“The Sierra indicates a growing demand for homologation cars that people remember from their youth.”
Another area of the market that is seeing increased activity is the sought after cars of the 1980s and 1990s. Hagerty’s classic auto insurance business arm reports that nearly a third of the quotes it issued in April were for vehicles. of this period.
“The difference between this boom and the previous ones is that the enthusiasts, rather than the speculators, are the power in the market,” Mayhead said. “They buy the cars they love and remember from their childhood, rather than buying them as merchandise. For this reason, we do not believe the market will overheat.
A hallmark of the past 12 months has been the popularity of car auction websites. Such is their appeal that Bonhams recently purchased The Market online auction house. Launched in 2017, it sold vehicles worth £ 13million last year and its turnover has soared 300%.
Online auction rival Car and Classic has sold vehicles worth £ 7.5million in 750 auctions since its launch last July.
CEO Tom Wood said the company set a record in April, with more than 100 auctions, and was aiming for a record May.
He added: “Searches have increased by 39% on our top 200 cars. People with accumulated savings are a key factor, but also the growing interest in modern classics from people comfortable with online shopping.
“Seniors are also learning about it online, and buying this way is arguably safer for them than buying at a physical auction. [due to Covid]. “
Car and Classic reports that the pandemic has changed the classic cars people buy, with staples like the MGB and Volkswagen Beetle giving way to what it calls “dream classics” like the Porsche 911 – now its most wanted car.
At the same time, “young people”, or modern classics, have grown in popularity; the 1980s BMW 3 Series E30 generation is now the third most wanted car on the site.