Future classic cars
By Mark Hinchliffe · 24 Jan 2011
It's the age-old question many car owners face. While few motoring fans ever make money on cars, a successful classic car fanatic once told me he became a collector simply by never selling anything.
But what is an old bomb and what is a future classic worth holding on to? The classics that are fetching good money at auction in Australia these days are muscle cars.
That's probably because the people who can afford them are now near retirement and they were the cars they dreamed of in their youth in the 1970s. Therefore, tomorrow's classics could be the cars the next generation will value.
So does that mean early WRXs and other rice burners will be collector cars, or will Aussie-built cars remain top value? British Car Auctions recently named the British version of the Aussie-built Holden Commodore, the Vauxhall Omega V6, as one of five current-model future classics worth holding on to. Among the others are three new "retro" models - Mini, Fiat 500 and VW Beetle.
The BCA says convertible models of these will be highly desirable as well as the new Mini Clubman wagon and coming Mini Countryman SUV. Others listed by the BCA include the affordable and quirky Mazda RX8 with its rotary engine and suicide doors, the even quirkier Citroen C3 Pluriel and the now-defunct Honda S2000 sportscar.
The BCA reckons two-seater sportscars such as the Mazda MX5 are always a good bet for future classic status as well as special-edition cars such as RS-badged Fords, Fiat Abarth, Renault-Sport, BMW-M series, WRX Subaru and VW R32 models.
In Australia, Shannons Insurance state business development manager Phil Ross says a lot of collectors are putting a variety of cars in their garages "for a rainy day".
"If we look at the reasons why some cars become more collectable than others, I can say without a doubt it's the low numbers manufactured combined with the general popularity of that car at some point," he says. If you take Aussie muscle cars we know they made only low numbers of Phase 1, 2, and 3 GT Falcons.
"Team that with the fact that it won Bathurst, means it has real street cred, rather than a Brock Lada. They made only a handful and no-one really wants one and they aren't worth much.
"So I guess that adds up to being not collectable except in the eyes of maybe a Brock collector. I noticed one of these at the Brock museum, so Peter Champion may think it's a collector car."
Supercars are also high on the list for collectors, but sadly beyond the reach of most car lovers. Ross believes the $3 million Bugatti Veyron is a "dead certainty" to become a collector classic, along with a string of other supercars made in small numbers such as the McLaren and GT1 Porsche road-going versions.
"In Australia, we have seen the re-release of the GT Falcon Cobra and many people put them away in the garage," he says. "I think they will be a collector car when they're 30 years old, so it's a future classic.
"Also the last Monaro was bought by many collectors and put away in garages. We know this because we insured them on laid-up cover. They were not even registered and that type of policy does not cover road use."
So has the value of the Monaro increased? "Yes and no," Ross says. "Some have been sold for more than they were purchased but history tells us the real gains don't happen until it's about 30 years old."
Ross has been at Shannons for 10 years and has always been interested in cars having raced a 1966 Mustang coupe at one stage and owning about 30 cars such as Monaro V8s, "Yank tanks" and small sports cars.
"I've been able to advise a lot of people about what to buy before the market went up and some have done well with the resale but we don't really have an expert at Shannons that has all the answers," he says.Shannons auction manager Chris Boribon says they are sometimes taken by surprise with a vehicle that becomes a popular collector item."Sometimes it's not the prettiest of vehicles but they do have a reasonable market," he says.
Shannons reports that classic Japanese cars are becoming hot among collectors. They include early model Mazda RX7s (series 1 1979-80) and the last model (series 6 1992-95), the Australian-released 1992 R32 Nissan Skyline and Mazda RX2 and RX3.
Ross says vintage motocross bikes are a surprise collector item. He says a Yamaha 1975 TT 500 could be bought for $1000 in good running order five years ago and is now worth up to $5000 restored.
Other popular models are the first Honda SL trail bikes, pre-75 Bultaco Pursangs, Honda Elsinores, Suzuki RMs up to mid-80s. Classic road bikes are also making a comeback.FUTURE CLASSICS
Bugatti Veyron, Citroen C3 Pluriel, Corvette ZR6, Fiat 500, Fiat Abarth, Ford BA Falcon (2002-TS 50), Ford Focus RS, Ford BF Cobra (2007), FPV F6 Typhoon ute, Holden 2006 CV8Z Monaro, Honda S2000, Mazda RX8, Mazda MX5, McLaren, Mini, Porsche GT1, Renault-Sport, Subaru WRX, VW BeetleCURRENTLY HOT
AUSSIES
Holden: A9X Torana, XU1 Torana, HK 327 V8 Bathurst Monaro to HQ 350v8 Monaro coupe, Walkinshaw Commodores (including W427), Blue Meanie Group A CommodoreFord: XY & XW GT FalconValiant: All Australian Chargers, especially Bathurst models
AMERICANS
Camaros: The '69 model is very hot.Corvettes: Up to the '80s but mainly late '50s to late '60s and '70s big block roadsters.Mustangs: Mainly fastbacks and Shelby from 1965-1968. The '67 Shelby GT500 is very hot.
GERMANS
BMW: M seriesPorsche: All small-bumper models (1973 911T); RS models, 993 RSCS or RS Touring (1995); 930 Turbo ('70s-'80s Australian Delivered)VW: '60s Khombi vans, Golf R32