Current Mk 1 Values

General Discussion Forums MX-5 Chat
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Hi there people,

new to the forum, have had a mk I eunos roadster for a couple of years now, so about time…

Anyway I’m here to ask for Mx5 OC’s take on Mk I values. Sorry if I’m regurgitating recent threads as I haven’t had much of a nosy round the forum yet.

Just from rooting around a few corners of the internet, it seems like values of mx5/roadster in this country are rock bottom at the moment. I keep seeing what look like good examples in original/sympathetic to original condition, up for stupidly small numbers. They might aswell be being given away…

Its a shame, as they’re such good little cars…

I can understand if its a bit of a basket case, but if its a good original example then surely values should start to pick up a bit. Perhaps its the crap weather…

I’ve occasionally dabbled with the idea of selling my roadster, but when I see what others are being given away I’d rather hold onto it and continue having fun.

Would be nice if this was accurate:

http://www.classicandperformancecar.com/front_website/octane_interact/carspecs.php?see=3429

4k for a good condition example?!

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Prices are fair I would say. I picked up a good one for £1,100 a couple of years back. Given the age of the vehicles and they are not classic cars @ £2,000 for a good one sounds about correct. For me the attraction is it is a fun low cost car. If the price ramps up then if mine gives up he ghost I would not be able to afford another one.Sad

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 But then on the flip side you get people who think the MK1 they have just painted with matt paint and a roller, dropped it to within an inch of its life and then stuck some cheap copy wheels with sretched tyres on, is worth £2500 plus…

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I seem to remember my former housemate back in 1998 paying about £2500 for his not-exactly mint 1980 MGB (two years later, he needed to get the sills replaced); £3600 in todays money.

 

In 1998, was a rubber bumpered 18 year old MG seen as a classic? I suppose so, so why isn’t a 23 year old MX5 seen as a classic?

 

The only reason I can think is that the Mk1 has, until now, survived well, ensuring a good supply. It looks like rust is going to claim a lot, as happened with the Mk1 MR2 (in fact, when I come to think about it, what happened to all the Mk2 MR2s and mid-90s Celicas? They’ve gone). I’d like to think values are on the turn, and that if you sold a car now, in a couple of years, you will be looking at Mk1s, thinking if only I had kept it a bit longer.

 

MX5s, like MGBs, Midgets and Spitfires, are never going to be worth massive money, but I would think an intrinsic value of (in todays money) £3-4k for a solid, mot’d convertible with no major issues, would be fair. Thats about what average MGs go for, irrespective of year.

 

I don’t know what or if there is a tipping point when it comes to cars. According to howmanyleft.co.uk, about two thirds of MX5s registered  first registered 1990 to 1993 are still on the road, or SORNd (using sales figures for the UK found on miata.net); picked those years, because Roadster imports started arriving in significant numbers from about 1995, and it becomes then difficult to seperate imports from UK cars.

 

There are about 35000 MGB roadsters licenced or SORNd in the UK; that will include imports from the US etc, but these will be a very small fraction. About 50,000 roadsters in total were sold here; so probably about the same survival rate as for early MX5s, once you fudge non-UKs spec cars (BMH shelled cars of course retain the identity of UK cars). Food for thought. I do remember a short period in the late 80s when you could get a MGB cheap (£500), but that was for pretty much a basket case. Resto projects now are about £1500.

 

I sure someone could write a thesis on that; the economics of mass produced cars, and how they become coveted classic cars.

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Interesting,

I’m wondering whether they are starting to be seen as classics now though. Provided they’ve been kept in factory or close to factory condition without silly modifications.

