With the current economic situation and people loosing trust in bankers, it’s no surprise to find people investing in precious metal, not jewellery but classic cars.
Classic cars are showing they are a sound investment as certain makes and models have been fetching astonishing prices, throwing collectors into fierce bidding wars to add desired favourites to add to their collections.
A perfect example of the excellent investments is courtesy of Radio presenter Chris Evans. He is a huge Ferrari fan and has seven road legal Ferrari’s in his own private collection. It includes Chris’s pride and joy, a 1963 Ferrari 250 GTO (one of only 36 ever built) which he paid a whopping £12m for! It’s not just a passion for Chris but good financial sense, as Chris has avoided paying Capital Gains Tax, by investing in his Ferrari collection.
Another car to go under the hammer for a big sum earlier this year was the Porsche 911S, which formally belonged to the deceased famous actor Steve McQueen. The King of cool’s Porsche 911S fetched a staggering $1,375m (£832,800) at an auction in Monterey, USA.
For something a little cheaper you could consider a used Ferrari Dino 246 GT, which in 1980 was worth around £9,000. In today’s market these are often fetching over £140,000 at some auctions, with a recent example of a Ferrari Dino 246GT (1972 model) with only 30k miles on the clock, selling for £164,300 at Bonham’s at Goodwood.