Will increased savings during Covid be used to buy classic cars?
This possible additional demand factor in the classic car market could have an impact on classic car prices over the next 6 and 12 months

See the Pricewatch update released in early November 2020 More.

Posted: 210411

Online auctions have played a key role in classic car sales activity during the Covid pandemic
A CCW report last week says six of the "biggest classic car auctioneers in the UK have seen higher sales rates, stronger average prices and increased sales totals which point to a stronger UK market and more buyer confidence." The classic car auctioneers adapted rapidly to the Covid constraints by developing their websites with good quality online displays of classics they have on offer at auction. The cars are well photographed and described and this rapid change has surprised many in how it has stimulated a wider interest and demand which has grown over the last 12 months or so. The report notes however that "many sellers are deciding to wait which is causing a lack of quality supply".

The report adds "the biggest winner over the last year has been the sub-£20,000 market whereas things in the £20,000 to £30,000 bracket have "held steady".
Key question is whether some of the expected spending from the build up of £150bn of savings during Covid may be used to buy classic cars?
An article in the Times yesterday sets out how higher earners and pensioners in the UK have been more likely to have built up their savings during the Covid constraints period. Now many economists and the Bank of England feel there will be a surge in spending as the next stages of the "UK Roadmap" of the stages of careful release from Covid unfold. The key question now is how will those people with increased savings spend their money? Will we see a possible additional demand factor in the classic car market and could it have an impact on prices? Times

Our next six monthly Pricewatch update of our market review and guide prices for MGBGTV8s and RV8s to the end of April 2021 will be released in early May.