With a projected 20% increase in transactions and growing values paid, the price of classic cars is expected to keep rising in 2021. Delays in the supply chain, inflation, and the rising affluence of HNWs all contributed to the growth of the classic automobile market.
Online auctions, which enable prospective purchasers to bid on historic cars from any place, have undoubtedly increased during the past two years. Data from Hagerty US, a collectable auto analytics company, reveals that from 2019 to 2020, the amount spent on online car auctions more than doubled. Then it increased by another 2 times in 2021, totaling over $1bn.
If you have purchased any classic car from an auction, then Ship A Car, Inc. can help you to transport it safely to your location.
Private sales, which account for 87% of transactions in the market for historic automobile collectors, nonetheless make up a very modest portion of auction sales. Despite the rise of internet auctions, little has changed since before the pandemic.
What happens at any classic car auction?
Many makes, models, and years of vehicles are gathered together at a classic automobile auction in the USA. You will find as many immaculate autos as possible in restoration efforts because the vehicles come in a variety of situations.
Prospective buyers show up, pay the admission fee, and place a bid on a vehicle. The auction business then keeps between 10% and 20% of the winning price. On any purchase you make at the event, fees and taxes can also be due.
After making your purchase, you must transport it home.
Not just potential customers purchase tickets for these events. For many, it is an opportunity to view some amazing vehicles and interact with others who share a love of distinctive, rare, ancient, and otherwise expensive automobiles.
Additionally, there is a lot going on around the event’s perimeter. There might be speakers, exhibits, merchandise for sale, and other forms of entertainment.
Which classic cars have performed best in 2021?
According to Hagerty’s analysis, the 1998 to 1991 Honda Prelude topped the list of 1980s vehicles. An average “condition 2” Prelude is valued at $23,800 in the Hagerty Price Guide, up 89% from January 2021.
In 1988, the third-generation Prelude, which included many of its predecessors’ stylistic cues, entered the global market. It was hailed as one of the best performances by a Japanese car yet in contests this year.
Where are the auctions held?
The United States is home to numerous places where Barrett-Jackson auctions are held. They reside in:
- Scottsdale, Arizona
- Palm Beach, Florida
- Las Vegas, Nevada
- Mohegan Sun, Connecticut
You can watch them live on the History Channel, just in case you cannot make it to one of these places. Even if being there might not be exactly the same, you will still get to view some really rare and expensive autos.
Interestingly, this year’s auctions have been conducted online due to COVID-19 constraints. The expectation is that safety procedures will be in place for the events the following year, everything will be back to normal, and you will be allowed to attend.