Woodside Credit and the Ever-Fluctuating Value of Collector Vehicles

Woodside Credit and the Ever-Fluctuating Value of Collector Vehicles

Woodside Credit and the Ever-Fluctuating Value of Collector Vehicles

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There are a lot of ebbs and flows in the collector car market. Those like Woodside Credit, who have been in the business of financing collector cars as well as exotic cars for a long time, are well aware of this. The best investors find the correct times to buy and sell.

In recent years, investing in classic cars and exotic cars has become increasingly popular among collectors and investors. While some vehicles have just retained their value over the years, others have skyrocketed in price. This has made them valuable investments for those with a keen eye for classic and exotic automobiles.

Skyrocketing Value for Collector Cars

The current value of collector cars has shot up in recent times. When looking at resources like Hagerty’s “Blue Chip” index, which tracks the value of rare and collectible automobiles, the market for these vehicles has steadily risen over the past few decades. It accelerated even more during the height of the COVID-19 pandemic. According to Knight Frank’s 2023 global wealth report, over the past decade alone vintage cars have risen in value by over 185%.

In 2021, the index reached an all-time high, with a year-over-year increase of 22%. This is just an average, as some cars have experienced even more significant price increases. The 1963 Ferrari 250 GTO is one example, selling for $70 million and setting records as the most expensive car ever sold at auction.

How Scarcity Dictates Price

What factors have contributed to the rise in the value of collector cars? It’s hard to ignore a big one: scarcity. Many of the cars considered valuable today were produced in limited numbers, making them rare and highly sought after. Most have a meaningful link to a particular era or historical event, which adds to their appeal.

The 1960s-era Shelby Cobra is a quintessential American muscle car. People loved them when they came out, and now scarcity has shot its prices up.

Another example of a rare and historic car is the 1957 Mercedes-Benz 300SL. With distinctive gull-wing doors and a racing pedigree, people spend top dollar to get their hands on one in excellent condition.

Cars That Stand Out in Value

Woodside Credit has seen many exotic and classic cars hold their value for decades. They were well-built from the beginning and continue to go up in price, since they’re in such high demand. These cars have stood the test of time and have become iconic symbols of automotive history.

One of the most valuable classic cars on the market today is the 1963 Ferrari 250 GTO. Only 36 were produced between 1962 and 1964, making them extremely rare. In addition to their scarcity, 250 GTOs are thought of as some of the most beautiful and well-engineered cars ever produced. They were also highly successful in racing, winning the Tour de France Automobile four times and finishing first in the 1962, 1963, and 1964 24 Hours of Le Mans races.

Another classic car that Woodside Credit has seen become increasingly valuable over the years is the Porsche 911. Produced since 1963, the 911 has become an iconic symbol of German engineering and performance. In recent years, early models of the 911, such as the 1967 911S, have experienced significant price increases.

These cars have value due to their distinctive design, innovative engineering, and impressive performance. Additionally, Porsche has a devoted fan base, which has helped to drive prices up even further.

Moving on to exotic cars, the Lamborghini Miura is widely regarded as one of the most beautiful and innovative cars ever produced. Introduced in 1966, the Miura was the first mid-engine supercar and set the standard for the high-performance exotics that followed. Only 764 were produced between 1966 and 1973, making them extremely rare. Today, the Miura holds its value at auctions.

What’s Changed in the Market?

What are some of the changes in the current collector car industry?

It’s impossible to predict the market’s future with 100% accuracy. That said, some factors impacting the exotic and collector car market should be examined.

Younger Collectors Stepping In

There’s a shift in who buys exotic cars in today’s market. Millennials and Gen Z are starting to buy into classic cars from the 80s and 90s. While the classic car itself is getting a little newer (moving into the 1980s and 1990s), there’s an increase in the number of people interested in these vehicles.

Some also see collecting as an investment opportunity. In the past, only those passionate about cars bought the classic options. With more people investing, it crowds the market and could potentially drive drives up prices.

There’s a growing number of investors looking for alternative investment opportunities. Art, rare wines, and collector cars all constitute intriguing investment opportunities. Investing has become a multi-billion dollar industry with no signs of slowing down.

Market Trends

The car market and the state of the economy have historically been very similar. This fact has some people worried about the short-term future because of the recent economic downturn.

Inventory availability will always impact the value of vehicles. During the height of COVID-19, new cars were going for well over sticker price because of supply chain issues. While this is returning to normal, classic cars still have more demand than supply.

Some of the rarest vehicles out there have shot up in value. People are more aware of what they have in today’s world, and they aren’t going to give it up without getting a reasonable price.

Change in Consumer Needs

The rising popularity of electric vehicles that are considered safer for the environment has impacted the classic car market in a lot of ways. No matter what vehicle a person looks at from the past, they are gas-powered and usually don’t come with the best miles per gallon.

People gravitate toward something that can still perform well in today’s world and not look completely out of place. There are always changes in what consumers want, so that shouldn’t be a surprise.

How Woodside Credit Helps Buyers When the Timing is Right

Everyone must strike at the right time in the exotic car market to get the best value. Woodside Credit can provide financing when it comes time to purchase a vehicle. Woodside Credit is the best exotic car financing and collector car financing company offering the lowest monthly payments in the industry. This allows shoppers to buy the vehicles they want—without putting up a ton of money upfront.

Investing in a car comes with challenges like anything else. There’s never a perfect time to buy or sell, but those in the industry like following the trends and seeing if they can make the right decisions. While some vehicles always find a way to hold value, there will always be hidden gems.

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