MARKET LEADERBOARD

💰 The figures shared below don’t count any other sales such as car seats, memorabilia etc..

I only include websites that have sold 5+ cars in the chart below. Which means Hagerty, PCarMarket and many others did not sell 5 cars yesterday!

Let's dive into the latest from the auction lanes. Yesterday, we throttled back to what you'd call a 'regular' day, if there ever is such a thing in the fast-paced world of car auctions. We didn't hit the gas as hard as the record-smashing $12.3 million from the day before, but with $6.5 million in sales, the engines were still purring nicely.

Among the noteworthy sales, the classic elegance of a 2017 Ferrari F12BERLINETTA 70th Anniversary Edition took pole position, fetching a cool $401,000 on Bring a Trailer. Not far behind, a custom 1989 Porsche 911 Carrera with Theon Design styling crossed the finish line at $223,222 over at Collecting Cars.

We saw a vintage 1971 Plymouth Barracuda roar off with $196,000, while a brand spanking new 2023 Chevrolet Corvette Z06 didn't lag much, selling for $188,000. It seems that whether it's classic charm or modern muscle, the bids are flowing.

But here's a twist in the tale—Hemmings, a name that rings loud in the halls of automotive legacy, seems to be cruising rather than racing. They featured on our leaderboard, sure, but with just seven sales totaling a touch over $100k, it's like watching a seasoned racer hold back at the starting line. For a brand with traffic as high as theirs, we'd expect them to be gunning for the top spot, not just making the grid.

Most days here, I’m covering the likes of Ferrari, Porsche, BMW, etc.. I realized I haven't delved much into the EV scene. And when we talk about EVs, there's no bigger name than Tesla., especially out here in LA where every second car is a Tesla.

So, I decided to switch gears and take a closer look at Tesla's sales over the past three months. Let's see what trends and insights we can uncover from these electrifying machines!

Here's what I found in the dataset of 52 Tesla sales, which isn’t a huge amount.

• Price Range: The prices varied widely, from a modest $16,750 to a whopping $220,420.

• Average Price: On average, a Tesla sold for about $46k.

• Popular Model: The Tesla Model S led the pack with 23 sales, showing its dominance in the market.

• Sales Platform: Most Teslas were sold on Cars And Bids, with a notable 41 sales.

• Year Range: The vehicles spanned from vintage 2008 models to the latest 2023 ones.

• Model Distribution: Besides the Model S, the Model 3 also showed strong numbers with 14 sales, followed by the Roadster, Model X, and Model Y.

  

• Average Price Per Model: The Roadster took the lead in average price at $117k, possibly reflecting its rarity and collector's value.

• Sales Over Time: The sales were evenly spread out over these months, without any significant spikes on specific days.

• Price Trends by Year: Older models, particularly from 2008, had higher average prices, hinting at their collector's value. The newer models (2020-2023) also maintained high prices, indicating good value retention.

  It's clear that in the world of EVs, Tesla isn't just leading the charge; it's defining it. So let’s have a quick look at some visuals of what’s been going on. 🌟🚗⚡

It's remarkable how those vintage Roadsters are still commanding top dollar. Hard to believe they're 15 years old now. Feels like just yesterday, everyone in Hollywood was parading around in their Toyota Prius, flaunting it as a badge of eco-consciousness. The times sure have changed, haven't they?

A few standout insights emerge from this data:

Firstly, the Model S is undeniably the sales champion, eagerly snapped up by any platform lucky enough to list them.

Secondly, Cars & Bids reigns supreme in the Tesla marketplace, dominating sales across all models except the Roadster. But, it's worth noting that this is based on just three months of data. Out of curiosity, I did a bit of digging on Cars & Bids' history with Roadsters. Turns out, they've listed six and sold every single one! This just goes to show that even a three-month snapshot can't capture the entire narrative.

We've got this neat chart above showing how the prices stack up. The median price, which is like the middle of the road price, is at $37,752. Pretty solid benchmark, right? Then there’s the average price, a bit loftier at $46,476, thanks to a few pricier Teslas boosting that average.

This chart is a real eye-opener, showing that the Tesla market's got a range for everyone, not just the top-dollar deals.

I’m a bit of a sucker for a Heatmap visual as there is so much information on it that I find interesting.

This Heatmap provides a visual representation of how the average prices of different Tesla models vary across different years. The color intensities represent the average price levels, making it easy to compare and identify trends or patterns in pricing across models and over time

The Tale of Three Sales: A Market Study

1. The 1957 BMW 503 Coupe: A Rapid Resale

   Our first spotlight is on a 1957 BMW 503 Coupe, which underwent a significant transaction turnover this year. Originally purchased for a hefty $270,000 in April 2023, it resold just a few months later for $200,000 – a startling $70,000 loss. The car had barely been driven, accumulating only 30 additional miles. This transaction raises intriguing questions about market stability and valuation for rare classics.

   

2. The 1956 BMW 503 Coupe: An Auction That Fell Short

   Next, we examine the case of a 1956 BMW 503 Coupe. This classic was bid up to $208,000 yesterday, but ultimately, the sale did not materialize. The seller's expectations, possibly shaped by earlier market conditions, didn't align with the highest bid. This outcome is a stark reminder of the unpredictable nature of classic car auctions.

   

3. Comparative Analysis

   These two distinct scenarios present a curious contrast. One illustrates a rapid resale at a significant loss, while the other shows a reluctance to sell below a certain threshold. These cases highlight the complexities and sometimes capricious nature of the classic car market.

My take: 

The 1957 model's quick flip and hefty loss is like a plot twist in a high-stakes thriller. One moment, it's a prized possession sold for a king's ransom; the next, it's let go for a sum that would make any collector's heart sink. This rapid change in fortune is a vivid reminder of how the classic car market can be as unpredictable and temperamental as a vintage Italian sports car!

Now, let's talk about the 1956 model that just couldn't find its match. This beauty played hard to get, refusing to leave the showroom for anything less than its high expectations. It's like watching a well-scripted drama where the lead character holds out for true love rather than settling for the first suitor. This scenario speaks volumes about the dance of desire and patience in the classic car market. It's not just about what's under the hood or the shine on the chrome; it's about finding that perfect moment when a car's allure meets the right buyer's dream.

In my eyes, these tales are more than just transactions; they're narratives that weave through the fabric of automotive passion and investment sagacity. They teach us that understanding the ebbs and flows of the market, the shifts in collector desires, and the nuances of valuation are as crucial as knowing your carburetors from your camshafts. For those of us bewitched by the timeless charm of classics like the BMW 503 Coupe, these stories are reminders that our journey is lined with both dazzling triumphs and sobering realities.

If you made it all the way to the end, kudos to you 😌. This is a last chance call to those who would like to meet up next week (Monday or Tuesday) in New York. I know it’s very last minute, but I’d love to meet even just for a coffee. Hit reply on this email if you’re interested.