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Speaker 1: The Money Show, The Friday File, The Friday File.

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Speaker 2: Welcome back to The Money Show, Going to our Friday File.

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Speaker 2: Now something I'm really excited about talking eighties and nineties

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Speaker 2: classic cars. One thing that inspired me and the love

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Speaker 2: for cars during that time in Davidton was this particular thing.

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Speaker 3: Flight Writer, A shadowy flight into the dangerous world of

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Speaker 3: a man who.

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Speaker 1: Does not exist, Michael Knight.

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Speaker 3: A young loner on the crusade to champion the cause

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Speaker 3: of the innocent, the helpless, the lowerless in a world

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Speaker 3: of criminals who operate our.

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Speaker 2: Bill searching for kits that particular car that Michael Knight

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Speaker 2: used to whizz around with then save the world. A

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Speaker 2: SSH governor underwriting specialists for ITWO Classic Cars joins us

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Speaker 2: for our Friday File. Here to talk about the young timers,

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Speaker 2: and I think I should consider myself a young time

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Speaker 2: and now given the description, yere an emerging group of enthusiasts,

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Speaker 2: a car enthusiasts between the ages of thirty and forty

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Speaker 2: and sesh they're looking for some of South Africa's classics.

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Speaker 4: Good evening, Matteya, thank you for having me.

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Speaker 2: What type of cause are on that particular list? The

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Speaker 2: dream list for these young timers.

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Speaker 4: Well, it varies, but I think the most popular ones

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Speaker 4: for South Africa are your BMW box shapes, your golf

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Speaker 4: mock ones.

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Speaker 2: And looking at these type of investors, I mean, when

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Speaker 2: we look at car investing, and especially vintage car investing,

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Speaker 2: you always imagine, you know, someone in a bow tie,

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Speaker 2: silver gray hair, and you know they've got all this

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Speaker 2: investment money to spend. But when you say the market

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Speaker 2: is getting younger, why the interest?

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Speaker 4: So we have seen specifically in the South African classic

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Speaker 4: car market it's now being led by collectors in their

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Speaker 4: thirties and forties, so we commonly refer to them as

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Speaker 4: the young timers. These people of this age demographic are

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Speaker 4: now at their peak earning power and they tend to

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Speaker 4: purchase cars that represent their childhood memories, cultural status and

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Speaker 4: basically just achieving a lifelong milestone.

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Speaker 2: And looking at some of the South African classics, whether

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Speaker 2: it's the E thirty BMW or the Opal Cadet, you know,

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Speaker 2: what are the ones that are you know still right

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Speaker 2: up there? The calls that you're getting to say, this

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Speaker 2: is what I'm looking for, this is my dream car.

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Speaker 2: Can you make it happen?

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Speaker 4: So specifically I think over the last twelve months, it's

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Speaker 4: definitely the BMW E thirty. It was fifty years for

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Speaker 4: the three series last year, and that created a huge

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Speaker 4: circus around it, if if I can put it that way,

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Speaker 4: it just peaked everyone's interest. The history behind the car

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Speaker 4: came back. You know, when you say the chickens come

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Speaker 4: home to roost, that's exactly what happened around the three

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Speaker 4: series over the last twelve months.

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Speaker 2: But more than the popular ones. I mean, you still

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Speaker 2: had your Ford Cortinas from that era and other interesting

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Speaker 2: alpha romeos that people are looking for. You know, is

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Speaker 2: there a wide capacity to feed this market, the growing

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Speaker 2: market of young timers.

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Speaker 4: Yes. And I think what was actually very interesting is

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Speaker 4: when you mentioned your Ford Cortinas, your Opal super buses.

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Speaker 4: It is collectible vehicles that are of the lower value

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Speaker 4: but still increasing in value. So it talks specifically to

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Speaker 4: the young timer demographic because it is a vehicle that

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Speaker 4: they have aspired to own, but also something that is

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Speaker 4: now affordable for them. If you see how the Opal

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Speaker 4: superbars has increase over the last two to three years,

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Speaker 4: it went from three hundred thousand and it's now sitting

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Speaker 4: in about seven hundred thousand your Ford contain, as you

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Speaker 4: could pree, the whole Ford range from that era is

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Speaker 4: also becoming very popular. It's also driven by car clubs.

