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Showing results for tags 'bubble burst prices'.
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I’d value people’s views but it seems that the bubble regarding vehicle prices is about to or has burst having just seen yet another auction result (on here) for a Jeep set at £11-13k guide price (usually on the low side) but sold for £10k. As a long term collector I like many others have seen prices soar to a point of being only now open to a rich few, jeeps at this value are manageable and not likely to drop much due to the size/fun/practically of them but prices have clearly settled from last year, its mainly slightly rarer vehicles, bigger and more impractical vehicles which have traditionally been advertised a few thousand more than the last one every time one goes on the market until they are £20-30-40 or 50k plus that appear to be stagnating. I’ve been tracking a number of vehicles in the last year or so now here, in a number of other places including eBay (once you take out the scam ads !!!) and auctions and currently I have seen an increasing number of higher priced vehicles doing the rounds but not selling with some bids which to me seem reasonable and even higher than previous others have sold for but still £10k or more short of reserve. My view is I’m a buyer of vehicles as a collector who has space to house them and a little cash but not at some of the price levels people are asking. Of course last year saw the mega rich with bottomless pockets buy Jeeps at £70-80k on occasions but these were exceptions to the norm and in the same auction a Sherman failed to get reserve. Currently there are 3 vehicles on the market I would buy for my own use at this moment in time which it wouldn’t be fair to name on here but I would buy and pay cash for today but I’m not so desperate I would pay the asking price so I don’t even make the phone call and there must be many people like me out there who like me would push the boat out a bit but not go crazy. I think the number of buyers who have large amounts of cash and want a particular vehicle is diminishing, low interest rates have been around for a long time now so the people who bought a vehicle because their money isn’t earning interest and it’s an investment have spent up, vehicle owners are generally getting older so the numbers of vehicles coming onto the market is increasing and will increase greatly in the next 10 years when the family sell them off as they go to a better place (if I’ve just put you into that category, sorry !!) and we are in uncertain times so there is less money for luxuries. The market in classic cars, tractors and lorries has already reduced and suffered the same as the ‘investors’ leave the market due to diminishing returns. What’s your view ? Or am I wrong and do people see the first BSA M20 hitting £10k and a Bren Gun Carrier hitting £50k and actually selling for that in the not too distant future ?