The Mecum Auctions sale held last month at the Pennsylvania Farm Show Complex and Expo Center in Harrisburg was one of the largest collector auto auctions in the last decade. The four day auction was one in a slew of large classic and collector car auctions to be held across the nation in upcoming months. Sales totaled over $20 million with a sales rate of 70%, one of the best the industry has seen in many years. The recent success indicates just how profitable the collector car market is and how much it is continuing to heating up.
Auto collectors across the nation are reeving up for the promised debut of an array of makes and models at these auctions, which will likely rein in millions of dollars more for some of the most highly sought-after automobiles from vintage classics to muscle cars and racers. Car collecting is making incredible headway in the wake of the 2008 recession. Industry analysts report that the demand for Italian imports and exotics is at an all-time high, while many common vehicles are beginning to rise in popularity as collectibles as well.
As with any collectible the market will ebb and flow based on the number of buyers, sellers and as collector interests shift. Here are a few of the most recent collector car trends to help seasoned collectors and novice enthusiasts feel out the market.
- According to specialists, prewar classic manufactures, such as Duesenberg, Packard and Bugatti, continue to hold their value and increase their worth. The demand for these vehicles is still widely prevalent, and early model vehicles will often fetch high prices at any auction.
- European sports cars have exploded into the collector car market in recent years. Ferraris in particular are in increasingly high demand and can fetch prices of at least 7 figures. Experts theorize that prices for Lamborghinis and Maseratis are likely to skyrocket in the near future as well. German cars are also rising in value as well. Bids for mid and late-century Porsche models have spiked.
- Muscle cars continue to hold strong as some of the most affordable classic cars on the market. The classic American models were hit hardest during the recession, however their market value has been returning to pre-recession level of late.
Collector cars can be an exciting investment as their value will often increase over time due to age and availability, that’s why it is essential to properly protect that investment. At Provident Protection Plus Insurance Agency, we are as passionate about protecting your classic, antique and collectable vehicles as you are about collecting them. That’s why we offer comprehensive collectors car insurance solutions for New Jersey, New York and Pennsylvania auto enthusiast. For sixty years we have proudly providing our community with the best personal insurance solutions to help policyholders protect themselves, their families and their investments. Give our NY collectors car insurance specialists a call today at (888) 990-0526 to learn more about how we can help protect your vehicles.