Hitting the age of 70 is a milestone, but in automotive terms it’s an eternity, the difference between a London-to-Brighton–qualifying veteran car and the Lamborghini Countach. So, now that the Mercedes-Benz 300SL W198 has reached this age, why is it still so collectable?
The 300SL coupe was unveiled at the New York auto show in 1954 where, on a raised plinth designed to tower over its smaller 190SL sibling, the new car captured the attention of not just the public but also the motoring press who gushed over its performance and phenomenal styling, dominated by the feature that has become synonymous with the model: the top-hinged “gullwing” doors. “The exterior form of the 300SL is quite wonderful, wrote AutoSport, “and its performance almost unbelievable.” Road & Track agreed. “A comfortable interior is complemented by remarkably impressive handling characteristics, quite incredible roadholding, light and precise steering, and performance levels which are up there with – and even an improvement on – the best cars the automotive industry has to offer.”
After 70 years, even those kids who were entranced by the 300SL at launch are now of advanced age. If they were ever going to have enough money to own what has always been an expensive car, the chances are it’s already happened. According to the playbook, prices should now start to fall, but a strange thing seems to be happening: Although 300SL Roadster values seem to be flattening, Gullwing prices are continuing to rise, and in January this year, Barrett-Jackson sold a 300SL Gullwing for $3,410,000 (£2.6M) a record for a non-alloy bodied car.
So, what is happening? The aura around the blue-chip Mercedes-Benz models remains strong, thanks to a combination of company investment in their heritage operations and landmark sales, including that of the 300SLR Uhlenhaut Coupe, with which the 300SL shares a great deal of DNA, and of a very rough alloy-bodied coupe in October. Plus, the company has been very adept at celebrating its motorsport roots whilst still competing at the pinnacle of motorsport.
On the face of it, these factors have made the 300SL a trend-beater, still attracting new buyers seven decades on from its arrival, but look a little deeper and things aren’t so clear. Recent 300SL analysis by Hagerty’s John Wiley shows that there are 300SLs and there are 300SLs. Looking at repeat sale prices of cars, Wiley identified that those which appear on the market regularly tend to sell for less than the expected Hagerty Price Guide value, and those that have been tucked away in single ownership for a long time tend to achieve an above-average price. The latter, he noted, also tend to be of higher quality, and the price delta between these top cars and lower quality examples is growing.
I think I understand what happened. The people blown away by the launch 70 years ago who gathered enough wealth to buy one did so at the peak of their earning capability, probably 20 or 30 years ago. They cossetted their "forever cars" and kept them until the heavy steering and legendary cabin heat became too much for them and they started being offered for sale. These cars – well-maintained, original, often with the desirable Rudge wheels, Becker stereo, and luggage options, plus just a few owners from new – are the ones to have. And the new money, it seems, wants the very best.
