The market for classic cars has been on a roll in the past decade. Craig Jackson, CEO of Barrett-Jackson, said he does not see it hitting the brakes anytime soon. ‘When the recession came a lot of money came out of the stock market and went into tangible assets and classic cars have led the field,’ said Jackson. Barrett-Jackson specializes in providing products and services to classic and collector car owners and automotive enthusiasts worldwide. Barrett-Jackson produces ‘The World’s Greatest Collector Car Auction’ in Scottsdale, Arizona. Last year that particular auction did $137 million in sales over the course of a week with over 1450 cars involved. According to the Knight Frank Luxury Investment Index, classic cars have outperformed every other luxury asset class from 2004 through 2014. Classic car price growth was 487% over that ten year period. A true ‘classic’ car was built between 1925 and 1948, and was part of a rare and limited production. After classics there are a lot of ‘collector’ cars auctioned by Barrett-Jackson, mostly so-called blue chips like Ferraris, that don’t fit into the classic category but are highly sought after. ‘Don’t buy them just because you believe they are going up in value,’ said Jackson on the topic of what it takes to be a classic car owner. ‘Buy what you love and enjoy the cars.’
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