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Speaker 4: You know, you buy a specific car, you be a

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Speaker 4: member of the club, or you aspire to be a

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Speaker 4: member of the club, and you set your mind on

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Speaker 4: purchasing that particular car, Alpha, Ford, Mazda, they all are

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Speaker 4: growing clubs of interest.

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Speaker 2: Look, I think there are a lot of young boys

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Speaker 2: and girls that are still trying to feed the child inside.

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Speaker 2: I mean, that's why we're having this young times. And

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Speaker 2: I suspect also women looking for those cars that they

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Speaker 2: loved when they were younger. Are you also seeing a

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Speaker 2: growing number of women looking for some of these specs.

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Speaker 4: Yes, that has been on the horizon and on the increase.

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Speaker 4: A very interesting thing happened a few years ago when

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Speaker 4: I joined Concourse South Africa as part of the Io brand.

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Speaker 4: We were partnered with the event and it was so

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Speaker 4: heart warming to see a female actually when Car of

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Speaker 4: the Year.

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Speaker 2: Wow.

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Speaker 4: So it's something that we as females we can achieve.

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Speaker 2: I think when people hear someone says classic car, they're

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Speaker 2: thinking nineteen thirties, forties, fifties, sixties, but rarely do they

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Speaker 2: think it's a car that's twenty years or older. But

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Speaker 2: that is the typical definition of a classic car. So

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Speaker 2: a two thousand and five model is already looked at

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Speaker 2: something that could be classic, especially in its infancy, but

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Speaker 2: going forward into the next few years. So for someone

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Speaker 2: between the thirties and forties as an investment vehicle, is

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Speaker 2: there something that's also becoming more popular, something they would

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Speaker 2: like to reserve and keep.

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Speaker 4: That's quite a broad question. The whole motor scene is growing,

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Speaker 4: and I think the best advice is buy the car

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Speaker 4: you genuinely want to own, not one that you hope

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Speaker 4: will perform the best. If you make this a rule,

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Speaker 4: it doesn't matter if the market stop rising, you'd still

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Speaker 4: be happy to own this car. It's a personal choice.

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Speaker 4: It's an emotional choice. Yeah, just something that you love.

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Speaker 1: I mean.

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Speaker 4: I read a very interesting story where a young guy

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Speaker 4: said he was asked why he specifically bought an Alpha,

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Speaker 4: and he said, as a young boy, he had a

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Speaker 4: poster for an Alpha in his room and it started

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Speaker 4: a fire, and when he was old enough to actually

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Speaker 4: buy that car, it reignited the fire, the passion and

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Speaker 4: the emotion yeah.

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Speaker 2: I think we all would like a rematch with some

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Speaker 2: of the engines that were most popular back then. But

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Speaker 2: as an insurance conversation, you know, when you buy a

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Speaker 2: normal car that's released in twenty twenty six, there's already

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Speaker 2: a good value in the car, and the insurer you know,

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Speaker 2: gives you a rate. When it comes to such cars

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Speaker 2: investment vehicles, what is the conversation around insurance and how

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Speaker 2: do you value the particular car. You're looking for original parts,

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Speaker 2: what are you looking for?

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Speaker 4: Okay, so look, specialized insurance is critical for classic and

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Speaker 4: collectible vehicles. These cars behave very differently, both financially and

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Speaker 4: practically from your everyday cars. Your standard mode insurance is

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Speaker 4: designed for depreciating and replaceable vehicles, whereas classic cars are

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Speaker 4: exactly the opposite. The ITO Classic car policy is not

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Speaker 4: just designed to look after your investment, but to protect

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Speaker 4: your passion as well. The policy issued specifically on an

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Speaker 4: agreed value basis because if you look at your standard

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Speaker 4: motor values for vehicles that are older than twenty years,

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Speaker 4: it will never reflect the correct value of what that

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Speaker 4: vehicle is today. And obviously the valuation needs to take

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Speaker 4: into consideration originality and if the parts are no longer available,

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Speaker 4: how close to original has that car been restored, So

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Speaker 4: all of those factors are taken into consideration when value

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Speaker 4: in the vehicle.

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Speaker 2: Do you have this conversations with some of your clients

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Speaker 2: around the restoring of vehicles into so much the cost

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Speaker 2: would be that investment would be in making sure that

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Speaker 2: they value raises.

