Mk1 Values.....

Mk1 MX5 and Eunos Roadster seem to be surprising at the moment.

 

We have seen quite a few cars changing hands for between £3,000 and £6,000 recently. Earlier in the year, a very low mileage, concours winning car sold for £10,000 and there are a few being advertised around that sort of money today.

 

Remembering that it's the end of the season so prices should be falling. We've been looking at the possible reasons why this is happening and are wondering what will happen next.

What do we think is going on?

 

  • People (buyers) have finally realised what a bargin a good MK1 is.
  • Magazines are running article after article talking about the car and that it is "becoming a classic."
  • Really good MK1s are becoming rarer.
  • The MK1 is a great car to drive, it's reliable and cheap and easy to maintain.
  • The buyers who may have bought an MG or something similar have been pushed out of that market by the high prices and see the MX5 as the next roadster.
  • Prices in Japan are rising, very significantly (over 300%) so there is a shortage of new imports.
  • If you have £5,000 and want an open top car or a third car for the weekend, what other cars are available? The honest answer to that is not many, particularly, if you take into accounts availability of parts, parts prices and experienced specialists.
  • TV programs like Wheeler Dealers has created an interest making people believe they too can buy a car and sell it at a profit.
  • If you want a new open top car, you'll need to find almost £20,000 to get something that's even close today.
  • Insurance companies aren't writing MK1 off in the same way as they used too and  are accepting higher agreed valuations.
  • Investors are moving money from the stock-market and banks into classic cars as the returns are better. Moving prices on traditionally "cheap" classics upwards.

 

All these things together are driving prices higher.

 

Even with investors driving prices of more expensive classic cars upwards. Were there to be a fall, like there was in the 80's, the MX5 will miss that because it won't be the type of car those people will buy.

What does this mean for MK1 owners?

 

  • Make sure you have the car adequately insured. Try and get your insurance company to agree a sensible valuation. Remember, you should be able to get early cars insured under classic policies.
  • Check the condition of the sills, wheelarches, hood and hood drains regularly.
  • Preventing the onset of any rust is far easier and much less expesnive than sorting it out afterwards. Get your car under-body treated by people who know about MX5s.
  • Get your car regularly serviced and checked over by a specialist. Particularly when it comes to MOT time.
  • Do all those daily and weekly checks you should.

Is the Mk1 an investment? No, not unless you have a very long term view.

 

Are Mk1s good value for money? Yes, without doubt.

 

Is it a great car to drive? Yes, of course!

 

If you are in the position to buy one and are looking for a good all round sports car, then you should be buying a MK1 MX5. But be careful, make sure you have a good read of our website or even bring the car to us (before you buy it) than you'll know exactly what you are getting into.

 

We believe the MK1 MX5 (Eunos Roadster) will be a "classic".

Call us today: 01489 896907

 

KEEPING YOUR 5 ALIVE

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Unit 12, Woodmans Farm.

Curdridge Lane, Near Waltham Chase, Southampton. Hampshire SO32 2BH

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If you have any queries or wish to make an appointment, please call us:

 

01489 896907

 

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We are open from 09:00 until 17:00 weekdays and 10:00 until 14:00 Saturdays. Calls upto 15:30 weekdays, please.

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