Steve Linden wrote a great piece in Newsday about the difference between collecting and investing in classics. Is it driving out some car lovers who just want to own one of these beauties? I think it may just be. I bought my first car, a 1970 Barracuda 318 for $3300 in New Hope, PA. I had to junk it when I pierced the gas tank during a repair. Back then (in 1995) there was little to no interest in these cars. Of course I kick myself daily for this but if I still had the car it would probably be worth $15-20k. It was impeccable. No pedestrian car enthusiast with a family and responsibilities has that amount to drop on a weekend car. So what happens when the ordinary cars start to enter the stratosphere when investors show up? Hopefully they’ll just stick to their Ferraris and Mercedes SL300s.
Morgan Korn over at Yahoo! Finance wrote up a great piece (with video) on how classic cars have become one of the best alternative investments on the market. Check out Morgan’s article. Makes me wish I had enough dough to run out and buy a few of my own. If I did, my first purchase would probably be a vintage ’70 Nissan Skyline GT-R or a ’72 BMW 2002. On the American side, I’d shoot for a stock ’65 Ford Mustang 289 V8 hardtop in black. For now I’ll just stick to writing about them.