2 years ago
Car insurance firm Hagerty has revealed the 10 cars it believes are all likely to increase in value next year.
The bull market list was compiled by its valuations team, which spent months identifying the makes and models that will probably rise in price in 2023.
They include classics and emerging modern classics.
Audi TT Quattro Sport
Audi’s TT is one of the newer models listed by Hagerty this year, and the model tipped to appreciate is the Mk1 Quattro Sport.
Essentially the ‘final edition’ of the first-generation TT, it’s been made more of a driver’s car via increased power and reduced weight.
Just 800 were made for the UK market, with the most desirable coming with Recaro Pole Position seats – an option when new.
Hagerty says a ‘huge price rise is unlikely, but it should continue to creep up’. Values currently stand at an average of £10,075.
Austin Seven
The 1920s Austin Seven was drafted as a simple and affordable-to-run car at a time when few could afford their own motor vehicle.
This Austin is renowned for being simple and easy to run and repair, with Hagerty describing it as an ‘inexpensive gateway into the vintage, pre-war car scene and also a refreshing antidote to modern cars’.
Prices have already increased versus last year to an average of £14,125. Hagerty say they’re rising in value, helped by the model marking its centenary year in 2022.
Bentley Turbo R
When the Bentley Turbo R was introduced in 1985, it showed a performance side to the firm that helped to set it apart from rival Rolls-Royce.
Its mighty turbocharged 6.75-litre V8 engine serves up an estimated 328bhp.
Although current values – averaging £15,400 – are below the 2020 peak, Hagerty says it’s a ‘slow riser’ and a ‘massive amount of car for the money’.
Citroen BX
The BX – sold between 1982 and 1994 – is an emerging model, yet currently still offers great value, with a current average price of just £2,150.
Again, the BX isn’t one likely to rise dramatically in price, but Hagerty says it’s ‘expecting values to increase slightly, probably keeping pace with inflation’.
Ford Fiesta Mk1
With Ford set to stop making the Fiesta by the middle of 2023, it’s likely to bolster the appeal of this supermini, including the Mk1 model that started it all in 1977.
Said to have ‘enduring popularity’, early Fiestas – now certified classic cars – are already on the move.
Currently valued at an average of £4,325, their prices have already increased by around 20 per cent against pre-Covid levels, according to Hagerty.
The insurer reckons that when a sporting Fiesta makes a record price, that’ll pull up the values of all early, high-quality standard model Fiestas.
Lamborghini Diablo
At the opposite end of the spectrum, we have Lamborghini’s Diablo supercar from the 1990s.
With its V12 engine and flamboyant looks, it’s a car that turns heads wherever it goes.
Currently, though, Hagerty says prices are ‘exceptionally low’ for a 1990s supercar in today’s market – particularly when compared with the near-£1m that a Ferrari F40 is now worth.
A Diablo now has an average price of £137,500 for a standard car and £179,250 for the sportier SV version, with the insurer saying it’d be surprised if it didn’t ‘rise in value significantly in the next 12 months’.
Lotus Elise S2
While early S1 (series one) cars have already increased, Hagerty is now expecting the later S2 car – sold between 2000 and 2010 – to follow.
The insurer says the S2 model is ‘in many ways’ better than its predecessor, and is saying its ‘value trend lines are all pointing upwards’.
Currently priced from an average of £20,000 in the UK, examples in America are now frequently selling for twice that.
Mercedes-Benz SL500
The R129 (codename) SL was sold between 1989 and 2001, with the V8-powered SL500 said to be the sweet spot in the line-up.
Average prices for this usable modern classic have already risen by a fifth since lockdown to an average of £17,475, but Hagerty says another rise of 20 per cent over the next two years wouldn’t be unexpected.
Saab 99 Turbo
Saabs has a particularly loyal following – even more so after the Swedish brand disappeared in the 2010s.
It was the 99 Turbo, sold between 1978 and 1980, that helped to bring turbocharged engines to the mass market.
Fewer than 100 examples of the 99 Turbo are believed to remain in the UK, with their current average values at around £14,000.
Prices have already said to have increased by 20 per cent, with Hagerty expecting concours examples in particular to climb within a couple of years.
Triumph Spitfire
Sold between 1962 and 1980, there are plenty of these two-seat roadsters still on the market and good parts availability.
While Hagerty says values have been static in the long term, there are signs good Spitfires are taking off.
Early cars in concours condition are the most valuable, with prices nudging more than £28,000 for the very best examples.
The post Revealed: The 10 cars tipped to rise in value in 2023 appeared first on Car Dealer Magazine.
