The Modern Classic
Modern classics, by definition, the chariots from the 1980’s, 1990’s and early 2000’s – basically anything from 20 to 50 years old. A variety of these rare and nostalgic models are now affordable. For the last few years, some of us of a certain age may want to re-live yesteryear when we used to own these classics or desired to own one. With some spare funds, we can realise this desire.
Modern classics can include the Mazda MX5, Jaguar XK series, Lotus Elise, Porsche 911 (996) & 944, TVR models, BMW 3 Series, Golf GTi, Range Rover, Lancia’s offerings, Vauxhall’s line-up and of course the variety of models from the Ford workshops – the Escort, Cortina, Sierra, Capri, Fiesta and Granada in their numerous trim variants.
These cars had character and charisma and were produced for driveability, individual looks and fitted some owner’s persona at that time. The modern classic has evolved from these means of transport now becoming affordable. Existing pre-1980 era cars are generally of the more expensive and exotic type, have been kept on the road by their restoration and recommissioning projects. The cheaper, mainstream models of this pre -modern classic category, are becoming extinct as they are unfortunately just not worthy of the cost of restoration and time they need to bring back to life. How much would be spent on an Austin Allegro or Morris Marina for example?
The few years has seen a hike in prices for some of the top versions of modern classics in excellent condition, such as a Sierra Cosworth, Capri 280 Brooklands and rare Escort variants. Even Japanese models that were previously stripped and used for drifting due to their availability and ability have started to climb in value. Early millennia Nissan Skylines are commanding six figures at auctions. Last year a Sierra Cosworth sold for over £500,000! This year however, it appears that prices asked or have been sold for have started to stabilize.
Will these cars be of this value next year? Will their values drop slightly? Were the commanded prices too high? What value would an insurer allocate to a modern classic? What are the market values now? For those with spare funds, modern classics have become a means of investing money with a probable higher return in a few years and having fun with the invested asset. Investing in gold is usually a sensible option but there is no associated fun to have.
Going forward, will the era of a modern classic be a rolling year model? Will cars produced in 2010 and beyond become modern classics? Will electric vehicles be included in this category? Will the demand still be there and pricing remain high?
It appears on the horizon, that we have a world of electric, hybrid and hydrogen powered vehicles that will dominate the motoring scene. Maybe there will be modern classics that will evolve from these, but only a selected few that come with charisma. Enjoy the current modern classics before they are banned with their fossil fuel emissions and are consigned to history and possibly end up not road legal and placed in museums or stored in private collections. ©