you a tidy one) but very rare so don't come up often. With that in mind I have been considering importing a MK3 in a few years if I fail to find a MK1. However, as most of you know, classic Ford are climbing hand over feet to the point that in a few years it looks like a 2.8i, let alone a Brooklands, will be in excess of 15, maybe even 20K. It's the same with 70's muscle cars here in the US, if you want anything V8 with 2 doors in decent condition then it's $25,000 at least, and some examples are even in the six figures now. All this for mass production cars that were fairly common when new. I remember 5-8 years ago we used to buy each year a "Runaround" classic such as a Moggy Minor that was useable but tatty. More often than not they didn't have a current MOT but were drivable and needed little to get them on the road. These were usually bought for hundreds then used for a year or two and sold on. Now, anything under a grand is a basket case requiring total restoration, so it's not just the sporty cars.
I get it, the baby boomers are driving it. They had old Fords in the UK or muscle cars here in the US in their youth and now the mortgage is paid off and the kids have left home, they have more disposable income to spend on toys. However, what I find ridiculous is the price some of these cars are going for. For example, over here a 70's Challenger, Mustang, Camaro etc will set you back probably $50k, that's Ferrari money! A brief look on eBay showed that for $50,000 you can get a Ferrari 308, or a nice 456 like this one:
http://www.ebay.com/itm/2001-Ferrari-45 ... 7675.l2557
As much as I love classics, no way if I had 50 gees to spare would I buy any 70's run of the mill car (Ford, Dodge, whatever) when for the same money I could say I have a Ferrari sitting in my garage. Yes the upkeep on the latter will be a bit more but for the same money you could buy a brand new top of the range V8 Dodge Challenger that will certainly drive a lot nicer than the original, while not looking too dissimilar.
My fear is, that most of the cars I like are getting to be Supercar money before long. MGB GT's over here are fetching $15k for a decent one, and from what I gather are looking similar in the UK. Now all credit to Vulgalour, I wish I had a passion for an obscure car like the Princess or Rover 4 series that will never really be worth big bucks, but then if I am looking to buy something just because it's cheap and not something I want, what is the point?
At the moment, my ideal collection would be An MGB GT, a Ford/Mercury Capri with a V8 conversion and possibly a BMW E30. Not long ago you would get a tidy example of all 3 combined for under 20 grand, now a decent MGB alone would take up most of that budget. So my question is, does anyone think the bubble will ever burst and is there hope for non baby boomers to have some nice cars in the future?
I feel better for having had a little rant, so thank you
For example, as per my recent post, the offer of a MK3 Capri has kind of reignited my spark again. I still mostly intend to find a MK1 version here is the US as they are relatively affordable ($5,000 buys you a tidy one) but very rare so don't come up often. With that in mind I have been considering importing a MK3 in a few years if I fail to find a MK1. However, as most of you know, classic Ford are climbing hand over feet to the point that in a few years it looks like a 2.8i, let alone a Brooklands, will be in excess of 15, maybe even 20K. It's the same with 70's muscle cars here in the US, if you want anything V8 with 2 doors in decent condition then it's $25,000 at least, and some examples are even in the six figures now. All this for mass production cars that were fairly common when new. I remember 5-8 years ago we used to buy each year a "Runaround" classic such as a Moggy Minor that was useable but tatty. More often than not they didn't have a current MOT but were drivable and needed little to get them on the road. These were usually bought for hundreds then used for a year or two and sold on. Now, anything under a grand is a basket case requiring total restoration, so it's not just the sporty cars.
I get it, the baby boomers are driving it. They had old Fords in the UK or muscle cars here in the US in their youth and now the mortgage is paid off and the kids have left home, they have more disposable income to spend on toys. However, what I find ridiculous is the price some of these cars are going for. For example, over here a 70's Challenger, Mustang, Camaro etc will set you back probably $50k, that's Ferrari money! A brief look on eBay showed that for $50,000 you can get a Ferrari 308, or a nice 456 like this one:
http://www.ebay.com/itm/2001-Ferrari-45 ... 7675.l2557
As much as I love classics, no way if I had 50 gees to spare would I buy any 70's run of the mill car (Ford, Dodge, whatever) when for the same money I could say I have a Ferrari sitting in my garage. Yes the upkeep on the latter will be a bit more but for the same money you could buy a brand new top of the range V8 Dodge Challenger that will certainly drive a lot nicer than the original, while not looking too dissimilar.
My fear is, that most of the cars I like are getting to be Supercar money before long. MGB GT's over here are fetching $15k for a decent one, and from what I gather are looking similar in the UK. Now all credit to Vulgalour, I wish I had a passion for an obscure car like the Princess or Rover 4 series that will never really be worth big bucks, but then if I am looking to buy something just because it's cheap and not something I want, what is the point?
At the moment, my ideal collection would be An MGB GT, a Ford/Mercury Capri with a V8 conversion and possibly a BMW E30. Not long ago you would get a tidy example of all 3 combined for under 20 grand, now a decent MGB alone would take up most of that budget. So my question is, does anyone think the bubble will ever burst and is there hope for non baby boomers to have some nice cars in the future?
I feel better for having had a little rant, so thank you