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***STICKY*** Gen1 NSX Current Market Analysis

SO that's what it sold for

$80,300.

And for posterity:

JH4NA21635S000182

2005 NSX - Black/Onyx six speed, mileage at 36,334.
 
STATE of the MARKET

THE BEST OF TIMES

September has been a tumultuous month in the NSX market. Firstly, the highest-strength sale prices of the year were recorded for the NA1 Coupe Manual and NA2 Targa (97-01) Manual.


  • NA1 Coupe, +26% strength (with respect to nominal 2019 market)

  • NA2 Targa, +22% strength

THE WORST OF TIMES?

Now for the other side of the coin. The last 5 NSX sales, all in a 7 day period, have been some of the weakest recorded, resulting in sale prices not seen since 2015.


  • NA1 Coupe, -18% strength

  • NA1 Coupe, -22% strength

  • NA1 Coupe, -19% strength (salvage title)

  • NA1 Coupe, -15% strength (accident)

  • NA1 Coupe, -5% strength

OBSERVATION

One sale price alone should not be held in high regard, but 5 consecutive NSXs selling for a weak price is worth mentioning. It is highly irregular for the market to swing so suddenly from strong to weak in such a short frame of time. Whether this is a sign of further weak sales remains to be seen, but these observations suggest that something has suddenly influenced the NA1 coupe market at minimum. The discussion above about the 2005 NA2 Targa may or may not factor in as well; there is too little 02+ data this year to make a conclusion. Needless to say, I will be watching further upcoming NSX sales with great interest and make note of any trends.
 
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Do you (or are you able to) track how long the current seller owned the car at the time of sale? Wondering if the sellers are flipping.
 
Have you considered factoring in paintwork and/or cosmetic condition into your calculations?

I ask because, anecdotally, the biggest thing I'm seeing in the current market for early cars is buyers for "driver" examples falling away considerably, and not being willing to spend as much as they were. This echoes what happened in the European classic car market, especially the Porsche market, over a year ago.

The "collector" examples that retain all original paint, bubble-wrap condition, have all their books, keys, window sticker, etc. (stuff only the collectors care about and are willing to pay for) are still quite strong, but that's a totally different group of buyers who generally already own much more expensive cars and are less price-sensitive at this level.

That said, I still think that the six-figure prices seen for some low-mileage NA1 cars were way too high and will likely soften as well. There are a lot of NA1 out there and demand cannot keep up with the supply at these prices.

It seems to be a good time again for enthusiasts to purchase an early NSX, and might get even better as we head into the typically slower winter months.
 
RyanRA said:
Do you (or are you able to) track how long the current seller owned the car at the time of sale? Wondering if the sellers are flipping.
Click to expand...

This is one of the few things I don't track. However, I can still get insight into a "flip" if a VIN is provided at both the sale and the relisting. When this data is observed, NSXs that sell at auction can return to market at an inflated listing price as a dealer listing a few months later, but I don't have a way of knowing what percentage of sales meet this criteria. Since all 5 of the recent weak NA1 sales had VINs provided, I will be able to tell if they are relisted by dealers and I am curious to see how many of them will be relisted in this way.

Sterling Sackey said:
Have you considered factoring in paintwork and/or cosmetic condition into your calculations?

I ask because, anecdotally, the biggest thing I'm seeing in the current market for early cars is buyers for "driver" examples falling away considerably, and not being willing to spend as much as they were. This echoes what happened in the European classic car market, especially the Porsche market, over a year ago.

The "collector" examples that retain all original paint, bubble-wrap condition, have all their books, keys, window sticker, etc. (stuff only the collectors care about and are willing to pay for) are still quite strong, but that's a totally different group of buyers who generally already own much more expensive cars and are less price-sensitive at this level.

That said, I still think that the six-figure prices seen for some low-mileage NA1 cars were way too high and will likely soften as well. There are a lot of NA1 out there and demand cannot keep up with the supply at these prices.

It seems to be a good time again for enthusiasts to purchase an early NSX, and might get even better as we head into the typically slower winter months.
Click to expand...

Good question Sterling. I always value your broader market insights and anecdotes. I do perform a judgement on maintenance grade on the NSXs in my database (positive points for completed maintenance, negative points for listed issues, overdue maintenance, or a severely noticeable lack of presentation), but the difficulty in judging an NSX's visuals from pictures alone is a large limiting factor for me.

With this in mind, of the 5 low-strength sales, I would place these 2 in the collector camp firmly above the other 3.


