Author: John Mayhead
This is the third of three columns written by market expert and UK Hagerty Price Guide Editor, John Mayhead, tracking the ups and downs of the classic car market in 2024.
Best of British?
It’s no secret that British classic cars struggled in the market in 2024. The Best of British Index fell the most of all six Hagerty indices, down 16 points since December 2023 and now sitting at 98 percent of the Index’s value in February 2018 when it was created. Add in inflation, and it’s not a happy tale.
Make a list of how average Hagerty Price Guide values per manufacturer changed over the year, and the ‘fallers’ look like a who’s who of old British car manufacturers, most of which no longer have a regular presence on our roads: Jensen, Sunbeam, Talbot, Triumph, Healey, Gordon-Keeble and Allard, to name just a few. A very much alive and kicking brand was the biggest faller of the year, though: Aston Martin. Although the modern company has had its challenges in 2024, it was the older models that lost most value this year, with four models – the DB2/4, DB4, DB5 and DB6 all represented in the list of top ten price fallers in percentage terms.
On the auction circuit, Jaguar struggled too. The 1957 Jaguar XKSS offered by RM Sotheby’s at their London sale in November and estimated at £9M - £11M holds the dubious honour for being world’s second-biggest no-sale of the year after a $15M Ferrari 250 California that went unsold in Pebble Beach. Down at the level of real enthusiasts, the story is similar as Mathew Priddy, head of Historics Auctions, explained. “I feel for owners and sellers but Jaguar values are 30-40% down in some instances… let’s hope that with the company ditching the combustion engine, people will use this as a positive ‘let’s have and hold the real Jaguars’.” The response to the Jaguar 00 reveal and its marketing campaign have certainly drawn attention back to the brand. Whether than supports classic Jaguar sales remains to be seen.
Risers Are There
High-end Jaguar and Aston Martin values soared throughout the 2010s and are probably settling back to realistic levels. The old brands, especially 1930s-‘50s saloons, are what one dealer described to me as the ‘brown furniture’ of the classic car world: lovely but currently out of vogue. Sales of these cars tends to be heavily within owners’ groups and it’s the job of writers like me to try to share the joy of ownership of older cars like this and encourage younger owners to try them.
But dig a little deeper, and the gloom is not pervasive: the Triumph Dolomite Sprint, Vauxhall HS Chevette and Cavalier Mk 1 have all seen double digit rises in value this year. The British car that rose most in value in the Hagerty Price Guide this year was the Vauxhall Lotus Carlton, up 20 percent to £72,500 (‘excellent’ condition) and made the overall top ten. Plus, there are other areas of the market where British cars are doing well: both dealers and auction houses report that the demand for pre-war British cars, especially those that are usable for touring and racing, remains strong. Also, the recent announcement of the sale of Bernie Ecclestone’s vast collection of racing cars takes place at a time when F1 cars have never been more in demand. That collection includes some absolute British gems, including a 1954 BRM V16, the ex-Stirling Moss 1958 Vanwall F1 and the 1955 Connaught B-Type, driven by Tony Brooks and the first post-war British car and driver winning combination.
The Forecast
If you’re in it for the money, you’re probably in the wrong club. Most members of the HDC will buy cars for the love of them, the enjoyment they get from driving and the wonderful social groups that exist in our hobby. In that respect, there has rarely been a better time in recent years to buy a British classic. There is so much variety of cars at sensible prices that there’s almost something for everyone. I recently saw a very, very tidy MG PA in a lovely colour combination for sale at a dealer for under £20,000, probably a third less than it would have been a few years ago. E-Types, even the most beautiful of the Series 1 OTS, are back down to more realistic values so long as you avoid the very earliest (that are also the least practical). Mini Coopers, even some with racing history, are similarly cheap: Manor Park Classics sold a 1962 Cooper back in February, in need of full restoration but with reported 1964 Monte Carlo Rally pedigree, for £10,950.
For those who enjoy more modern classics, TVR still seems to offer a huge amount of money for the fun received. Last year, Hagerty selected the TVR Cerbera Red Rose on its UK Bull Market list of cars that we believe are excellent value. Most of the factory build quality issues have been sorted on the cars left out there, and there really isn’t much to match them for a combination of looks, power and that good-old ‘analogue’ driving feel that everyone wants these days. I won’t go as far as saying it’s the British GT3 RS, but for the price, it’s a
What’s your view on the latest market roundup from John? We would love to hear your thoughts at hdc@hagerty.co.uk.