The automotive sector has seen many changes as a direct consequence of the pandemic, whether it be supply chain issues or altering the way dealers interact with customers, but one area that has seen unprecedented growth is the classic car market.
With overseas holidays on hold and the next generation of car enthusiasts now realising they have the funds to finally purchase their dream machines, demand for classic cars has gone through the roof.
“Although we got into trading during COVID itself, so I can’t really draw a comparison, we are definitely seeing a lot of foot traffic through our showroom,” said Greg Morris of Joe's Golden Gasoline.
“We’ve also noticed a lot of guys coming in who are new to classic cars, which is encouraging.”
Historically, it is guys that have been eyeing off a new Corvette or Firebird for years that finally bite the bullet at a classic auction or showroom like Joe’s, but with return on investment currently so high, more and more Aussies are entering the market with the intention to make money just like you would on the stock market.
“If you’ve got the money to spend, especially being unable to travel at the moment, and with interest rates on investments being low, you can’t make better returns from sensibly investing in classic cars in my opinion,” said Greg.
While data shows 90s Japanese cars are the hottest segment currently, the Australian market made up of classic Holdens and Fords is also hitting unprecedented levels – a 1978 Ford XC Cobra which fetched almost $200,000 at auction recently is just one of many recent examples.
CommSec have reported the price of used vehicles continues to rise with no end in sight, so now’s the time to check what’s hidden under the tarp in your uncle’s back shed – you could be sitting on a gold mine!