Spoke to someone today, and he commented about how my car will reach "Classic status" next year.

What happens when my 1998 XK8 becomes a classic? Does it increase in value?

Just curious

 

Classic status Anthony is a function of collective recognition of a car that it's special in terms of its design, not an automatic blessing that comes at a particular age.

The E-Type broke major new ground in automotive design and is thus now widely cherished as a classic. While the XJS that followed it was a distinct departure in design, few will credit it as any sort of milestone and the much lower market values reflect that.

The XK8, while the apple of my eye, even though it brought back much of the grace and timeless beauty that are the hallmarks of the D- and E-Types, didn't do much in terms of breaking new ground. Low prices reflect this but I'm okay with that as it made my dream of owning one attainable. I do expect that the combination of rarity (coupes at least), beauty, grace, and balance will help eventual appreciation of well kept examples (thanks to this forum). I love mine, regardless.

 

Well said.
Thank you.

 

Some people will attribute classic, with a small 'C" status to any car once it reaches 20 years of age. Most state vehicle codes will have different definitions of a historical vehicle.There are special license plates available, some times there are certain usage restrictions specified. Like use in hobby shows and parades. It might also qualify for some special types of insurance. I've read that there are usually use and mileage restrictions placed on collector car insurance plans. If they are restricted in mileage, or use, for example not driving the car to work, etc. I would not want to be in violation of the provisions my insurance in the event of a collision.

 

+1 to 150FHC..

Other than that we all be pushing up daisy's a long time before the 97-06 line of XKR/8 are ever considered "Classics" in the automotive enthusist circle.. drive them and enjoy them.

 

deleted duplicate post

 

Some insurance companies will give you a break on insurance for a 20 year old "classic car" if you have a second, primary car vs. a Primary car and 19 year old, non classic car.

They won't tell you unless you ask, however, since at least 5 of my cars were "classics" and only when I started complaining about my insurance costs did they mention it.

 

What happens when my car reaches "Classic status"?

What a great question, Anthony, and a really brilliant answer from [150FHC]. A pity he neglected to include the fundamental formula that underpins this sure-fire plan to fabulous riches . . .

• V(c) = {D(w) + Y(n)} x {P(a) - P(r)} x {B(l) / B(b)} - A(d)

Where . . . for those unfamiliar with the high powered maths involved in assessing the esoteric world of Series1 E-Types over many, many decades . . .

• V(c) = realizable value of "classic car"
• D(w) = the date wife gave up and left, after . . .
• Y(n) = number of years she put up with your Jaguar obsession;
• P(a) = actual purchase price, as actually paid to beaming PO;
• P(r) = reported purchase price; reported that is, to SWMBO . . .
• B(l) = accumulated blood loss from skinned knuckles;
• B(b) = diminished bank balance as "classic" status is achieved;
• A(d) = age at onset of dementia, when maths diminish to a singularity!

Now, how easy is that!
Those astute enough to note the effect of "division by zero" . . . will also have noted that as B(b) approaches ZERO, the resulting V(c) will approach INFINITY. I have noted this windfall phenomenon in my kid's legacy!

Cheers,

Ken

 

As a classic, parts get harder to find...And they become more expensive.

 

300 posts on this topic here and here for your reading enjoyment.

And since there was a 1996 model year XK8 in places such as the U.K., the 20th anniversary (= 'small c' classic event) actually occurred this year.

 

Haggarty and Grundy already consider my 18 year old 1998 XK8 a collector, and offer insurance as you describe.

 

Be careful about acknowledging "Classic" status with your DMV. Here is a great write-up on the subject:


Is Your Car Really Insured? a review of classic-car insurance


And as previously mentioned, local state laws have an impact too. In MD they just modified the laws pertaining to classics to specifically exclude driving to work. Oddly though, there is no annual mileage limitation. So long as you can claim you were driving to or from a "Club Event" of any kind you can drive thousands of miles without any impact to your liability. If you claim classic status, make sure you're aware of the local laws "and" talk to your insurance company first.

 

Yes, I agree.
I'm aware of this and part of the reason I raised the question.
I see certain companies acknowledge these cars as collectables, even though, they're not considered classic.
I can see where a grey area would cause a major problem for the insured in the event of a claim.
For that reason, for a few dollars more, I added my car to my existing policy rather than the collector policy.
I want the freedom to drive anytime , anywhere.

