Question – Have the prices for classic cars gone as nuts in your country as they have here in Australia?
It’s reminiscent of this old classic TV ad from Melbourne back in the early 1990’s (with thanks to Turbin!)
I’ll let you decide for yourself whether or not Madonna had lost the plot back then. But there’s a reasonable argument that sellers and buyers of classic cars – mostly buyers, IF they’re actually buying – have lost the plot right now.
I bought and sold quite a few cars between 2009 and 2015. I bought Saabs, Alfas, my beloved Subaru Brumby, a few more Saabs, and a couple of Porsches.
2009 to 2015, of course, was the GFC and post-GFC world. Times were actually tough for a lot of people, though not so tough here in Australia compared to the rest of the world. Interesting cars were relatively affordable through this period (though air-cooled Porsches were just starting their meteoric rise).
When Covid hit early in 2020, I assumed it’d be another post-GFC scenario. I assumed that people would be struggling for income and looking to sell assets in order to maintain liquidity.
How wrong was I?
The classic car market has gone completely maaaaad! And much of it makes no objective sense.
Case Study 1 – the Porsche 944.
I have a bit of experience with 944s. I looked at several of them in 2013/14, when I ended up buying a 968 ClubSport. I drove nearly all versions – a pre-85 model, a 944 turbo, and a few 944 S2’s. I came very close to buying an S2. The only ones I didn’t test drive were the 16V 944 S from 1987 and any model with an automatic transmission.
The most expensive (at the time) of the three models that I drove was the S2 at A$19,000, closely followed by the turbo at A$17,000. A pre-85 944 was under 12,000. These prices were all quite typical at the time and gave you a decent performance car for good, but not unreasonable money.
Bear in mind that air-cooled 911’s started in the A$15-$20k region back in 2014, usually for a 2.7 because that model had a troublesome reputation. A decent 3.2 911 Carrera from the 1980’s started in the high 20’s. The 944, therefore, was priced as an entry-level Porsche that an enthusiast could get into for $10-$20k rather than putting that money towards a new hatchback.
Hold that thought as we fast-forward to today.
Here’s a Porsche 944 for sale in Australia right now. It’s a 1984 model and it’s the cheapest 944 for sale on the Carsales website right now.
$25,000???
You might think $25K for a Porsche is not too bad. After all, the 944 has a reputation for being a well-balanced package. 50-50 weight distribution. It’s got a robust drivetrain. And it still looks as good in 2022 as it did in 1984.
All of this is true.
BUT (and you knew there’d be a but)….. the 944 from 1984 drives like a dog. And while the outside still looks pretty smart in a retro-cool-pop-up-headlights kinda way, the interior is pure late-70’s-to-early-80’s with all the hard plastics that implies. The 1984 model has the 8-valve engine that drives AND sounds like a tractor. It’s about as responsive as a bookkeeper on a fistful of quaaludes.
At least that one’s a 5-speed manual. The cheapest automatic Porsche 944 on Carsales right now is $35K!! Thirty-five gorillas for that 8-valve engine mated to a 3-speed automatic?????
There’s a reason why these cars were $10K or less, not-so-long ago. And it’s not that they were underappreciated.
For a Porsche 944 to be even close to the base asking prices the model’s fetching these days, it would need to be a 1985.5 model or later – that’s when they got an interior update that brought them closer to their 911 big brother – and it’d have to have the 16-valve engine that debuted with the 944S. An S, S2, or any variants of the 968 are worth considering IF you can get one at a reasonable price.
And 944 turbos? Forget it. I don’t care what sort of smoke Jeremy Clarkson blew up that car’s arse back in the Top Gear days…. it’s just a faster tractor. Eventually. After the lag.
Don’t take my word for it. Drive one for yourself.
——
Case Study 2 – Alfa Romeo Sprint.
I’ve owned a couple of Sprints over the years, and had useful custody of another for around 6 months while garaging it for a mate.
You might remember me writing about this one for the US-based Hemmings magazine back in 2015 – Driving a Slow Car Fast
Well, there’s an Alfa Sprint on Carsales right now, too. It’s not just any Sprint, either. I’m about 99% sure that it’s my old Sprint. There are a couple of explainable differences between the old pictures and the new. But I’m pretty sure it’s the same car and the description seems to back that up with it’s references to Tasmania and the car going to an Alfa Club member in Melbourne (exactly my old car’s eventual path).
This is a car that I paid $1,100 for on New Year’s Eve, 2014. I sold it for not much more, a few months later, after I got the job at Koenigsegg and moved to Sweden. It’s definitely been improved since I had it, but they’re now asking $19,990 for it!!!
Now, it must be said that an Alfa Sprint is no dog. A good one is great fun to drive. It’s light, it’s revvy, and at any given moment you could hit something and it’ll fold up like a cheap card table and kill you. That adds a certain thrill-element to every drive.
BUT….. this is a Series 2 Sprint, based on the Alfa 33 chassis. The Series 1 Sprint was based on the AlfaSud chassis and had inboard brakes that lightened the steering with no adverse effects on the handling. It was a remarkably balanced car that loved being driven and it was more fun than a sack full of puppies.
And that’s why Series 2 Sprints were regularly found at $5K and under, not-so-long ago. They’re fun, but they don’t belong in the K category.
——
I’m sure I could find a few more examples without too much trouble. The 968 Clubsport I paid $30K for (and sold for the same price in 2014) is now worth $130K. Those $15K 911 2.7’s are now worth $95K.
Am I reading this right? Or should I just stop being a grumpy old man and let supply and demand do their thing?
What say you? Have car prices gone as nuts where you are as they seem to have, here?
