2024 Is set to be an enthusiast- rather than investor-led market as interest rates are locked in and buyers adjust to the ‘new normal’
The UK’s current interest rate may have affected people’s savings, mortgages and general willingness to spend, but there’s still much to be positive about because 2024 will be a good year for those looking to pick up a bargain at auction –that’s according to the classic car experts that CCWhas spoken to recently.
With the Bank of England’s announcement on 13 December that it plans to maintain the interest rate at 5.25 per cent, the industry experts that CCWhas consulted regard this as good news for the classic enthusiast looking to buy this year.
Former TopGearhost and classic expert Quentin Willson said: ‘We’ve seen a significant weakening in values across 2022 and 2023, mainly because of interest rate hikes. Classics are not going up and investors will make better returns elsewhere.
‘As prices get lower enthusiasts will see tremendous value in the new pricing structure for what, in many cases, will be restored or refreshed cars. There’s more intrinsic value in these improved classics at lower prices than for many years. This is a great time to buy an old car for sometimes a fraction of what previous owners have lavished in care and restoration.’
It follows similar trends seen throughout 2023 (CCW, 22 November), where the ongoing pressure on living costs, higher costs of borrowing and an increased number of cars coming to market were helping to squeeze average selling prices.
WheelerDealersco-host Mike Brewer
