Suzuki Jimny SUV Suffering ‘Rolex’ Price Surge In Australia

Suzuki Jimny SUV Suffering ‘Rolex’ Price Surge In Australia

The last twelve months has seen Australia reignite its love affair with the automobile in a big way, especially where 4x4s are concerned.

The demand for cars, fuelled by an aversion towards public transport as well as a renewed interest in road trips (both a result of the COVID-19 crisis) has seen the second-hand market absolutely skyrocket, with capable off-roaders like the Land Rover Defender and Toyota Land Cruiser in particularly high demand.

But one car that’s seen the most dramatic spike in popularity – as well as speculation – has been the humble Suzuki Jimny. The fourth ‘GJ’ generation of the hardy Japanese mini-SUV, first introduced in 2018, has quickly become one of the most desirable vehicles in the country. It’s not hard to see why, either: cute, practical, reliable and cheap, it ticks all the boxes.

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Or at least, it used to be cheap. While the manufacturer’s suggested retail price for the Jimny starts at the rather affordable $28,490, severe stock shortages (another impact of COVID) combined with unprecedented demand has seen Aussies flipping these little cars with the same sort of intensity and price premiums that you’d normally see on ‘hyped’ luxury goods like Rolex watches.

Let’s do the numbers. As of publishing, there are currently 47 Suzuki Jimny GJs listed on Carsales in Australia. None of them are selling for below the MSRP of $28,490. Indeed, the cheapest on Carsales, a beige manual 2019 base model with around 41,000km on the clock, is listed for $34,000. That’s roughly a 20% premium over retail. According to Budget Direct, the average Australian vehicle drives 13,301km per year. That would make the 41,000km of this two-year-old GJ well above average.

Conventional wisdom normally relates that a new car loses about 10-15% of its value in depreciation the moment you drive it off the dealer’s lot, with another 10-15% getting wiped off its value by the end of its first year of ownership. So a two-year-old car with above-average mileage commanding a 20% price premium is unusual, to say the least.

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The most expensive model on Carsales, another beige example, this time an automatic from 2020 with only 1,600km showing, is listed for $50,000. That’s an over 75% premium. Granted, it’s not a base model nor is it stock – it has some cosmetic modifications that the owner claims are worth $1,500 – and 1,600km is below average mileage for a year-old car. Yet the point still stands: Jimny prices are extraordinarily high, especially considering it’s a current model from a value-oriented Japanese marque.

It reminds us immediately of the same sort of speculation popular Rolex models have been experiencing for years. Take the Rolex Submariner ‘No Date’ (ref. 124060-0001) which was re-released last year. A quick search on Chrono24 reveals dozens of examples of the watch, some box-fresh, some barely worn, all of which are commanding a substantial premium over the $11,400 Australian RRP: on the low end around a 45% premium and at the high end as much as a 105% premium. Again, extraordinarily high prices for a stainless steel sports watch.

With waitlists for Jimnys starting to rival waitlists for Submariners too, the comparison is rather apt. Both Rolex and Suzuki have also suffered severe manufacturing disruption thanks to The Spicy Cough… And both brands regularly cop criticism from Australians for not allocating enough stock Down Under.

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Demonstrably, the situation with Jimnys isn’t quite as bad as it is with Rolexes. Speculators aren’t literally just driving off the lot and slapping their cars on the classifieds straight away, as is so often the case with desirable Rolex models like Submariners or Daytonas. At least, they aren’t yet.

Suzuki’s plans to expand Jimny production to India as well as to introduce a five-door model might take some of the heat out of the GJ market. Australian-spec Jimnys are likely to continue to be sourced from Japan, although the Indian production line could help reduce local wait times as it shoulders some of the global demand from the stretched Japanese plant, WhichCar reports.

But that could be months if not years away – meaning that Jimny prices are likely to remain eye-wateringly high for a while yet.

All we know is that it’s a tough time to be an Australian Jimny or Rolex fan.

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Pioneering female pilot remembered

THE uniform and effects of a pioneering wartime pilot were valued at up to £40,000 when the Antiques Roadshow came to Stonor Park.

Expert Siobhan Tyrrell spoke to the daughter of Jackie Moggridge, who served in the Air Transport Auxiliary in the Second World War, on the BBC programme, which was broadcast on Sunday.

Her job was to ferry various aircraft from the factories where they were built to the operational centres where they were deployed.

Her daughter said: “She was born in South Africa and wanted to learn to fly, basically, to show off to her brothers.

