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Part 1: Oldtimers as an investment: Interest is increasing and prices are climbing

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Part 1: Oldtimer as an investment
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D he review reveals the good news: Who old classic cars - Comparing price tables with those of today, determines an increased price level for all listed vehicles. Over the years, the value of a classic can increase dramatically.

A look at the auction prices of the Lamborghini Miura SV over the past ten years shows that this does not always happen steadily. Around 2007, a sharp rise in prices emerged. So far, a good SV brought about the 300 000 euros, prices of well over half a million have now been achieved, with which the Lambo moved up and away from its contemporary competitor Ferrari Daytona.

German Oldtimer Index provides a trend

The German Oldtimer Index, published every six months by the VDA in cooperation with Classic-Car-Tax, which is due to be updated shortly, provides a generally applicable trend for value development on the classic car market. Another source is the Hagerty Price Guide from the American insurance group of the same name. The graphics published by Hagerty on price development show a slight dent around 2008, especially for particularly expensive classics - a consequence of the financial crisis at the time.

David Gooding, head of the Gooding auction house, did not see this as tragic: 'The current financial climate has only little impact on the market for high-price vehicles,' he said in an interview with Motor Klassik.
He was right: if you didn't sell your car in a panic, almost two years later you enjoyed an increase in value.

Auctions only reveal snapshots

When evaluating auction results note that “these are only snapshots,” explains Frank Wilke from Classic-Car-Tax. Although a tendency can be seen from several results (see Miura SV), it should be borne in mind that at an auction sometimes significantly more than the market value is achieved because at that moment two bidders absolutely want the car and therefore the price in soar.

This may be one of the reasons why some vehicles that were auctioned at record prices turned out to be significantly lower some time laterChange hands again, as scene connoisseurs with particularly big ears have already noticed.

With an Italo sports car 9 million profit

The Ferrari 250 GTO is undoubtedly one of the most expensive cars. Klaus Werner from Wuppertal, who trades in exclusive mostly sporty classics, currently estimates it at 15 to 19 million euros. If you had got hold of one of the rare GTOs ten years ago at the then current market value of around 8 million euros, you could look forward to a profit of 9 million euros today. This sum is clearly above the inflation rate and of course more than covers all costs for maintenance, housing and insurance that arise during this period.

Increased interest - prices are increasing

In percentage terms, other classics have increased significantly. Porsche 550, Bentley Blower, several Maserati and Ferrari racing cars, but also classics in the lower price categories such as Citroën 2 CV, Opel Kadett GT /E or Fiat 500. But what drives up prices?

“In the past ten years, interest in classic vehicles has more than doubled,” says Annette Abaci from RM Auctions and, like Philip Kantor from Bonhams, refers to the many events, including very exclusive ones. And to participate in the latter one would like to be motorized accordingly, especially since “the oldtimer has become a status symbol in some circles”, says Werner, “and there are often fewer of certain cars for sale than there are buyers - which increases the price drives. '

Ferrari expert and dealer Mike Shehaan explains the disproportionate increase in value of some Ferraris of the Enzo era, including one-offs, 375, 410 or small series such as the California Spyder, similarly:' The lower the number, the higher the collector's value. '

Classic cars are not considered speculative objects

Apart from things like image, rarity, The condition of preservation, matching numbers or documentation of the history also influences the use of the car and the price. Fortunately, most of them do not see a pure speculative object in a classic car and enjoy it. 'So a 250 GTO is more expensive than a 512 M because it makes a bad driver look good,' explains Sheehan.

Another aspect is now coming to the fore. 'The market has become wiser and has realized that patina and originality are something unique,' emphasizes Philip Kantor. He has no fears that the market could collapse in the near future. Annette Abaci sees it similarly: “The uncertainty on the financial markets supports the trend to invest in real assets.” From the point of view of the experts, a look ahead also reveals positive things.

Comment

Bernd Woytal on the consequences of rising classic car prices.
Classic car values ​​are rising, auction houses are announcing record prices. That doesn't leave the financial world cold, vintage car funds are trying to establish themselves, uncertainties on the stock exchanges make classic vehicles appear to be a safe investment. The latter may be true, but when it comes to raking in big profits, many classic car fans see red. To be more precise: Ferrari red. The situation at the end of the 80s will not be forgotten, when the Ferrari prices and, subsequently, the prices of other classics shot into the sky, and in the end the structure financed by speculators through banks collapsed like a house of cards.

Fortunately, the market today rests on more stable pillars, a slump is not imminent, and nothing speaks against entering the classic car scene at the current price level. But you should never buy a classic as a pure investment, but enjoy it and see the increase in value as a pleasant side effect. What is happening on the market can hardly be precisely calculated, otherwise many classic car connoisseurs would have long since retired as millionaires.

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