We are thrilled to be involved and to be asked to write a regular column in the Historic Motor Racing News magazine. It’s a great publication focusing on our passionate sector of historic racing. Have a read (if you haven’t already!) of our first article which looks at whether historic racing impacts road car values, along with some market insights from our industry partner, James Turner of Sports Purpose Ltd!
There has never been a better time to be involved in classic racing. Not only are established classic racing series growing in popularity and attendance but also the arrival of new race series is buoying interest in classic cars.
So what happens to values in the marketplace when a one-model series is established? The Peter Auto 2 Litre Cup is a single make series just for 2 litre short chassis Porsche 911s. These cars were built between 1964 and 1969, the short chassis referring to the wheelbase which was increased by just over two inches in 1969. For many years all but true enthusiasts overlooked these cars. Early cars were considered underpowered with compromised handling, but time is a great healer and the industry and culture around classic cars has developed. The short chassis 911 is not the only classic car that now forms a key pillar of our classic car community but that previously spent decades out of the limelight.
James Turner, 2 Litre Cup co-founder and owner of Porsche specialist Sports Purpose, tells us “Demand for early 911s has always been there, especially for 1964 cars thanks to their unique features and racing eligibility. A front-running 2 Litre Cup car could cost anywhere between £200,000-£300,000 while a fine road car example is probably 3/4s of that price.”
So, given the extensive build cost of class leading race car, has the cost of race cars pushed up road car prices? “Not necessarily.”, James responds. “Where we have seen the greatest adjustment in pricing is in that of donor cars. Donor example once trading at £25,000 are now more like £75,000. I would also say that teams like Tuthill, Historika and Jordan have done such a good job of building new cars that it is not surprising that many racers choose to pay a small percentage premium for the best possible option.”
With the growing popularity of the race series, and if both restorers and racers are paying more at the bottom of the market, will this push the values of both road and race versions upward to in years to come? It would seem logical. One to keep an eye on and if you were hesitating if now is the time, it would certainly seem like it is…