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Here’s Why Classic Car Values Are Dropping
About a decade ago,scooping up classic cars was becoming increasingly more popular. But buying classic cars wasn’t just a hobby. It was an investment. And a relatively safe one, at that. Let’s not forget that this was around the time when the real estate market crashed, and people were searching for non-stock market investments. And those people benefitted from those classic car investments for about 10 years. Until now. The Guardian pointed out in a new report that this trend could be coming to an end.
In last year alone, the value of classic cars dropped by 10.4 percent. Now that may not seem like a lot, but to investors, it definitely is. Sure, we’re still seeing super rare wheels go for big bucks at auctions, but the overall market trend is singing a different tune. So, if people aren’t investing in classic cars, where is that money going? Photography. Yep, people are spending huge amounts of cash at art auctions. For example, a photograph taken by German photographer Thomas Struth sold for $777,080. Yes, we’re serious. Check out The Guardians full report for more of the deets.