Old cars The classic car market is stagnating: “People are holding on to their money”
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Dream cars that bring back beautiful memories, chrome and old technology – fans spend a lot of money on classic cars. However, the German market is currently stagnating.
Classic-Analytics, based in Bochum, sees itself as the largest network for classic car valuation in Germany with more than 1,100 connected classic car experts. The company regularly compiles the German Classic Car Index on behalf of the Association of the Automotive Industry (VDA). For 2023, the index developed based on 88 vehicles showed growth of only one percent as of January 1, 2024. The VDA spoke of a “slowed development”.
Wilke made the comments on Wednesday at a photo session in advance of the “Essen Motor Show” car and tuning trade fair (November 29th – December 8th), where there are also numerous high-quality classic cars on display. Among other things, several Ferraris and a Bentley Continental, of which only 48 examples were built, are on display.
Top sales bring in millions
The US market clearly dominates the absolute top sales, said Wilke. The five most expensive classic cars of 2024 all went to the USA via auction houses at prices between 12 and almost 18 million dollars (11.3-16.9 million euros). Two of the vehicles alone were Ferraris 250 GT.
“Analog and manually controlled” vintage and classic cars from the 1980s and 1990s as well as the early 2000s are particularly popular among customers with normal wallets. The BMW Z3, the Fiat Barchetta or the Mazda MX 5, for example, are popular. Classics such as the first Golf GTI from the late 1970s have been highly valued for several years: a GTI from the first generation in the best condition costs a good 30,000 euros said Wilke.
“Always a bit of a hobby”
Almost no one buys classic cars purely as an investment because of the maintenance and upkeep costs. “There’s always a bit of hobby involved,” he said. Of course, price increases over the years would be welcome.
As was the case with the Essen car recycler Franz Maag, who presented himself at the appointment with one of the legendary Mercedes Gullwing 300 SL. The 80-year-old bought the 215 hp car (built in 1954) around 50 years ago for just under 50,000 marks. Today the car is worth 1.2 to 1.3 million euros, Wilke estimated. “I wouldn’t give it away for two million,” said Maag.
Classic cars are vehicles that were first registered at least 30 years ago, while youngtimers are 20 to 30 years old.
dpa
