Octane magazine, the publication for enthusiasts of the World's greatest classic and performance cars, recently ran an article in which Robert Coucher discussed the 2005 historic car market with the experts and extracted their tips on the ‘cars to watch’ for ‘06 - and there are three Ferraris in their top ten.
Octane kindly gave us permission to produce the following abridged version of the original article:
It appears that 2005 was a strong and stable year for the collectable and historic car market. The historic car market has continued to evolve over the last couple of years and now exemplary examples are in real demand, whether they are in the £20,000 or £2 million price bracket. As Andrew Hall of Hall & Bradfield says, “Things are bullish and there is no bad news on the immediate horizon. Banks are still not paying enough interest so there’s no point in leaving money languishing in savings accounts. There is ever more money out there chasing too few, really good cars.”
“Some cars have still not reached the prices achieved in the late eighties,” says Rupert Banner of Christie’s Auctioneers, “and they are the ones to watch, like Ferrari Daytonas and (Mercedes) Gullwings. With collectors' cars it is still a numbers game and rarity, usability and eligibility are all.”
Chris Routlige of Coys says, “Historic car racing is the new polo. The racing and concours elements of the classic car scene provide a lifestyle activity for wealthy enthusiasts and they are demanding the best possible examples with strong provenance".
The costs of restoration are on the increase and the good specialists are always overbooked. Name one decent one who will start on your car tomorrow - no, you have to join the queue and be prepared to pay handsomely for the finished results. That’s why smart buyers are going for cars which have been ‘done’ already or original cars in very good condition that do not require remedial work.
Things look good for the market in 2006. The reality is that knackered old smokers will continue to languish and are best sold on Ebay. Good cars are being consigned to leading auction houses and respected dealers and very good cars are just not coming onto the market in sufficient numbers as enthusiasts hang onto them knowing that they get rarer and more desirable every year.
Usability remains a key consideration and both Simon Kidston of Bonhams and Philip Kantor of Christie’s plump for the Ferrari Daytona. “Make sure it is a good example because they are costly to rebuild,” says Kantor. “But once out on the open road they are tremendous cars and still very fast. When well set up they are lovely to drive and the truck analogy is nonsense.”
And the bottom line? Go for the best car you can find, whatever the price break. Not rocket science, but this maxim is becoming more important every year. We have compiled this list of cars to watch in 2006 - with the help of the experts - those which are still good value and will probably increase further in desirability.
Octane's Cars to watch in 2006
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