The Rise of the ‘Modern Classic’ Cult Car

Recently, some cars made in the 80s up to the early 2000s have been selling for far more than they originally retailed for.¹ Dubbed ‘modern classics’, they aren’t just limited to brands such as Ferrari, Porsche, and Jaguar, but now relate to vehicles like Nissan, Subaru and Ford, many of which have gained a cult following, are great investments, and let’s face it – are fun!

The Iconic R34 Nissan Skyline GT-R

Take the pop culture legend – R34 Nissan Skyline GT-R – one of the leading high-performance cars of all time. It featured in racing games: Gran Turismo and Need for Speed and had a star role in the 2001 film The Fast and the Furious. Only 11,578 were produced between 1999 and 2002,¹ with a starting price of around £37,284 (just over £57,000 in today’s money).² About a decade ago they cost around £24,540.³ Today, the current value of a R34 Skyline GT-R is around £100,000.⁴

Why is the Skyline GT-R so collectable?

JDM (Japanese Domestic Market) cars are becoming hot property and the R34 Nissan Skyline (originally manufactured as a luxury saloon by Prince Motor Company) is one of the JDM scene’s undisputed stars.

Sharp and stylish, the R34 GT-R could reach 0-60mph in 4.6 seconds and had a top speed of 156mph thanks to the RB26DETT twin-turbo 16 engine and impressive 6-speed manual transmission, combined with a revolutionary Electronic Torque Split 4wd system – all of which was state-of-the-art super-tech for its time.⁵

Nissan only sold the Skyline in Japan and Australia despite the car becoming famous in global gaming, Hollywood, and pop culture. As a result it has become highly collectable thanks to its almost mythical cult status. In fact, in May of this year, a 2000 Nissan R34 GT-R driven by Paul Walker in the film Fast & Furious 4 sold at auction for approximately £1.072 million.⁶ The only way you can currently own an R34 in the US is under the ‘Show or Display’ rule which allows certain cars of technological or historical significance to be privately imported, although this is set to change in 2024.

Is the US set to drive prices up?

According to Top Speed.com Skyline GT-Rs are set to increase in value over the next year or two, as the US will be allowed to start importing early models from 2024. If you’re looking for a potentially great investment and a piece of pop culture history, a Nissan Skyline GT-R could tick all the boxes.

Subaru WRX Rally Car & the World Rally Championships

When Subaru won the World Rally Championships in 2001 and 2003 everyone wanted a piece of the action. In August 2023, a 1998 Subaru Impreza WRX STI 22B prototype given to Colin McRae and created to celebrate Subaru’s 40^th anniversary and its third manufacturer’s title in a row in the World Rally Championship, sold at auction for £480,500.⁷ In 2023, an Impreza WRX rally car driven by Richard Burns in the 2000 World Rally Championship topped the charts as the highest value Subaru ever sold when it fetched £610,000.⁸ From 1995 to 2001, a range of limited-edition coupés were introduced that weren’t available in the US and subsequently became highly collectable. Even the Subaru Impreza P1 manufactured in 2000 to 2001, fetches prices today of £40,000 to £70,000 with some limited-edition models reaching over £100,000. ⁹

The Fantastic Ford

Ford cars are also on the radar for many modern classic collectors.

An upgraded Ford Sierra Cosworth RS “Cossie” (RS500 version; considered to be the finest example of its type) sold this year (2023) for an eyewatering £596,250.¹⁰ Even if they’re not in the half million price bracket, RS500s change hands for around £40,000 to £80,000 (originally costing around £20,000 when they were first produced over 35 years ago).¹¹

The Ford Capri is also taking a star turn in the modern classic car scene, fetching on average £12,000 to nearly £50,000 (depending on condition and mileage) for the limited edition 280 Brooklands (first introduced in 1987). In 2022 a RS3100 prototype model Capri (that had one owner) sold for an impressive £74,250.¹² The last Capri ever made is now in the Ford Heritage collection in Dagenham.

The XR versions of the Ford Escort are also sought after by collectors. This year a collection of Ford cars sold for a total of £325,895. One of the cars was a 1985 Ford Escort RS Turbo that had clocked up numerous wins at concours competitions and had done just 53,000 miles; it sold for £57,000.¹³

There are a wide range of vehicles that are now being classed as ‘modern classics’ for which values are increasing, some quite rapidly.

The following are examples of 80s and 90s models that are changing hands for significant sums of money:

• 1986 Ford Fiesta XR2 – £12,000
• 1985 Volkswagen Golf Mk1 – £26,195
• 1991 Peugeot 205 – £29,995
• 1985 Land Rover Defender – £59,950
• 1994 Toyota Supra – £65,000
• 1991 Vauxhall Lotus Carlton – £72,990
• 1987 Ford Sierra Cosworth – £174,995 ¹⁴

Why use Private Client Insurance Service to cover your modern classic?

There are other makes and models that may surprise you in the way they’re increasing in value, from the extreme to the surprising. If you are investing in, or own a modern classic car, you’ll need the right cover for it. We specialise in providing insurance for all types of classics from iconic Italian models and Japanese cult classics to cool British brands.

Our panel of high-quality insurers can provide you with a tailored policy that can’t be found through standard motor insurance.

We access products which can include:

• Agreed value claims settlements.
• Your choice of repair centre.
• Option to insure all household vehicles under a single policy.
• Cover for any driver over the age of 30.
• Cover to drive another person’s car on a comprehensive basis.
• EU/UK breakdown cover.
• Up to six months driving in Europe.

Your dedicated adviser will look after all aspects cover for your modern classic, so that you don’t have to – a complete broker service from start to finish.

To discuss your requirements around insuring classic and/or high value vehicles, high value home insurance or cover for high value jewellery, tech, art, and antiques, don’t hesitate to contact us.

Alternatively, email:

m.brown@lloydwhyte.com

What matters to you, matters to us

1. https://www.finance-monthly.com/2022/01/are-modern-classic-cars-worth-investing-in/
2. https://www.topspeed.com/cars/guides/10-things-that-make-the-nissan-skyline-r34-totally-worth-having-at-any-cost/#how-far-can-the-r34-prices-go
3. https://garagedreams.net/car-facts/how-much-did-the-nissan-gt-r-r34-cost-new
4. https://www.hotcars.com/1999-nissan-skyline-r34-gt-r-worth-today/
5. https://www.autosnout.com/0-100kph-Time/Nissan-Skyline-R34-GTR-1999/433
6. https://www.carscoops.com/2023/05/the-fast-furious-nissan-skyline-r34-gt-r-sells-for-a-record-1-357-million/
7. https://www.drive.com.au/news/colin-mcraes-personal-subaru-impreza-wrx-sti-22b-for-sale/
8. https://www.evo.co.uk/subaru/203901/rally-winning-richard-burns-subaru-impreza-s6-wrc-car-sells-for-ps610000
9. https://collectingcars.com/for-sale/1998-subaru-impreza-sti-22b-8
10. https://www.thisismoney.co.uk/money/cars/article-11794563/1987-Ford-Sierra-Cosworth-RS500-obliterates-records-selling-596-250.html
11. https://www.autocar.co.uk/car-news/motoring/picture-special-25-years-sierra-rs500
12. https://www.thisismoney.co.uk/money/cars/article-10937999/Rare-Ford-Capri-sells-world-record-75k-auction.html
13. https://www.thisismoney.co.uk/money/cars/article-12110393/Car-collector-sells-stash-ten-eighties-Fast-Fords-eye-watering-325-895.html
14. https://www.pistonheads.com/buy

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