Buyers of the most expensive cars in the world (i.e classic cars) are starting to slow down in both older and younger generations.
For the first time since 2015 classic car prices and sales are starting to show signs of slowing down into Autumn 2017 with fewer than 50% of the classic cars and automobilia collection on sale in London earlier this month going unsold.
This number is up 100% on the previous and dubious 2016 market/ auction where just 23% of classic cars and automobilia failed to sell at the auction.
Millennials and Generation X are moving towards 70’s, 80’s and 90’s cars where baby boomers are focusing on 50’s and 60’s cars
Yet both groups (old and young) are said to be currently holding off from selling their cars due to poor market conditions.
The “passion investment” industry is said to be taking a hit on all front lately where according to the auction house responsible for the sale a growth has been seen in “experiences” in higher end investors. Hence it no longer appears that new generations want to own a Ferrari or Porsche but, are more geared towards wanting to drive it flat out and experience the thrill…
