Investing in vintage muscle cars is all the hype nowadays as one 1970 car could cost a whooping millions of dollars in auction. Buyers and sellers, most of them baby boomers, have rekindled their passion for the cars of their generation, prompting high-powered auctions of these classic cars. Financial analysts are even encouraging interested investors to put their money in these lucrative business since it looks like more and more people are getting interested in collecting these ageless vehicles.
The numbers that these auction accrue are staggering. According to valuation and insurance provider Hagerty, 3,489 vehicles from various auctions earned total sales approaching $260 million. Craig Jackson, Barrett-Jackson’s chairman and CEO, said that the market for American muscle cars remains incredibly resilient.
Demand for vintage American muscle cars from the 1960s to 1970s continues to grow, especially for "survivor" vehicles, he added. The high-profile Barrett-Jackson auction held each January in Scottsdale, Arizona, had evolved over the last decade into one of the best-attended classic car spectator events on the calendar. It is the biggest, and most lucrative of all the Scottsdale auctions, the Hot Rod reported.
However, it's not the only worthwhile auction as another half-dozen auctions compete for attention of business buyers and sellers. The top three auction houses for vintage muscle cars where you can start growing your investments on classic vehicles are RM Sotheby’s, Gooding & Company, and Bonham’s. Each occasionally serves up tempting muscle cars.
What's more surprising, is that not only classic muscle cars are in demand, per the Ionia Sentinel-Standard. More people invests on 1980s and 1990s Mustang, as several world records were set at auction for the Fox-body vehicle. This year, Barrett-Jackson sale offered one of the most historically significant Chevrolets of all time, Zora Arkus-Duntov’s CERV I, which brought the second highest selling price of the whole auction at $1,320,000.