When did the price of MGBs drop so drastically?

I was looking through Facebook marketplace and typed in MGB.  I can't believe how cheap the asking prices are.  Nice ones for sub $3K.  When did this happen and why?  Just a few years ago, they were fetching the same prices as TR8s and 2 to 3 times the money for a TR7.  Now they are the same prices as TR7s and TR8s are routinely fetching $20K plus.  On the positive side, I dragged home my 2002 race car yesterday.  Its been in storage for 5 years or so.  Back when it was stored I figured it was worth $7500 to $10K.  Now after looking at whats out there for $15K and more, I think I am going to ask $25K for mine.  Looks like the spares I have are worth $10K alone.  Have to do something.  Driveway looks like the starting grid of a Vintage race with all the 40 and 50 year old sports and race cars.

tr8todd said:

  Driveway looks like the starting grid of a Vintage race with all the 40 and 50 year old sports and race cars.

I fail to see the problem?

I think the MGB has been a cheap entry-ish level sports car for a long time, but you can get more competent sports cars for similar or less money. Plus it's a bit of a demographics thing - I think the people who aspired to own an MGB are selling, not buying, these days.

I'd still like another MGB GT (I owned one in the UK that was on its last legs but still fun to drive), but then again I didn't get the grey hair with hair colouring. The thing is, trying to get it anywhere near where it's going to be fun and potentially trackable is going to cost a fair bunch of money. But I still wouldn't mind one with a V8, Sebring arches and upgraded and thus working suspension.

In reply to tr8todd :

Sounds like an opportune time to take some profits and become MGBTodd

I have a MGB.  About 22 years ago I confiscated it from a friend that was letting it languish.  Its a former SCCA showroom stock race car that was converted into a modified flared fender autocross car.  When I started cutting away the rusted sheet metal at least 30 dash plaques fell out from in between the rear inner and outer fenders.  Must have been a box of them that tipped over at one point.  They mostly consisted of SCCA regional and national races and SCCA regional and national autocross events, but there were a few hillclimb events in there as well.  All from the 70s early 80s.  I did all the metal and fiberglass work on the car and pushed it to the back of the garage.  Have not touched it other than to roll it around in 20 years.  Had it long enough, its old enough, wish it would just move out already.

https://appleton.craigslist.org/cto/d/little-chute-mgb-gt/7211087108.html

tr8todd said:

I have a MGB.  About 22 years ago I confiscated it from a friend that was letting it languish.  Its a former SCCA showroom stock race car that was converted into a modified flared fender autocross car.  When I started cutting away the rusted sheet metal at least 30 dash plaques fell out from in between the rear inner and outer fenders.  Must have been a box of them that tipped over at one point.  They mostly consisted of SCCA regional and national races and SCCA regional and national autocross events, but there were a few hillclimb events in there as well.  All from the 70s early 80s.  I did all the metal and fiberglass work on the car and pushed it to the back of the garage.  Have not touched it other than to roll it around in 20 years.  Had it long enough, its old enough, wish it would just move out already.

That sounds exactly like a car someone here will snatch up. 

I think the answer is obvious if you follow this forum.  The answer is Miata.

If someone wants the small roadster driving experience and the choice is between a MG or a Miata...   Just saying.

I also think the fact that MGB's are so easy to restore (easy to get parts etc), there are a lot of restored ones out there and the market for people who would want to buy one and not a Miata is shrinking.  Sounds like the market is adjusting for reality.

I still think MGB's and Midgets will be good cars to have to eventually convert to electric.  Smaller, lighter battery options will likely be needed to make that practical though.

The people who want a B are getting too old to put up with the difficulty of buying parts that are not fabricated from cheese, the washing of the garage floor, the roof that lets wind in, tightening spokes, fighting with E36 M3ty modern gasoline running through antique carbs...

They are losing value because there are more cars, than there are people who want them.  See Model A, tri five Chevs, and soon late 60s muscle cars.

I hear you but I think the late ‘60’s muscle cars jumped a generation gap somehow.  Probably via Vin Diesel type movies.  I was born in ‘70 and I’m still interested in them.  Have friends born in the ‘80’s who clamor for a ‘67 - ‘72 big cubed American performance car.  But eventually they’ll go the way of the Model A, T, and brass-era cars.  Niche market only.  Just not anytime soon.

I don't think MGBs ever got expensive. There have always been cheap ones. 

Part of the explanation is that the 'good' ones stayed expensive and the 'bad ones' were always cheap.

Bearing in mind that until the Miata, they made more MGBs than any other sports car - over a half million in all the versions.

Good ones are the earlier ones with less smog equipment, up to around 1974. Some would say the peak was 1968 when the early engine spec was matched with the new all synchro trans.  They were a good honest sports car just like the early Miata, and had 95/98 bhp gross. By the time the factory had installed a single carb lower compression engine with restrictive exhaust on them, they were down to 62.5 raging horsepower and the factory had met North American bumper height regs by just jacking the suspension up, ruining the handling. 

Early chrome bumper MGBs that haven't already been restored are more expensive as well as being more expensive to restore, while the late cars bring low prices commensurate with their performance capabilities, although they are a bit less expensive to restore.

The late cars are perfectly acceptable for sedate cruising (which is all many owners want) and because there are a plethora available for sale, the prices are modest, which brings down the average price even though the more expensive early cars still bring a better number. 

Keith - the only expensive ones have been the rare MGB GT V8s and the MGC straight 6 variant. I owned one of the latter and it was a lot of  fun after I had massaged the performance a little.

In reply to wspohn :

About the same time Jaguar XKE's went through the roof. 

The market for MGBs dropped approximately 24 hours before I decided to sell my 'GT.

Streetwiseguy said:

The people who want a B are getting too old to put up with the difficulty of buying parts that are not fabricated from cheese, the washing of the garage floor, the roof that lets wind in, tightening spokes, fighting with E36 M3ty modern gasoline running through antique carbs...

They are losing value because there are more cars, than there are people who want them.  See Model A, tri five Chevs, and soon late 60s muscle cars.

I've been saying this ^^^ was going to happen for a loooong time. Back in the 60's & 70 there were only old cars from say the the 30's up that anyone was really interested in. So 30-40 years of cars. Now there's 80-90 years worth of old cars to pick from AND they were made in much larger quantities.

In reply to NOT A TA :

Now if only there were a few fewer people interested in Cord 810s...

I guess the high end stuff is going to stay high end. And I'm not talking about about "1 of 3 RoadRunners in funny purple with a five-and-a-half-pack".

In reply to Keith Tanner :

Not even in the UK?

Maybe I was too broke when I was younger but they always got filled under unobtainium to my mind.

In reply to nutherjrfan :

There have always been some cheap ones in the UK - I think I paid about 600 pounds for mine in the early 2000s - but in most cases it is/was a case of "your battery needs a new car".

But they were more expensive that we're seeing over here, especially right now.