Gear -- 16 days ago
Words: Gentleman's Journal
Warren Buffett once said, “I always knew I was going to be rich. I don’t think I ever doubted it for a minute.” Today his wealth is estimated at $47 billion, making him the world’s third richest person. However, for all that went right in Mr. Buffet’s business career, there was one thing that went wrong.
When Mr. Buffet considered dabbling in the classic car market in the 1980s, he was offered to buy the Harrah Car Collection. This collection of 1,400 classic cars included a 1932 Rolls-Royce Salamanca, a 1932 Bugatti coupé and a 1913 Pierce-Arrow. The collection would have cost him less than a million dollars. He thought about it, then decided not to invest.
A couple of years later a small part of the collection was auctioned for an immense price of $69 million dollars.
This shows just how powerful the classic car market can be and only now, people are beginning to catch on to it.
To put it in perspective, the price of Gold in the 1980s was worth about £260 per ounce, now its worth £1,150 per ounce. This was known as one of the ultimate investments. However, the price of an Aston Martin DB5 was worth under £10,000 in the 1980s, today its valued at more then £300,000.
A classic car is an excellent investment in today’s market, its something that you can enjoy and drive. One thing is certain, there’ a finite supply of classic cars. They aren’t making them any more.
Here is a list of the best classic cars, as an investment, under £10,000.
MGB GT
It may be neither quick nor particularly thrilling, but the MGB’s great looks and mechanical sturdiness still made it the quintessential British sports car of the 1960s and 1970s.
Hint: Always choose one with a chrome bumper, avoid horrible plastic ones.
Mini Cooper
Not like today’s hatchback, but the real thing. It was the three-times Monte Carlo rally winner and was made famous in The Italian Job. By modern standards, the Mini Cooper is startlingly slow, but its so much much fun to drive, you’ll struggle to notice. Go-kart steering, deafening engine and roller-skate handling only add to the enjoyment.
Range Rover
The early Range Rover is a guaranteed future classic, and prices are already rising. The bodies last forever, but watch out for rust underneath. By far, the coolest car in the countryside.
Hint: Avoid the ugly and badly built second-generation form 1994.
Audi Quattro
Audi’s 1980s sports-car icon has evolved into a fast, practical and a hugely entertaining classic. Four-wheel drive makes it usable in all weathers, and its unique five-cylinder engine gives one of the most memorable sounds of any car.
Hint: Always get one in red, it’s the signature colour.
