The demand for classic cars has accelerated on the Sunshine Coast and beyond, with some doubling in price during the past year.
Sunshine Coast Antique Car Club president Rob Nixon said investors and car enthusiasts were looking to take advantage of low interest rates and an escalating market.
“Any car that is restorable, or has been restored, and has been in the mainstream … people are looking for them, because of the nostalgia, and they are ever increasing in price.”
“Especially the 60s and 70s model cars.
“Muscle cars are going phenomenally well. Some of them have increased in price by 100% in the past year.”
Some muscle cars have recently fetched $500,000, while their average purchase price when new was around $3500.
“And some of the early Holden and Ford models are popular …. like the early Monaro, Torana and GT Falcon,” Mr Nixon said.
“Especially if they have racing history, you are looking at over $300,000 for some.”
“The early (Holden and Ford) models have gone up in value quite substantially since they stopped their Australian production,” he said.
A rare 1977 Holden Torana A9X, originally destined for the racetrack, recently sold at auction for $775,000. Meanwhile, one of the last Holden Commodores to be built in Adelaide sold for $750,000 and a Holden Maloo Ute sold for $1.1 million.
“The first model Holden, a 1948-215, you could nearly name your price for one if you have a really good one,” Mr Nixon said.
“A good FJ Holden would be worth $35,000 to $40,000.”
Mr Nixon said an unrestored two-door GT Falcon recently sold at auction for more than $200,000 in Queensland.
He said investors and car lovers were making the most of the current financial climate.
“Interest rates are so low that people aren’t making any money on their money with interest, so they’re buying cars and using them to increase in value, instead of having money in the bank,” he said.
A passion for classic cars was still a primary driving force, bolstering prices.
“It’s the nostalgia and even a lot of young people are getting into (classic) cars, because they have a certain charm about them,” Mr Nixon said. “They’re a bit different. And for some people it may be a bit of an ego thing to own a classic car.”
Mr Nixon said owners were prepared to spend big on restorations.
“Depending on how bad the car is when you first obtain it, you could spend up to $40,000 restoring a car,” he said.
“That can be a problem. A lot of people will buy a car and spend $20,000 or $30,000 on it and when they finish restoring it, it’s still only worth $30,000.
“If you buy the right sort of car, say for $4000 to $5000 and spend $30,000, it could be worth $50,000 when you finish, so it’s a matter of which model and make. Some of them have more following than others.”
Even classic VW Kombis and Beetles are selling for staggering amounts.
A VW Beetle which may have cost the equivalent of $1,600 in 1954 could now sell for between $30,000 and $40,000
Mr Nixon owns an early model VW Beetle, which is relatively rare. It’s been valued at $40,000.
He also has a rare Volkswagen Country Buggy.
“It’s under restoration. They only made 887 of them in Australia and they’re becoming more collectible because so many of them have rotted away,” he said.
“Three or four years ago it was worth about $10,000 but now it is worth about $30,000.
“That’s the sort of thing that is going on.”
But Mr Nixon said some vintage cars had not increased significantly in value.
“You can buy a 1925-1928 model Ford or Chevrolet for $25,000. They’ve been worth that for 10 years.”
The not-for-profit Sunshine Coast Antique Car Club will host its annual swap meet at Nambour Showgrounds on July 31.
There will be more than 700 swap sites and more than 8000 people are expected through the gate. It I likely to run from about 6am to 2pm.
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“It gets bigger every year,” Mr Nixon said of the event, which has been running for two decades.
The swap meet is the club’s biggest fundraiser of the year.
“It enables us to do our charity work and keep our membership fees relatively low and keep our club progressing,” Mr Nixon said.
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The club, which is based at the show grounds, boasts 220 members.
They own more than 800 cars between them.
“Some members have five or six beautifully restored showcase cars, others like me have one or two,” he said.
“We don’t focus on particular makes or models. If you have a car and want to nurture it and restore it and look after it and drive it, that’s what it is all about.
“But you don’t have to own a car to belong to the club. You can just enjoy the camaraderie.”
Sunshine Coast Antique Car Club Swap Meet
- Public entry will be available from 6am until about 1pm, on Saturday, July 31
- Admission fee is $5 per person
- Car parking is $5
- No dogs are allowed off leash on the Showgrounds.
- Everyone including children must sign in before entering the swap.
See the club’s website for details on the club and the swap meet.
