Find out why £68,000 for a 1968 Ford Escort simply wasn’t enough as Manchester’s Museum of Transport gears up for a classic car rally.
Classic cars can be worth mind-boggling amounts of money but they are usually a labour of love.
The owner of a 1968 Ford Escort RS2000 Mk1 – which cost £2,500 new – recently rejected an offer of £68,000 for it, saying it was worth £80,000.
Unlike modern cars which lose their value, classic cars are seen as precious assets and often keep going up in price, and enthusiasts can meet owners at a classic car rally at the Museum of Transport Greater Manchester on 25th September, from 10am to 4pm. You will be able to see classic cars as well as having a ride around the city on old buses.
One of the classic cars enthusiasts at the show will be museum member Philip Cowling who has owned Morris Minors for 50 years.
Philip, chairman of the Manchester Branch of the Morris Minor Owners Club, said: “Morris Minor values have been climbing steadily. For vehicles in excellent condition a saloon will be around £10,000, a convertible £12,000, a Morris Traveller £14,000 with the commercials valued highest at £15,000.”
But he warned that owning a classic car can be costly, as despite good resale value it costs an awful lot to renovate one into excellent condition: “As with most classic cars, the cost of renovating a poor car to this standard will far outweigh its final value.”
That’s echoed by 75-year-old David Ogden, editor of the monthly magazine for Tame Valley Vintage and Classic Car Club. David said: “Make no mistake, buying and renovating classic cars is a labour of love and you never get your money back for them.”
That’s not to say that some cars aren’t worth phenomenal amounts – none more so than the 1968 Ford Escort RS2000 Mk1 in full racing colours. David knows someone who owns one and displayed it at a recent classic car event at Tatton Park stately home.
“He was offered silly money for it – £68,000 – but he turned it down and said it wasn’t enough as he thinks it’s worth £80,000 and has won car of the show twice,” said David. “They are among few that are rocketing in value including Ford Capris, one Capri sold recently for £71,000. The sporty models tend to do best while the everyday saloons seem to lose money hand over fist.”
To give an idea of the costs involved in renovating a classic car take David’s current project, a 1972 Rover P5B which are few and far between.
“It’s a rare beast,” said David. “It’s powered by a 3.5-litre V8 engine with 160bhp. I can find most parts through the internet or word of mouth, but some things are virtually impossible to get such as the seats which have taken so much hammer over 50-odd years.”
David revealed why he loves classic cars: “It’s that chance to buy something I’ve always wanted but couldn’t afford at the time or a car I’ve always fancied,” He said. “I wanted one with huge headlamps and running boards which is why I ended up with the Triumph.”
Coming up on 2nd October, there will be a major classic car gathering at Ellenroad Steam Museum – home to the world’s largest working steam mill engine – at Elizabethan Way, Newhey.
To attend the rally at the Museum of Transport, the museum’s usual admission costs apply.
Adults are ÂŁ5, under 16s free (but must be accompanied by an adult) with ÂŁ4 for concessions such as people aged 65 and over and students.
For more on the museum visit Motgm.uk