Prestige and classic car auction prices soar

Since the COVID-19 pandemic, prestige and classic vehicle prices have risen, according to Lloyds Auctions.

“As we have seen less people using public transport creating a boom in used cars prices, we are actually seeing that people are not spending as much money travelling or on entertainment,” said Lee Hames, Chief Operations Officer for Lloyds Auctions. “This is resulting in more and more people investing on perhaps their dream luxury car or that memorable classic their family once drove around.

“More than ever, people are reminiscing on those ‘good old days’ or looking forward to fast tracking those childhood dreams, as uncertainty across many sectors has been felt and probably will continue to do so in the coming months.

Lloyds Auctions recently featured some rare Ford Falcons, including a GT-HO Phase I and Phase II, and a HDT Group A Commodore.

“Back in the 1960s and 70s these Ford Falcons sold brand new for between $4[K] and $5K and now some 50 years later they are breaking records and achieving seven figures at auction,” said Hames.

“These cars rarely come to market and are exceedingly difficult to find so when one comes up for auction, we normally see an interest spike right away as the demand for these cars is just so massive with everyone trying to get their hands on one, but with the COVID boom it’s hit another level.”