{"id":14204,"date":"2024-06-26T16:35:00","date_gmt":"2024-06-26T23:35:00","guid":{"rendered":"https:\/\/www.neighbor.com\/storage-blog\/?p=14204"},"modified":"2024-06-26T12:36:10","modified_gmt":"2024-06-26T19:36:10","slug":"are-classic-cars-a-good-investment","status":"publish","type":"post","link":"https:\/\/www.neighbor.com\/storage-blog\/are-classic-cars-a-good-investment\/","title":{"rendered":"Are Classic Cars A Good Investment?"},"content":{"rendered":"\n

If you are looking into classic cars to purchase, the cost<\/a> may be your first concern<\/strong>. But those who are routine investors in the classic car market over time know that when you buy and sell classic cars<\/a>, there’s an opportunity to make some extra money <\/strong>(especially if you invest in a classic that’s <\/em>projected to increase in value<\/em><\/a> or you plan to <\/em>restore the vehicle<\/em><\/a>). <\/em><\/p>\n\n\n\n

Ultimately, the ROI of your investment hinges on your ability to pick the right <\/em>classic car<\/strong>–not just any classic car. So what should you look for when shopping? What sets a hidden gem apart from a bucket of bolts? <\/p>\n\n\n\n

We’ll help steer you in the right direction. <\/p>\n\n\n\n

Factors That Make a Car Collectible (and Valuable) <\/h2>\n\n\n\n
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Courtesy of USA Today (Pictured: Jaguar XK120<\/em>) <\/figcaption><\/figure>\n\n\n\n

Several factors contribute to a car’s collectibility, making it desirable and potentially valuable. These factors include rarity<\/strong>, historical significance<\/strong>, racing history,<\/strong> and celebrity ownership<\/strong><\/a>. Of course, the condition of the vehicle will also play into this. <\/em><\/p>\n\n\n\n

Factor #1: Rarity and Limited Number<\/h3>\n\n\n\n

Rarity is a significant factor in determining a car’s collectibility. Cars produced in limited numbers or with unique customizations tend to be more desirable among collectors. For instance, the 1954 Mercedes-Benz 300 SL Gullwing originally had only 1400 units produced. If you find one, it could sell for between $1 and $2.5 million. <\/p>\n\n\n\n

Factor #2: Racing History<\/h3>\n\n\n\n

A car’s racing history can significantly enhance its collectibility and value. Cars with notable racing achievements are often seen as pieces of automotive history.  Newer classics like Colin McRae’s 1998 Subaru 22B set a record, selling for over $600,000 in August 2023.<\/p>\n\n\n\n

Factor #3: Celebrity Ownership<\/h3>\n\n\n\n

Cars previously owned by famous individuals, such as Steve McQueen or Paul Newman, often fetch higher prices at auctions. The most famous of these may be Steve McQueen’s 1968 Ford Mustang GT. In January 2020, it sold for 3.74 million dollars.<\/strong> For collectors, these celebrity-owned cars offer a unique connection to their favorite stars, making them highly sought after, even if they aren’t always worth millions. <\/p>\n\n\n\n

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How Neighbor is changing car storage<\/h2>\r\n\t\t <\/header>\r\n\t\t
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Transparent monthly savings<\/h3>\r\n\t\t

Renters save 30-50% on car storage, on average. No rate hikes.<\/p>\r\n\t\t <\/div>\r\n\t\t

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Keep your car nearby<\/h3>\r\n\t\t

Find trusted car storage just minutes from where you live.<\/p>\r\n\t\t <\/div>\r\n\t\t

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Storage made simple<\/h3>\r\n\t\t

Don't settle for stone age tech and long contracts. Neighbor makes it easy.<\/p>\r\n\t\t <\/div>\r\n\t\t <\/section>\r\n\t\t