Some cars are good investments
While most cars will not increase in value – or even hold their value – as time ticks by, there are still some cars that make a good investment, according to Reuters.
Of course you usually have to be a multi-millionaire to afford them, but, in the past financial year, high end classic cars outperformed gold, fine art and luxury property for investment potentials.
A Reuters UK report found the values of very expensive classic cars jumped by 28 per cent in the year to June 2013. Asia was largely responsible for the increase in values.
Australia had yet to see the same increases. The exotic car market here stalled during the GFC, although a 1974 Ferrari Dino 246 GTS sold for more than a quarter of a million dollars in September.
Pundits were also hoping that a rare 1946 Holden prototype to go on auction at the RACV Motorclassica auction in Melbourne in late October would interest the market with a $1 million price tag.
Another of the prized automobiles to go under the hammer would be a Spanish 1913 Alphonso XIII Hispano-Suiza worth over $200,000, a 1972 Project 500 Jet Car, and a very rare Lamborghini P400 Miura, which was first seen by the public at a motor show in Sydney in the late 1960s.
Experts said those hoping to retain value on an exotic car should stick to classic brands such as Porsche, Ferrari and Lamborghini.
The rest of us could dream however.