Americans love cars. They spend a decent amount of money purchasing them. It’s estimated that they spend about $5,000 on auto loans and auto insurance annually. This is why they want it to be the best when purchasing their first vehicle. One of the best types of cars to buy is a classic car.
You might be considering a classic if you’re in the market for a new car, and for a good reason, classic cars have come back into style in recent years. Here are five reasons you should buy a classic car.
Affordability
With the rise of classic cars, popularity has increased demand and, subsequently, prices. However, classics are still more affordable than your average new car—even luxury vehicles. The average brand-new car right now costs around $50,000. You can purchase a classic for around the same amount. Additionally, a classic is an excellent option if you’re looking for a quality car without breaking the bank.
Appreciation in Value
Even as prices increase, classics continue to appreciate. This makes them a sound investment for anyone looking to buy a vehicle they can sell later down the road. Some classics have been known to double or triple in value over a few years. Here are three of the most expensive classics today.
Ford GT40 MK II
Ford is well-known when it comes to building classic cars. One of the most valuable is the Ford GT40 MK II. In 2010, one sold for approximately $4.9 million. The car was initially built in 1966 for racing. Some people invest in an old but restorable Mark II to profit from it. The Mark I can also be profitable but because it didn’t have the same fame as the Mark II, don’t expect to sell it at a much higher amount.
Duesenberg Model J
Another classic that’s well-known among collectors is Duesenberg Model J. It’s considered one of the best cars in the world, able to top 300 miles per hour. It was first created in 1928 but is still worth millions today—for example, a 1927 model sold for $10 million in 1987.
Ferrari 250 GTO
This car is considered one of Ferrari’s most outstanding achievements. Only 39 were built at nearly USD 17,000 each. The value of these cars has since skyrocketed, as some have sold for more than USD 50 million. Even average classic car owners can do well if they know how to fix up and maintain a good Ferrari 250 GTO.
If you’re looking to increase the value of your classic car, consider these options:
Car Wrapping
One of the best ways to appreciate the value of any classic car is through car wrapping. You can customize the paint job, add unique colors, or even make a nod to Ferrari 250 GTO by using stripes. Consult your local car wrapping service for the suitable wrap for your classic car. They can offer suggestions and prices for a custom job.
Professional Restoration
Consider consulting a professional if you’ve got an old classic car that needs restoration. They can help get the value up by replacing parts with oil changes. Some professionals even collect and restore old cars as part of their business, so it may be worth getting in touch with one of them.
Unique
In today’s world of mass production, it’s hard to find a truly unique vehicle. With a classic car, however, you can be guaranteed that your ride will turn heads no matter where you go. Whether an iconic model like the Mercedes-Benz 300SL or rare finds like the Shelby GT500 Super Snake, driving a classic makes you stand out.
Fun to Use
Classics are designed with driving pleasure in mind—something that’s often lacking in today’s economy cars. With features like manual transmissions and robust engines, classics are built for those who love to hit the open road and feel the wind in their hair. So if you’re looking for a fun car, you can’t go wrong with a classic.
Character
New cars all start to look the same after a while, but classics always maintain their uniqueness and personality thanks to their one-of-a-kind designs. Every scratch, dent, and imperfection tells a story about the vehicle’s history and previous owners, making each classic unique.
Whether you’re looking for an affordable investment or want something different from the cookie-cutter cars on the road today, buying a classic car is worth considering. With their timeless style and enduring appeal, classics are not going anywhere anytime soon—so why not jump on the bandwagon and get one of your own? You won’t regret it!
