Did you know – classic cars increase in value by £20,000 over the last ten years…and you might own one of these gems!
Investing in classic cars are more valuable than gold with one particular model set to increase by a whopping £20k over ten years.
New details have emerged from a respected insurance broker that has found than classic cars values have increased by over 97% in the last ten years. This is compared to just 45% for pieces of gold and 50% for UK property.
Industry experts say that classic cars are one of the most valuable assets to own, just short of investing in the stock exchange.
For example, the 1961 Volvo P1800 was worth just over £7,500 in 2010 but has now seen a dramatic price increase in the last decade.
Just three years later the Volvo was now worth £11,896 before increasing to £11,974 in 2015 and almost £16,000 in 2017.
Fresh predictions estimate that the car is worth around £29,180 in 2020, that’s a massive 283% increase!
The Volvo rose to prominence after it was owned by non-other than James Bond actor Roger Moore.
In the early 80s, the Mazda RX-7 has been revealed as the second biggest investment in the classic vehicle marketplace with models rising by 239% in the last ten years.
The Mazda was valued at just £3,187 ten years ago and just £6,376 in 2017 before a big boost over recent years.
The Mazda is now valued at over £10,815 in a major price boost of over £7,600.
Values for the 1983 Lands Rover Defender 110 have increased by 99 per cent over the past 10 years with models now worth up to £15,400.
The 1977 Porsche 924 struggled with its value, dropping by 11% over the first three years between 2010 to 2013.
The model was still worth around £360 cheaper than its 2010 value five years later but soon turned it around.
A 13% rise on its original value was recorded in 2017 while the car is now worth 53% more this year.
The 1972 Beetle from VW also saw its value increased by 157% to over £10,000 while the 1968 Datsun 510 grew by over 132% to reach an eye-watering £8,000.
Other models which were found to gain value included a 1984 Toyota Supra and 1968 Fiat 124 Spider.
A 1968 Ford GT Mustang increased by 67% over the past 10 years to reach over £24,000 in value while a 1976 Alfa Romeo GTV also recorded an 80% rise.
The 1991 Volkswagen Golf GTI, 1979 Jaguar XJ-S, 1973 Chevrolet El Camino, 1971 Triumph Stag and 1970 Plymouth Variant also increased in value.
Number matching is regularly conducted by classic car buyers and refers to checking whether a vehicle's main parts all have matching reference numbers and are therefore original.
Classic car owners can increase the value of their vehicles by using older stock parts or pieces which were manufactured during the same period as the vehicle.
Restoring the bodywork of your beloved car and repairing any dents can lead to large increases in value while openers should always keep detailed maintenance records.
This proves your car is in a good condition and has not been susceptible to many previous breakdowns.
Many classic buyers also love to hear about a car’s rich history which could be the difference between securing a sale and walking away empty-handed.
So, if you are looking to restore your classic car look no further than Bowers Automotive. Call our team today on 01782 590 700 or email enquiries@bowersautoparts.net.