Classic cars provide investment opportunities
If there's money to spare, where better to stash it than in something you love?
It's called passion investing, an increasingly popular pastime in recent years.
Fine wine and classic cars recently topped a luxury investments list which included jewelry, art, antique furniture and Chinese ceramics. Both categories recorded 8 percent returns in the year ending June.
However, Knight Frank, who records the list, says they're actually going in opposite directions.
Wine investments are staging a buoyant recovery, helped by a recent turnaround from a profound slump in buyers' enthusiasm for Bordeaux in the last few years, but the classic car market has slipped below 10 percent growth for the first time in five years.
That said, rare cars in the right condition with the right paperwork are selling well.
Sales over the last year have included a 1962 Shelby Cobra, the most expensive US car to sell at auction, for US$13.8 million.
Meanwhile in Paris earlier in the year, a 1957 Ferrari 335 Sport sold for €32 million.
However, not everyone needs to be a multi- millionaire to indulge a passion for classic cars.
In fact, some wise-buying now could secure that future fortune. Here are just some of the cars the experts recommend are worth considering.
Interestingly, the number of women investing in classic cars has been rising steadily. One UK survey revealed they now represent 10 percent of classic car buyers there, favouring classic car marques like Volkswagen and Land Rover Defender.
For the next 12 to 18 months, it's set to a buyer's market. Transaction volumes are low, so there's room to negotiate.
For those who've dreamed of owning car from their childhood, now might be the moment to consider taking the plunge.