US classic and collectable car values softening
But Shannons says Australian examples are unaffected… for now
MIXED messages are coming out of the US enthusiast car market where inflation – which is currently running at over nine per cent – is starting to slow sales and soften prices of classic and collectible cars.
According to US-based auction houses, buyers have less disposable income and are being charged higher interest rates on debts which, coupled to the effect of a softening stock market, are making investors “think twice” before buying raising a paddle at auction.
Exacerbating the problem is the high price of fuel that is making potential buyers nervous, and the ever-increasing cost of living.
For now, the Australian classic and collectable car markets appear to be buoyant, but similar cost-of-living pressures may see the market here dip over the coming 12-24 months.
The COVID-19 pandemic saw the prices of classic and collectable models spike locally over the past two-end-a-half years as buyers unable to travel invested in desirable models. Prices for Australian muscle and other desirable cars have remained high since the pandemic began, but the US market shows that such heady prices may not be sustained.
Speaking to GoAuto this week, Shannons national auctions manager Christophe Boribon said the local market will need to wait at least six months to see if the price falls witnessed in the United States will impact classic car prices Down Under.
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