During 2015/16 there has been a growing interest in owning
and enjoying classic cars, combined with genuine investment potential for certain
examples, so prices have grown in most segments of the classic car market. Whilst
popular "classic car cherries" like Astons and Jaguars have tended to
attract high-rolling investment buyers in recent years, the popular feeling within
the classic car press and those with an eye on the market, is good MGBGTV8s
are now finally being recognised as a rare, powerful, practical and desirable
classic representing exceptional value for money that MGV8 enthusiasts have
always known them to be! Values have correspondingly been seen moving up. A significant
trend is that many enthusiasts seeking a classic car like an MGBGTV8 are choosing
a good quality car in terms of the condition, not least the bodywork, because
there is a general awareness that cars built in the 1970s had poor corrosion protection
and cosmetic and structural rust can develop. Major bodywork refurbishment, or
a more serious rebuild, is very time consuming and costly. A further trend is
fewer people feel they want to commit the time, or indeed have the skills and
tools required, for carrying out refurbishment work on their own, so they
seek a good quality car where the need or likelihood of repair and maintenance
work is small. The consequence of these two "quality demand" factors
is a growing price differential between Condition 1 and 2 cars. Similar
trends are seen with RV8s but with a slightly lower rate of price growth so far,
although surely the exceptional value of an RV8 will be recognised more widely
over the next year. See our MGV8 prices and market review at May 2016. More
our market review and
price guide update, including charts for each model which compare our guide prices
for 2010, 2014 and 2015: Report
There is also a note
on the economic
factors influencing the price of MGV8s by Victor Smith, not least the
VED exemption benefit which has now covered very nearly all the original Factory
MGBGTV8s. See our price guide as charts for each model: MGBGTV8
Condition is the major factor determining V8 prices,
particularly of the bodywork, because major bodywork refurbishment, or a more
serious rebuild, is usually very costly. So if a buyer is able to find an V8 with
good bodywork, generally they are to some extent flexible over body colour. PriceWatch
The V8 body colours chosen by the British Leyland group
in the early to mid-1970s are, by today's tastes, seen as brash and they attract
some strong feelings for and against. The popular colours with enthusiasts with
relatively conservative tastes are seen as Damask, Teal Blue and Glacier White.
Another group of bright colours - typically Bronze Yellow, Bracken, Flamenco Red,
Tahiti Blue, Aconite and Black Tulip - are seen as giving a V8 a period appearance.
A further group of less bold colours - typically Harvest Gold and Tundra - is
seen as near neutral, but there is a group of colours which many regard as the
least popular choice - for example Citron Yellow (commonly known as "puke
green"), Chartreuse and Mirage (which some feel looks like gloss undercoat).
But these comments do not attract universal agreement! Many members are very fond
indeed of Citron, Tundra, Chartreuse and Mirage!
bumpered cars attract a slightly higher price as they tend to be the preferred
choice of most buyers.
A growing preference for Condition 1 V8s
has resulted in a significant price differential with Condition 2 cars. Consequently
sellers of Condition 2 cars will be tempted to describe their car in terms
which might suggest Condition 1 (they may genuinely believe their car is in the
Condition 1 category), so buyers will need to inspect a car very thoroughly and
if required get a specialist inspection because serious corrosion in areas like
the cills may not be obvious to an untrained eye. The costs of replacing cills
and the consequential restoration work could easily lift the resulting overall
cost of poor Condition 2 car above the value of a Condition 1 specimen. This is
the driver for the price differential. In addition the cost of major restoration
or a rebuild work is very rarely recouped in the resulting value of the car.
Condition 3 cars the high cost of major restorations or rebuilds and the
economic attraction of breaking V8s for spares, mean many Condition 3 cars are
at increasing risk.
Prices depend very much on condition, body colour, specification
Condition is a clear factor in RV8 prices but the fundamental
advantage the RV8 has is the bodyshell and panels were manufactured with a corrosion
resisting phosphoretic coating, so the incidence of rust both cosmetic and structural
is reduced in a major way.
Colour - there is a premium for colours
(Other Colours) other than Woodcote Green, particularly for Nightfire Red and
Oxford Blue. This is because some 64% of RV8 production was produced in Woodcote
Green, very nearly all of which went to Japan with 11 RV8s in Woodcote Green the
UK or the European export market. So only 402 RV8s were produced in an "Other
Colour", some 21% of the production run.
- the other major factor is whether the car is a UK or Japan specification car.
UK spec cars attract a premium, which is slightly puzzling as the Japan spec cars
include air conditioning fitted as standard. But a possible explanation is that
only 307 cars were supplied to the UK market with the balance, almost 80% of RV8
production, exported to Japan. Over recent years the flow of RV8s leaving Japan
as reimports to the UK and as exports to Australia has had a major effect on prices
in the UK and Australia. For details of the numbers of cars in the various colours
and specifications (UK/Japan), see our production statistics note. More
- curiously cars exported from Japan tend to have relatively low mileages. Those
reimported to the UK and Mainland Europe markets have tended to condition buyers
to expect RV8s offered for sale will have low mileages. The checks we understand
have been seem to show these low mileages appear reasonable and we have seen no
proof of any general mischief in engineering false mileage readings.
cars have achieved high prices. An RV8 in Le Mans Green with a low mileage
sold at around £30,000 through the V8 website, well over our Condition 1
price guide figure. Other exceptional RV8s have been offered in recent months
at prices well over £25,000. See our PriceWatch reports. PriceWatch
No obvious areas where expenditure
is required. The car is road legal, original and unrestored, or recently restored
to an authentic original specification with documentary evidence. Service history
commands higher prices. "Top-end" Condition 1 cars are close to "near
Sound but some areas need cosmetic attention or refurbishment
presentable and road legal car which may have had an earlier restoration. Some
minor mechanical work needed. Any rust present should not compromise the structure
(for example serious corrosion in the cills), although there may be some areas
of corrosion that will require attention, possibly with replacement panels.
Running but needing restoration
May or may not have
a current MOT but will be in need of fairly major restoration work or a rebuild
- body panels, cills, engine overhaul, interior refurbishment etc. Cars in this
category are unlikely to be completely original, but they will not have any major
items missing. They are not basket cases except cars at the bottom of this category.