- What car make the best investment for the future?
- Smart purchases made today can dramatically increase in value in the future if looked after correctly
- Classic cars, with their cool characters and stunning designs, can evoke far more emotion than any modern day car on the market
Owning a classic car is a pleasurable and challenging cauldron of emotions that cannot be matched by owning any other car. One moment you can be enjoying the thrill of a country ride with the roof down, wind blowing in your hair…and then 30 minutes later, it won’t start. Alas, it’s the joy of owning a classic car, you have to take the rough with the smooth.
You'll find that all the presenters of Top Gear own classic cars, celebrities such as Chris Evans famously owns a few very expensive classic Ferrari's -but why do us car enthusiasts love classic cars so much?
I think it’s because classic cars have real character and a history that set them aside from all other cars. They are sometimes challenging to drive but for me, one of the biggest reasons to own a classic car is they are beautiful…and they are a great investment! So much so, that they are now seen as a much better investment than savings accounts.
"If you were lucky enough to buy an Aston Martin DB5 twenty-five years ago, you'd have seen its value increase 10 times."
Similar to buying shares or a house, the best time to buy a classic car is when a car is undervalued or rises in price may be expected. It’s important to do your research and decide what you want whilst also considering all the other costs associated with owning a classic car such as insurance, storage and having any work done to the car.
Have a look out for people selling rusting, dusty old sports cars from garages because despite their poor condition, so-called 'barn finds' can go for mega bucks, even if it means spending money on it to bring the car up to nearly new condition. An Aston Martin DB5 that had sat in a barn down where we live in the South West for nearly 30 years recently sold for £320,700 – the owner paid £1,500 for it in 1972.
What car to buy?
If I could recommend buying a classic car right now as an investment for the future, it would be the MGB/B GT (1962-1980). Cost-wise you’re looking at £3,250 to £10,000 depending on its condition. The MGB roadster and B GT coupé are extremely popular and highly valued so it would be a strong classic car investment.
Finally, if I could own any classic car today it would be a 1963 Ferrari 250 GTO. Why? Not only does this classic Ferrari look stunning, it’s also worth a few quid - it’s the most expensive car ever sold selling for approximately £25 million!
If classic car investment is something that you might be interested in, read our owner’s guide to classic car investment for further information. And if you'd like some ideas on what to look for, we've got our 10 potential future classic cars.
This post was written by car enthusiast and blogger Mark Shaw from Cornwall who runs the popular cool cars blog.