  • NA1 Coupe, -18% strength

https://bringatrailer.com/listing/1992-acura-nsx-36/


  • NA1 Coupe, -15% strength (accident)

https://bringatrailer.com/listing/1992-acura-nsx-35/

I will be eager to see where further NA1 sales will trend.
 
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The silver car had previous accident damage resulting in a replaced quarter panel, an aftermarket steering wheel, stereo issues, some underbody rust, etc. The car presented nicely but these things turn off the types who pay top-dollar prices.

The black car, I agree was nice, although it was in the snap ring range which hurts it. The only other thing I can really point out on that car is the front fender dent / ding, which would require some paintwork or bodywork to repair. Something as small as that can be a turn-off when you're paying serious money for an otherwise very nice NSX. Still, a disappointing result for that seller that probably should have been $10k higher.

I appreciate that you value my anecdotes - your data is definitely more verifiable than anything I can say, but I do have good perspective when it comes to why buyers think (and vote with their dollars) in the way they do, as I deal with them on a daily basis. :D
 
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RSO 34 said:
Sold for $80,500
Click to expand...

$84,525 after 5% BaT buyer's fee.

For reference I sold my very similar '02 Silverstone / Onyx with 25k miles back in mid-2016 for $85,000 after 2 weeks on sale.

It's good to see that these later cars are remaining relatively stable in terms of actual selling prices over multiple years, that's the hallmark of a healthy market free from unhealthy speculation in my opinion.
 
Sterling Sackey said:
The silver car had previous accident damage resulting in a replaced quarter panel, an aftermarket steering wheel, stereo issues, some underbody rust, etc. The car presented nicely but these things turn off the types who pay top-dollar prices.

The black car, I agree was nice, although it was in the snap ring range which hurts it. The only other thing I can really point out on that car is the front fender dent / ding, which would require some paintwork or bodywork to repair. Something as small as that can be a turn-off when you're paying serious money for an otherwise very nice NSX. Still, a disappointing result for that seller that probably should have been $10k higher.
Click to expand...

All good examples of the special factors that can sometimes affect the sale price of an NSX and how mileage alone cannot solely determine value. I'll be curious to see the next fully-collector grade NA1 sell
 
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I figured the market was going to soften and think I sold mine at a good time when I did (Aug 19)

Looking at some of the latest prices on BaT I did really well....

1992 wrapped white on black with 144,445 miles snap ring range well maintained but was due tb/wp
asked $43.500 got $42,000 in less than a week on Prime.


I figured the C8 was going to put pressure on all NSX's considering what you can get for $59,500.... not that people cross shop those cars, just the sheer fact at what you can get for your money these days there are a ton of choices and the C8 is one hell of a bargain and it's testing very well.
 
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For what it's worth, in auction environments the consequences of a shortage of bidders and a surplus of vehicles has a very exaggerated effect on sale prices that can compound over a short period of time. One of my thoughts this year about BaT is that while it's quite a site and marketplace, it isn't always as great as people think. In the auction markets I've dealt with, sometimes the demand for a product can drop but the supply will stay consistent. At that point the bids can drop significantly as the sales require two aggressive buyers for decent sales. Without aggressive bidders, auction prices tank (regardless of the quality or market value of a car), while retail markets may stay stable and will weather a short term storm.

I don't know if you do this, but I would be super curious to see how seasonality affects pricing of auction vs. retail. In my experience, auctions get hit the hardest by the weather. The NSX market is so small that it is probably not possible to see. Sometimes national markets fluctuate while SoCal stays reslient, which is one way I gauge things. If I were BaT, I'd be reducing the supply to compensate for the reduced demand. I feel it would maintain price height to some degree and therefore maintain the BaT brand reputation. From the vehicles I've been tracking, prices started dropping significantly in August and the crowd on BaT thinks that the cars are lowering in value and that the effect is not seasonal.
 
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Didn't know where else to post, and too cool not to post anywhere...

One of the most mint GPW NA1s I've ever seen listed, 1-owner from new, in Alaska of all places. VIN records show that it has been in Alaska since brand-new in April 1992 @ 14 miles on the odometer. I wonder how many NSXs were sold new in Alaska?

It's an automatic, but still!

https://www.cargurus.com/Cars/inven...=false&filtersModified=true#listing=257925574
 
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Sterling Sackey said:
Didn't know where else to post, and too cool not to post anywhere...

One of the most mint GPW NA1s I've ever seen listed, 1-owner from new, in Alaska of all places. VIN records show that it has been in Alaska since brand-new in April 1992 @ 14 miles on the odometer. I wonder how many NSXs were sold new in Alaska?

