As we are right in the middle of the winter classic car auction season it is worth remembering that the market for classic cars fluctuates throughout the year and both buyers and sellers must think hard about the best timing to buy a classic car or even selling for that matter. It is also worth noting right up front that timing is hardly everything. The savvy buyer or seller spends their time looking at and researching market examples, those cars that are listed for sale, have sold, or have been auctioned. They consider general market conditions and specific trends for their model. Demographics come into play; and do not forget, a car that is “hot” in January can cool off just a few months later.
The best and worst times of the year to buy a classic car can be influenced by various factors, including seasonal trends, auction schedules, and individual seller motivations.
Here is a general overview:
Best Times to Buy a Classic Car
Late Fall & Winter Months
Advantages:
- Demand for classic cars often decreases during the winter months, leading to potentially lower prices.
- Sellers might be more motivated to sell before winter storage costs kick in.
- Limited demand can result in a less competitive market.
Off-Peak Auction Seasons
Advantages:
- Participating in classic car auctions during off-peak seasons might result in fewer bidders, offering better opportunities for competitive pricing.
- Auction houses sometimes schedule events during less competitive times.
Post-Holidays
Advantages:
- Some sellers may need cash after the holiday season, leading to increased motivation to sell.
- Reduced demand during the post-holiday period might create a buyer-friendly market.
The Mecum auctioneers warming up the crowd before the days’ car auction events.
Worst Times to Buy a Classic Car
Spring and Summer
Challenges:
- Demand for classic cars typically increases in spring and summer as enthusiasts prepare for the driving season.
- Prices may be higher due to increased demand and competition among buyers.
Concours d’Elegance Events
Challenges:
- Around the time of prestigious events like Concours d’Elegance, demand for classic cars may spike, potentially leading to higher prices.
- Sellers might hold off listing cars until these events, anticipating better prices.
Good Weather Periods
Challenges:
- During periods of good weather when people are more inclined to enjoy classic cars, demand might rise, and sellers could be less willing to negotiate on price.
Factors to Consider to Buy a Classic Car:
Auction Schedules
Be aware of auction schedules, as certain times of the year may have more or fewer classic car auctions. Participation in less crowded auctions might provide better buying opportunities.
Market Trends
Stay informed about market trends for specific makes and models. Some cars may have seasonal popularity that affects pricing.
Individual Seller Circumstances
Individual sellers may have personal reasons for selling, and these circumstances can influence their willingness to negotiate on price.
Economic Conditions
Economic conditions can impact both buyer and seller behavior. During periods of economic uncertainty, sellers may be more motivated, but buyers might also be cautious.
Maintenance and Restoration Costs
Consider the potential costs of maintenance or restoration. Purchasing a classic car that needs work during a less competitive time might provide more room for negotiation.
Finally
Ultimately, while there are general trends, the classic car market is diverse, and opportunities can arise at any time of the year. It is crucial for buyers to thoroughly research the specific model they are interested in, stay informed about market conditions, and be prepared to act when a good opportunity presents itself. Additionally, attending auctions during off-peak times may increase the likelihood of securing a favorable deal.
When it comes right down to it, the best time to buy a collector car is when you have done your homework, when you have the cash (or loan) lined up, and when you are good and ready. Also, understanding your reason for buying a vintage car whether it be for an investment or sentimental value goes a long way toward your buying preferences.
Remember, that even though the buyer is generally in the catbird seat, and to some extent, you make the rules. It always makes sense to be polite, explain your reasoning, and do not insult the seller about his/her car. It might not be perfect, but why insult the seller? At that point it can become personal, and that can end negotiations quickly. Be nice, unless the seller has become hostile.
