Drop in prices highlighted

There was encouraging news for classic enthusiasts in July, as classic car valuation expert, Hagerty, highlighted a falling interest among investors in midmarket classics.

Statistical analysis from Hagerty suggested that uncertainty caused by the summer election and Brexit was leading many investors to abandon cars around the £50,000 mark, instead investing in higher value classics or moving into other fields altogether.

Hagerty price guide guru, John Mayhead, says: ‘We’re sensing some consolidation. As a result, the very best examples are selling very well but lessthan-perfect cars are struggling.

‘We’ve seen a heck of a lot of Ferraris sold in May and June – 348s, Testarossas and Mondials mostly. In most cases, we are seeing them fetch lower prices than last year.’

This seems to have remained true as the year has gone on. Speaking in October, Brightwells’ consultant, James Dennison, said: ‘Buyers are definitely choosier these days than they were a year or so back.’

While prices may have fallen for these mid-range cars, however, there hasn’t been the flood of stock that Hagerty predicted. CCW’s markets editor, Richard Barnett, says: ‘We haven’t seen as many as we thought we would back in the summer. There are plenty coming to sale for sure, but not significantly more than normal. Perhaps people are holding out until a further hike in interest rates.’

Good condition Mondials were fetching £50,000 in 2016, but have typically sold for closer to £40,000 this year.