Classic cars outdid gold in 2011
Image: *JRFoto* 2009
The value of gold has been widely reported as rocketing over the past 10 years, going from about $285 an ounce to closer to $2,000 in the current market. However, if you love classic cars then you may be surprised to find out that the market for vintage vehicles actually made investors wealthier than this most precious of metals last year.
A report from the Historic Automobile Group International, has found that some classic cars for sale rose in value by about 20 per cent in 2011, which is considerably higher than the 9.93 per cent of growth attributed to gold over the same period.
Spokesperson, Dietrich Hatlapa, said that he was intrigued to see how the classic car market is able to exist almost independent of many economic pressures and provided you have the cash to spare, then you can easily put your money to work by investing in vintage vehicles.
Obviously there are some areas of the market which grow faster than others, with high-end and rare models more likely to net a good return. The timing of a sale or a purchase is also crucial in increasing any profit.