Collector Car Market Watch

By: Cliff Chambers, Photography by: Unique Cars, Nissan, Shannons, HSV, FPV

Date: 22.04.2023

Cost of living dents our wallets while some big bucks ghosted on the auction floor as market skitters

For quite some years, the first Tuesday of the month (unless it was November) would pass largely without comment. Since mid-2022 though, it has become a day of dread accompanied by tugging at the wallet as unseen hands removed a slab of notes and handed them to your mortgage provider.

Inflation is the alleged cause and pinching our money the only remedy. With less money available, the experts say, consumers will refuse to pay inflated prices and vendors will reduce them.

To date that strategy hasn’t had an effect on supermarket essentials and property is also proving resilient. However, there are signs that tighter finance is affecting the price of interesting motor vehicles.

Special and Performance Vehicles and the like go under-appreciated

Most obviously, the ‘money no object’ operators who pushed pretty ordinary examples of ‘iconic’ cars to seven-digit prices are gone. Cars of that quality are where they belong in the sub-$500k range and those that could genuinely bring a million back in their bunkers until values surge again.

The market for collector models under $30,000 seems steady enough, with plenty of retail and auction sales occurring. That certainly would have been the message when you checked your screen on the first day of autumn for news from the latest Shannon’s Online auction.

Plenty of those ‘affordable classics’ had found new owners, with even a few of the $200,000+ stunners selling as well.

Demand for Japanese cars was patchy, with a rare RX-7 Series 6 SP hitting its reserve but Skyline GTRs doing not so well. An R34 Nur expected to top $400,000 didn’t get a bid, but everyone was cheering the cute Toyota-engined Honda S800 that eventually made $32,000.

VL Group A bids didn’t keep pace with reserve

A VL Group A ‘Walkinshaw’ showing 16,258km and guided at $300-350k was a no-sale at $255,000 but the same money did buy an authentic looking 5.0lt HK Monaro GTS. It was white and stunning, as was the Valiant Pacer Hardtop that made an unexpected $100,000.

Where there might be a problem heading to the future is with ‘nostalgia’ cars; those brand new or barely used Commodores and Falcons that were bought just as local production lines were clanking to a standstill.

$100K VG Pacer

These Holden, HSV, Ford and FPV models were targeted by people wanting a car that immortalised their favourite departed brands. Rarely were they bought to be driven, for to do so would seriously diminish their values.

The cars now being offered for sale sometimes show no more than delivery distances and may have avoided dealer pre-delivery, yet they were bought at well above the model’s listed value.

Grief at the loss of our carmakers is fading and that piece of memorabilia under the cover isn’t appreciating. Changing economic sentiment is likely to affect models like these more strenuously than older collectables and some owners will be keen to liquidate their investments, only to discover that others have the same idea.

Just one auction has so far demonstrated generalised disinterest in cars from the recent past, however, we will watch with interest for the trend to strengthen or fade as the months roll by.

Making the situation more difficult will be a glut of similar models in the retail market. Some are priced at double the top bids seen at auction and discounting would seem inevitable.

Meanwhile, we have a new ‘Rolling 25’ rule affecting imported ‘enthusiast’ vehicles built at least 25 years ago. Many still come from Japan in the way they did under RAWS and SEVS regulations, but the way is now clear as well for an influx of models from the USA and Europe.

Just how these will filter into a market where buyers are becoming more hesitant will be worth watching too.

From Unique Cars #477, April 2023

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