New survey shows car collectors see classic cars as a better investment than stock market and plan to continue buying cars in 2020.
PHOENIX (July 9, 2020) – A recent survey shows that two-thirds (67%) of car collectors and enthusiasts plan to buy or sell a vehicle within the next 12 months, while 25% plan to do so within the next three months. Compared to last year, 65% of those surveyed have spent more or about the same on non-essential purchases in 2020. Furthermore, collector cars are viewed as a viable means of investment, with 43% favoring them to other investment options right now.
“The numbers are telling us that the collector car market is healthy and thriving,” said ClassicCars.com Founder and CEO Roger Falcione. “With such a volatile stock market and plenty of free time on their hands, the allure of owning a physical and usable asset like a collector car has only grown for our audience of automotive enthusiasts. We asked our users what their primary motivation for purchasing a collector car was and 26% chose ‘fun’ as their number one deciding factor – something not so easily swayed by the markets.”
Although many events have been canceled, survey respondents expressed interest in attending organized car shows (80% say they attend such events) and local meetups (67% attend) when they are able to do so safely.
ClassicCars.com users also reported that they are interested in classic American muscle cars (72%), hot rods (36%), classic trucks (34%) and European classics (26%). These results were confirmed on the ClassicCars.com Marketplace during the month of May, which saw a 22% month-over-month increase in searches for muscle cars, a 48% increase in searches for 1967 Ford Mustangs and 1967 Chevy Impalas and a 43% increase in searches for Volkswagen Buses.
The move towards assets is common in an uncertain economy, but a burgeoning collector car market is benefitting for the first time as a financial haven owing to a decade of steady growth followed by a recent correction. It seems, after careful analysis, that collector cars have joined the company of real estate and fine art as safe, long term positions in any investment portfolio. The growth or decline of the market is slightly uncertain in the coming months, but a healthy correction of prices over the last few years has left them in a better position than many other markets by comparison.
All these results are from an online survey conducted by ClassicCars.com to assess consumer sentiment in the wake of the coronavirus pandemic. The survey received 2,552 responses from ClassicCars.com users.
Founded in 2007 and headquartered in Phoenix, Arizona, ClassicCars.com is home to the industry’s largest community of collector car sellers, buyers and enthusiasts. Featuring more than 35,000 vehicles for sale by private sellers, auction houses and specialty dealerships around the world with over three million monthly visitors, ClassicCars.com is the world’s largest online marketplace connecting buyers and sellers of classic and collector vehicles. ClassicCars.com is also leading the initiative to drive the next generation of car lovers through their annual Future Collector Car Show founded in 2016. For more information, visit ClassicCars.com.