The prices of classic cars have accelerated massively since the start of the year, and aren’t showing any signs of slowing.
As investors increasingly turn to alternative assets, classic car values have risen by an average of 8.4 per cent in the past six months, meaning they could be a better investment than fine art.
It’s not only rare or extremely old models that are gaining value either, with Golf GTIs and Ford Cortinas both in high demand, which is thought to stem from growing wealth in developing countries.
Ford among the highest-risers
Classic car insurers Hagerty have analysed a number of classic cars and found that, in total, 23 different models have risen by more than 30 per cent since the start of the year.
Along with the usual supercar exotica, like the Lamborghini Countach, other models including old Fiats and Ford cars are rapidly gaining value as prices continue to soar upwards.
From the start of the year, the Fiat Dino 2000 Spider gained the most with a 45 per cent rise from £45,000 to £65,050, while the Dino 2000 Coupe increased from £21,675 to £30,900 on average.
45 per cent rise for classic Fiat cars
The Hagerty Price Guide’s findings came after a study published in March by property company Knight Frank estimated that classic car values are currently undergoing the bigger increase of the decade.
Since 2010, values have risen by 487 per cent on average, while the price of art has risen by a comparatively weak 252 per cent in the same period of time.
This year has also seen a new record set by a car at auction, when a 1962 Ferrari 250 GTO was sold for an amazing £24 million at a classic car auction in California.
Could you be the owner of a future classic?
However, not all classics will mean re-mortgaging the house, with the report showing that models like the Ford Escort RS 2000 Mk II can be found for as little as £7,600.
There’s also plenty of time to bag yourself a future classic with Perrys, as we sell a full range of both new and used cars from a wide range of brands and at all price points.
If you’d like to know more about our range of vehicles and services, why not go ahead and get in touch with your local Perrys dealership today?