Classic cars and other vintage vehicles are harder and harder to purchase in Barbados these days.
That’s because the market has experienced massive appreciation over the past two years, with more younger players in the business, and owners are holding on to their prized possessions.
“You can’t find an old car to buy in Barbados right now. You have to bring one from overseas and the duties are very high,” said George Ullyett, Treasurer of the Barbados Association of Classic Cars.
Ullyett was underscoring the fact that there were more buyers than sellers in the Classic cars market and the values were rising, in keeping with international trends. Some liquid investors are seeing them as a combination of alternate blue-chip stocks and realised fantasies while die-hard automobile enthusiasts are also holding on to their coveted treasures and boasting of rising values.
Leading classic cars insurer, Hagerty, reported that North American classic car auctions hit a record US$1.45 billion in 2015 and were up 11 per cent over the previous year. The average price of most cars went up 21 per cent, with highly sought after models experiencing even bigger jumps.
In Barbados, several vintage and classic cars, many of them worth over $100 000, attracted hundreds of admirers during the recently held first car show for 2017 at Content in St. Thomas. The event was sponsored by Courtesy Garage and Sagicor General Insurance and jointly staged by the Barbados Association of Classic Cars and the Retro & Classic Car Association – the two leading clubs on the island.
At the show, Sagicor General Insurance came in for high praise among many car owners for stimulating the market and providing affordable comprehensive insurance cover for classic cars with the launch of their Key Protector Classic & Retro Motor Policy in June 2016.
Sagicor General used the occasion to further promote its insurance product and Assistant VP of Marketing, Roger Spencer, reported that there was a lot of interest among car owners and potential collectors.
“There is no doubt that our new policy has stimulated the market. Before we launched our product last year, insurance for older vehicles was difficult to obtain and in some cases non-existent… Now there is greater interest in restoring cars and securing insurance for these vehicles,” said Spencer.
Ullyett also showered praise on the insurance company for creating the product. “It was of great assistance to us. When you have an investment that is $100 000 in car, you don’t want to insure it third party. With Sagicor General, you can take a 1901 car and insure it comprehensive and we appreciate all the work they have done,” he said.
Experts in the market have advised that anyone wishing to own a vintage vehicle, should take advantage of any opportunities at this time as in another five to ten years “you wouldn’t be able to afford it”.
More than 700 automobile enthusiasts attended the car show where several prizes were won for outstanding exhibits. Among those winning prizes were retired Travel and Tourism executive Cecil Ince, for “Car Of The Show”; Martin and Mike Atwell for “Oldest Car on Show”; and Brian Mackie for his Porsche 911, which was voted the “Most Original Car”.
Ince showcased his attractive 1971 Jaguar E-Type V12, which he said was brought from England to Barbados, while the Atwells had their family-owned 1937 Chevrolet Master Deluxe among the exhibits. (BB)
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