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MG MGA - 28,000 pounds MGA!

I have just been sorting through some of the history of my main MGA and came across the valuation certificate from 23 October 1991:

"We confirm that the above vehicle has been inspected and that we place a value of 28,000.00 pounds on it with effect from 26/09/91."

Considering that that's even after the market crash in the late eighties, it seems quite frightening and no, it's not a typo!

Probably no coincidence that the car is featured in Classic and Sports Car in May of that year. But does anyone have that kind of value on their insurance today? I thought I was quite fortunate that my insurer agreed to 20,000.

The purpose of this thread though is to ask whether or not our cars are slowly depreciating? Are classic cars less interesting to younger people? You can buy a lot more new car for your money today (even without considering inflation) compared to 1991. Does that reduce the value of classic cars?

I had a look in the classifieds in the 1991 magazine and prices for MGA are similar to today, but with wider variation? i.e. starting at 5,000 - 6,000 up to 11,500 - 20,000 for fully restored cars. Four years previously they were half that.

These pretty little MGAs. Whats it worth?
Neil McGurk

Hi Neil, mine has an agreed value 0f £18,000 and I will possibly be selling it over the next couple of weeks for £17,500

gordon
g c pugh

Hi Neil
I just sold my TC agreed value £17000 for over £18000 much to my surprise.I have now bought a very nice fully restored MGA MK2 coupe all correct for just over £12000 probably top wack but it was the car I wanted in excellent correct condition.
My MGB is valued at £7500 but will probably only get £4500-£5000
I think agreed values represent what the car is worth to the owner and not what it will fetch on the open market
P D Camp

According to the valuation certficate, the agreed value in this case "...represents the value of your vehicle should it be placed on tthe open market and one which would have to be paid for a similar model in such condition."

But my real question is how are values holding up and what will happen in the future?

Neil
Neil McGurk

Neil
I have been surprised how some models have increased in recent months TCs and MGAs seem to be in high demand this has been confirmed to me by dealers, and my TC had many enquiries within hours of advertising it on the MG T register club site (mainly from overseas)
I suspect that the economic situation may have something to do with it Stock market investments are somewhat scary -are folks thinking of investing in classics again? The road tax inflation may skew the classic car buyer towards pre 1973 cars which would effect values. MGB values are effected by the many TFs now coming onto the market.
Overall I get the impression that good cars are increasing in value-however I wonder how the environmental lobby will impact on old car prices.
Not a very scientific answer but poses some questions
Paul
P D Camp

I think the interesting question is "are classic cars less interesting to young people".

I'm believe that is true at least here in the USA. I'm 39 and would bet I am by far the youngest MGA owner on this BBS. It would be interesting to do a survey.

I can tell you that when I tell other people of my generation that about my car they have never heard of an MGA. Most have at least heard of MG's but if you ask someone less than say 35 - they typically have never heard of MG at all!

Looking forward to driving it everyday this summer to show them what its all about!


Jeff Bennett

Go into any antique store and start looking at prices... I have found that the oldest stuff has very little value any more unless it has an historical significance, because it does not waken any memories for people. Likewise, Model A Fords and other vehicles of that vintage are falling in value due to fewer people around who lusted for one "back when". The front edge of that wave is starting to tickle the edges of "modern" MGs as well, I suppose.
David Lieb

I know an MGA owner under 30. He and his Dad own several A's. But in general I do not see the younger generation into owning a car they have to maintain themselves.
Robert Peate

Jeff - interesting point - here in UK many younger drivers are going for the MGF/TF that is becoming quite cheap now and also the ZR/ZS/ZT saloons. Hopefully clubs around the UK will welcome these owners and they are sure to want (?) one of the older cars like the MGA eventually. This is the future for our cars in the UK that is not open to you in USA. Hopefully prices for our MGAs will hold up in the years to come as they are very driveable in everyday traffic (Unlike prewar cars like the Ford model A David quotes).
Neil - I paid £9k for mine 5 years ago and after a respray I would not sell for less than £11,500 so it looks like I need to up my insurance value to £12k - cheers Cam
Cam Cunningham

Jeff,

I would not take your bet.

I've owned mt MGA for 14 years now, and would not sell it for anything.

My age, only 36.

Yup, bought the car when I was 22. I've always loved the MGA and it was something that at the time I felt I really should do before life got in the way.

Never regretted it.

Cheers,
Christopher
Christopher Wilson

Chris,

Good for you. Glad to hear it. Your definitely the exception.

