LOCAL MARKET REPORT

While many of you are still enjoying the lazy summer days, I have recently had the pleasure of travelling down south to provide a valuation for an impressive 1940s to 1970s car collection — a mix of British and Italian classics — mostly with provenance, all immaculately kept, and all in working order.

I asked the man how often he gets to sit behind the wheel and drive off — “Never!” was his prompt reply. “I know that they are here; these are cars of my childhood — these are cars I could never afford and now I have them. I just enjoy sitting down with a beer in hand, admiring the lines in their design and sometimes cranking up their engine. They don’t complain, they don’t demand — they just sit there!”

Defining value

The way we define the value of our classic cars varies in many ways. Some collectors place value on rarity or concours-quality vehicles. They tuck their cars away from prying eyes and never use them. Like our man, they enjoy looking at them, they are passionate about them, and they clean them and spend time with them. For these types of collectors, owning such cars and doing the above is what the classic car hobby is all about. It’s their escape from the harsh realities of this world we live in.

At the other end of the spectrum is the collector who defines the value of a classic car as that which is derived from the use of the car as often as possible, with as many mates as possible sharing the experience.

I’d say most collectors fall somewhere in between. For many, ownership usually means public displays and camaraderie at car shows and club runs. I’m sure there are exceptions, but I’d say most collectors use their cars regularly. They love classic cars, and they love driving them. Several of my customers buy a car with the intention of driving it everywhere. Absolute adherence to originality and perfection is not of paramount importance to them, but beauty, structural integrity, and dependability are.

However, I find that most classic car owners aged 55 years and over place importance on authenticity and historic value. They want a classic car as an investment, a car they can enjoy and preserve, and possibly pass down to the next generation in the family. It seems that the older collector enjoys the authenticity in the cars, while the younger aficionado enjoys working on the cars to make them more usable.

Best of both worlds

So the classic car market is somewhat unique. In a way, it is a best-of-both-worlds scenario. Some collectors tend to own very fine examples, often the best of their preferred collector car, and never use them. For these types of collectors, cars are a prized personal possession rather than a social focus.

Over time, things change. In New Zealand, this seems to manifest itself in the form of acceptance of collector cars that have been modified to increase safety, drivability, and dependability. However, there will always be a bigger demand for cars that are original, or faithfully restored to original, because this is where the monetary value lies.

There is also a market for younger generations who would like to include their families in their collecting activities, who want to be part of this great classic car lifestyle. These collectors are usually the ones looking for cars that are outwardly original in appearance but perhaps have modern drivetrains, suspensions, safety features, and convenience options. Their priorities are different from those collectors who collect cars for the sake of collection — they collect for enjoyment’s sake!

Personally, I am a purist. Any classic car that I own has to be flawless, original, or restored to original. No shingle roads for these cars, and they will certainly stay in when umbrellas are out!

An important part of this lifestyle, as I see it, is how we store our cars — a dream garage complements any collection, the ultimate garage, where cars line up perfectly, each of them displaying a brief history of the vehicle’s provenance, memorabilia, etc. All this adds pride to one’s hobby and makes things more interesting, not to mention that it provides a good venue to which one can invite fellow enthusiasts or close friends for some car tête-àtête over a beer or a cup of tea.

Clubs are no doubt a terrific way to celebrate classic cars, but even after many decades of enjoying collector cars through clubs, I’m surprised at the emerging trend that’s truly picking up pace, both in New Zealand and overseas: ‘Garage Night’! Anyone with a garage large enough to accommodate a few people organizes a gathering of friends — they make it is as simple or as elaborate as they wish. Safety included — always have a fire extinguisher on site, and do not drink and drive. I can assure you, a good time will be had by all.

And whatever you do, and whichever way you decide to enjoy this hobby, keep in mind the kids — remember that they are tomorrow’s carers, and so it should be every classic car owner’s duty to include them in today’s activities.

Until next time, safe driving!