PRICE WATCH
Imentioned a few issues back that I thought it was time to buy another classic now that the house renovations are finally complete, although my budget is somewhat depleted — I certainly won’t be putting another Boss 302 Mustang in the garage any time soon, that’s for sure.
After my recent searches through a local auction site, I’m quite staggered at the prices of some classics, which have quite literally taken off. For example, any early Holden in nice condition will cost plenty — a 1962 EK will set you back in the region of $20-plus thousand, a later model HK Premier around $30K, and a half-decent HQ will cost about the same. As for Statesmans, I’ve seen some HQ models in the region of $45K.
Another mover and shaker in the market seems to be the humble Ford Cortina. A Mk1 GT in the mid $30Ks, a nice standard Mk2 in the mid to high $20Ks, and a nice Mk3 1600 station wagon at around $18K. Escorts, especially Mk1s, and Capris are also following the same trend — upwards at a rapid rate. I’ve also noticed an early three-door Range Rover with an asking price of — wait for it — $60K and Series 1–3 Jaguar XJ6S are also on the move, with pristine examples selling for over $20K. Interestingly enough, the sportier XJS prices are still fairly steady, as are those for chrome-bumper MGS, which can still be bought for less than $10K.
Some Japanese models are also on the move. It wasn’t that long ago that you could buy a very nice Nissan Skyline GT-R BNR32 for $10–12K, but nowadays you can expect to pay anything up to $65K for a limited-edition model.
US car prices seem to have remained steady, from what I can gather. Mid ’60s Mustang coupés and fastbacks, as well as C3 Corvettes, are still selling for about the same price as they were five years ago — $35– 65K — with the exception of highly optioned examples, such as a 1969 427 435hp Tri-power Corvette convertible with an asking price of $125K.
While I am often perplexed by some of these escalating prices, I can’t help thinking that it’s a good thing. Too many good classics have languished at the lower end of the scale for long enough, and it’s encouraging to see a resurgence in the number of buyers willing to invest in them and give them the credibility they deserve.
On the topic of investments, you may have read about the 1964 Ferrari 250 GTO that recently sold for US$70M, and, according to some sources, it could be worth in excess of US$100M in five years. Not a bad return by anyone’s standard.
That’s several Lotto wins and then some for most of us. As for me, I’ll continue my search for something a little less extravagant.