Hagerty
launch a new Classic Index
Tony Lake spotted a news
item from Hagerty saying they have created a series of indices that show the
trends in classic car prices. The first
of these indices, launched in December 2015, is the Hagerty Classic Index
which monitors the values of 50 classic car models including the MGBGTV8.
What have been the trends so far in Q4 2015?
Hagerty feel the
UK classic car market has flattened-off since the Summer. The new Hagerty Classic
Index (which tracks 50 popular classic car values including the MGBGTV8) has shown
a rise of just 2.8% in the three months to December 2015, down from 7.7% in
the previous period. Some of this is seasonal - a dip is normal after the flurry
of September auction sales - but we have seen a slow-down in the rise in value
of cars that had previously been on a steep upward trajectory.
How are
Hagerty's prices calculated? More
See
our last MGBGTV8 PriceWatch report.
More
MGV8s
for sale adverts on the V8 website. More
See
our comprehensive Buying an MGV8 website. More
Posted: 151205
|  | The
UK Hagerty Price Guide for classic cars has been available for a while
as a classic car valuation tool in the UK that is freely accessible. But monitoring
well over 1,500 classic car model values is difficult, so Hagerty has created
a series of indices that show trends, both in the market as a whole and in specific
sectors. The first of these indices, launched in December 2015, is the Hagerty
Classic Index.
The Hagerty Classic Index monitors the values
of 50 classic car models that were chosen to be representative of the enthusiasts’
market in the UK - only one model has an average value of over £100,000
and the vast | majority
are under £25,000. Hagerty say influential models were also chosen - for
example those that have recently risen to prominence. Included in the group of
50 cars monitored by the guide are the MGBGTV8 and the MG Midget.
The full list of models included in the Hagerty Classic Index is shown
in a table on their website. Values for the Hagerty Classic Index are taken
directly from the Hagerty Price Guide. Updated quarterly from a combination of
auction results, private and dealer sales, plus insured values, Hagerty believe
it is "the most comprehensive classic car valuation tool in the UK".
But how good is the Hagerty Price Guide?
How good is the Hagerty Price
Guide?
We ran tests for both chrome and rubber bumpered MGBGTV8s to see
how the Hagerty prices for an MGBGTV8 compared with our MGV8
Price Guide updated in August 2015. In making that comparison it is worth
noting our guide prices do not include the 2.8% rise Hagerty say they have seen
in the Hagerty Classic Index in Q4 2015 since August 2015 when our price guide
was last updated. As the Hagerty Classic Index includes the MGBGTV8 it's interesting
to see their comment on a photo of an MGBGTV8 in their Q4 2015 market report noting
a "1974 MGBGTV8 saw a 0.8% rise in value" presumably over the
period from Summer, so a lower increase than the 2.8% for the index as a whole.
We
also ran a test for RV8s and found to our surprise only a single price
in each condition class with no indication that prices for the relatively few
RV8s in Other Colours do attract slightly higher prices as that is a clear feature
in the classic car market.
What does the comparison reveal?
Well
it is not that easy to judge because the definitions of the condition classes
used by Hagerty differ from the condition classes we use for our MGV8 price guide
available on the V8 website. It seems Hagerty's Condition 1 "excellent and
near concours" class is between our Condition 1 class and our indicative
"exceptional and concours" price. The comparative analysis is interesting
but Hagerty's view that prices have "flattened off since the Summer"
is interesting although in many ways the market often cools when many classic
cars go into a lay up period for Winter.
MGBGTV8
- comparative analysis of the Hagerty Price Guide and the V8 Register price guide
RV8
- comparative analysis of the Hagerty Price Guide and the V8 Register price guide |
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