Got any limited-production supercars sitting around? Now might be the best time to dust them off and ship them to auction. RM Sotheby’s recent Scottsdale auction saw the sale of multiple modern super- and hypercars, crossing the auction block for sometimes more than the value of their classic counterparts.
A market dip, but not for modern cars
After the dust from Scottsdale settled, analysts from Hagerty Insurance saw a $40 million drop in total sales over the 2015 sale, along with average sale price down by $15,000. Now, as the classic car market remains volatile, the modern supercar market has flourished, with modern cars propped up on speculation for future values. This speculation has begun to take a rather sharp turn, with some cars now valued at more than their equivalent vintage counterparts. AUTOMOBILE auctions expert Dave Kinney sees this market segment as a direct result of the stratospheric rise of the collector car market. “1960s and ’70s Ferraris are completely unaffordable, so collectors are moving into newer Ferraris,” Kinney said. “When you can’t buy a $43 million car, a car that costs a half-million seems a whole lot more reasonable.”
From 2000 to 2010, with the exception of perhaps the 2003 Ferrari Enzo, most supercars, even special models, were subject to depreciation following the release of the next iteration of the model. These cars were seen as outdated and older technology in the face of rapidly increasing speed and capability among the supercar class.
A pair of Ferrari 599 twins take home big money
Hybrid hypercar trio on the rise
Don’t call it a comeback
With the continual focus on technology and speed, manual transmissions have all but evaporated in the supercar segment. Because of this void, high-quality second-hand supercars are creeping up in value. “A lot of activity has developed in the late-model manual cars, due to the low-production numbers,” said Kinney. Scottsdale had a handful of manual supercars, including a 2007 Ferrari F430 Spider with a manual transmission that claimed over $300,000 in Scottsdale, with just around 300 miles on the clock. Similarly, a 2007 Lamborghini Murcielago LP640-4 bagged a $297,000 final price, far above its rapidly dropping values in the past few years.
Since blue-chip cars have vaulted above the grasp of all save billionaires, the secondary supercar market has seen a meteoric rise to fill the middle-ground for the lowly multi-millionaires. Look for this market to grow even more as we see supercar manufacturers release even more exclusive special-edition models in the future.