Why Classic Cars Are Good Investments (And How To Spot Them)
We’ve all seen a classic car at some point in our lives. For instance, we may have seen one driving past us in the street. Or we may have seen some at a museum or automotive event. Classic cars are as part of our lives today as they were all those years ago when they were first built.
Some folks buy classic cars to relive memories from their youth. Others do so because they feel they are a worthy investment. But that sounds odd, right – buying a car as an investment? It turns out that some classic cars appreciate in value rather than the reverse.
Are you a car enthusiast? And are you looking for exciting ways to make your money grow? If so, it’s worth pointing out that now is as good a time as ever to invest in classic cars. Here’s why you should, and how to spot the best ones for your money:
Classic cars are collectibles – If an object is collectible, that means it has a value attached to it. Not just a sentimental one, a money value! Many classic cars grow in value according to many factors. Examples include the number produced and their popularity.
For instance, it’s not uncommon for rare sports cars like Ferrari’s to sell for prices higher than new! The same can also get said for other marques as well.
Museum quality classics are worth a lot – Quite often you’ll hear stories of “barn finds” where people keep cars for decades. Those owners may die, and their loved ones discover these hidden gems. You might also hear of cars that only have a few miles on the clock, and are seldom driven.
Such “museum quality” classics are usually worth more than identical models with age-related wear.
So, if you want to invest in a classic car, what should you do and how should you go about it? These top tips will tell you what you need to know:
Research the market – There are some obvious examples of valuable classics like the Jaguar E-Type, for example. But, some lesser-known models might fetch even higher prices at auction. Before you buy a classic car, be sure to research the market.
Find out which cars are appreciating and popular with enthusiasts. And don’t forget to keep an eye out for less-popular models too. Research is crucial to investing in classic cars!
Consider investing in future classics – Of course, you shouldn’t just research cars that are classics today. It’s worth looking “modern” cars that could soon become future classic cars. Examples to consider include:
- Subaru Impreza Turbo;
- Mercury (Ford) Capri;
- Porsche 944.
Again, do some research to determine which models are a good buy.
Don’t just consider buying from auctions – There’s no denying that auctions are good places to buy cars. But, if lots of people want the same car as you, the price will just go up and up! It’s worth keeping your options open when looking out for a particular model.
Use the Internet to search for private sellers, including those on enthusiast forums. Good luck!