Want to Buy an Older Classic? Deals Abound IRL
The time has come—you kept your powder dry through the market boom, and now that prices have softened, you’ve begun to think about making your next collector car purchase. But where to shop? Though the vast majority of transactions remain private, public auctions continue to increase in popularity. If you’re considering looking toward the auction world, the marketplace has changed dramatically in the last few years, and the answer of where to look—online or live auctions (the IRL, or “in real life” referenced in the headline)—depends largely on your taste in vehicles.
Most people’s first inclination would be to take to the keyboard, and that makes sense. Everything’s available online, right? Well, yes and no. It’s understandable that there’s a massive buzz surrounding the rise of online auctions in the collector car space. In 2016, online auctions accounted for $42.45M worth of collector car sales, but by last year, that number was a staggering $1.65 billion. The car you want has to be out there in the ether, right?
It very well could be, but if you’re looking for an older car, you might want to consider heading to a live auction, too. Even with the dramatic increase in online auction sales within the last decade (47,842 collector cars sold online in the U.S. in 2023 vs 28,751 in-person), it turns out that some differences still exist between the in-person and virtual forums, and one key factor is the average age of the cars offered.
The average model year of a car headed to a live auction at the end of 2023 was 1977, while that of cars listed online was 1990. To a degree, this isn’t surprising. If you’re looking to sell your 1912 Simplex, you’re going to meet the buyer on their turf, and that still happens to be at a live event with a real person holding the gavel. Conversely, certain cars, like Nissan Skyline GT-Rs, have done well live but tend to thrive on places like Bring a Trailer. For all the promise of a marketplace at your fingertips, buyer behaviors and preferences still dictate optimal forums for where to sell a car, and live auctions continue to be dominated by older cars.
There are a couple of takeaways from this differentiation. The first is strategic, and plays into how you want to buy. You can go to where you’re most likely to find a great example of the car you’re seeking, or you can try to jiu jitsu the logic in an effort to get a deal by finding a car that’s potentially mismatched with its audience. Think of a ’90 Lotus Esprit bought at Mecum, or a ’50s Cadillac on Bring a Trailer. Given the rise in percentage of no-reserve auctions, a bit of gamesmanship might well pay off, but you’ve got to be willing to bide your time to find the right opportunity.
The second is that this widening age gap between sales forums is one sign among several that live and online auctions are beginning to carve out niches for themselves. This is apparent in business models, and even recent tactics—in keeping with the interest of online buyers, Carsandbids.com focuses on modern enthusiast cars. On the other side of the coin, Mecum recently made an upscale push at their live Kissimmee sale. As the market continues to settle and online sales platforms mature further, the two are likely to get more specialized and coexist with less market overlap than we see today. Just one more thing to think about when you’re planning your next purchase.
***
Check out the Hagerty Media homepage so you don’t miss a single story, or better yet, bookmark it. To get our best stories delivered right to your inbox, subscribe to our newsletters.
I listen to friends get excited over auction prices – up or down. In every case they have never seen the vehicle in person and I doubt they would know exactly what they are looking at if they did.. This is not a sport of the non-mechanic. You are always better off buying directly from an owner that can be questioned. Many items auctioned should be treated as something people are just looking to flip or gamble on with little expectation of any integrity in the process.
My advice is no matter what venue you choose, try not to buy anything sight unseen. I have gone to the big name auctions armed with my list of potential candidates from their web sight listings and upon seeing them in person, I wind up crossing off about half. Sometimes they are misrepresented and sometimes they have flaws you can’t see online. You gotta be there!
I’ve purchaced quite a few cars over the last 55 years or so. A couple turned out to be bigger projects than anticipated (in my early years) and only one turned out to be a lemon. Made lemonade out of that one – fixed it and drove it for 5 years and sold it for parts for almost what I paid for it (before repairs) I PREFER to buy from the ownerdirect – but that’s how I got the lemon. A retired mechanic – and I took his word about what had happened to the car. I bought it as a non-runner knowing it needed work – but he was lying through his false teeth!!!!Made the mistake of buying it in the rain and in the dark too – – – . I’ve looked at a LOT of cars advertised as in “excellent condition” or “very good” or “above average” that were TERRIBLE, and a few “as traded” from dealers – the old “back row cars” that turned out to be real creme puffs. I will NEVER buy “sight unseen” unless I KNOW I am buying a pile of parts at close to junk price.
I’ve been trying to figure out the best venue/method for helping my wife sell her ’37 Ford street rod pickup. I have thought about Hagerty’s online auction (and may do that once spring rolls around and people are in a buying mood), but part of me wonders if I would find the right crowd, as I assume I need to be where the older crowd is.
The first rule of buying a Vintage Vehicle? Know the car that you want ! Study LONG before you look at any for-sale cars. The biggest mistake which I constantly see is–NOT knowing enough about the Model-Year-Etc. of the car which one hopes to purchase (no matter which venue one chooses!). Then–do NOT rush to buy! Once the money’s spent–the remorse sets in and the purchased vehicle bears that stigma for rest of its new ownership.
For Most folks looking for a reasonable cost car, auctions are Not the way to go–& esp the lower end cars (below 10 or 15k) For a lot of us that’s a lot of Money– Private sales are the Only reasonable way to go-
As usual, there is a big difference between car guys and flippers. Listen and you will learn which you are dealing with. The clues are there.
Intresting comments, yeas the car business is a multifaceted communication.And sometimes some sharkees
will bite you, I have bought a Benz (new ) over the phone from a Renown Dealer , put all conditions of mine
on the table including price ,made a down payement online, later that month picked it up, checked it out and , the lady who picked it out knew her stuff, A 300 W/Maybach interior. beautiful car, White paint w/beige interior. I guess it all depends how you approch the deal!
Any body ever need any help in the automotive engineering department been around the world many times.
and honesty prevailes. Cheers J.B.J.
I live in S.C. Recently bought an out of state classic from a private seller located in a remote part of NY, had trouble find someone to inspect it for me, the inspector missed quite a few issues my first purchase of a classic, over all a good experience and a great learning experience