The pandemic and parts shortages have made the new car market struggling to keep up with demand, which has created a very strange used car market – many older models are now more expensive than their new ones. equivalent.
However, it is in the vintage car market that we find some truly astonishing sales figures. While most lots at auction are offered at low prices to enthusiasts, some rare and desirable exotics can fetch millions of pounds.
Specialty insurer Hagerty followed the auction last year and said there were around 12,500 lots, more than double the number seen in 2020. And those sales raised £ 310.8million , 14 of which have grossed over £ 1million.
After reviewing the numbers, Hagerty highlighted some of the top sales, whether because of their high price, the vehicle’s rarity, or their indication of an emerging trend.
The highlight of the year was a 1995 McLaren F1, which sold for £ 15.5million at Pebble Beach in America in August. The price was just below Hagerty’s guide price for a show-stopping copy, and while the company claims to be aware of the surge in private sales, it represents a record figure at a public auction.
Keeping the McLaren theme, a 2010 Formula 1 MP4-25 car, driven by Lewis Hamilton, went under the hammer at the British Grand Prix at Silverstone. It was driven by the F1 champion and won the 2010 Turkish Grand Prix and sold for £ 4.7million.
Cars for the Japanese domestic market have experienced a huge boom in recent years, especially in America. The country has a rule that prohibits the importation of cars if they have not been officially sold in the country by the age of 25.
This means that iconic cars often see their value increase as they approach this age, but recently prices have increased for cars that are not eligible for import. A 1998 Subaru Impreza STi 22B sold for £ 240,000 on the online auction site Bring A Trailer.
The price hike has not been so dramatic in the UK, with the highest sale last year being £ 171,000. A low mileage example fetched £ 200,000 at another auction but did not sell.
Other benchmarks included £ 90,000 for a 1960 Jaguar XK150 S Drophead, a 1988 Group B Audi Sport Quattro fetching nearly £ 1.7million and a Ferrari F40 which became the first car to sell for over £ 1million in a dedicated online auction in the UK.