Brian I agree with you on just about every other car I have owned other than a Morgan. I think Lorne is right here. My 1999 4/4 cost me £20k at three years old, which is exactly what it cost the first owner when new. It sold for £20k this year (albeit lost out on the mods I had made but the base car was the same).
As I know that the money that you spent on mods was more than the value of the car itself Phil, I don't know what that proves other than the propensity for Morgan owner to spend vasts amounts of money on their cars; that in most cases they are unlikely to see back.