In a world where you can recall information at our fingertips and we transition towards digital worlds, there’s still growing respect and desire for classic cars.
Whether it’s a timestamp in the past or something that looks alien now based on how modern cars look, classic car collecting is picking up heat. It also attracts a variety of different types of hobbyists with their own motivations that make the world of classic cars so exciting.
Ok – how rare are we talking about here?
There are actually several endangered car lists out there because, at the most, there are only a few to a few dozen left of these cars. That makes them extremely rare. Some of them are also not the cars that you may think. You may be picturing the classic Ferraris or Porsches. Instead, many mainstream cars out there have become classics, such as the 1983 Triumph Acclaim L, where there are only 12 of them remaining.
Or you can look at near legendary vehicles such as the Triumph TR5. The TR series were designed as roadsters and sports cars. However, many of them had a touch of Italian flair through the same designer who designed Ferrari and other classic world-renowned cars, Giovanni Michelotti.
So when you see a TR type car, it will immediately transport you back into an era cross country trips out in the beautiful European countryside. Yet when it comes to the TR5, just under 3,000 cars had production. However, it was still a treat at being a Lucas fuel injection system. One of the earliest at the time, and helping to give it a speed of up to 200 km/h.
So what makes classic cars collectable or worth so much?
First of all, just with one example above, these classic cars are historical items. They are products of mechanical ingenuity and have their place in time for several reasons. Either being a first in their time, being of superior or unique quality, or being such a catastrophic failure that mechanics and vintage car collectors alike try to collect them to remedy the issues that came from these poor production runs.
Another thing that makes these classic cars worth so much is that they are extremely rare in some cases. But, of course, the rarity itself helps bring up the price. This is especially the case for popular models such as the Ferrari 465 Daytona approaching $1 million in value and price. Yet it’s not just the car’s rarity but also how rare the car parts are themselves. That’s right, and the car parts also become a factor because they simply no longer produce them.
Cars that people consider classic in this day and age were much more mechanically simpler than today’s cars. That meant it was easy for many amateur mechanics to spring up overnight, and it was easy to replace these rudimentary cars.
There were no such things as a catalytic converter, which wasn’t used widespread until the mid-1970s, and this made the parts easy to swap out. Yet as cars became more complex, these parts were no longer necessary. Also, no one, not even classic car companies or societies, made them.
This could be a huge difference in the price point whether the car is able to run or not. And it was simply regarding whether the rare piece is found for the car to handle the necessary repairs to get it operating again.
Yet are classic cars a good investment vehicle?
And this is where we expand our group of hobbyists and combine them with a group of alternative investment people. So the short answer is yes, and classic cars can be a great alternative investment option. Yet it’s essential to keep several things in mind. First, if you’re looking at it as an investment, you cannot really use or basically enjoy the car. This is because any driving will reduce the car’s value due to continuous wear and tear.
In addition, there are a lot of ancillary fees such as insurance, storage, and the occasional maintenance and repairs that may need to happen. This will eat into the potential profits. So it’s always a good idea to have a timeframe of when you’re thinking of selling the car.
The final area to look at with classic cars is to understand that not every old car is vintage or collectable or worth much more than its original MSRP when it was first produced.
That means there’s extensive research going into this type of investment. So even if you grab yourself a Ferrari from the 1970s, it won’t be worth much. Yet if you find yourself viewing a Ferrari Dino GTS from 1973, that car is valued at over half a million dollars easily, all depending on its current status.
Look In The Right Places
The final area to look into is that even though you have something valued at a high price, it’s still considered an alternative investment, and it can be hard to sell. So you’ll need to not only find enthusiasts (either through adoration of classic cars or as an investment opportunity) with the means to purchase your classic car whenever you want to sell it.
Basically, the market, even though growing and gaining more interest, is a lot smaller, and it can take time to sell correctly.
In the end
With that said, vintage cars are a breath of simplistic engineering and high-quality designs that are timeless and classic and are a true piece of history for many countries and even on a global scale. As a result, they will continue to be of interest to many. Therefore, it’ll be a good idea if you’re considering venturing into this world to make sure you stock yourself up with the appropriate amount of knowledge.
A good way to begin your journey into vintage cars and understand them is to see them and basically see what all the fuss is about. By heading towards one of our competitions, you’ll be able to find yourself surrounded by like-minded people who’ll gladly show you the ropes when it comes to vintage cars.