“She not only got her private pilot’s licence but she was the first woman to do a parachute jump in South Africa.

“She couldn’t do commercial college in South Africa so she had to come to England and attended aeronautical college in Witney in 1938, just before the war. She was the only girl learning to fly and after one year, war broke out.

“She wrote to the RAF and said she was going to join and they said, ‘No, no, no, we don’t take women fighter pilots’ so she joined the WAAF and became a radar operator.”

When the RAF began to lose pilots in the conflict, Moggridge was recruited by the ATA and was the youngest of the female pilots at the time. She flew more than 1,500 aircraft of 83 different types.

In addition to a photograph of her in front of a plane, there was a book of notes with a card for each plane that they flew, which included the necessary take-off and landing speeds.

After the war, Moggridge joined the RAF volunteer reserves, working at weekends. She was given her RAF wings and then became the first woman airline captain of scheduled passenger services.

Ms Tyrell said: “ATA items very rarely come up for sale and ATA pilots who are female you hardly ever, ever see.

“If this came up for auction there would be an absolute frenzy and it could easily make between £30,00 and £40,000. She was arguably one of the most well-known ATA girls.”

Moggridge died in January 2004.

Meanwhile, a collection of medals belonging to three members of one family dating from British rule of the Indian sub-continent was valued at £30,000.

They belonged to Sir Charles Cleveland, his older brother Henry Francis Cleveland and their maternal grandfather.

Sir Charles had been head of the secret service in India and was responsible for breaking a spy ring between Berlin and India, while Henry was in the Indian Medical Service and served as honorary surgeon general.

Mark Smith, a military museum curator, told the grandson of Sir Charles that the medals were from the Raj period at the beginning of Victoria’s reign.

He said his grandfather had been awarded the King’s Police Medal by Edward VII, which was very rare as well as having medals for being a knight of Britain and India.

Meanwhile, a Rolex Submariner watch was valued at £20,000.

Richard Price, an antique clocks expert, met the man who had inherited it from his father.

The man said: “He bought it for himself in 1972 when I was seven. Me, my mum, my dad and my brother went to Birmingham to buy it. My dad passed away in October and he gave it to me a couple of months before.

“It means absolutely everything to me, it’s a part of my dad. It’s a very, very special watch and it will be forever.”

The watch came with two original Rolex straps.

Mr Price said: “Fantastic to have those two straps and on their own they’re worth a chunk of money anyway.

“Submariner, one of a 10-year production with a mark four dial, with the receipt, and the straps, and I hope you guys are going to be really, really pleased with this. It’s going to be around the £20,000 mark.”

The owner was almost in tears and said: “My dad loved this programme and he would have been very proud to see it on here but he wouldn’t have cared what it was worth really.”

Q&A: Timepiece expert’s guide to bidding at vintage watch auctions

It takes more than a money briefcase and having the fastest finger first. We asked an expert how to prepare for bidding at online watch auctions.

These novelties are manufactured at the highest degree of jewellery and mechanical craftsmanship. Surviving decades, they offer not only monetary value but also a heritage and story. Hence, bringing a sentimental value with them. These pieces and the process of collecting them certainly has a charm of their own. However, on the financial side of things, vintage watches have always been fantastic assets to own, and it’s no surprise that their prices have skyrocketed in recent years.

As a unique investment and novelty, the financial values of these elegant artefacts also have unique determinants. And for first-time bidders, it can be easy to find themselves lost in this rabbit hole. More so, as online watch auctions are slowly replacing traditional ones, there’s much to learn about the new auction process and the market. To help us understand this better, we spoke with Mr Deepak Krishnamoorthy, a timepiece expert from AstaGuru, one of India’s finest luxury auction houses.

Here’s a crash course you can take before bidding at online watch auctions.

What are the key factors to be taken into consideration before investing in a watch?

You begin by understanding the brand. This is where you begin your research. When was the brand founded? Who owns it today? What are their current strategies? What type of watches do they produce? What level of quality do they offer? One must investigate this before “investing” in a watch brand.

Apart from its aesthetical value, take note of the true quality of that model. There are particular models from brands that always garner value. Take the Rolex Daytona, World Time by Patek Philippe or a tourbillon piece by Breguet as examples. Iconic pieces have a proven record of popularity among collectors that transcend all generations.

Once you get its name, take a look at its heart – The movement. A well-kept movement not only delights watch lovers with its functionality but also inspires a degree of intellectual stimulation for its engineering. I strongly believe that quartz or battery-powered movements rarely count as an investment. On the other hand, mechanical movements and their complexity of craftsmanship are always great investment pieces.

