People buy a classic car for a variety of reasons with one of those being as an investment that they hope to sell for a profit in a few years time. Of course, there is a risk attached if you are buying a classic car in the hope that it will appreciate in value over a number of years.
For many years, several classic cars have, on average, increased in value by a considerable percentage. In fact, according to the Coutts Index 2017 that was published on the 8th September of this year, classic cars have risen in value when compared with the likes of fine art, fine wine and luxury properties by the highest percentage since way back in 2005. In fact, the value of such vehicles has grown by four times since that year.
However, according to the Coutts Index 2017, the average value of classic cars fell by 10.4% in 2016. A drop in values was also seen in 2015. This figure will disappoint many who bought a classic car last year but let us hope that this fall will be reversed in the not too distant future.
Of course, whilst many of those classic car enthusiasts who invested their hard earned money in a classic vehicle in 2016 will be upset it does present an opportunity for other people interested in buying a classic car as he or she may be able to purchase a vehicle that they have had their eye on for less than the asking price if they are prepared to enter into some hard negotiations.
If you are considering buying a classic car then you may wish to take someone along who has many years experience in investing in such vehicles as well as someone who has classic car mechanical expertise to look at the vehicle and do some research into the particular car before committing to its purchase.