Is a Classic car the way forward?

For many car spotters, pictures of videos of the newest metal is what gets the camera phone out and Instagram likes. But in most cases, they are the only people who appreciate and follow  a new supercar. Take central London in the summer as an example. Hoards of Arab registered supercars flock to the capital and flaunt their wealth and questionable style. Residents in the area despise this time of year, with high revving V8, V10 and V12 engines smashing through the silence of the night with their flame spitting exhausts to impress the car paparazzi. Now, police in the area are trying to kerb this enthusiastic driving with on the spot fines for revving or dangerous driving.

Evidence of this hate can be seen here when a woman is egged in her Ferrari.

6339254_359ea4375c5ca0bb750a417fc3960aea_wmWith a modern supercar, there is always a risk of someone deciding it’s a good idea to sit on the bonnet or plank on the roof for a photo.

With a Classic car, there is very little negative connotation. Merely admiration and smiles from people everywhere. A burbling V12 isn’t a noise complaint but an orchestra. It brings smiles to people’s faces. Cars of the bygone era just look cooler and demand respect. Could it be because it reminds people of a simpler time when they were children staring up at their bedroom wall dreaming of owning that streamline car driven by their gentlemanly heroes?

An added benefit is that these cars are appreciating assets. Owning a classic supercar can make you money. The evidence can be seen with practically every classic Ferrari. Take the Daytona as an example. In early 2010 Hagerty valued the car at a modest $371,000. Today that value has sky-rocketed to over $850,000.

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It is understandable that not everyone has that amount of money just burning a hole in their pocket. The key is to find the cars that have bottomed out and will not depreciate further and are now on the way up. Most recently, on a trip to RM Sotheby’s London auction a 911 GT2 sold for a massive £1.8 million pounds while a 2.7 RS barely made it past half that. Is this a sign that people who loved older cars either already have them and that now the ‘new money’ is working at buying the cars they dreamed of owning as kids?

 

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