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George Eagle
United Kingdom
3243 Posts |
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Richard Hardy
United Kingdom
2165 Posts |
 Posted - 11/10/2022 : 19:10:55
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In some ways, it is excellent news that the value of MMM cars is plummeting, not unlike many other marques I add.
Many true enthusiasts have no interest in selling their cars, apart from families of deceased estates and those seeking to channel investments elsewhere. A downturn in the market creates a great opportunity to make these cars more affordable to new enthusiasts and at the moment sadly, more older enthusiasts are disappearing from the scene at a faster rate than new enthusiasts coming on board.
There are some great opportunities out there to purchase cars at an affordable price, particularly so for four seaters and salonettes where the market seems to have really nose dived with a diminishing level of enthusiasts wishing to purchase these models. Even very presentable shiny on the road two seater prewar MGs can be bought for around £18,000 and I know of three such purchases locally within the past 12 months.
It is not all doom and gloom in the auction houses, far from it if you are purchasing or, hoping the level of interest in these cars may increase. Already we are seeing new cars at local private meets where opportunities have been seized upon.
Rich
Vintage MG Parts |
Edited by - Richard Hardy on 11/10/2022 19:22:00 |
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Simon Johnston
United Kingdom
6158 Posts |
Posted - 11/10/2022 : 19:48:16
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Mind you, you could make a cracker K3 rep out of this 
Simon J
J3437 |
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Richard Hardy
United Kingdom
2165 Posts |
Posted - 11/10/2022 : 20:16:51
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Not cost effective by half Simon. Also, it is not the correct chassis, in fact apart from the engine, there is not much left worth transferring to do a proper job. Cutting up the K1 tourer, now that would probably stack up!
Rich
Vintage MG Parts |
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Simon Johnston
United Kingdom
6158 Posts |
Posted - 11/10/2022 : 20:18:03
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Good thinking, Rich.
Simon J
J3437 |
Edited by - Simon Johnston on 11/10/2022 20:18:18 |
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MmmGee
United Kingdom
140 Posts |
Posted - 12/10/2022 : 10:02:51
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quote:
Originally posted by Richard Hardy
In some ways, it is excellent news that the value of MMM cars is plummeting, not unlike many other marques I add.
Many true enthusiasts have no interest in selling their cars, apart from families of deceased estates and those seeking to channel investments elsewhere. A downturn in the market creates a great opportunity to make these cars more affordable to new enthusiasts and at the moment sadly, more older enthusiasts are disappearing from the scene at a faster rate than new enthusiasts coming on board.
There are some great opportunities out there to purchase cars at an affordable price, particularly so for four seaters and salonettes where the market seems to have really nose dived with a diminishing level of enthusiasts wishing to purchase these models. Even very presentable shiny on the road two seater prewar MGs can be bought for around £18,000 and I know of three such purchases locally within the past 12 months.
It is not all doom and gloom in the auction houses, far from it if you are purchasing or, hoping the level of interest in these cars may increase. Already we are seeing new cars at local private meets where opportunities have been seized upon.
Rich
Vintage MG Parts
I'd concur with you in some ways but some models just do not come up for sale (locally-UK). I've been looking for two and a half years for a F1/3 (4 seater). As you say many are reluctant to sell as they have had the car many years and that is understandable, others are unrealistic with their asking price. As in most markets supply and demand will no doubt govern but it appears that the MMM is a very slow market to respond, however the auction of NA0923 may be an indication that it is changing.
The sale price of the K1 will be interesting but its possible its use for a K3 may sway the price.
MmmGee |
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sam christie
United Kingdom
3112 Posts |
Posted - 12/10/2022 : 10:30:22
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The auctioneers describe NA0923 as a "DROPHEAD COUPE". Is this the correct term?
Sam |
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Richard Hardy
United Kingdom
2165 Posts |
Posted - 12/10/2022 : 11:17:38
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An F1 has just joined us locally Trevor, that’s the fourth prewar MG purchase to have happened in my locality. There are plenty of opportunities and people selling for different reasons but granted, some models can be more difficult to source than others.
You are correct Sam, the 4 seater NB is not a coupe! Auction house descriptions are sometimes inaccurate and given that the description would have been approved by the vendor party, it possibly indicates a sale from a deceased estate maybe.
Rich
Vintage MG Parts |
Edited by - Richard Hardy on 12/10/2022 11:25:18 |
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tholden
United Kingdom
1638 Posts |
Posted - 12/10/2022 : 13:06:26
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The NB auction has already happened- do we yet know whether it sold? The car belonged to Aubrey Paverd who also had a P type. Audrey passed away recently but stayed with us a couple of times whilst in the UK. I believe these two cars which he kept and used regularly in the UK were well looked after.
It is not all doom and gloom out there and I know of several cars which have changed hands privately in recent months at very good prices. I think much is down to condition. Better prices are being paid for good condition restored ready to use cars but prices for cars in need of work are weaker. I think a lot of the "new" buyers in the market are not so keen to buy cars that need work. Not surprising when you see the cost of parts and restoration work these days.
I was speaking to one perspective buyer recently who was seeking advice. He was very worried about buying a car he had been offered because he had been told that the cost of an engine rebuild it needed would be well over half the price being asked for the car.
TH |
Edited by - tholden on 12/10/2022 13:09:31 |
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George Eagle
United Kingdom
3243 Posts |
Posted - 12/10/2022 : 15:40:34
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I think the current weakness in the market spreads across all MG models, the T types and variants of the MGB all appear to have dropped in price? Perhaps it is in part a reflection of the current upheaval in the money markets?
Certainly the 4 seat variants of the P and Ns are suffering as witness the PB 4 seater currently for sale on prewarcar.com - it has been on the market for some time with current asking price reduced to £34000. This is the car so expertly restored by B Ditchman.
George |
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Richard Hardy
United Kingdom
2165 Posts |
Posted - 12/10/2022 : 21:55:28
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The earlier car sector, apart from top ticket marques, is suffering far more than later cars, simply as there is a diminishing level of enthusiasts who can relate to them George.
Another difficulty is, new parts for mmm cars have never been more difficult to have made, stocking the parts has never been so expensive and at a time when values are down and, many older enthusiasts never came back on the scene after Covid.
At least parts for T types and classic era parts still have good parts availability. High percentages of new parts stock for mmm cars seem to be invariably out of stock. This does not help the appeal of buying a mmm car.
Rich
Vintage MG Parts |
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Robin Macmillan
United Kingdom
415 Posts |
Posted - 13/10/2022 : 13:37:13
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Price is the balance of supply and demand. Old car demand is largely created by nostalgia and cash availability. The car you desired in your 20’s is achievable in your 60’s or later. 40 years ago it was 1982 hence the increasing price of Sierras and the like. By the time you are 80 the lack of power steering and servo brakes makes our and many other similarly aged cars more difficult to drive and they start to become more available …. Having been owned for some 20 years these are the cars of the peri WW 2 period.
This pattern applies to enthusiasts who seek nostalgia not investors who purchase the high end rarities. The 40 year old today generally is disinterested in cars which is entirely understandable as tinkering is just unrealistic when the ECU fails. It is interesting to note that mechanical wrist watches far out perform quartz electric models in terms of desirability and therefore command greater prices as collectibles.
We must just have fun whilst we can !
Robin
PB 0527 |
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