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Is this the time to invest in classic cars?
Is it time to invest in classic cars, because the prices have gone through the roof? My granpop passed away recently and left me about a hundred grand. I get a very poor rate of interest from the usual sources. I wont invest in unit trusts because you have to pay somebody to manage the fund, and shares are out because I know little about them. It seems that old cars may be a good investment. I realise that you are not an IFA, but what do you think about buying cars that have almost disappeared from our roads, like the bomb proof Mercedes-Benz W123 series, which is a massively over engineered car and it seems in demand by collectors.
Asked on 2 March 2013 by LD, Surrey.
Answered by
Honest John
I video tested a low mileage W123 230E late last year: www.honestjohn.co.uk/road-tests/mercedes-benz/merc.../
You're local, so I'd get yourself down to the next Historics auction at Brooklands (www.historics.co.uk). It's on Saturday 9 March. I think Bonhams also have a sale at MB World. If I had somewhere to keep classics I'd have invested last year. Not so sure this year. The stock market might be recovering, so investors might be less inclined to keep pumping up the prices of classics. And, of course, just like fine art, very rare and very desirable classics have been hyped. If a rumour goes out that a car sold for £7 million by private treaty, then next time one comes up for auction it might make £7 million whether the rumoured £7 million was true or not.
You're local, so I'd get yourself down to the next Historics auction at Brooklands (www.historics.co.uk). It's on Saturday 9 March. I think Bonhams also have a sale at MB World. If I had somewhere to keep classics I'd have invested last year. Not so sure this year. The stock market might be recovering, so investors might be less inclined to keep pumping up the prices of classics. And, of course, just like fine art, very rare and very desirable classics have been hyped. If a rumour goes out that a car sold for £7 million by private treaty, then next time one comes up for auction it might make £7 million whether the rumoured £7 million was true or not.
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