A recent sale of convertibles by leading vehicle auction company, BCA, bucked all the current reports suggesting a drop in consumer confidence. Perhaps buoyed by recent sunshine, the convertible buyers were out in force and this strong demand meant that the prices achieved were very good for the sellers.
Retail sales figures for May saw the biggest increase in high street spending for at least two decades and well above forecasts for a slight downturn. Confounding predictions, some commentators believe that the increase was down to the good weather in May; others that it was a last ‘hurrah’ in defiance of the gloomy headlines.
For BCA, its latest convertibles sale staged in June was particularly positive, contrasting with general market predictions that used car values and used car demand is dropping.
With over 100 registered buyers in the auction hall, plus a further 47 bidding over the internet via BCA’s Live Online service, there was plenty of demand for the mouth-watering selection of 273 convertibles assembled for the sale. Competitive bidding in the hall and online saw 247 ragtops sold on the day for a turnover that exceeded £3.3 million.
| Year | Model | Miles | Sold | Vs CAP |
|---|---|---|---|---|
| 04 | Audi A4 1.8T Sport | 59K | £12,150 | 106.1% |
| 05 | Honda S2000 2.0 GT | 29K | £15,600 | 105.7% |
| 06/55 | Mazda MX5 1.8 | 9K | £10,150 | 107.4% |
| 04 | Saab 9-3 2.0 Aero | 60K | £10,000 | 103.6% |
| 05 | Porsche Boxter 2.7 | 61K | £17,000 | 108.2% |
| 05 | Mercedes CLK 1.8 200 | 75K | £18,100 | 128.3% |
| 06 | BMW 630 CI | 17K | £32,500 | 106.2% |
“Although convertibles might be seen as niche, there is a strong following of buyers who either attend these special themed events in person or participate using BCA’s Live Online service†confirmed Tim Naylor, PR Manager, BCA. “British motorists love their convertibles and we have seen tremendous demand for rag tops. Whilst demand can push up prices, there are still some great value buys to be found at auction.â€
An easy way to track down your next convertible is to log onto BCA’s subscription Auction View service (www.auctionview.co.uk). For a small fee, you get access to BCA’s online auction stock locator and catalogue service, with details of more than 10,000 vehicles being sold at BCA.
BCA’s top 10 tips for buying a convertible at auction:
·1 Don’t buy on your first visit – sample the atmosphere and get used to the pace.
·2 Do your homework – know what you want before you go to an auction and have an idea what the car you are after is worth.
·3 Terms and conditions – each auction house has its own terms and conditions explaining how you can buy, what the fees are etc. Familiarise yourself with these so that you don’t get surprised later on.
·4 Don’t rush – arrive early and take time to examine the vehicle that interests you.
·5 Do ask questions – ask auction staff, they will be happy to help.
·6 Check the car – it’s up to you to check the car’s condition, so examine it prior to entering the auction hall. And listen to the engine running as it is driven into the auction hall.
·7 Budget – set a limit and stick to it. Save some funds for a post sale service and any minor repairs that might be needed.
·8 Be flexible – if you miss your first choice, don’t give up and don’t throw the budget out the window just because you like the colour of the car you’re bidding on!
·9 Auctioneer’s description – this is legally binding, so listen carefully. The terms and conditions will explain all the terminology used.
·10 Bid clearly – don’t wink or tap your nose, simply raise your hand or the catalogue.