Next, the rarity. How rare is that watch? How many pieces were manufactured?

Rarity is always a difficult puzzle to solve as limited editions and limited productions are two very different points. Limited editions are intentionally numbered. However, limited productions are due to discontinuation. Patek Philippe is probably the best example where production levels for each model are low, making each Patek Philippe highly sought after.

Finally, the condition. It’s perhaps the last on this list but the most important. The condition of a dial that hasn’t seen any cosmetic treatments, a case that hasn’t been re-polished, an intact box, and the original certificate — they all matter. It’s a true collector’s dream to be able to go “back in time” and purchase the desired watch in the same condition as if he or she were the original owner.

For buyers who’ve identified their timepiece of interest, what are the details they must further research?

Well, once you’ve identified the perfect investment timepiece for you, these are a few details you must note.

Circa or year of production. The physical condition of the watch. Wear & tear on the leather strap/metal bracelet. Reference number Limited or special edition. Has it been factory serviced or third party serviced? Supply and demand of that particular watch.

I’ll never be able to emphasize enough the importance of research. Do your due homework and have the utmost clarity on the timepiece. Compare prices in the market, read, and understand the market trends related to that watch. If required, reach out to the manufacturer or auction houses for more information.

What advice would you give when it comes to setting a budget?

Watch collection can either be a strategic or sentimental affair. More so, it’s an immersive game, which is why I think it’s better to set the budget in three categories:

Most expensive aspiring watch brand – $100,000 >

Medium range with great movement and strong history – $10,000 >

Initial foundation in setting up a good watch collection – $1,000 >

For buyers interested in old vintage watches, is there anything specific they could look out for?

Standing the test of time and not having too many around — that’s always the winning combination.

Pristine condition will definitely attract higher value which is why you must keep an eye out for scratches. Then, if it’s been repaired, does it still retain its original parts? Service history is certainly one of those hidden details. Next, a ‘rare’ piece doesn’t necessarily mean it needs to be a limited edition. Hidden gems that don’t make too many public appearances also count and drive value, remember that. On the other hand, if it’s made too many appearances, more so, on a wrist of a famous celebrity, that’s another big price ticket for vintage watches. Take Steve McQueen’s Rolex for instance. It’s really nothing more than a standard Submariner, and in the 70s, Rolex actually removed them from stores due to low sales. However, after Steve McQueen was spotted sporting a Submariner in the 1971 film Le Mans, it turned into a cult model.

Consider that with time, components of the watch box may go missing. Look for documents, papers, and the box itself. A complete set will always be worth more than just the watch alone. Missing papers and/or the box would hamper the overall valuation. Finally, the patina. What’s interesting about ageing watches is that the dial’s original colour slightly changes due to its patina, which makes the watch unique and gives it character. Collectors and watch enthusiasts appreciate this unique touch.

Could you name a few brands and models that command the most value in the vintage watch market today?

I’d say Rolex, Patek Philippe, Vacheron Constantin, Audemars Piguet, and Jaeger-LeCoultre are strong names. Considering recent trends in the vintage watch category, these models have garnered consistent appreciation over time and are great investments:

Patek Philippe: Steel Nautilus, Reference 5711

Audemars Piguet: Royal Oak Jumbo, Reference 15202ST

Rolex: GMT, Reference 1675

Rolex: Daytona, Reference 16520

Rolex: Submariner, Reference 16800

Patek Philippe: Nautilus, Reference 3700

What are the pre-and post-auction formalities one should be aware of?

For first-time bidders, they must first register on www.astaguru.com and once relevant verification is completed, they’ll be given bidding access. On the other hand, existing bidders simply need to reactivate their bidding access by connecting with the auction house 48 hours prior to the auction. Post-auction, as soon as the amount is cleared, arrangement for item dispatching begins.

Tips on what not to do at online watch auctions.

The most important piece of advice I would give to a buyer is to do their due diligence and research the contended lots. This is very important before committing to a bid. With regards to an online auction, it’s best not to wait till the last minute to place a bid. Information needs to be relayed in time from the bidder’s terminal to the server. Secure your bid at the earliest opportunity.

What are the auction fees bidders must be aware of?

Bidder is required to deposit a token amount of Rs 5 lakh. This amount is then either adjusted depending on the success of your bids or duly transferred back within 7 working days. The auction house charges a 15% fee on the hammer price.

All images: Courtesy brands & Getty Images