The Market In Brief – The Sun Shines on Classic Car Sales

The last time we paused to look at the market was our Spring 2020 Market Review – published 19th February 2020. Well, it’s been a strange few months since then!

We won’t waste words on the details of what’s happened globally since then, as we’re certain you are well aware (and probably bored of hearing it), though we did think it prudent to let you know how 2020 has impacted SLSHOP so far.

Since early March we as a business and as a collective of human beings have ridden the waves of uncertainty, weathered the storm of unpredictability and are collectively looking forward to a time when the words ‘furlough’, ‘unprecedented’ and ‘shielding’ can return from whence they came.

So, without further ado, (and hopefully without too many buzzwords) what’s been happening at SLSHOP?

1. The great (but actually rather brief) slowdown

As newspaper headlines, public fear and government announcements all increased in ferocity, the great slowdown began. Like many of our friends in the classic car sector, there was an air of uncertainty and trepidation as appointments were cancelled. For a time we genuinely weren’t sure how the weeks were going to shape up, which is an awkward thing for any business owner to admit. As a company, our reputation means there is often quite a wait to get cars into the workshops – the lockdown and slowdown afforded some catch up and reflection time. Whilst the government advice was ‘stay at home’, our rural location and sensible working practices meant that restorations were able to continue. Many of our staff did indeed stay at home, although we were able to maintain a steady flow of progress albeit with more of a skeleton crew

2. Parts, Parts, Parts (Stay At Home – and order Parts)

With ‘Stay At Home’ echoing from every television in the nation, classic car enthusiasts took it upon themselves to complete the sentence… ‘Stay At Home And Fix Your Car’ became the new order of the day. Parts enquiries, phone calls, and emails went through the proverbial roof; that directly correlated to a massive increase in parcels heading out the roller door. There isn’t an SL in the land that hasn’t been cleaned, polished, fettled or improved in the last three weeks, and this can be no bad thing! Jack and the team have done a stellar job keeping the parts department on top of all the enquiries even with a good portion of the team working from home. We have been only too happy to assist those of you who have been staying at home and working on your cars. (Please do contact us to report what SL related activities you achieved in recent weeks and months!)

3. After the uncertainty… The clamour for cars

Where the newspapers reported doom and gloom for ‘new’ car sales, we have been happy to report the opposite – and it’s not just SLSHOP. After a few uncertain weeks the market has reacted very favourably. In a previous article we have discussed the wide appeal and ‘usability’ of the SL being two things that protect and enhance value and desirability of these cars, and true to form we have been finding new owners for old cars at an impressive rate.

There are two key factors driving this activity in the classic car market:

3a. Uncertainty in strange financial times

With financial markets all over the place and savings interest rates at an all time low, a classic car looks like an excellent place to sit. These decisions aren’t just being driven by cold financial calculations, most of the enquiries we are fielding are grounded in point B.

3b. No time like the present

Lockdown affected everyone in different ways, but what does seem to be universal is a new appreciation of the present. Time at home has given many people time to think, and time to ask questions. Is the classic car I’ve got the classic car I really want? If it’s not, how do I improve it? Do I buy something else entirely? Is it time I finally bought the Pagoda I always wanted? We’ve been helping customers to answer these questions for the past few months. Sometimes the answer is a restoration; sometimes it’s an SL, a Pagoda or an SLK… Sometimes it’s just a bit of reassurance and help with planning that next trip.

In recent weeks Bruce has been busy speaking with customers around the world, sending video walkarounds of cars off through the airwaves and waving cars off to new homes whilst steering some new metal into the showroom.

The market is active and vibrant, cars are moving and buyers are interested. Is it time you took the plunge? After all… There’s no time like the present.

View our current showroom offering here.

If you are looking to buy or sell a classic Mercedes-Benz, please contact Bruce directly.