How Collecting Cars lets drivers ‘cheat the system’

Former Top Gear host Chris Harris says car enthusiasts sick of being ripped off can ‘cheat the system’ with this new tool designed to help buyers.

An auction site established to take on car dealers and classifieds giants is giving Aussie drivers fresh ammo in the fight for a fair deal.

Collecting Cars, a platform started by UK car salesman Edward Lovett and supported by former Top Gear host Chris Harris, is helping close the gap between the prices cars are advertised for, and what they are actually worth.

Collecting Cars spokesman Chris Harris says people should not wait to get their dream car.

The company sells hundreds of cars in Australia, publishing sale prices as a public resource for buyers and sellers.

“We’re here to show transparency and what cars actually transact for,” Lovett says.

“The reason we started the business in the first place is because the frustration of looking at classifieds at prices that are not in line with the market.”

Collecting Cars is currently selling a Porsche raced by Bathurst legend Jim Richards.

Some of the cars listed for auction are high-dollar collectables such as a Ferrari 550 Maranello owned by Jamiroquai singer Jay Kay, or a Porsche 911 Turbo driven to victory in three Targa Tasmania rallies by legendary driver Jim Richards.

But there are also plenty of bargains available for less than $30,000, including early examples of the Mercedes-Benz SL, Honda Civic Type R, BMW M3, Subaru WRX and Porsche Boxster.

Collecting Cars sold a 1997 BMW M3 in January for $24,500.

A quick comparison of asking prices on popular classifieds websites with auction sales results shows average asking prices for collectable cars such as Ford’s Falcon GT, the Porsche 911, Ferrari F355 and Nissan Skyline R32 GT-R are about 25 per cent higher than those paid on Collecting Cars.

The Nissan Skyline GT-R is a cult classic.

That equates to significant savings – about $33,500 on a Skyline GT-R (one recently sold for $63,500), $46,000 on the previous-generation Porsche 911 Carrera S (yours for $134,000), and a whopping $66,000 on the last high-performance Holdens – HSV’s GTS R W1 (one sold in January for $350,000).

Many late-model HSV have kept cars hidden away to increase their value.

Harris says public auction results “are exploding the market in a good way”.

“I’m very proud of what we’ve done with collecting cars,” he says.

“One of the things that I love the most is this emerging resource of prices, because I think anyone that’s that is into cars and this side of car ownership is fascinated by what stuff is worth.

“You’re always trying to spot the bargain, you’re trying to cheat the system.”

Collecting Cars spokesman Chris Harris.

Lately, it hasn’t been easy to get hold of new cars intended for enthusiasts.

Models ranging from the affordable Toyota GR Yaris or Honda Civic Type R to the millionaire-spec Porsche 911 GT3 RS have attracted interest from “flippers” or “speculators” hoping to move cars on for a profit.

Porsche customers have asked for more than $1 million to part ways with their 911 GT3 RS.

But Harris says there are signs that “people that have bought cars for the wrong reasons, for the wrong money” are being burnt as prices soften and vehicle supply improves.

“People just want to go around bragging about how much money they’ve made on nearly new cars, and hopefully that will go away for a while now,” he says.

“The only investment anyone should be making with their car is investment in their own time, their own fun, their own passion, because these are objects that we can’t control.”

Collecting Cars sold a new Corvette for significantly less than showrooms are asking.

Lovett agrees that “clearly, post Covid, we had a massive rebound and everyone was wanting to spend cash – there was a massive shortfall from manufacturers on cars”.

“There were huge waiting lists and I don’t think anyone predicted that almost overnight those waiting lists would just disappear.

“I think a lot of manufacturers have been caught out with that, but clearly so have the owners and the speculators.”

What sort of cars should enthusiasts be buying?

Harris reckons that the march of electrification should encourage people to pounce on the petrol-powered cars they always wanted to own, before it’s too late.

“My view of this at the moment is we should be doing the things that we might not be able to do in five years time,” he says.

Chris Harris recently bought a V10-powered BMW.

“I’ve just bought a V10 BMW M5 touring that’s done 128,000 miles (206,000 kilometres).

“It is a bomb. It’s not a question of ‘if it goes off’, it’s ‘when’ … I think now is the time to indulge in your fantasies and indulge in the stuff that you never bought because you were too scared.

“Because it’s gonna end soon.”

Originally published as How Collecting Cars lets drivers ‘cheat the system’