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The young collectors are not just buying rare whisky or jewelry, where the prices have soared into six to seven digits; they are investing in vintage vehicles.
The price of vintage whisky as per the auction house AIG gained over half a million dollars and collectors are increasing their holdings of different types of brands, on the other hand, the number of whiskey insurance has increased tenfold (as per AIG data).
The top insured collectibles include art and jewelry for the year, presently (in the first quarter), but there has been an increase in the demand for whisky, cars, and even watches, which are other key areas where the millennials are buying.
These assets allow the collectors to remain divested where the collectors can be categorized into millennials age (21 to 37 years old), Generation X – (38 to 53 years old), and the baby boomers (54 to 72 years old).
In the luxury car section, the younger buyers are more interested in buying nearly four times more vintage vehicles or SUVs. As the interest of Millennials and Generation X is more in such vehicles – the prices are advancing.
The growth was highest in 2014 where the classic cars had gained to the pre-recession value.
The interest for owning the Broncos and Toyota Land Cruisers has grown in baby boomers and the younger buyers who have completely different outlooks towards such investments.
The younger buyers have a higher interest in Japanese cars like Supra and Miata, and there are some carriers equally desired by all generation buyers. However, buyers need to identify market trends and keep updating the valuation each year.
Some art collectors like to buy cars that are masterpieces designed on unusual engaging concepts. Some vintage classic vehicles are uniquely customized and buyers like to get the special concept cars.
Some vintage vehicles such as Vintage Autos delivered 288 percent in the last 10 years as per the Knight Frank Luxury Investment Index. The buyers of such vintage motors intend to hold assets for a longer duration till the item liquidates.
The cost of buying includes the price and the repair costs, where tracing parts of the old vintage car can be the most challenging job, while, these issues are mostly associated with higher price tags.
Investment in classic cars requires investment towards buying, insurance, storage, and maintenance. There are some cars like Lamborghini that can be bought for $630,000 but keeping such an investment at an apartment can cost more. It requires proper safeguarding, and caution should be taken before finalizing a deal.
Before buying the investors should check the Vehicle Identification number, get all information about previous ownerships, and other factual details.
The vehicle should be insured where the buyers should see the type of insurance provided. Some classic car insurance policies do not allow the vehicles to be driven and there can be other prohibitions and issues.
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