If you are the owner of a classic car or are considering buying one for the first time then you will no doubt be interested in finding out what is happening to the value of such vehicles in recent times. After all, if you are a collector that has purchased such a car for investment growth this data is important to you.
There are no doubt a number of people that have shown an interest in buying a classic car as an alternative form of investment to saving funds in a building society or bank because interest rates are particularly low at the moment for the later type of investment. Of course, how successful you are when making such a purchase is dependent upon a number of factors such as the make and model of the car.
One place that you could look for how prices are doing for classic cars is the Hagerty Price Guide. This looks at the values of almost 1,500 classic cars that have been sold privately, at an auction or via a dealer so appears to be quite comprehensive.
This index has revealed that, in the six-month period up to June 2015, there has been an average increase in value of 8.4% when looking at the above cars. We are sure that you will agree that is a much better return than you would have got if you had left your money in a typical instant access savings account with your building society. Of course, you would have to accept that when investing in a classic car that there is no guarantee that the value would increase – in fact, it could reduce.
If you have been the proud owner of a Fiat Dino 2400 Spider throughout that short period you will be particularly pleased because the average value has gone up to about £65,000 from £45,000. That is an increase of over 44%. The Fiat Dino Coupe rose in value to about £30,000 from around £21,675. The Lamborghini LP400S went up in value from £210,500 to £298,500.
It will be interesting to see if classic car values continue to rise in the coming months/years.