Average 360 asking prices have fallen again and are now 1.3% lower than this time last month. The price index is 159.01, some 8% off the peak we saw in the summer of 2016. The overall luxury car market has been slow for some time due to gap between vendors expectations and buyers willingness to pay. This was very evident at the RM Sotheby’s auction I attended in London a few weeks ago. More often than not, cars were failing to meet their reserve and cars sold without a reserve were barely getting the lower of the guide prices.
However it is not all doom and gloom – there are buyers out there and vendors are starting to realise that they need to adjust their expected return in order to get the deal done. We have been involved in a number of 360 transactions this month and it generally has been a matter of politely discussing the market with the seller. The dip in asking prices is a reflection of this.
We are seeing an increased level of interest in manual cars and have a number of requirements for good examples. We are also seeking Challenge Stradales on behalf of clients with good RHD examples sought after.
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