Buying a Rare Car in SA
While an old car is eventually only worth its weight in metal, a true classic can be a major investment, capable of generating immense wealth for a patient collector.
Classic car specialist Ashley Thompson, CEO & Founder at Exclusive Assets, said: “In fact, classic cars have appreciated more than any other investment item.”
A ten-year survey by Knight Frank (Nov 2014) showed collectible cars have appreciated by 469%, followed by gold coins at 254%, art at 226% and London property at 135%.
Thompson said: “Unlike these other items, classic cars are an amazing investment that you can also drive and enjoy, however, you really need to know what you’re doing when you make this kind of large investment.”
What to look for when buying a classic car:
1. To be sure it’s a good investment, make sure to check it’s provenance and conduction – the most important factors when buying a collectible car.
2. Did the car have a short or limited production run? This will determine whether it’s the vehicle has good value.
3. Was it possibly owned by a famous person or company (interestingly, it does not have to be the same car – only the same make).
4. Rust, paint chips… what is the condition of the car’s exterior?
5. Is the car in a good mechanical condition? Have a mechanic evaluate the vehicle.
6. Look for classic cars that are currently in demand. The top classic cars are Ferrari, Porsche, Mercedes and Jaguar, but there are many others.
7. Collectible cars don’t have to be old – they can be from the 1900s right up until the current year i.e. limited and special editions.
Thinking of purchasing an investment car? Contact our team of specialist auto brokers for advice and assistance.