increased savings during Covid be used to buy classic cars?
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.
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".
question is whether some of the expected spending from the build up
of £150bn of savings during Covid may be used to buy classic
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.