Classic cars sales boosted by recession
Mar 2nd, 2009 by Steve Simmons
In an article by Telegraph in the UK it is reported that people are looking toward classic cars as investments during the current economic recession. This is an interesting turn of events, as historically we have seen prices drop during times of economic hardship. In the past, collector cars have typically been viewed as luxury items by most. It is possible that modern media outlets such as internet forums, televised car auctions and others have broadened the appeal of classic cars and shown how stable their values remain compared to traditional investment schemes. The following is a reprint of the Telegraph article, as found on this page.
Numbers of people interested in acquiring these old vehicles are increasing, according to insurance company Hagerty International.
It said there has been “robust trading” at classic car and collectors’ auctions of late.
Hagerty’s managing director Angus Forsyth said: “A well-sourced, classic and collector car can accrue in value rather than depreciate, as is profoundly the case with new cars.
“In the current climate, buying a classic car wisely can represent a good investment.
“As a consequence, we are seeing increasing interest in ownership amongst private motorists looking to join the ‘hobbyist’ movement, which currently constitutes some two million owners in the UK.”
To those interested in exploring classic car ownership, Mr Hagerty said: “There are both opportunities and heartaches, which is all the more reason to carefully research and verify the information on a car you have your eye on, and buy one that you love and would be happy to keep for a period of time.”
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