• Frank

Are Classic Cars Still a Good Investment?

Updated: Sep 8, 2018

Mehul Adlakha, Business Development & Marketing at GoParkr

Despite being more than fifty years old in some cases, classic cars are still very popular amongst Toronto drivers. A quick look on the local classified adverts shows that not only are there plenty to choose from; they are often sold at staggeringly large prices. From $20,000 to over $150,000, there is a vast choice if you are looking to purchase a classic car. But do they make a good investment?

Outdated, or very much still in with the times?

Costing a few hundred dollars per year to simply maintain, without taking account the fuel costs of these high L/100km gas guzzlers, at first glance they might not seem like an economically viable option. Yet believe it not, owning one of these cars could be one of the soundest investments over the next ten years. Between 2005 and 2016, the Coutts index claimed an annual return of 14.2% - a staggering figure. The return on investment does vary depending on many factors, including country of origin, age and condition, but all in all they are a very good investment.

The finances may actually add up to classic cars being a good investment!

The main problem that drivers have with these cars, is that they are valuable enough that they don’t wish to simply park them in a regular open parking lot for fear of the vehicles being damaged, vandalized, or even worse, stolen. Luckily for them, now GoParkr is offering a way to easily rent secure, private car parking spaces at very affordable rates with customizable preferred amenities.

Drivers can use their classic cars on the roads, safe in the knowledge that parking won’t be a problem! Do you own a secure, clean car parking spot that classic car owners might want to rent? Fund your next vacation by renting it through GoParkr and watch your revenue soar!

Source: Coutts Reference

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Author: Mehul Adlakha, Business Development & Marketing at GoParkr