5 sales from Monterey that broke our price guide
From time to time a public sale changes how we perceive a car’s value. We call these breakout sales—ones that either mark a step change for a particular model’s value or otherwise put a car on the map for a broad base of enthusiasts. Breakout sales have been few and far between in 2018. Until Monterey Car Week, that is. Here are five that not only sold for higher than their Hagerty Price Guide value, but we think set a new standard.
2002 BMW M5
Sold at Gooding & Company for $176,000
Hagerty Price Guide: N/A
E39 M5s get high marks among BMW faithful for being the final analog expression of the company’s lauded sports sedan, but few people outside of die-hard bimmerphiles were likely aware that the best of these cars have eclipsed the $100,000 mark. This sale of a sub-500-mile example in a common color combination should help prove the point. Remember, however, that mileage and options hold sway for a car like this, and your neighbor’s 150,000 black E39 M5 did not just suddenly increase in value by an order of magnitude.
Sold at RM Sotheby’s for $140,000
Hagerty Price Guide: $42,200–$131,000
The 928 model has been soaring in the market for the last three years, having firmly escaped its red-headed stepchild status. The GTS spec and the 1995 model year occupy the top rung of the 928 hierarchy, and this example had just a touch over 4200 miles, which helps make sense of the $140,000 price tag. What qualifies this sale as a breakout, however, is that this particular car was equipped with an automatic transmission (a 20-percent hit to value according to the HPG), which has historically rendered many 928s as unsellable. You can bet that every owner of a low-mile 928 GTS with five-speed is making arrangements to bring their car to market.
Sold at RM Sotheby’s for $4.515M
Hagerty Price Guide: $899,000–$1,300,000
The Mercedes-Benz CLK GTR raced in period against the McLaren F1 and Porsche GT1, but hasn’t been competing at the same level as its peers in the market. The F1 is the most expensive modern car on the planet and Gooding & Company sold a street version of the 1998 Porsche GT1 for $5.665M in 2017. Meanwhile, hardly any of the homologated CLK GTRs have come to market with the last public sale at the 2015 Bonhams Goodwood Festival of Speed auction bringing a price of $2.4M. The Mercedes achieved a bit of parity with the Porsche in Monterey, however, as this CLK GTR set a new world record price for the model at $4.515M. Perhaps this will remind the market of this landmark car.
1987 Toyota Land Cruiser FJ60 SUV
Sold at Mecum for $34,100
Hagerty Price Guide: N/A
Toyota FJ40s, Jeep Grand Wagoneers, and first-generation Ford Broncos have all been high-profile leaders of the vintage SUV craze of the past few years, but fans of Land Cruisers know the FJ60 Series has been on fire too. What once were $6000 rigs all day are now easily $16,000, with the best approaching $30,000. Now, with the sale of this last-of-the-range, 150,000-mile 1987 model, make that exceeding $30,000. Reliable, understated, and stylish, and now the rest of the world can take notice.
Sold at Gooding & Company for $156,750
Hagerty Price Guide: $13,500–$64,500
Sure, the late 1970s aren’t remembered for blazingly fast cars, but the fact that this 4376-pound sedan was one of the fastest cars on the market in 1978 should impress anyone. For a long time this car’s complexity hampered values, but this $150,000-plus sale of a 19,000-mile example should be reason enough for long-time owners to address any deferred maintenance. A well-deserved spotlight for one of the S-Class’s most significant variants.