Collector Cars Beating Gold as an Investment
Bloomberg reports that the value of collector cars has been soaring. Bloomberg says Stephen Serio, a Massachusetts classic-car dealer, expects to sell a 1966 Ferrari 275GTB on his lot for about $810,000. The same car sold for $500,000 just five years ago.
"When you have something they're not making any more of, the value goes up," said comedian Jay Leno, host of the Jay Leno Show, who has a collection of 105 cars, including 8 Duesenbergs, and 90 motorcycles. "If you're knowledgeable, you'll probably end up making money."
Prices on collectible cars have gained about 60 percent since September 2006 according to an index created by David Kinney, publisher of "Hagerty's Cars That Matter," a pricing guide and Web site. His Blue Chip index of 25 vehicles tracks actual sales and includes automobiles such as the 1960 to 1963 Ferrari 250 GT California Spyder, which has gained 112 percent since September 2006, and has a current book value of $4.2 million.
Bloomberg says collectible cars have beat art, wine, stocks and gold as investments. Gold is up 30% since September 2006. Hagerty's Cars That Matter index is a stock market style index that averages the values of 25 of the most sought after collectible automobiles of the post-war era.
Posted on September 25, 2009
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