Evaluating Vehicles 2024

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Current trends associated with vehicle valuations are less accurate than they once were. Multiple reasons now dominate for this situation that were not a consioderation just a few years ago. The introduction of the Electirc Vehicle (EV) is a small part of what is happening, the EV still has to prove it is a viable alternative especially in rural areas. The problem for the EV is range anxiety and the length of time it takes to recharge. Fundamental to anyone using a road vehicle to move around the country. Will government spend the money necessary to develop a genuine electric vehicle infrastrure, which has not yet happened even though government has repeatedly pushed the sale of EVs. it seems the public are left to make a choice between the EV and petrol/diesel power which is today much cleaner and quickly refuelled.

So, with the possibility of alternative power sources growing and pressure from government to dump petrol/diesel engined vehicles by creatingh financially prohibitive measures such as road tax and ULEZ zones. The UK is fast approaching a time when classic vehicle owners will need to weigh up the pros and cons of affordable classic ownership. Possibly the most concerning issues currently is E10 fuel which does damage older engines. Of course E5 (a version of super unleaded) is still available but the number of outlets is reducing and if government has its way this reduction will continue. Don’t be surprised if there comes a future time when you will only be able to get super unleaded fuel from Amazon. Removing the fuel for classic cars will for government remove a headache and we are all acutely aware how much politicians hate headaches!
So, where does this all leave classic car ownership and the valuation of their pride and joy? The good news is that the technology especially in regard EVs together with an extremely poor infrastructure to support them means petro/diesel engined power will continue at least until 2030. That is the year in which government has chosen to stop all new petrol/diesel sales in the UK. Every classic owner will need to keep a wary eye on what is happening in the politics of transport in order to avoid being caught out.

What are likely to play a significant role in the valuation of a classic will be the numbers available, mileage, documentary history and general condition. The better a vehicle’s condition the more valuable it will be which is same as today. However, it is currently impossible to imagine what future legislation in regard classic ownership may be introduced by government. We have heard plenty of rumours around mileage limitations and, as already witnessed Insurance companies offer competitive prices the fewer miles a classic will chalk up per annum. Also, with road tax currently running as costly as some insurance premiums per annum, it would be naive to believe road tax has yet levelled out. All these issues place pressure on the valuation of classic car ownership, whereas a classic enthusiast might have once been tempted to purchase an American V8 they will likely consider the financial benefit of something smaller as more affordable and practical. Whether this will cause large engined vehicles to lose value is not yet within anyone’s crystal ball to answer. What all these additional issues will do however, is create the necessaity for Classic Cars owners to come together to defend their right of ownership. Hence it is probably a very good idea to become a member of a club.
Fortunately today, there is still time for valuations to reflect years of established mechanisms to gauge whether a valuation should increase. Bearing in mind that sportier versions are always and will likely always be more valuable than a standard or basic model, because they remain more fun to drive. Also, a manufacturer will have gone above and beyond to highlight the virtues of their sportier versions to capture public attention. Never underestimate the power of memory or nostalgia since much of classic car ownership is derived from those human traits.
At Still Motoring we continue to assess valuations using current asking prices across auctions, private and trade sales. Additionally, we have given up suggesting lowest prices as we have seen vehicles in a very poor state go for unexpectedly high sums of money. It appears that if someone wants a specific vehicle they will be willing to pay whatever the seller asks. Buyers need to make a judgement call before reaching into their pocket. View as many adverts for a specific vehicle as you can and especially check what they sell for at auctions, as this is often the lowest price. Our research also extends beyond the UK because the world is a global market. For that reason when we reference a vehicle in our magaizine we also enter the country in which it is advertised, especially when it is offered at a noticeably high asking price. In addition, and because many vehicles are imported from overseas checking they are right hand drive is a MUST. In the UK this can mean the difference of £1,000s.