Classic Car Demands at an All-Time High, Say Experts
As the numbers of new car models being released each year increases, older and rarer cars naturally become in higher demand, but industry experts are claiming that the demand for classic cars has reached new heights.
Those dipping their toes into the classic car market for the first time are looking for cars to keep too, rather than just investors that are looking for cheap deals on classic cars which they can then sell on for profit.
The Historical Automobile Group International, whose HAG Top Index tracks the performance of 50 key classic cars, has shown that the value of classic cars has consistently shown year-on-year growth – so no matter what type of buyer you may be, a classic car is always a savvy purchase.
Perfect is Popular
However, this means that certain models of car are now becoming increasingly difficult to find, and especially those in mint condition.
Classic cars from the 1950s and 1960s are proving to be the most popular, despite them being a stark contrast to the ultra-modern supercars that are coming onto the market. Buyers know their brands too, with the likes of Mercedes-Benz and Aston Martin becoming more and more sought-after, particularly by billionaire buyers in the Middle East and China that may have been introduced to these historical brands through Formula One.
This is raising concern that there may not be enough classic cars in the world to satisfy the demand, although of course it is great news for classic car owners who can be assured that the value of their beloved vehicles is growing along with their age!
Classic at a Cost
Indeed the prices that some buyers are willing to pay to get their hands on that must-have classic car are often eye-watering. When the Ferrari GTOs came onto the market in the early 1960’s they sold for $18,000, yet the last time that one of these classic cars came up for auction in 2010, one wealthy bidder drove away with the vehicle at the cost of $19.4million.
However no matter how much your classic car is worth, make sure that you cover it with a quality classic car insurance policy from a reputable company such as Cherished Vehicle Insurance. As a specialist Insurance for Classic Car company they understand the unique needs of classic car owners, so you can be sure that both you and your beloved vehicle will be in safe hands.