It's an automatic, but still!

https://www.cargurus.com/Cars/inven...=false&filtersModified=true#listing=257925574
Click to expand...

Wow! That'd be a $75,000 car if it was a 5 speed..... still a good price for a collector


If that was a 5 speed at that price, I'd might have to sale the Porsche.....

Wonder how much shipping would be from Alaska?
 
Sterling Sackey said:
Didn't know where else to post, and too cool not to post anywhere...

One of the most mint GPW NA1s I've ever seen listed, 1-owner from new, in Alaska of all places. VIN records show that it has been in Alaska since brand-new in April 1992 @ 14 miles on the odometer. I wonder how many NSXs were sold new in Alaska?

It's an automatic, but still!

https://www.cargurus.com/Cars/inven...=false&filtersModified=true#listing=257925574
Click to expand...

Looks like it has 9130 miles. Nice car. If it was not an automatic I’d jump on it.

Ed
 
zakiu said:
For what it's worth, in auction environments the consequences of a shortage of bidders and a surplus of vehicles has a very exaggerated effect on sale prices that can compound over a short period of time. One of my thoughts this year about BaT is that while it's quite a site and marketplace, it isn't always as great as people think. In the auction markets I've dealt with, sometimes the demand for a product can drop but the supply will stay consistent. At that point the bids can drop significantly as the sales require two aggressive buyers for decent sales. Without aggressive bidders, auction prices tank (regardless of the quality or market value of a car), while retail markets may stay stable and will weather a short term storm.
Click to expand...

I've observed this effect many times on BaT and other auction environments. 2 bidders who really want the NSX can result in an above-market sale price, but the reserve is usually not met if the 2 passionate bidders aren't present.

zakiu said:
I don't know if you do this, but I would be super curious to see how seasonality affects pricing of auction vs. retail. In my experience, auctions get hit the hardest by the weather. The NSX market is so small that it is probably not possible to see. Sometimes national markets fluctuate while SoCal stays reslient, which is one way I gauge things. If I were BaT, I'd be reducing the supply to compensate for the reduced demand. I feel it would maintain price height to some degree and therefore maintain the BaT brand reputation. From the vehicles I've been tracking, prices started dropping significantly in August and the crowd on BaT thinks that the cars are lowering in value and that the effect is not seasonal.
Click to expand...

I do have a seasonality effect calculated for all sales, including both auction and retail. The data shows that NSX sales of all types in September-February are about 3% weaker than sales in March - August.
 
State of the Market 2019

It is now that time of the year to reflect on the NSX market of the departing 2019. Generally, NSX values have increased from 2018 to 2019.

In general:
​

  • A total of 468 unique NSXs (by VIN) entered the database this year, a 12% increase.
    • 83 NSX sale prices recorded (~1% increase)
    • 58 NSXs did not meet reserve (~4% increase)
    • 171 NSXs listed by dealers (~27% increase)
    • 262 NSXs listed by private sellers (~4% increase)
  • The largest increase was in dealer listings.
  • The average of all NSX sale prices increased from $52,552 to $60,446.
  • The average of all NSX list prices increased from $58,989 to $62,025.

NA1 Coupe Manual:

  • 2019 values increased 9% on average across the mileage range.
  • 2019 listing prices increased 4% on average across the mileage range.
  • An anomaly period of several low sale prices was observed during the year, which was not sustained.
  • A notable sale at $156,000 occurred for a 187 mile example on Bring a Trailer in April 2019, the new record highest recorded NA1 Coupe Manual sale price.

NA1 Targa Manual:

  • 2019 values increased 6% on average across the mileage range.
  • 2019 listing prices increased 6% on average across the mileage range.
  • A notable sale at $89,250 occurred for a 6440 mile example in April 2019, the new record highest recorded NA1 Targa Manual sale price.

NA2 Targa (Pop-ups) Manual:

  • 2019 values increased 12% on average vs the 2017-2018 period across the mileage range (limited data).
  • 2019 listing prices increased 4% on average across the mileage range.
  • A notable sale at $91,875 occurred for a 25989 mile example in September 2019.

NA2 Targa (Facelift) Manual:

  • 2018-2019 values increased 8% on average vs the 2016-2017 period across the mileage range (limited data).
  • 2019 listing prices increased 8% on average across the mileage range.
  • A notable sale at $90,000 occurred for a 39000 mile example in October 2019.


As always, please refer to the link to see all the data:
https://docs.google.com/spreadsheets...bcHb7L/pubhtml​


I look forward to seeing what the new year will bring. Thank you to the community for your continued support, and happy new year.
 
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