$5M to invest in classics for long term..
Discussion
as per ealier posts, I would go for quality not quantity.
A friend of mine now has over 20 classics, but most of them are in the £20k range and the problem then becomes:
1. At that level the cost of servicing, storing them matches the appreciation in value
2. He doesn't get a chance to drive them all (probably less of a problem for the OP)
So not sure i would go down the route of buying 3-4 Porsche 928s etc etc
A friend of mine now has over 20 classics, but most of them are in the £20k range and the problem then becomes:
1. At that level the cost of servicing, storing them matches the appreciation in value
2. He doesn't get a chance to drive them all (probably less of a problem for the OP)
So not sure i would go down the route of buying 3-4 Porsche 928s etc etc
the other thing he might want to think about; i gather the import duty on classics coming in from the US is about to be lowered by the EU. Valuations on US-domiciled cars always seem cheap compared with Europeans (and if in California, rust etc much less of an issue). So might be worth keeping an eye on US auctions for interesting cars
Tell your friend to forget what the nouveau-riche sheep are doing and go for rarity, originality and provenance. So avoid all postwar Aston Martins, all Lamborghinis or Ferraris after about 1965, go for a 50s or early 60s Ferrari or Maserati with a contemporary racing history, a Rolls-Royce Phantom 2 Continental, perhaps with close coupled Barker coachwork, and as our friends on the other side of the pond have a healthy respect for cars of that era, A Duesenberg and a couple of V12 Cadillacs from the early 30s. Unfortunately you need to be pretty knowledgeable to make wise buys that will be a good investment and that takes time and effort. As has been said several times, if he hasn't got a passion for historic cars, forget it.
Edited by Justin Case on Monday 10th February 12:11
I as thinking about this earlier today. Without wanting to sound like a t
t $5m really isn't enough to go for a fleet of truly special investment cars.
If it was my money I'd try and hedge within the investment. I'd go with 3 x £1m cars. The first would be a well known historic racing car, the Ecurie Ecosse stuff would have been perfect. Secondly I'd be going for a classic Ferrari for obvious reasons. Lastly I'd go for a Mille Miglia type car, possibly an early Alfa with pedigree.
All three will always be desirable in spite of what the economy/bubble does but in very different ways.
t $5m really isn't enough to go for a fleet of truly special investment cars.If it was my money I'd try and hedge within the investment. I'd go with 3 x £1m cars. The first would be a well known historic racing car, the Ecurie Ecosse stuff would have been perfect. Secondly I'd be going for a classic Ferrari for obvious reasons. Lastly I'd go for a Mille Miglia type car, possibly an early Alfa with pedigree.
All three will always be desirable in spite of what the economy/bubble does but in very different ways.
Justin Case said:
Tell your friend to forget what the nouveau-riche sheep are doing and go for rarity, originality and provenance. So avoid all postwar Aston Martins, all Lamborghinis or Ferraris after about 1965, go for a 50s or early 60s Ferrari or Maserati with a contemporary racing history, a Rolls-Royce Phantom 2 Continental, perhaps with close coupled Barker coachwork, and as our friends on the other side of the pond have a healthy respect for cars of that era, A Duesenberg and a couple of V12 Cadillacs from the early 30s. Unfortunately you need to be pretty knowledgeable to make wise buys that will be a good investment and that takes time and effort. As has been said several times, if he hasn't got a passion for historic cars, forget it.
The OP said he only had $1.5m left to spend on 3 cars. Shout if you find a 1950s-early 60's Ferrari with racing history that falls under that budget Edited by Justin Case on Monday 10th February 12:11
Paracetamol said:
so, the 250 GT Lusso and Maserati MC12 have now entered the shortlist..
Why buy an MC12 when there's already an Enzo in the garage? As someone else said I'd go for a Sport Quattro only 200 made and still relatively affordable, also has great competition pedigree. In similar vein a genuine E9 CSL Batmobile.
If you want to blow the remaining budget on one car a BMW 507 or Porsche 904 might fit the bill. The 507 is a stunning car and was made in tiny numbers. That would probably be my pick. You've already bought a Muira which I think is decent value in this bonkers market.
http://youtu.be/zqWK-mrlWiI
The only car that I have heard the word cheap mentioned in the same sentence as million dollars and car recently was a Maclaren F1 GTR Longtail that sold for $ 5 mil...at the bottom end of the estimated range in an auction last month.
Please ask him to never cut them up to claim on the insurance.
http://cars.uk.msn.com/insurance/massive-car-insur...
http://cars.uk.msn.com/insurance/massive-car-insur...
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