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The UK Hagerty Price Guide has just been updated for the 29e time in its 10-year life, and as always, the results can be eye-catching. Some Ferraris have nearly doubled in value in just 12 months, everyday classics like the MGB GT are in high demand, while versions of much-loved classics like the Jaguar E-Type and Aston Martin DB5 have caught on. recoil. Why?

Every quarter our team of specialists reviews insured values, sale prices and auction results to determine where values ​​are going and we use their data and experience to publish a new version of the Hagerty Price Guide, in part to find out what is happening. on the market, but above all so that you find out what your car is really worth.

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Against the backdrop of one of the most turbulent years in recent times, the market looks very different than any other time we’ve released an update. Values ​​sometimes fluctuate wildly up and down at both ends of the scale, but many other prices don’t move more than a few percent. The market is also dividing more sharply than before as different economic pressures and incentives act on different areas of society. Here are the headlines of what’s happening in the classic and collectible car market, as of September 2022.

Everyman’s classics have apparently gone up in value a bit

Unlike the Series I E-types, above, the Series III roadsters fell into the Hagerty price guide. Photo: RM Sotheby’s

The Hagerty Classic Index tracks 50 classic cars representative of the enthusiast market, mostly more affordable and more numerous than some of the other rarer models we track. Over the past 12 months, the Classic index has increased by 3% overall.

However, that’s only half the story. In fact, there are a lot of changes with some cars going uphill a lot, others going downhill considerably and with 30 of the 50 moving less than 3% in either direction.

Those dropping include the Jaguar E-Type Series III roadster, which fell an average of 9% and the Audi Ur-Quattro (RR) which fell 5%. Both of these cars had previously risen sharply in value, and this was more of a correction than the start of a trend that Hagerty expects to continue. Similarly, Volkswagen Type 2 (split-screen) values ​​fell 18% over the year, having risen again post-Covid when buyers were looking for perhaps “stay-away” opportunities.

How much does an MGB cost?  Hagerty Ratings
MGB GT is more popular than ever. Photo: RM Sotheby’s/Diana Varga

Those who rose the most are a diverse group, including some well-known classics such as the hugely popular MGB GT (up 16%), the Mazda MX-5 (up 11%) and the Rover SD1 3500 Vanden Plas, up. a notable 23% (despite having started from a relatively modest average of £5500).

These are apparently big increases, but they need to be put into context. According to the Office for National Statistics, inflation rose slightly below 9% (8.8, to be precise) in the year to July 2022. Only eight of the 50 cars in the classic index rose more than that, with the rest effectively losing value. in real terms. Given the economic uncertainty and the cost of living crisis, it’s no surprise that demand for many enthusiast classics seems to have waned for now.

The most expensive cars sell the best

Hagerty’s list of thirty of the most exclusive classics is the Gold Index. Including cars such as the Ferrari 250 GTO, BMW 507 and Ford GT40, the Gold Index increased by an average of 17% over the year.

Like the Classic Index, some cars have risen dramatically in value and others have fallen in price. Those losing value tend to be older, more traditional classics: the Aston Martin DB5 Vantage drophead is down 13% and the Maserati 3500 GT Spyder is down 18%.

Aston Martin DB5 Drop Head Coupe Values ​​Dropped in 2022
Values ​​for the Vantage version of the Aston Martin DB5 drophead have plummeted in 2022. Photo: Gooding & Co

Interestingly, one car from the 1950s that bucked this trend is the Mercedes-Benz 300SL ‘Gullwing’ coupé which rose 35% during the year following a host of very strong auction and private sales, helped in large part by the record sale of the ‘Uhlenhaut’ coupé earlier this year.

1973 Ferrari Dino
Dino values ​​have pulled ahead in 2022. Photo: Silverstone Auctions

The best cars of the 1970s also performed very well: the values ​​of the Dino 246 GTS increased by 89% during the year, the Porsche 911 2.7 RS by 37% and the Lamborghini Miura P400 SV by 29%. These are interesting as the Dino and 2.7 RS values ​​had previously fallen a bit so this is a boost (and even more so) as the Miura values ​​have been rising for some time and this is a continuation of a upward trajectory.

Modern classic “halo” cars top it all.

However, the most important group of rising stars are modern classic supercars. The McLaren F1 is up 20% year-on-year, an impressive feat for a car whose average value is now £15,225,000. In percentage terms though, it’s the Ferraris that leave the others to dust: average F40 values ​​have nearly doubled in 12 months (97.6% increase), 288 GTO values ​​are up 71 .4% and the F50 of 46.7%. Discounting a celebrity-owned outlier, Hagerty observed record public sale prices for the F40, F50, 288 GTO and Enzo in the space of a week at this year’s Monterey auction.

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Head to head_Ferrari F40 vs Porsche 959_Gavin Green_Hagerty
The F40 has almost doubled in value in 2022. Photo: Ferrari

It’s clear that there’s a lot of money invested in some highly collectible iconic cars. It’s a combination of the traditional heavy hitters – Gullwing, Miura, 2.7 RS – and the new elite, like F1 and post-1980 Ferrari “halo” cars, 206/246 Dino and Countach. These cars certainly appeal to younger buyers: Hagerty’s data shows that the average age of an F40 owner is younger than that of a LaFerrari owner, and we’ve seen the average age of F40, F50 owners and Countach dropping since 2020.

So why this sudden spike in values? There can be two main reasons. One is quite lackluster: the pound/dollar exchange rate has changed significantly over the past 12 months. In September 2021 it was $1.38 for one GBP, today it is $1.17. With more expensive cars being traded globally, this can have a major impact.

Ferrari Market Analysis 2022

The other reason? You guessed it: inflation. With most forecasts placing inflation at around 10% over the next 12 months and all forecasts pointing to higher interest rates, there is a huge incentive for people with the money or the ability to borrow at relatively low fixed rates to buy assets. Cars are easy to buy, in the UK they are not subject to capital gains tax and are easy to sell if you need them. These cars are seen as the new gold bullion, and the best examples – correct spec, original, low mileage or perfectly restored – are seen as great investments.

So what is Hagerty’s perspective? For now, the market must remain divided: both economic and societal influences affecting less expensive and passionate classics are different from those driving others to buy expensive collector cars to minimize the ravages of inflation. . That said, as always, Hagerty expects collectible models to change over time: we’ve seen the Dino take that step before and others like the Jaguar XJ220 and Porsche 959 move into collectible territory. seriously and their values ​​increase as result. If interest rates – especially in the US and UK – increase significantly as expected, it could lead to a drop in the current demand for these halo cars, only for owners to store them until what inflation apparently gives them a good return.

In the meantime, it goes without saying that the best way to take advantage of any car you might have hidden away is to get out there and drive it.

Read more

Bull market 2022 list: 10 of Britain’s most popular classic cars
2021 was the year of the F40
Opinion: Why aren’t we allowed to buy cheap small cars anymore?

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