What defines a classic car collection -and how much can it add in value, to your luxury lifestyle.
Its a bit of an argument between the keen classic car people – are they a collector or an enthusiast? –
Is the object the owning of the cars, or the enjoyment – and therefore use, of the cars?
The true definition of a collection is anything in excess of four. And the definition of Classic Car, incase you are wondering, is not necessarily being an old car. It’s a label used to describe standout models, certain models, distinct types and yes, certain ages. In fact alongside the ‘Traditional Classic’ there’s a whole category known as the ‘modern classic’.
Buy it right and they can more than double in value. When Bonhams held a charity auction at Switzerland’s Bonmont Golf and Country Club, the 25 modern supercars there raised a double-estimate total of $23.6m.
The right model and type can actually cost more than the same brand new – take the Ferrari the a Ferrari LaFerrari sold for $2.1m at the previously mentioned show and a 2011 Aston Martin One-77 fetched $1.6m- considerably more than the cars cost new.
In 2013, a 1954 Mercedes-Benz W196 Silver Arrow — the only car of its kind not in a museum — sold at an auction, in England for $29.7 million.
Of course your collector – sorry enthusiast – is not just your average petrolhead. The cars need somewhere just right to be stored – dry, warm not too warm, basically a speciality warehouse. They need constant attention, and they do like to eat your money too.
That said there is a wonderful world of Collectors clubs, rallies and races to take part in. A whole host of like minded people, memorabilia sales and great resources for technical advice and discontinued parts.
Becoming an collector takes a pretty significant investment and comes with not-insignifcant carrying cost. High end individuals can indeed use them to diversify their holdings and make money.
It is agreed however that the worse thing you can do with your collection is just let is sit around, and that you must get behind the wheel and drive!