Car News 24 Feb 2016

Classic Car Prices Soar in 2015

Classic Car Prices Soar in 2015

Specialist insurer, Hagerty has reported an average 8.4% rise in classic car prices over the first 6 months of 2015.

The rise is being driven by investors, who are increasingly turning to classic cars as an alternative asset.  Hagerty’s report follows a study released in March by the property firm Knight Frank which estimated a 252% rise in art prices in the last decade, surpassed only by classic car values, which rose 487% in the same period.

Unlike other investment assets, such as bonds and shares, car value rises are free from capital gains tax.  Last year, a 1962 Ferrari 250 GTO set a new record when it sold for $38m (£24m) at an auction in California.

In the UK, Hagerty’s data highlights the Fiat Dino 2000 Spider as the biggest riser in 2015, up 45% from £45,000 to £65,050. The Lamborghini Countach LP400S Coupe also performed strongly, up 42% from £210,050 to £298,500.

Hagerty’s analysts said the market trend appeared to be shifting, with cheaper supercars from the seventies and eighties performing better than the top marques from earlier decades, such as Ferrari.  As an example, the report highlights the price of a Mercedes-Benz 300SL Gullwing Coupe, which remains unchanged in 2015 at just over £1m.

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