Whilst many other sectors of investment are not really doing particularly well the classic car market is certainly performing very nicely at the moment. Whilst many people that purchase a classic car have absolutely no interest in the fact that it may increase in value it must still give them a warm, reassuring feeling inside.
Most months sees another record being broken at some classic car auction either here in the UK or overseas. In one particular week this year £147 million exchanged hands for classic car sales at just 4 auction houses.
At the higher end of the classic car market vehicles are being sold for £1 million to £20 million.
Many international classic car events are sold out such as the Goodwood Revival but there are numerous car shows held each weekend in the UK alone – never mind all those abroad. Chris Evans has organised events such as the CarFest because of his love for classic cars.
An E-Type Jaguar costing £2,000 in 1961 has increased in value 50-fold. How many other investments have achieved this level of increased value?
In 2007, the 1971 MGB Roadster owned by Terry Waite that went through a restoration project at the time he was a hostage, sold for £5,000 – today it has come back on the market having doubled in value to £10,000.
So, why not visit one of the classic car auctions that are regularly advertised on the Internet to “get a feel” for what is currently available. Do not rush in and make a hasty decision to purchase the first thing that takes your fancy – use your first visit to observe, listen and ask questions of people attending a classic car auction.
Who knows, in a few weeks time, you may be the proud owner of a beautiful classic car that you will be proud to take out on a weekend trip and show off to your friends.