 

In answer to the original question, er, nothing. It's not a real classic and won't be for a few years yet. The problem is that it has a strong reliance on electronics and technology so parts will always be expensive and difficult to reverse engineer. Contrast that with a car such as the E type where you could make yourself a new car with a fabricator/panel beater and a machine shop. Because of this, cars are going to the breakers with even minor faults that were difficult/expensive to fix. That then means that the cars are worth more parted than on the road. Until that trend is reversed the XK8 will not be a true classic. Just a quick look through and classic car mag and you will find true classic cars for sale that are a total wreck, if it was an XK8 ,it would be parted, no true classics are ever sold for parts.

 

You are right, in future the merchandise of classic parts will for sure change, but this does not mean modern cars will not become classics.....
Just will change the basic tool needs, and knowledge (and maybe costs), of artisans that will repair them.
Audi Quattro Ur of mid 80s are already classics, even with electronics..... Same for Delta Integrale, i refer to Eu market.

 

Cars can go from Zero to OMG I've got to have it! overnight.

Jay Leno said the 1990's 500E's (the mercedes sports sedan assembled by Porsche) were a got to have it car last summer, worth $50K.

While watching the show, I go on Craigslist and I find 3 low mileage ones for less than $10K... and one is in Burbank, where Jay films his show - Ironic. Today, 6 months later, 150K mile cars are $16K, and people are asking $50K for low mileage cars on Ebay.

X-100 XKR's are faster than 500E's, XKR's handle better than 500E's, XKR's are better looking than 500E's and XKR coupes are rarer than 500E's. It's only a matter of time before people realize this. And the XKR's will bring the XK8 values up with them.

 

From your lips to Gods ears!

 

I was shocked reading threads on reddit's r/cars subforum and there were actual appreciative posts about the XJ and XK 8 and R models on there. It was years of nothing Jaguar other than F Type, and then a rash of X100 and X308 era posts. It was weird to see.

I think people are getting closer to appreciating these, but I don't know how much that will up the value. All I know is they're cheap to run and relatively easy to fix. I'm having fun is what matters.

 

My dad and I collected Mopars and AMC's for 20 years starting in the mid 1970's. We bought them because they were cheap and were easy to fix and also because nobody knew what they were or wanted them - 'Cuda's, Chargers, Roadrunners, AMX's, etc. Most people on the street thought a 70 Cuda was a 69 Camaro, a '71 Cuda was a 1969 Firebird and a '69 AMX was "some kind of a custom Mustang". Really. Actual car people, showing cars at car shows told me these things.

When Dodge came out with the Viper in the 1990's, a whole new buyer was interested in Mopars - People with Money. Having an Old mopar was a status symbol to a "Viper guy". It was like they were trying to convince other Viper guys that they were into Mopars first. The nostalgia craze brought back the "Hemi", then the retro challenger and the Mod colors.

The current New Jags are attracting non Jag buyers with money and interest in the Jags old and new. I don't care about appreciation, because i love My XK8 coupe and would love to buy them cheaply forever, but I'm afraid the supply will dry up and the secret will get out.

 

I am old enough to remember when the E-type came out in the early 60's, it was a sensation. By the time I was in junior college (1974) it was a has been. There was a guy trying to sell his convertible for 1,000.00 and I saw it in the student parking lot for the whole semester. ( Why didn't I buy it? Who wanted a leaky, old, worn out British car?) Twenty years later I was thinking of buying a car that I really wanted, a late Model MBZ 560 SEC coupe.There was a car lot that specialized in used, late model MBZs in Los Gatos. I found a beautiful green with palamino interior SEC. There was a nice E-type convert there for around 12 grand. Passed on both and bought a three year old Cadillac Seville STS for almost three times as much.( kept it ten years, was a great car for the first five!). Right around 1999 or so, I found a series two, FHC E type in my neighborhood for sale, asking 12, but ready to deal. a little worn, but not too rough. Passed on that one too.

Around 2006 or so, I had retired,and thought I might buy myself a dream car. Thought about used C5 Corvettes. and was looking at a late 70s or early 80s 911 coupe at a consignment lot in Santa Clara. It was a real nice car and it was selling for around twelve grand. I thought that it felt too much like a VW with the pedals pivoting into the floor and passed. Perhaps I shouldn't mention the first gen Viper I found on the same lot, around the same time for twenty five grand! Then my kids went to college and so did my money. Now I can't afford any of these cars!

The point of this stroll down memory lane is that most specialty cars will depreciate, and be unappreciated, at a certain point, and may languish at this point for a while. Then they will start the slow upward climb in price until they gain momentum and climb out of reach. The XK8s , especially convertibles are at that point now. They are probably worth less than most XJSs. The XK 8 is an amazing, beautiful, and for now, attainable car. I'm sure it will start to climb in value in the years to come. If you have one now, drive it and enjoy it. If you want one buy one now.

Did I tell you about the Aston Marten DB7 convertible that I passed on less than two years ago in LA for twenty five grand?