At a recent auction, a 1959 Chevrolet Corvette
(which was purchased at a once expensive amount of $5000) fetched a resale value of $148,500. At a vintage car auction hosted in Arizona, a 1935 Cadillac V-12 Convertible Sedan was sold at the stunning price of $99,000. The boom in classic car investment has been extensive, as of late. The current President of Auctions America, Donnie Gould believes that though the resale value of a vintage cars cannot be predicted, more often than not, they are solid investments.
Classic car investment defines a venture which is independent and uninfluenced by markets of any other assets. Unlike investments in gold or art, the sale of vintage cars reap an impressive profit even during a downslide in the market. Studies conducted by the Historic Automobile Group International (HAGI), an autonomous council headed by experts in the field, have concluded that the classic car market harvests an annual profit of $2 billion. For budding classic car enthusiasts, HAGI has established a reference record of previous transactions in the field, which would equip them with sufficient information regarding what price their asset can fetch.
The market also has the added advantage that an asset you own today can earn a place in the vintage market with the passage of time. For instance, the Chevrolet Camaro SS Convertible
is a potential candidate for the future classic car market. Supported by a 6.2 liter V8, the Chevrolet Camaro SS Convertible is available either in a manual or automatic speed transmission system. These cars are expected to gain value over the years and become classics themselves within a few short decades.
A prerequisite for owning a classic car is having quality collector car insurance
. Classic Auto Insurance offers a variety of premium packages to suit your requirement. Covering a wide range of assets from classic vintage cars to luxury cars, they even offer classic car insurance for vintage trucks
, antique motorcycles
and policies for classic car restoration. For more information on the wide variety of policies we offer, fill out this form for a free instant quote!
About the Author
Drew Yagodnik is Vice President of Classic Automobile Insurance Agency, Inc. Classic Automobile Insurance Agency has been protecting collector, classic and exotics since 1992.