(Wheeler) Dealer View

Mike Brewer

What big changes have you seen in the classic car market?

Values continued to climb in the mid-sector during 2017, more than any other. Certain genres started to trend, such as pick-ups, fast Fords (especially the Cosworth models), Porsche and some specialist competition cars.

How do you think those changes will affect the market in 2018?

It looks to be another buoyant year for the classic car market. If anything, I think we’ll see the trends continuing to grow, with each country having its own trending markets. For example, while fast Fords fetch big money in the UK, they don’t secure the same prices in places like Italy. But you can buy Lancia models in the UK much cheaper than you can in Italy.

Are investors on the way out, and real enthusiasts coming back in?

Not quite yet. Where the real money is, the £20k-100k range, there will always be growth because the market is being driven by availability and that suits investors. But more and more, they are being driven to the bigger ticketed items for better investments. We are seeing that now with Porsche, where a mid-sector car for, say, £50,000 made sense a few years ago, you’d have to spend near double that amount today to get the same return on investment and profit potential.

Is the modern classics phenomenon a good thing?

Absolutely! Defining a classic and what makes one is difficult – it’s one of the most asked questions in the market. But with more people appreciating later models and values rising, the modern classic is here to stay… and that’s a good thing. It keeps the classic car market relevant to all ages. For those with high-disposable income nowadays, they’re looking at ‘90s and Noughties cars that will only increase in values over the coming years.

‘The market is always driven by availability’

Is originality more valued than restoration?

In certain markets yes, it does. Where the car is rarer, originality will win over restoration. These cars are only original once. However, people want and desire a car that is showroom standard and road ready. While many want the look and lifestyle of owning a classic, the reality is that these cars do need looking after and may not drive as effectively as a car that has had some sympathetic restoration or minor modernisations.