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Speaker 4: Absolutely so every year we ask our clients to please

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Speaker 4: relook at the value on their vehicle. They might be

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Speaker 4: happy with it at the current value, but we also

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Speaker 4: have to take into consideration the exchange rates and what

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Speaker 4: it would cost to bringing parts that are no longer

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Speaker 4: available in this country. Very important for an owner to

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Speaker 4: make sure that all of those factors are taken into

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Speaker 4: consideration every year when re looking at the value of

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Speaker 4: the investment car.

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Speaker 2: Now, these cars are not quite easy to find and

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Speaker 2: unless you're in Parkhurst on a Sunday and somebody is

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Speaker 2: going on a drive and you happen to spot one.

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Speaker 2: So how do you make sure that you get the

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Speaker 2: right alert for the type of car you're looking for,

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Speaker 2: whether it's a Jaguar, whether it's an old SL five

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Speaker 2: hundred Mercedes. You know, other clubs and other avenues that

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Speaker 2: people can look at to try and find the engine

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Speaker 2: they're looking for.

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Speaker 4: So the fact that the whole classic and collectible demographic

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Speaker 4: has shifted to the young timer, the whole organization around

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Speaker 4: classic and collectible cars had to shift. So you're seeing

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Speaker 4: a lot more classic cars being sold online. There's a

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Speaker 4: lot of online auctions. There's also specific people in the

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Speaker 4: industry that will find a car that you're looking for.

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Speaker 4: So if you are saying that you want a Jag,

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Speaker 4: that person will give you a few options. They will

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Speaker 4: god into the market, they'll see what they can find.

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Speaker 4: Another interesting thing is Mercedes Being's W one three turns

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Speaker 4: fifty this year and that is going to encourage people

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Speaker 4: to It's going to PIAUK their interest to collect that

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Speaker 4: particular model, and they will then reach out to the

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Speaker 4: relevant people that are in this network to try and

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Speaker 4: find these vehicles for them.

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Speaker 2: I'm sure it's quite hard to have clients, especially if

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Speaker 2: you're buying a car from someone for them to let

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Speaker 2: go of their elu maybe a car that they their

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Speaker 2: dad used to drive, or a car that's been in

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Speaker 2: the family for twenty to twenty five years. How do

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Speaker 2: you convince the sellers to let go of some of

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Speaker 2: these cars, because I mean they can be quite attached.

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Speaker 4: That is very difficult. If someone wants to sell the car,

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Speaker 4: they will, and it is a very hard thing to

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Speaker 4: actually convince them to let go of it if they

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Speaker 4: you know, if it's an emotional purchase, so they won't.

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Speaker 4: And a very interesting thing from an insurance perspective is

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Speaker 4: ninety percent of the time if the clients had an

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Speaker 4: accident in the vehicle should be a write of because

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Speaker 4: the cost to repair it is higher than what the

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Speaker 4: actual value is. They would opt to actually keep the

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Speaker 4: salvage and restore the vehicles themselves because it is such

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Speaker 4: an important aspect of their lives. So it's very hard

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Speaker 4: to get someone to let go of their vehicles.

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Speaker 2: Well, Sessa, I'd like us to pause on our conversation

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Speaker 2: a little bit. They've got a voice note from a

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Speaker 2: listener called Ray around this particular topic.

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Speaker 5: Hi, good evening. I'm Ray here and I drive a

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Speaker 5: three hundred se Messages bands which was not used much.

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Speaker 5: Bought it from some older men. In fact, the mileage

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Speaker 5: in that car is just of one hundred thousand kilometers

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Speaker 5: Anti two model. Does it have any value? Thank you?

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Speaker 2: Well, I would think it does have value given the

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Speaker 2: kilometers on that just over one hundred thousand from a

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Speaker 2: nineteen ninety two model, says, are you more experienced than

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Speaker 2: I am? Would you look at that particular car and

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Speaker 2: maybe look for original documents and things like that?

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Speaker 4: Yes, I look. The provenance of the vehicle is very

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Speaker 4: important and that adds to the value of it. The

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Speaker 4: three hundred a se specifically, it was considered a luxury

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Speaker 4: flagship in its era, and considering the mileage that the

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Speaker 4: vehicle's done in comparison to its age, it is one

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Speaker 4: hundred percent a classic collectible.

