The Jaguar E-Type, previously regarded as a star of the classic car market, is falling out of favour as collectors shun it and other traditional classics for younger vehicles from the 1990s.
According to Hagerty, a classic car insurer, the average price of an E-Type S1 3.8 coupé has dropped from £89,575 to £72,250 in the past two years. For that other coveted classic, the Aston Martin DB6, the slide has been even steeper: down from £344,000 to £190,500.
Across a basket of five traditional classic cars, prices are down by an average of 13%
Explaining the price falls, John Mayhead, editor of the Hagerty UK Price Guide, said: “Collectable cars such as E-Types and DBs are seeing their prices either slip or stagnate because those people who always wanted to buy one have probably done so and paid the highest prices, while those who’d like to buy one cannot yet afford to.
“Regarding the DB6 and its earlier forerunner, the DB4, their problem is that they aren’t the DB5, the model most associated with James Bond and the one people really want,” he said.
Richard Wrightson of The Classic Motor Hub said less than perfect examples of collectable classics are suffering the harshest price drops.
“Buyers are a lot more discerning than they were five years ago when everyone jumped in and paid top money for cars such as E-Types, for example, that had been converted from left- to right-hand-drive, only to get their fingers burned,” he said. “Now, they are prepared to wait for exactly the right car. The urge to rush out and buy something at any price has gone.
“I’d certainly rather wait to buy a £200,000 E-Type in tiptop condition than a cheaper example that requires work and so, increasingly, would a lot of people. Recently, we sold a £300,000 E-Type while those we’ve had for £100,000 have struggled to attract interest.”
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Makes some sense that people want the car of their day, for example I would rather have a gt turbo, lancia stratos, type 37, type B rally car etc than an old aston martin from the 60's so perhaps the attraction and prices of the vehicles are dependant on "nostagia" and those who were around at it's time. That said your classic ferrari/exotica ain't going anywhere cheap anytime soon.
Mercedes 190E 2.3 / 2.5, W124 500E, usable performance classics
Whilst I am pleased to see classic car values slip, in truth it is the not so special examples from the 60's/70's that have been affected. DBB6's were fat heavy old 'Hectors' even in their day. Definitely not in the league of DB4's/5's or even DB MK3's for that matter.
E Types were made in big numbers, so even though they are a pretty car and a great 'look at me' trick, I have never understood the lofty values.
The real 'blue chip' classics havent taken a hit.
The truth is that classics have been forced up by collectors (not enthusiasts)....a rotting cancer in the classic car market of individuals who mostly arent 'car people', but are simply cashing in on the rapidly accelerating values and the lack of capital gains tax.
I have no sympathy if they lose their shirts over the next few years, and hopefully these cars will once again be in the hands of individuals who do not hide them away in secure storage facilities, (at best transporting them to the odd concours).
Sadly these leaches are now probably the same 'collectors/investors' looking for the next purchase to maximise on their investment. This means that many RS Fords and GTI Golfs/Pugs etc will now not be seeing the light of day.
Classic cars should be seen AND heard, not squirreled away like bottles of wine in a cellar.