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Australian
RAWS blocks RV8 imports from Japan! Gavin Brown in Tasmania reports that "the Federal Government closed the Low Volume Import Scheme in Australia on 7th May 2003. All existing compliance import holders have to meet new requirements and re-apply to become a vehicle importer. This has been done to reduce the number of importers and improve the quality of workmanship in achieving vehicle compliance required in Australia". He feels it could be "anything up to a year before the next RV8 will be imported to Australia again". This was first highlighted in our RV8 auction reports on 15th May. The feeling is there will not be a major impact on RV8 prices in the short term as it is Summer time in Japan now, but as Winter comes it will be interesting to see how prices move if Australian imports have not resumed as seems likely. The website for details of the Australian controls can be seen at http://raws.dotars.gov.au/index.html Our analysis opposite
suggestes RV8 prices at auctions in Japan will probably go flat
over the Summer 2003 but are likely to fall from say September as
the auctions see the effect of reduced overseas demand. So there
is likely to be a period of six, possibly nine months, from around
September 2003 when V8 enthusiasts seeking an RV8 should seriously
consider making their move!
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 V8 Register - MG Car Club But over the last 12 months or so prices have drifted up and Chris Watkins, who runs the leading RV8 reimporter HS Imports, reported last June that prices at auctions in Japan had risen to levels where "it was becoming increasingly difficult to buy good quality RV8s at sensible prices". Typically a good quality reimported Woodcote Green RV8 fully prepared for delivery to the UK market, had drifted up to between £14,500 to £16,000 - and even more for the sought after colours like Nightfire Red and Oxford Blue which are in short supply as reimports. (31.3.04) The factors contributing to that price increase were a combination of increased demand in the UK and a substantial demand for RV8s in Australia: UK demand: An increasing awareness amongst classic car enthusiasts in the UK of both the qualities and value of RV8s as a modern classic had been stimulated by several comprehensive reviews and reports of the model carried by specialist magazines like MG World. Australian demand: Over the last two years an increasing factor in the market has been the substantial demand from Australian purchasers so an increasing flow of RV8s had been leaving the auctions in Japan for Australia. Clearly the air-conditioning fitted as standard to Japan spec RV8s was a particular attraction for Australian members. Jim Dolbel's specialist RV8 website in Australia has been a particularly good information source too. Information on the V8 Website: Our comprehensive market reports, auction news and RV8 Workshop Notes support has been a popular source of information on the RV8 for prospective purchasers as we have seen from our detailed website hit reports. The V8 Website has also brought UK and Australian (and those in New Zealand!) members together, particularly through the V8 Bulletin Board. So where will prices go now? Well at the V8 Gathering at Hazeley Heath on 18th June 2003 a number of RV8 members discussed the latest news from Australia. The general view is prices at auctions in Japan will probably float over the Summer and possibly ease back a little, but once the Summer ends then prices are likely to fall back as a major part of the demand from overseas buyers will no longer be there. Just how far they fall back will depend on how many RV8s continue to come to auction from Japanese owners. The factors encouraging Japanese owners to sell at auction continue to be the high cost of the periodic "Shaken" test, vehicle garaging costs in Japan, and the reducing local support for servicing the model. They will continue to be strong factors together with the continued recession in the Japanese economy so it seems likely that this combination of factors will maintain the flow of RV8s to auction. So if the supply of RV8s going to auction holds up and there is a lower demand because the Australians are blocked, the price should drift down. So
our conclusion is there is likely to be a period of six, possibly
nine months from around September 2003, when V8 enthusiasts thinking
of getting an RV8 should very seriously consider making their move!
Other
useful notes
RAWS impact on Australian RV8 imports Reassurance
with RV8 reimports "Dirty seats" on RV8 auction reports Understanding RV8 auction reports RV8s for Sale - private & trade adverts Copyright
reserved by the V8 Register of the MG Car Club, PO Box 251,
Abingdon-on-Thames, Oxfordshire OX14 1FF
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