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Speaker 2: And if somebody is looking to, you know, let go

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Speaker 2: of of one of these or maybe get them valued,

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Speaker 2: what should they prepare themselves for it before they call

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Speaker 2: their valuator? For instance? What should be in mint condition

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Speaker 2: to make sure the car passes.

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Speaker 4: I think the biggest thing is to make sure the

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Speaker 4: car is clean, which is a bit of a redundant

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Speaker 4: point because classic and collectible enthusiasts always clean and polished

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Speaker 4: that car every single Sunday. The biggest thing to be

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Speaker 4: would be parts and you know, aspects of the vehicle

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Speaker 4: that you've replaced, to make sure you've got receipts back

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Speaker 4: then cars came out with log books. So to have

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Speaker 4: that history and the pervalance of the vehicle is what

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Speaker 4: a value is going to look for when they are

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Speaker 4: putting a price on that vehicle.

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Speaker 2: Do we have bond finds in South Africa? Do you

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Speaker 2: know where you could be, you know, stumbling on a

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Speaker 2: farm somewhere in the Free State and you find a

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Speaker 2: Cortina that's in mint condition from the eighties. Do we

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Speaker 2: have bon finds in South Africa? Or is it a

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Speaker 2: bit tougher in our market to find you know, classic

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Speaker 2: cars in a normal neighborhood.

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Speaker 4: So it's not a regular thing, but it is a thing.

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Speaker 4: A few years ago there was a Bard find that

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Speaker 4: had over one hundred classic vehicles and that went on

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Speaker 4: auction in three parts. So it is a reality in

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Speaker 4: this country that we do have bound fines.

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Speaker 2: And what would you say to somebody that's a young

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Speaker 2: timer looking to get invested in this particular vehicle, if

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Speaker 2: you will this form of investing, What should they prepare

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Speaker 2: and what kind of reality are they facing? I mean,

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Speaker 2: is this a car that's going to be running or

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Speaker 2: is this something that's good to look at.

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Speaker 4: I think the biggest thing is to buy on condition

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Speaker 4: and not on potential. The biggest mistake new buyers and

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Speaker 4: new collectors make is underestimating restoration costs. The project is

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Speaker 4: always a little bit more expensive than you would anticipate.

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Speaker 4: We've got to think about importing parts because vehicles of

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Speaker 4: that age it's not always regularly available in the country,

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Speaker 4: so labor part price. It's the biggest cars driver today

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Speaker 4: and the best thing to do is buy and condition

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Speaker 4: and not potential and.

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Speaker 2: Sush before I let you go. Other international buyers that

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Speaker 2: come into this African market for you know, cars that

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Speaker 2: are considered ghosts elsewhere but are quite readily available here.

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Speaker 4: Yes, we do see a lot of cars being imported,

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Speaker 4: but that is for various reasons. It is one international buyers.

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Speaker 4: I'm looking for something very specific to South African history,

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Speaker 4: culture and legacy. And then you also get your vehicles

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Speaker 4: that sadly leave the country because people do immigrates.

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Speaker 2: And just lastly, in the industry that you're in, and

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Speaker 2: I'm sure you've seen quite a lot of beauties in

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Speaker 2: your day. Just some of the best deals you've been

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Speaker 2: involved in cause that you've seen that you think you'd

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Speaker 2: like to have in your own girl.

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Speaker 4: I don't play favorites for sales or your two I

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Speaker 4: tell you exactly which one it is. But look the

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Speaker 4: itoclassic car product. It started eight years ago and it

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Speaker 4: was born out of pure collector passion and passion for vehicles.

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Speaker 4: So our policy, although it is a short term insurance policy,

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Speaker 4: which is a grudge purchase for many, it's not only

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Speaker 4: designed to look after your asset, but we're also here

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Speaker 4: to protect your passion because we understand classic and collectical cars,

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Speaker 4: We understand the collector market. It is an investment piece.

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Speaker 4: You might not see it immediately, but it is a

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Speaker 4: growing investment and I think the biggest thing is to

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Speaker 4: just enjoy it, because a car is meant to be driven,

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Speaker 4: all right.

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Speaker 2: That was Sish Governor, underwriting specialists for ITWO Classic Cars,

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Speaker 2: talking about young timers, the young investors in the classic

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Speaker 2: cars from the eighties and the nineties and even the

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Speaker 2: early two thousands before the Verpas, there were other great engines.

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Speaker 2: Are great conversation there for our Friday File