I always laugh when I tell someone that I own an MGA and they squint their eyes and say "I thought there was only an MGB?"


Jeff Bennett

Jeff, I know what you mean. Most people my age (34) have never heard of MG at all, and even older people don't know the MGA.

I got my MGA from my dad a year and a half ago, but it was always sitting unused in our garage ever since I can remember. One of my earliest memories was riding in it with my dad with a bandanna on my head when I was 4. (It was the 70's, so cut me some slack...)
Darian Henderson

Boy am i glad to hear MGAs will be cheaper in the future. Im 37 and enjoy an MGA in my garage. Would I love more than one. Hell yes. What would I want one concourse car for club meets and for future generations, one for everyday driving with a modern 1.8-2.0ltr twin cam (Japanese)and 5 speed, an all out full feature racing car with multilink suspension and slick tyres , one for historic racing with period everything, and one for each of my two young boys...I think that 6. If they get even cheaper I might just get one for the wife. But it would need to be auto, a/c, power windows, central locking, cup holders and seting for four.

In reference to Darians comments above, I also had my first taste, not in an MGA, but one of my brother and I being sitting under the twin roll bars of a Sprite. Unfortunatly the MGA doesnt have that extra space........
David.
DJ Lake

A big Healey would solve the space problem! Spacious back seat...
Jeff Bennett

I agree now days the young guns like the Japanese Rice-racers, high power and able to fit huge stereos, weird lighting and go faster strange japanese stickers down the sides and across the windows. Hey they are everywhere over here in Aussie!! As for value, its simple, its worth what someone will pay for it and insured value is not really a representation of market value. Just look at what an insurance company will insure a diamond for then ask a jewller for a true market value, its usually about 2/3 of the insured value. Insurers will take your money for whatever you ask for, but what they pay can be a nasty suprise, read the fine print!! But hey we all hear about the one that sold for squillions... but never from the buyer...
regards
mark
Mark Mathiesen

Talking about the value of MGA today, Jeff mentioned the big Healeys. They are priced about double (sometimes even 3 times) what you would pay for an equivalent quality MGA, at least in Australia. Is this due to the extra power or that fewer were produced. Would I swap an MGA for a Big Healey, considering I’ve never driven one....possibly!
Would values of MGA been so different if they had a 6 cylinder option???
DJ Lake

I think Robert touched on a reason why younger people aren't interested in MGs or any older car-auto shop isn't offered in my school district and even if it were todays cars have electronic this and that and without a fortune spent in electronic gear you can't touch the newer cars. My son and daughter were taught to change tires and oil and do minor repairs by my husband and myself. I think when my husband heard our daughter call the accelerator the "go pedal" he didn't know whether to laugh at the term or cry at the level of understanding it indicated. There wasn't an evening automotive class to be had anywhere. Where the MG and many of the older cars can be repaired by the general person and not necessarily an automotive whiz. Back in 1968-69 when I had my other MG I did all the oil changes and minor repairs. It was also because I had to do the repairs-couldn't afford to have someone do what I could do myself.

Since getting my new MG I have had some of the neighbors stop by and ask about her. The teen that walks my bulldogs for me asked about her and did not know word one about how an internal combustion engine operates other than he has to put gas in here and turn that key and put his right foot on the pedals.

So,since working on cars isn't done much, if at all anymore there's no handing down the knowledge from father to daughter/son like there used to be. How many men do you know that do any manual labor these days? Nobody gets their hands dirty anymore if they can afford it.

This was supposed to be my 2cents, but I think you got a nickels worth.
Jacqueline Peabody

Jacqueline,
Just make sure you and your family pass the knowledge on to your kids then the grandkids(maybe along way off). I know my dad builds racing cars and has restored an MGA. He loves it when his boys come around (aged 41-31) and he loves it even more when the grandkids (aged 13-2.5) come down to the shed to help with the cars. None of us know everything but we work together to solve most problems. One thing i have noticed is my dad use to service the family car, now it goes straight to Ford when the service is due.

He only gets his hands dirty for fun now.

Not sure how this helps to keep every old car on the road forever though.

David
DJ Lake

Hey everyone,

This forum and those like do a fantastic job of keeping the marque alive. Websites like Barneys et al. really help and the advice available here is fantastic, something that could never be imagined a few years ago.

It's like we all have an expert next door, and thanks to our global community, he's at home 24-7.

Perhaps our modern technology (communication system) will help save the old technology classics!

Neil
Neil McGurk

This thread was discussed between 28/03/2008 and 31/03/2008

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