Study Says Classic Cars a Hugely Lucrative Investment, '67 Corvette L88 Sells for $3.2 Million

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Gold really has no value other than that which it gains for being an excellent conductor of electricity and heat – it really doesn’t, and it’s only worth what we collectively agree that it is worth. It’s simple, easy to quantify and calculate, based on a number of fixed factors, and we've known about it for millennia.

This pushes some mining corporations to try to justify the use of tens of thousands of tons of cyanide, even blowing up mountains in their entirety is excusable when the shiny is the final product. However, why not give up coveting gold so much, and turn to a different kind of investment – classic cars.

Sure, it’s nowhere near as safe a place to put your money as gold is, and you sometimes even stand a good chance of losing cash, instead of gaining it, but if you do get it right, you could be looking at unheard-of return on investment. In fact, professional people with generous resources at their disposal have recently looked into this matter, and have found that this really is a trend that is attracting more and more people, and with good reason.

The study we’re basing this on was done by real estate firm Knight Frank. It says, aside from the fact that the antique furniture business is not what it used to be, that prices for classic cars have doubled in the last five years, and have gone up 28 percent in the last 12 months alone. That doesn’t sound surprising at all, considering the kind of prices that have been thrown around for the really old (and especially Italian) classics.

The latest shocker is one of only twenty 1967 Chevy Corvette L88 Convertibles ever made – its party piece was its L88 V8 motor which allowed it to run the quarter-mile in the really low elevens, consistently. It recently sold for - wait for it - $3.2 / €2.41 million at the Mecum Dallas auction. There’s a video detailing it, its history and a more detailed justification for the price, below.

By Andrei Nedelea

Story References: Washingtonpost


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