Peter Mullin, the resident of California who (allegedly) spent $30 million on a 1936 Bugatti Type 57SC Atlantic, which at the time made it the world's most valuable vehicle, has spoken to Bloomberg about the perils of investing in classic cars.

Mr Mullin bought the car two years ago and says that with more people investing in classic cars there was an increased risk of people getting ripped off in the process.

As such, he advises only those who are enthusiastic about autos to spend their money on buying a vintage vehicle. This is not only because they are going to get more enjoyment out of their purchase, but also because they will be in a better position to tell whether they are being asked to buy a fake or a model which may not be worth as much as the price which is being sought.

As a rule, he says that a good quality classic which was made in numbers of less than 30,000 is probably going to be increasingly valuable over the years, although he does not believe that this reason alone is enough to make vehicle investment a sensible idea.

Despite this advice there has been a boom in the classic car investment market in recent years, particularly at the higher end.