Last week, we talked about why Most Cars are Terrible Investments and this week, we’re going to start by talking about some of the exceptions to that rule.
There’s something magnetic about classic cars. No modern car has the same kind of look and feel and their simpler, more manual controls make them fun for car lovers to drive. For some, classic cars aren’t just luxuries, they’re investments.
Of course, not all cars are made equal and for reasons both serious and spurious, some classic cars capture the imagination more thoroughly and command higher prices than others. The most sought-after classic cars are, unsurprisingly, some of the most iconic cars of all time. Take a look at which cars from years past still demand—and deserve—our attention.
Which are the Most Sought-After Classic Cars?
Today’s luxury sports cars are quite nice. They have bells and whistles that weren’t even imaginable fifty years ago, but they don’t have the pure beauty of the Jaguar E-Type, the Maserati Ghibli, or the Aston Martin DB5 that was enshrined in our consciousnesses by James Bond. This is no coincidence; sports cars represent the aesthetic sensibilities of generations and the 1960s and 70s were landmark decades for the auto industry, technology, and society at large. Classic films and TV shows have given those times a special place in our memories, whether or not we had been born yet, and these cars are clear symbols of the era. In fact, when you picture a classic car, odds are that even if you don’t imagine one of those cars mentioned above, the car you imagine was made between 1960 and 1980.
Of course, high-end sports cars don’t tell the complete story. Muscle cars, if anything, are even better representatives of those decades. Typically much more affordable than contemporary luxury sports cars, muscle cars were designed for street racing, and they were made with three things in mind: a high top speed, impressive acceleration, and precise handling.
While the United States was the world’s muscle car maker, domestic car companies like GM Holden and the Australian branches of Ford and Chrysler produced classic muscle cars that you would probably recognise as distinctly Australian, like the GM Monaro, Ford Falcon Cobra, and Chrysler Valiant Charger. Australian classic cars are still the objects of fervent discussion, analysis, sale, and modification by groups like Australian Muscle Car Magazine and Collectable Classics, avenues through which you could easily research and price out classic cars.
Why Go After a Classic Car?
There are some good reasons to invest in a classic car beyond love of the machine itself. People see these cars as artworks as much as vehicles and are willing to pay quite a bit for one. If you’re willing to put in the time and effort to fix up a classic car that’s not in peak condition, it’s entirely possible to resell it for a tidy profit even if the purchase price at the beginning was already quite high.
Either way, plenty of financing options for classic cars exist. Taking out a car loan for a classic car is actually common for hobbyists, collectors, and those who want to fix and resell one. After all, the principal cost of any car is going to amount to a significant purchase. And, of course, if you’re interested in getting your hands on a classic car for any reason, it’s not a bad idea to look at your financing options. 360 Finance can help.