RV8
market at present
A key feature
of the RV8 market in the UK over the last decade has been the
quality and number of the "Japan specification" RV8s
reimported to the UK. The number of reimports has been a
factor because only 311 of the production cars were originally
supplied to the UK and 91 to the Mainland European market so
a relatively large number of reimports has had a significant
effect on supply and price. The flow of reimports to the UK
is because the bulk of the RV8 production, just under 80% (1,581),
went to Japan. More
Another key feature of reimported RV8s from Japan has been low
total mileages, currently often between 15,000 and 30,000
miles with some even lower, so buyers have tended to expect
an RV8 offered for sale will have a low mileage.
A factor which is a pricing factor is the bodywork colour.
This is because some 79% of the of the cars exported to Japan
were finished in the Woodcote Green, so the market appears to
expect a premium for non Woodcote Green colours. More
Current prices - see our guide. More
Updated: 180412
Posted: 170412
Back to homepage |
 |
Activity
in the RV8 market has been relatively quiet over
the last six months with only six RV8s sold through
adverts on the V8 website and currently just three
cars on offer. Several specialist MG traders offer
RV8s through adverts in Safety Fast! and a small
flow of RV8s appears on offer through eBay. A feature
of the last twelve months has been a few very low
mileage RV8s on offer at exceptionally high prices
through traders of classic cars who appear to position
themselves as "top end" traders.
The RV8s sold through the V8 website were either
moderate mileage examples (typically |
47,00
miles or around 4,000pa) and low mileage cars (ranging
from 3,000 to 18,750 miles). The average mileages
of the three cars currently on offer is 37,370 (ranging
from 17,900 to 62,000 miles) which is an average
of 3,000 miles pa. This illustrates the typical
annual mileage is modest for this model.
Exceptional cars can take time to find a buyer
who wants a very good example - David Brindle
reported his exceptional RV8 with barely 3,000 miles
was sold last week to a "a gentleman who saw
the car originally on the V8 website, came to view
the car and was undecided because he felt the car
was so perfect. He has now, after all, decided to
buy her. He made his mind up the day after the re-advertisement
was posted - so I can only assume the advert helped
make his mind up for him!"
John Bolt believes "the current state of
the RV8 market is very quiet and subdued"
and significantly he adds "I have not heard
of any RV8 cars coming into the UK market."
He feels that is mainly for two reasons - first
the GBP/Yen currency exchange rate is not good and
second "many of the RV8s coming to the auction
markets in Japan are in very poor condition and
need substantial sums spent on them to put them
in a reasonable condition to sell here in the UK."
John adds "I have spoken with Fred Jenns who
has not bought any for some months now for these
reasons and I have also contacted Jim Dolbel in
Australia and he is saying exactly the same, he
has seen just the odd one in very good condition
which has commanded a high price, but not much else."
Good
quality cars seem to be holding their prices and
the weakness of the Pound compared with some European
currencies means RV8s are an attractive "buy"
on the Continent.
Ron Gammons notes "the flow
of of Japan spec RV8s returning to the UK, and to
some extent Mainland Europe, inevitably distorted
what was always going to be a small select market.
Now the source has effectively dried up the prices
are firming up with the good cars, right colour,
low mileage etc beginning to command higher prices.
As indeed they should because the RV8 has been one
of the "sleepers" in the market up till
now."
Victor Smith feels "the qualities of the RV8
model in terms of the technical specification, trim
level and classic appeal have in many ways been
underpriced in relation to other classic cars. Good
examples of the RV8 model have been priced at barely
a £5,000 premium to a 35 year old Factory
MGBGTV8 and often less. Many V8 Register members
have been pleased over the years that the MGBGTV8
and later the RV8 have never become a classic of
interest to the "chequebook" investor,
which may tend to attract a different type of owner,
so the cars have remained affordable for enthusiasts
who enjoy the key features of the V8 powered cars.
In many cases enthusiasts have been able to keep
and enjoy their MGV8 for many years. The high level
of registrations with the V8 Register and the participative
nature of both the two workshop notes series and
the good quality postings on the V8 Bulletin Board
illustrate that, but in many ways both V8 models
are an undiscovered classic as they are in many
ways understated cars.
The supply/demand balance in the market is the economic
factor that determines price so with less RV8 reimports
coming to the UK and stocks of MGBGTV8s reducing
only to a limited extent, mainly through scrappage
of Class 3 cars beyond economic restoration, but
once the level of interest in MGV8 models picks
up prices are likely to rise. An added supportive
factor is the good availability of spares and specialist
servicing from a small number of traders, so owners
are not faced with the level of heartstopping service
and spares bills some owners of more exotic classic
sportscars might see. In relative terms owning an
MGV8 is an economical classic car and a pleasure
V8 enthusiasts enjoy in every sense. Maybe the "top
end" traders can see MGV8s are underpriced
when compared with other classics and by setting
what appear to be eye watering prices for a few
exceptional cars they are trying to pull the market
their way?"
With many potential MGV8 buyers getting derisory
returns on their cash deposits and investments,
the idea of letting that long desired idea of buying
the MG they always wanted become a reality seems
a reasonable use of funds. The return on that outlay
in terms of enjoyment and pleasure in the "here
and now" rather than the unlikely improvement
in the future generosity of the banks on interest
rates can seem convincingly tempting! |
|
|
