Market experts understand the appeal of buying a barn find at auction, but punters need to tread carefully if they ’re to avoid a costly mistake
The allure of the barn find is hard to resist; cars that have been off the radar for many years often have an interesting tale to tell. But experts in the trade are encouraging CCW readers to remove the rose-tinted spectacles and think carefully before taking one on.
With high interest rates and the increased number of cars coming onto the market looking likely to soften prices going into the new year (full story, page 3), classic experts in the trade argue that it’ll make projects less financially viable, and that with prices of fully restored and running classics lower than they were two years ago, it makes more sense to go for one of those than to commit to reviving a long-unused classic vehicle.
Southern Cars’ Sam Grange-Bailey says: ‘You know what they say – dust adds value. Apparently if you have a project car and cover it in dust, followed by a grand ‘what’s behind the rusty garage door’ reveal it’s worth considerably more.
‘As an enthusiast, I would swerve them and buy something that can be enjoyed right now. Barn finds almost always end up as money pits and labours of love. Although I understand that unearthing important and significant (seven-figure) cars is a different kettle of fish.
‘I think the trap that many fall into is getting excited about a barn find ‘bargain’ and ending up two or three years later with a perfectly nice, but not particularly unusual classic car that stands them at twice as much as what you can buy them for. So just buy one that you can use and enjoy now’.
Classic specialist Owen Shepherd agrees: ‘Although barnfinds are a welcome addition to any sale they have to be just right in order to make money. The cost of repair/restoration are the key parts of defining whether one is worth restoring, and when it comes to value, the most important factor is the make and model. Many just do not make money because there is not the demand for them when they’re up together.
‘Restoring a barn find rarely makes financial sense in the short-term. Often as not the finished article is worth 40-50 per cent of the sums that have been invested in it (purchase and rejuvenation). However, buying and restoring a barn find can pay off long term if most of the car can be resurrected.’
However, Charterhouse’s Richard Bromell sees the allu
