Can somebody please tell me what’s going on in the car market?
I step out of the scene for a moment and before I know it everybody has gone absolutely mad.
Naturally it stands for me to find out that almost every single car I’ve ever sold in the past few years has rocketed in value. Let’s take a view on all of them.
If I had kept my Lamborghini LP560 and never sold it as I had back in 2012 (for £105,000), I could have driven it for free for another 3 years and it wouldn’t have lost a penny.
Here’s one going for exactly the same price and if I were any wiser I’d say that it were the identical car!
So. We have a new metric now as to what cars cost me. I used to feel quite proud about being able to jump in and out of cars without it costing me too much in depreciation. I would try to buy and sell smart. But with this information at hand, I can now calculate a total loss of….hmm, £405,000.
Aside from the mental breakdown I’ve just had, another side effect of this is that buying cars today is a complete lottery. I struggled to get a good price on my super rare, super excellent condition Alpina C2 when E30 M3s are on sale for £90k!. Yet today, I’m looking at GT3s and they are simply out of reach. Despite a plethora of examples available (53 on Pistonheads alone), they still appear to be commanding top dollar, with prices fluctuatuing between £140k and £190k. I can understand a car price boom on cars that are rare where demand outstrips supply, but when we have a surplus of stock I can’t help but feel that this is a bubble that appears poised to burst.
It’s also turning these cars into garage showpieces. Remember the time when you’d see nothing but 911 GT3s on track? Good luck with that. Current owners aren’t enthusiasts anymore and you’re more likely to see them on instagram or Knightsbridge toasting marshmallows for the car paparazzi than actual, true petrol heads.
Who knows what’s going to happen in the near future. Many people are claiming that those who have successfully landed an order on a 991 GT3 RS or a Cayman GT4 have essentially been given a blank check for £50k. Seems the craze has affected Porsches more than any other car, but when you see phased out Mercedes still commanding list prices (£55k for a 507 C63, or C63 AMG Black Series for £95k) and BMW M3s asking uncharacteristicly high prices (Up to £45,000 for 2013 models).
Buying a premium luxury car is a bigger risk than it’s ever been. My luck dictates that the moment I buy a car, there will be such an almighty explosion to the market that I’d be the one picking up the pieces.0