Looking for market advice in these troubled times? Auction house Barrett-Jackson suggests that buying classic cars could be the best remedy for your portfolio of investments.
According to Barrett-Jackson, many of the top cars have performed better than the stock market and gold over the last 10 years. The value of the cars in the Barrett-Jackson Mini-Index grew by a compounded annual growth rate of 16% from Q1 1998 to Q1 2008, while during that same time period, the DJIA grew at 5%, the S&P 500 Index by 4% and the price of gold by 11%.
“These numbers paint a vivid picture of the intrinsic value and growth of the collector car market,” said Steve Davis, President of Barrett-Jackson. “A financial analyst will tell you that every market has year-to-year fluctuations, but that the true measure is performance over time. Most enthusiasts like me take great solace that as a car collector, we own tangible assets that have not only stood up to the test of time in value, but can also be driven and enjoyed.”
The Barrett-Jackson Mini-Index was created in 2003 and consists of representative cars that reflect the diversity seen in the collector car market. These cars span from 1957 to 1970 and are primarily European and American sports cars and U.S. muscle cars, including a 1957 Thunderbird, 1967 Jaguar XKE, 1967 Shelby GT500, 1970 Camaro Z/28, 1970 AAR ‘Cuda, 1965 Austin Healy MK III and a 1967 Corvette 427/435.
Craig Jackson, Chairman and CEO of Barrett-Jackson said, “Though most people buy a collector car to enjoy, they have also proven to be one of the soundest investment vehicles in the global marketplace over the past 10 years.”
The inaugural Barrett-Jackson Las Vegas event will be held October 16-18 at the Mandalay Bay Events Center. It is open to the public with tickets for sale at the Barrett-Jackson web site and onsite at the Mandalay ticket booths. Additionally, SPEED will broadcast the auction live.