Page 3 of 3
Re: Has the classic car bubble burst?
Posted: Fri Sep 07, 2018 9:01 am
by Jobbo
Mito Man wrote: Thu Sep 06, 2018 4:41 pm
I think there is so much more wealth about these days and comparably few decent vehicles that there won’t really be a ‘burst’.
Conversely, there are far more supercars etc made and sold now, and old ones aren't being scrapped, so there's more supply than ever but not a commensurate rise in the number of people wanting them.
Re: Has the classic car bubble burst?
Posted: Fri Sep 07, 2018 11:25 am
by ste
GG. wrote: Thu Sep 06, 2018 9:43 pm
Are those bids inclusive or exclusive of the interior that’s somewhere in the corner of Ben’s garage?
Oh he can keep that, will speed up the time it takes me to fit a climbing frame in the back.
Re: Has the classic car bubble burst?
Posted: Sat Sep 08, 2018 10:14 am
by Sundayjumper
Holley wrote: Thu Sep 06, 2018 4:30 pm
...the double Mondeo Vantage are around £80-90k.
They've been dropping too. Under £70k from a main dealer, manual with bucket seats:
CLICK
Re: Has the classic car bubble burst?
Posted: Wed Sep 12, 2018 9:03 am
by Jobbo
https://www.autoclassics.com/posts/news ... nistration
JD Classics has gone into administration. No doubt caused by ripping off at least one customer:
http://www.wilmotslitigation.co.uk/blog ... assics-ltd
If, as I have seen suggested, they purported to act for him buying (at £250k) a car they had already bought in at £78k, it's not surprising the classic market has gone rampant. Buyers seem not to know the value of anything. It only takes a bit of a confidence hit for a bubble like this to pop, and perhaps JD Classics' story could do that? Maybe not on its own, but against a backdrop of cars failing to meet the guide price at auction.
Re: Has the classic car bubble burst?
Posted: Wed Sep 12, 2018 9:13 am
by Carlos
Jobbo wrote: Wed Sep 12, 2018 9:03 am
https://www.autoclassics.com/posts/news ... nistration
JD Classics has gone into administration. No doubt caused by ripping off at least one customer:
http://www.wilmotslitigation.co.uk/blog ... assics-ltd
If, as I have seen suggested, they purported to act for him buying (at £250k) a car they had already bought in at £78k, it's not surprising the classic market has gone rampant. Buyers seem not to know the value of anything. It only takes a bit of a confidence hit for a bubble like this to pop, and perhaps JD Classics' story could do that? Maybe not on its own, but against a backdrop of cars failing to meet the guide price at auction.
Were JD charging a finder's fee on the £250k as well on the basis that they were sourcing the cars ?
Re: Has the classic car bubble burst?
Posted: Wed Sep 12, 2018 9:33 am
by Jobbo
Yes, apparently. I'm having a look at the judgment to see exactly what they got up to, but the background is that this chap had £40m to invest in classic cars from 2009 and despite the rising market, he suffered substantial losses.
Re: Has the classic car bubble burst?
Posted: Wed Sep 12, 2018 11:15 am
by speedingfine
Can you put the link up when you find it please Jobbo?
Re: Has the classic car bubble burst?
Posted: Wed Sep 12, 2018 11:31 am
by ste
Jobbo wrote: Wed Sep 12, 2018 9:03 am
https://www.autoclassics.com/posts/news ... nistration
JD Classics has gone into administration. No doubt caused by ripping off at least one customer:
http://www.wilmotslitigation.co.uk/blog ... assics-ltd
If, as I have seen suggested, they purported to act for him buying (at £250k) a car they had already bought in at £78k, it's not surprising the classic market has gone rampant. Buyers seem not to know the value of anything. It only takes a bit of a confidence hit for a bubble like this to pop, and perhaps JD Classics' story could do that? Maybe not on its own, but against a backdrop of cars failing to meet the guide price at auction.
Wow, that doc is fascinating.
Re: Has the classic car bubble burst?
Posted: Wed Sep 12, 2018 11:32 am
by ste
speedingfine wrote: Wed Sep 12, 2018 11:15 am
Can you put the link up when you find it please Jobbo?
It's all in the document he's linked too. Worth grabbingn a cup of tea and reading through it.
Re: Has the classic car bubble burst?
Posted: Wed Sep 12, 2018 11:33 am
by RobYob
JD classics was where Jean Marc Gales escaped too after screwing up Lotus.
Re: Has the classic car bubble burst?
Posted: Wed Sep 12, 2018 10:02 pm
by speedingfine
Jobbo wrote: Wed Sep 12, 2018 9:33 am
Yes, apparently. I'm having a look at the judgment to see exactly what they got up to, but the background is that this chap had £40m to invest in classic cars from 2009 and despite the rising market, he suffered substantial losses.
The judgement is a great read, especially the concluding page or two regarding the sale of the Mercedes
