Aussie classic car market booms

Aussie classic car market booms

Dreamt of owning a 1963 Mercury Comet ever since you first saw Peyton Sawyer cruise around in one in One Tree Hill? Or maybe a Little Red Corvette’s more your style? Well, now might be the time to turn that dream into reality.

We’re currently in the midst of a major classic car market boom in Australia. With the value of vintage cars rapidly rising, more and more Aussies now realise the potential goldmine this niche market is.

This increased demand for used cars comes largely due to a limited supply of new vehicles since the pandemic. According to data from Moody’s Analytics, secondhand vehicle prices have risen by 35% in the past year. 

In fact, earlier this year, an online Classic Car Auction on Grays marketplace hit record numbers with over 1.3 million total page views and almost 200,000 unique visitors throughout the auction.

“We are used to seeing strong demand for classic Australian cars, but we’ve never seen anything like this,” said Grays chief executive, Chris Corbin.

“Clearance rates have never been higher, and we don’t foresee demand or prices falling in the near future.”

Dime a dozen models selling for more

Interestingly, we’re now seeing that many of the lesser sought after models are being snatched up by consumers for prices astronomically higher than the original cost when first released.

Examples of this include the Holden Kingswood, which are now going for as much as $50,000, the Ford Cortina for $70,000 and the Ford Escort for $30,000. Classic four-wheel drives like the 1971 Toyota Landcruiser FJ40 are going for up to $120,000.

So, if you’re a classic car connoisseur looking to make a stack from your collection, then now might be the prime time to sell.

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