It’s a terrible time to sell, but a brilliant time to buy.
The classic car market, like everything else it seems, is struggling to maintain values.
Whilst it may not be a sellers market at the moment, there are some excellent opportunities for buyers to get their hands on a beloved dream car at heavily discounted prices as owners attempt to offload surplus cars.
Recent auctions saw a 1970 (H reg) Rolls Shadow worth an estimated £3k - £4k selling for just £2,300. A 1988 Bentley Mulsanne (S reg) worth an estimated £7,500 - £8,500 was eventually sold for £3,900.
Of more significant note was the sale of a 1956 Bentley S1 6 cylinder with an estimated sale price of £18,500 - £24,000 which was knocked out for the bargain price of just £14,800.
Classic car insurance underwriters take the value of the vehicle into consideration when assessing the risk, and ultimately, the insurance premium, along with other matters such as annual mileage, expected usage and place where it is stored.
It follows therefore that lower valuations could have a positive effect on premiums, so if your classic car insurance policy is due for renewal shortly, it could well be worth getting a new valuation.
Hopefully, premiums will not have risen too sharply, and the cost of the valuation will be more than offset by the reduction in your renewal premium.
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January 25th, 2009 at 11:16 pm
[...] Classic Car Values affected by Credit Crunch too - It’sa terrible time to sell, but a brilliant time to buy. The classic car market, like everything else it seems, is struggling to maintain values. Whilst it may not be a sellers market at the moment, there are some excellent … [...]