Classic vehicle insurance specialist Hagerty has just revealed the findings of its 2016 year-end UK Hagerty Price Guide (HPG), assessing the value of fifty of the country’s most popular classic cars.
DEC 08th 2016
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The latest HPG update indicates that the UK classic car market has rebounded strongly in Q4 2016, with the Hagerty Classic Index showing an increase of 7.3% against a Q3 increase of just 1.3%.
Analysis of the HPG figures shows that classic cars in top condition have performed best across the full price guide, with Hagerty’s condition 1 (‘Concours’) cars achieving an average price increase of 1.8% in Q4 and condition 4 (‘fair’) cars achieving an average increase of only 0.7%.
Overall the Q4 2016 HPG reveals a fluid British classic car market, with some vehicles dropping in value, others remaining static, and a few gaining substantially in value.
The three greatest classic car value gains are the ‘young timer’ hot hatch king, the iconic Peugeot 205 GTi, which has risen by 28.5 percent, with an average value of £11,275. The 205 is followed by the Porsche 928 GTS (+13 percent, average value £33,850) and the sleek William Towns designed Aston Martin DBS Vantage (+9.4 percent, average value £96,650). This late 1960s/early 70s Aston Martin follows major value gains for the marque’s DB6 in recent years.
A number of firm British sporting stables of the UK classic car scene have seen their values remain static, including the MG Midget MK III (average value £6,875), Triumph Stag (average value £13,525) and the Austin-Healey 3000 MKIII ‘Big Healey’ (average value £50,625).
The HPG shows that the values of three firm classic favorites have reduced, including the legendary ‘Back-to-the-Future’ DeLorean DMC-12 (-3.5 percent, average value £36,575), Jaguar MK II 3.8 (-2.9 percent, £26,750), and the Bertone 105-Series Alfa Romeo 1750 GTV (-0.1 percent, average value £21,775). The values for this trio of classic are expected to rise again before too long.
Commenting on the latest HPG results, Angus Forsyth, MD of Hagerty says: “We’ve seen confidence return to the classic car market in the last few months of 2016 after a summer of uncertainty, and we believe the Q3 results were a reflection on people holding back following the initial uncertainty of the Brexit vote in June.
However, now the financial markets have settled, people have bought into the car market albeit a few months later than they might have planned. Whether people still feel classics make good investments, or they just want to put their money into something fun, they are still definitely buying, and the values of the best classics are still on the rise.”
“The trend for later classics- from the 1980s and 1990s- is also still continuing strongly. These cars are becoming the mainstays of the classic car market, and are attracting new owners. We are changing our policies to suit these cars and to make sure our policies suit the clients’ requirements.”
“We have had a huge increase in the number of people enquiring about the value of their car by telephoning Hagerty and using our Quick Quote online. This is good news- it means that owners are taking an active interest in making sure their cars are fully covered.”
The Hagerty Price Guide is a free-to-use on-line classic car valuation resource, covering 1,785 models of classic car and assessing four values- from ‘fair’ to ‘Concours’ condition. The UK Hagerty Price Guide is compiled through analysis of British and major worldwide auctions, insured values, dealer prices, discussions with owners’ clubs and advertised prices, and is updated quarterly.
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