Classic cars increase in value by £20,000 over the last decade – you might own these gems11/17/2020
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Fresh analysis from Vanarama and Hagerty Insurance has found that classic car values increase by around 97 percent over 10 years. This is compared to a 10-year increase of just 45 percent for pieces of gold and 50 percent for UK property.
Experts say classic cars are one of the most valuable assets to have, just short of investing in the stock market.
The 1961 Volvo P1800 was worth just £7,611 in 2010 but has seen a dramatic price rise over the past 10 years.
Just three years later the car was worth £11,896 before increasing to £11,974 in 2015 and almost £16,000 in 2017.
Fresh predictions put the car’s value at a massive £29,180 in 2020 in a massive 283 percent or £21,569 rise.
The car rose to prominence after a model was owned by former James Bond star Roger Moore.
A 1981 Mazda RX-7 has been revealed as the second biggest investment in the classic car market with models rising by 239 percent over the past decade.
The models were valued at just £3,187 in 2010 and just £6,376 in 2017 before a major boost over the past few years.
The iconic model is now valued at over £10,815 in a major price boost of over £7,600.
The 1972 Volkswagen Beetle saw its value increase by 157 percent to over £10,000 while the 1968 Datsun 510 soared by 132 percent to reach over £8,000.
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Values for the 1983 Lands Rover Defender 110 have increased by 99 percent over the past 10 years with models now worth up to £15,400.
The 1977 Porsche 924 initially struggled with its value, dropping by 11 percent over the first three years from 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 percent rise on its original value was recorded in 2017 while the car is now worth 53 percent more in 2020.
Not one model in Vanarama’s assessment lost money over ten years proving that the rarity of classic cars means they can hold value well.
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 percent over the past 10 years to reach over £24,000 in value while a 1976 Alfa Romeo GTV also recorded an 80 percent 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.
Experts at Cars Direct say that the most valuable classic cars are those which are in a good condition while also being equipped with all of their original factory parts.
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.
They say 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 bodywork 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.
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