Classic cars may be works of art, but investing in them is a much different process to investing in artworks. Once bought and stored correctly, paintings can generally be left alone. That’s not true of a car. “You can hang a painting on a wall, not look at it for five years, and it will be fine,” Kelleher says. “But if you leave a car alone for five years, it will likely devalue.” Cars suffer from ailments like rust, and need constant maintenance from specialist mechanics, who can be expensive.
They have to be driven, too – like a body, cars must lead an active life to keep in shape. Consequently, any increases in value are likely to have been eaten up by maintenance costs.
With the market prices of top-range classic cars being so high – valuations can range from hundreds of thousands of US dollars for a 1926 Bentley Tourer to around US$30 million for a Ferrari 250 GTO – vintage motors may look like a good investment.