Has the classic car market peaked?
I bought this Porsche 356 in 2003 for $13,000. Today this car is worth about $75,000. OK, I spent a bit of money on it, but that's still a pretty dramatic increase in value, and one which I am very happy with. Who is going to pay $75,000 for my car? Most people expressing an interest are in the financial field - brokers, bankers, traders. These are the very guys that pushed car prices to their heady heights in the late '80's, a market which collapsed completely and has only recently recovered. If the bonuses and commission dry up then so will the spending power - no demand, price falls if I remember my O level economics correctly?
Have prices peaked, or are Classic cars still a good "alternative" investment. You decide. Me, I selling my 356. Well maybe.....
I bought this Porsche 356 in 2003 for $13,000. Today this car is worth about $75,000. OK, I spent a bit of money on it, but that's still a pretty dramatic increase in value, and one which I am very happy with. Who is going to pay $75,000 for my car? Most people expressing an interest are in the financial field - brokers, bankers, traders. These are the very guys that pushed car prices to their heady heights in the late '80's, a market which collapsed completely and has only recently recovered. If the bonuses and commission dry up then so will the spending power - no demand, price falls if I remember my O level economics correctly?
Have prices peaked, or are Classic cars still a good "alternative" investment. You decide. Me, I selling my 356. Well maybe.....
No comments:
Post a Comment