A leading supercar dealer has said that falling prices of supercars are ‘not a cause for concern’ after a McLaren 720S sold on April 29 for half what it was worth two years ago – losing £120,000.
Sold via the Collecting Cars online auction platform amid the Covid-19 outbreak, the 710bhp supercar’s winning bid of £124,500 (£130,500 including fees) sent a shock through social media.
Just two years ago, its first owner would have paid nearly £260,000 for the model (including £50,000 of optional extras) but the supercar, which has covered just 5,000 miles, has plummeted in value since then.
While this McLaren model isn’t known to hold its value especially well, many were concerned that it was a sign of how coronavirus was negatively impacting the high-end supercar market.
Some similar examples are listed for sale at dealerships for £40,000 more.
However, Tom Jaconelli, director of leading supercar dealer Romans International, said results like this were a ‘temporary blip’.
Jaconelli – who will appear on Car Dealer Live on Tuesday – said: ‘There is a lot of negativity around at the moment regarding values, and it’s not a great indicator of the overall market. We have to bear in mind we are in the middle of a lockdown so there is not the usual amount of buyers out there and it’s expected that sale prices are going to be on the low side.
‘As soon as dealers are allowed to be fully open again you will see prices firm up so if anything these very low prices people are seeing are likely to be a temporary blip, although I would stop short of saying there will be a very quick recovery.’
He also said that anyone selling a car at this time ‘is going to get a kick in the teeth’ when it came to the price.
‘Whoever is choosing to sell their car during this time, it is likely to be a forced sale and therefore is going to get a kick in the teeth with regards to a price,’ he added.
However, the online auction platform that sold the car in question has hit back, saying that the market is ‘stuffed with too many cars at overambitious prices’.
Ed Callow, head of communications at Collecting Cars, said: ‘The asking price is not the ‘getting price’ and the market has been stuffed with too many cars at overambitious prices for too long. It’s a buyer’s market now, and the dealers that are listing with realistic prices are still selling cars.
‘There’s going to be a temptation for some dealers to blame a lack of interest, calls and enquiries on this crisis, but the reality in many cases is that too many sellers simply have an outdated perception of the market.
‘Even under normal circumstances last year, 95 per cent of sales on Collecting Cars happened without a viewing.’
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