While most regular-use vehicles lose value over time, classic cars are buzzing along, with prices more than tripling in recent years, according to a new research.

The study, conducted by Mauritius-based banking group AfrAsia and wealth intelligence firm New World Wealth, found that classic car prices have climbed considerably in value over the past ten years (from 2010 to 2020), with some rare and priced models registering nearly 300 percent increase.

“Prices have risen by 90 percent (on average), making it the best performing investment class for wealthy people globally,” New World Wealth said.

According to New World Wealth’s in-house indices, the top individual performers in terms of price growth are McLaren F1 (1990s), up by 280 percent; Lamborghini Countach (1980s), up 250 percent; Ferrari 250 GT California Spider (1960s), up 240 percent; Ferrari 250 GTO (1960s), up 230 percent and Lamborghini Miura (1970s), up 220 percent.

Among the classic cars, McLaren F1 appears to be the most sought-after, according to the study.

“[Its] price has been rising steadily over the past 20 years, and it now one of the world’s most expensive classic cars. It is considered by some to be the greatest supercar ever made – it held the world speed record for 12 years,” New World Wealth said.

Car collecting

Classic car collection is very popular in the UAE, as well as in other markets like the US, UK, Germany, France, Italy, Switzerland and South Africa.

Most of the vintage vehicle enthusiasts in these markets are high-net-worth individuals (HNWIs), who splurge hundreds of thousands –even millions– of dollars on rare and historical models as a way to diversify their investment portfolios or boost their collections.

“[Classic car collecting] is similar to art in that HNWIs collect and trade classic cars globally. Normally, the same auction houses that handle the art auctions, also handle the classic car auctions such as Sotheby’s, Christie’s and Bonham’s,” Andrew Amoils, wealth analyst at New World Wealth, told Zawya.

In the UAE, several showrooms, as well as events, have been set up to celebrate the beauty and elegance of classic vehicles.

The Sharjah Classic Cars Museum showcases a collection of roughly 100 vehicles dating back to the start of the 20th century.  Tomini Classics, Dubai’s premier classic car showroom and gallery, features post-war sportscars, including midcentury “automotive legends” and classics that were popular in the early 1990s.

Most popular models

According to New World Wealth, the Ferrari GT0 (1960s), with a market price of $20 million, is the top pick among HNWIs in the UAE, US, UK and South Africa.

Here are the rest of the top car picks among HNWIs in 2021:

  • Ferrari 250 GT California Spider (1960s): $16 million
    • McLaren F1 (1990s): $15 million
    • Porsche 550 Spyder (1950s): $4 million
    • Mercedes Gullwing 300sl (1950s): $1.8 million
    • Porsche 959 (1980s): $1.5 million
    • Ferrari F40 (1980s): $1.4 million
    • Lamborghini Miura (1970s): $1.2 million
    • Aston Martin DB4 (1960s): $700,000
    • Lamborghini Countach (1980s): $350,000

(Reporting by Cleofe Maceda; editing by Seban Scaria)


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© ZAWYA 2021