RAPID RISE IN VALUES
Have you heard about the bloke down the pub who paid £200 for his RS2000, and now it’s worth £90k?
Well don’t believe the hype. While it’s true that a few high-profile Ford Escorts have sold for colossal sums they’re the exception rather than the rule. Auction results aren’t an accurate representation of the entire market because they reflect one specific car on one particular day: “If it makes £100,000 in our auction it doesn’t make them all worth £100,000,” says Harry Whale; Silverstone Auctions searches for the ‘best of breed’ and sells cars you don’t find anywhere else.
Paul Linfoot agrees: “People only remember the record breakers; no one remembers the cars that don’t sell.”
He continues, “People have got greedy. Everyone thinks their three-door is worth £40,000, but there’s a lot of rubbish out there and some dogs advertised at high money – and they’re not selling.
“I remember days when you couldn’t give a Cosworth away because insurance was more than the car was worth. In the early 2000s the worst RS500s were £8000-to-10,000, and the top level were £15,000. Then in the last ten years the whole scene went crazy – we went through bad recession and Ford prices boomed because money is worth nothing in the bank, and people put it into something they felt was secure. RS500s at £100,000 were totally unexpected.”
Such heights led to a halo effect across the rest of the fast Ford back-catalogue, and everything Rallye Sport instantly rocketed. Harry recalls, “In 2013 the classic market experienced dramatic growth, and investors came in, looking at cars as trends. In 2015 we listed a 5000-mile Series One RS Turbo with no reserve and £12-to18,000 estimate. It made £55,000 and everyone jumped on the bandwagon.”
In turn, owners of decidedly-average old Fords have become convinced their cars are worth a packet. Well-modified machines are being put back to standard in order to increase value, and hundreds of fantastic Blue Ovals are being tucked away in heated garages for fear of getting damaged or piling on the miles.
No wonder social media is bursting with criticism of classics on trailers and a lack of rare cars at shows. They say saving your motor for the following owner is like keeping your wife pure for her next husband – perhaps pointing out that while you’re paying for the maintenance, you might as well have fun with your investment…
Richard Beel reckons, “I do agree that enthusiasts are being priced out. ‘These cars are for using - what a waste’: I hear what they’re saying but if they all just got used and ruined, how much more expensive would the really good ones be?”