2014 was a great year for the classic car enthusiast whose interest lies in the investment growth they can potentially achieve in such a marketplace. Auction prices did very well for many models and it will be interesting to see if this can be sustained going forward in 2015.
Apparently, in 2014, classic car enthusiasts dug deep into their pockets in the USA and invested around $1.3 billion in such vehicles. This was an increase of around $100 million on the previous year when sales achieved about $1.2 billion.
Now, which manufacturer do you think achieved the best prices at auction for their cars? Ferrari, of course. This will not come as a surprise to the majority of our readers.
In fact, of the top ten valued cars sold at auction, 9 of them were Ferraris with a world record being set for a Ferrari 250 GTO dating back to 1962 going for $38,115,000.
Below is a list of the 9 Ferraris sold at auction last year: –
• 1962 Ferrari 250 GTO went for $38,115,000
• 1964 Ferrari 275 GTB/C Speciale sold for $26,400,000
• 1954 Ferrari 375 Plus Spider Competizione achieved $18,400,000
• 1961 Ferrari 250 GT SWB California Spider achieved a price of $15,180,000
• 1964 Ferrari 250 LM was sold for $11,550,000
• 1967 Ferrari GTB/4 was sold at $10,175,000
• 1958 Ferrari 250 GT LWB California Spider went at auction for $8,800,000
• 1966 Ferrari 275 GTB/C achieved $7,860,000
• 1953 Ferrari 250 Mille Miglia Berlinetta achieved a price of $7,860,000
As with such investments, there is no guarantee that past performance is an indication of what is likely to happen in the future. In fact, some would argue that there is a lot to be said for not having all your eggs in one basket.
If you are considering investing in classic cars and have limited knowledge of them then you may want to take some professional advice before doing so. You will also no doubt wish to ensure that any classic car you purchase is suitably insured.