Driving in Style – Classic Cars as an Investment
So you’ve hit the jackpot and life is good. You have celebrated with those you love, taken that dream vacation and are ready to settle down and enjoy your winnings. You know spending it all is not an option, and investing in a single fund may not yield the returns you desire. Fortunately for you, there are a number of investment options that are not only out of the ordinary, but have the potential to increase in value significantly, making your winnings grow even further.
Classic cars have recently become a popular investment option for those who prefer to enjoy their investment in a very practical sense, while being able to see and appreciate their assets at the same time. Over the last few years, the number of people investing in classic cars has increased significantly, raising the price and worth of each vehicle as a result. The volume of information on the internet pertaining to cars has enabled buyers to do thorough research into the best model and become more savvy in terms of their investments.
The difference between collecting classic cars and investing in them is important. Collectors tend to purchase the vehicles and keep them for show, doing odd repairs and restoration on the cars but not using them at all. Investors, on the other hand, do not merely store the cars – they make use of them, thereby increasing their worth. When looking at classic cars as an investment option, it is important to consider the following:
- The Rarer the Better: Investigate how many examples of a make, model and year are available. The rarer the car, the higher the value.
- Age Matters: While the older versions of a certain make and model are higher in value, other factors include the odometer readings, number of previous owners, and maintenance.
- Know What You Are Getting: Do thorough research by visiting other collectors and enthusiasts to get their perspective on a “good deal”
- More than One: Be sure to keep your portfolio varied and full.
Looking for inspiration? Take a look at some of these beauties:
The Porsche Boxster 986
This gorgeous little machine was launched in 1996, and has become a classic car of choice. Its mid-engine layout makes it a pleasure to drive and means low-maintenance for its owner. For the best return on your investment, select the later 2.7 or 3.2 litre manual option. Be sure to buy low mileage and you will be guaranteed an increase on your investment.
The Fiat 500
Celebrating their 60th anniversary means this zesty little number is great value for money. Charming and stylish, easy to maintain and robust, the Fiat 500 will surprise you with its increase in value in coming years.
The Ferrari Daytona
The value of this classic has increased significantly in the last 10 years, making it a winning option. Your best bet? The right-hand-drive plexiglass front version – something about it just makes people sing. With an average of 10 percent increase year on year, the sky is the limit with this investment.
When it comes to investing your winnings, classic cars are one of the greatest ways to go. Not only is the return on your investment great, but you get to enjoy the ride as you go. Dream big – soon you too could be driving in style.
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