MkIV for Auction

[ANF289]

FYI:
   
   http://www.rmsothebys.com/lf15/london/lots/1987-ac-cobra-mk-iv/1076745

[dkp_cobra]

Expected £120000-140000, sold for £61,600.
   
   Not a real good estimation.

[nikbj68]

Oh wow, someone got a bargain! I would have thought £75k-£95k with commission would have been realistic!

[ANF289]

quote:Originally posted by nikbj68
   
Oh wow, someone got a bargain! I would have thought £75k-£95k with commission would have been realistic!
   

   Not really, I think it's true market value. It looks like US and European prices are equalizing.

[AC Ventura]

This car was black, but with a brown interior and also LHD, not a popular combination for the UK market. It's been advertised for around 12 months at least and I'm not clear if its actually UK registered. Prior to acquiring AK 1500, I enquired with the vendor, a trader apparently, who said he paid £80,000 for it and was asking £105,000 I think. At least it sold at auction, a rare thing. The other MK IV at Silverstone Auctions earlier this month didn't sell, but that was an auto.

[Hobo]

A very nice car in fantastic conditions (as far you can see on photos).
   O.K. the brown interior a little rare.
   To my knowledge you have to pay the "buyers premium" (commission) to Sotheby's which is 25% on top of the hammer price  plus sales tax of 20% on the total amount .
   Therefore the buyer's price finally was £92.400 equal to 127.000 Euro which is an incredible high price for continental Europe.
   MkVs have been sold the last 3 year between 80.000 to 100.000 Euros on the Continent.

[nikbj68]

Ouch! I was guessing at 15% commission, and hadn`t allowed for sales tax; that and a high £-€ rate certainly make it an expensive car in Europe!

[Hobo]

As an example: A year ago or so this car was offered for 95.000US$ now marked as sold
   http://www.rosnermotorsports.com/1985-autokraft-ac-mark-iv-cobra-roadster.htm
   Some hard negotiation and cash in your pocket and you may end up with let say 85.000 US$.
   Build 1985 it is deemed as an vintage car with an reduced import tax of 6% in the Netherlands plus shipping (max. 3000 US$) you would have ended with a final buyers price of 83.500 Euros !!
   3-5 years ago you could find some nice MkIVs for US$ 60.000-70.000 in the market, a lot of them found their way to the EU. These days are over, as the US-Sellers are now really aware of the European market prices.

[nikbj68]

Yes, I remember how much the REV paid for AKL1408, as you say, those days are gone!

[Hobo]

Oooohh look at this!
   Found the car I mentioned above again.....now in Switzerland.
   
   http://www.autoscout24.ch/de/d/ac-cobra-cabriolet-occasion?allmakes=1&index=6&st=2&typename=cobra%2c%2c&vehid=3214364&vehtyp=10&returnurl=%2fde%2fautos%2falle-marken%3fallmakes%3d1%26st%3d2%26typename%3dcobra%2c%2c%26vehtyp%3d10%26r%3d5
   
   Ok, not imported as a vintage car, therefore more import tax payed. I estimate buyers price than was approx.  100.000 Euros (inside Switzerland).............. but look:
   
   The car is now offered for 183.000 Euros - nearly doubbled the Price !!!
   This is why car traders have a such bright smile in their face !
   
   As all traders playing the same game, potential buyers more and more believe this level is the real market price on the other hand MkIV-Owners are quite happy with such a development.

[dkp_cobra]

quote:Originally posted by Hobo
   ... on the other hand MkIV-Owners are quite happy with such a development.
   
   

   
   Only, if they want to sell the car. If they want to use it such a development is not good: the insurance fee rise and the car gets into the focus of professional thieves.

[AC Ventura]

quote:Originally posted by Hobo
   
Oooohh look at this!
   Found the car I mentioned above again.....now in Switzerland.
   
   http://www.autoscout24.ch/de/d/ac-cobra-cabriolet-occasion?allmakes=1&index=6&st=2&typename=cobra%2c%2c&vehid=3214364&vehtyp=10&returnurl=%2fde%2fautos%2falle-marken%3fallmakes%3d1%26st%3d2%26typename%3dcobra%2c%2c%26vehtyp%3d10%26r%3d5
   
   Ok, not imported as a vintage car, therefore more import tax payed. I estimate buyers price than was approx.  100.000 Euros (inside Switzerland).............. but look:
   
   The car is now offered for 183.000 Euros - nearly doubbled the Price !!!
   This is why car traders have a such bright smile in their face !
   
   As all traders playing the same game, potential buyers more and more believe this level is the real market price on the other hand MkIV-Owners are quite happy with such a development.
   
   

   
   Yes this is the car Rosner were selling and was previously purchased at auction in the US. I also enquired after this too, when they were asking $95,000 USD and the $/£ rate was 1.6. They also had it over a year. Unfortunately the car wasn't exactly 30 years old and 30% UK Duty and Vat would have been applicable. That plus shipping killed the deal. Also the federalised lights and bumpers would cost a lot to delete if you didn't like them.
   Incidentally, with UK Auction prices Vat is levied on the commission, not the entire hammer price!!! I also imagine the £61,600 includes all that, as auction houses like to maximise their results.
   At this level the difference between what the vendor receives and what the buyer pays is around £15,000. Quite a nice hourly rate isn't it [:D][:D][:D]

[Hobo]

"....................Unfortunately the car wasn't exactly 30 years old and 30% UK Duty and Vat would have been applicable. That plus shipping killed the deal........"
   
   Yes, exactly this was the situation. However – and in my opinion - when I saw the car I thought that a tough and serious interested potential buyer should store the care inside the USA at a safe place until it gets 30 years old. Storage cost for a few month would be far cheaper than import tax of 30% + VAT(in the UK) or 20% in Continental Europe.
   
   ".................Incidentally, with UK Auction prices Vat is levied on the commission, not the entire hammer price!!!................."
   
   Interesting detail I could to learn today.............many thanks!

[Hobo]

".................Only, if they want to sell the car. If they want to use it such a development is not good: the insurance fee rise and the car gets into the focus of professional thieves............."
   
   Yes Peter,
   I hear the masters voice.........
   ............however, if you own a MkIV – and you own a very pretty one - you are getting richer and richer based on non-realized "marketprices".
   Paying some more insurance duties is the consequence........always a matter of your luxurious problems.
   If it is properly insured, do not care about thieves, with exception that there are some emotional aspects which can not be reflected in money.

[French Frie]

here's the video of the auction :
   
   https://youtu.be/d7B2Oc8yiFI?t=1h38m50s