I’ve now got mine insured on a classic car policy to be honest, so makes me think they must have reached the classic tipping point, otherwise they wouldn’t be eligible…

I suppose if more people start to see them as classics then the values will start to pick up a bit. I just think they’re far too good a car to be sold for around £1000-£1400 when in good condition. They’re so widely revered by the automotive press and design community worldwide and loads of fun to drive… In all honsety they’re better cars all round than old MGB roadsters. I’ve even seen adds on carandclassic.co.uk for people exporting UK cars to Canada, because the prices are so low over here compared to abroad…

I guess the values have to start going up. And if they did go up, people would still buy them. They are too good a package all round for car enhusiasts. People just need to stop giving them away for no money. Demand is always there (at least I think it is) so if collectively a lot of sellers started advertising them for more money then the market price would grow. I know its not that simple though…

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I think the beauty of the Mk1 is that you can buy one cheap and refurbish it how you like it. The value when completed will depend on how well you have refurbished it and it’s appeal to possible buyers. I know mine may not appeal to everybody, but I wouldn’t sell for less than £4,000. Street value is probably no more than £2000 to £2500, but I have had a few offers well over £3,000. It’s all about what it’s worth to you.

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 The prices reflect supply and demmand and to be honest there are too many decent cars still around . If they wern’t such a good seller in the first place and if 80% of those had rotted away then supply wouldn’t meet demand and prices would be higher . As it is there are loads left , on my home i spotted 4 more mk1’s on a 15 mile journey and the weather was rubbish .

Compare that to mk1 or mk2 Escort RS models there rare as hens teeth and also fetch premium prices up to £40,000 for mint examples .

I just think were lucky to have such a good little sports car thats still in the price range for most people to enjoy, whether its a perfect example, an every day car or even a track dog.

I’m hooked

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given the interrest in the MX-5 in the last year or so by a few of the Classic Car magazines with restoration projects and various features I would suggest that the over 20 year old MX-5 can legitimately be classed as a classic, and that must now have some effect on the price of properly clean older cars.

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 most cars have to hit rock bottom in value, and MX5s are no exeption, it saddens me that i would be hard pressed to obtain  £5,000.00p for  my mint 2005 MX, its value has probably dropped £50 whilst i write this. Cry

back in the late ninteen fifties, when i was a very young man, traveling to a job in london, there was an open topped  late 1920s le-mans type Bently parked in a side street, with a fore sale cardboard proped in the screen, price £1,750.oop or near offer, what price now. Cry

years later in 1980, i bought a 1967 / 8 Triumph TR5 for £900.00p, fitted a new rear O/S wing and had it resprayed in original navy blue colour, and cleaned up the lovelly chrome wire wheels, etc, kept it two years and then sold on for £2,500.00p,  try to buy one of those now for less than £20,000.00p,  ive just seen one in a recent mag, priced at £38,950.00p. Cry

what goes round, comes round, and if you wait long enough, the MX5 will come round, sad to say, they are so good, and most are looked after so well, it will be quite a long time before they become thin on the ground, and start making big money,  in the meantime, wether its a mark 1, 2, 2-5, or 3, enjoy what you have, everyone. Wink

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 MX 5s are slowly becoming recognised as classic cars, most magazines have articles about them and they can be  insured as classics. The problem is slight  snobbery towards them, wheras Triumph, MG and the likes have long sporting heritage the mx5 is a Japenese sports car (albeit one the British should have built). The Honda NSX is another example of slight snobbery towards Japenese cars, a brilliant car but doesn’t get the status it deserves.

Another problem is there are just to many mx5s on the road, unlike British built  they seem to go on and on. The first sports cars I had were Midgets, Alpines and Triumphs and most were less than 10 years old but some were already suffering big time from rust and mechanical failure. In fact I was looking to buy a TR6 when my partner bought a mk1, soon as I drove it I thought ‘goodbye TR6 hello mx5’ we’ve now had 6 mx’s between us.

I’ve yet to fathom out the pricing of an MX5 the pricing seems to be all over the place. I’m sure at some point they will become true classics and pick up in value (especially the mk1) but I don’t think they’ve even hit rock bottom yet. So if you’ve got a spare barn, time to get looking and storing away for another 20 yearsSmile Or just drive and enjoy and forget about how much it’s worth.

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To be honest that was a hell of a lot of money back in the late '50s. Average earnings in 1958 were about £850 p.a. so that represents 2 years salary for the average man. About 70 grand in todays money. Not a lot for a classic Bentley in todays market but they weren’t revered in the same way back then.

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 We recently tried to sell our MK1. It has only done 60k miles, has stainless exhaust. new MOT, tyres and hood. I thought £1950 was fair but we didnt get one enquiry. If we had to sell I guess it would be around £1200, but as others have said it’s far too good to sell for that price so we will keep it.

We also have a Bungalow in Cliftonville that is in a desirable location etc that hasnt sold, nothing is moving at the moment unless you absolutely give it away…

 

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Ah!  The rubber bumpered MGB - what a travesty that was. They should have finished production in 1974 when American legislation dictated the new bumper heights and we ended up with the ensuing monstrosity - a legacy of the Ralph Nader years.  

 

 

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Strangely, the rubber bumpered cars, with stripey cloth seats and striping kits, seem to be coming back in vogue now. Truth be sold, the new impact regulations at the time produced some strange looking US-spec BMWs and Mercedes. And as time goes on, EU-driven pedestrian safety legislation is driving cars to a rather unattractive look.

 

Reviews of the time indicated that by 1970, motoring journalists considered the MGB to be done, particularly in relation to what was seen as the technically superior Fiat 124 Spider and the Honda S800, neither of which went on to be a rip roaring sales success. MGB sales were pretty solid throughout the 1970s, and actually rose slightly when the rubber bumpered cars came out.

 

Conversely, the MX5, introduced in 1989, hit its peak sales in 1991 (90-odd thousand in a year), and then, ever since, sales have slowly declined, with neither the NB and the NC doing that much to change that direction. Last year, worldwide MX5 sales were less than 18000 cars. (in the late 70s, MG were selling about 20,000 B’s a year, despite there being several rivals. Currently, the MX5 has no rivals).

 

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Having been a 5 owner for just 12months, I was surprised last year just how good an MX5 I could buy with a £1000 budget. MR2 mk1’s had all rusted away for that money, MGF’s had chronic head gasket failure, Barchettas too rare and expensive, TR7’s too foolish. RX7’s too complicated. By some way of confirmation, REIS would only insure my 91 Eunos for £1000 and said that that is usually the going rate for a tidy daily driver. I wasn’t the slightest bit surprised…

As for ‘classic’ status; why not? I’ve always considered (if we really want to open a tin of worms here) a classic to be any car that approaches the subject of ‘driving’ in a different or otherwise entertaining way. I wouldn’t consider a Toyota Corolla or a VW Polo a classic for instance. Do the job admirably, maybe, but not in any alternative way that I look for. A DS19/23 absolutely a classic. Dahaitsu Fourtrak? no, Land Rover Defender? of course, Nissan Sunny? you’re kidding me, Ford Sierra - it’s possible … and so on. Purely personal choice you understand but then so much of this subject is.

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I’ve been looking at prices again lately and the MK1’s are just not moving at all. I’ve not really looked at the others as I’m a MK1 fan. I really would like to buy a second one because they are such good bargains. Maybe I should consider buying a low mileage model and wrapping it up until it becomes a more sort after car. Big Smile

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Could be a good investment for the future. Have one for driving and one for a future classic Big Smile

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Then to play devils advocate…

http://www.ebay.co.uk/itm/120951708570?ssPageName=STRK:MEWAX:IT&_trksid=p3984.m1423.l2649

 

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Anyone know of good sources of historic classic car auction sale data? I found some of the auction houses do list past auction results going back 10 years, but the formats offered are awkward. I am working on some sort of way to figure out if/when Mk1 prices will begin to change, based on, say, MG behaviour (ie. for years a MGB was worthless; just a rusty old car, then one day, someone decided it should be worth a bit more; this is related to supply and demand; the suply bit is the easier part, the demand is harder).

 

I have more or less worked out the numbers of Mk1 MX5s and Eunos Roadsters in the UK now; the data tabulating the different models is out there in the public domain, you just need to be a bit clever how to interpret it.