The classic car market in South Africa is booming.
Well, that is the opinion of the newly launched “Classic Car Passion South Africa”, a source of information for classic car enthusiasts. “Affordable classics have grown for the last seven years – even last year,” says John Tallodi of Classic Car Passion South Africa.
The Money Show’s Bruce Whitfield interviewed John Tallodi, Managing Director at Classic Car Passion. ‘We just launched the South African branch of Classic Car Passion. It’s been going for 12 years in Europe. It brings together classic car fans… We offer events, cars for sale, news items specifically for South African classic car fans…Classic cars are a highly investable alternative asset class, and South African investors – especially at the lower end of the market – are piling in.’
If you buy right, it can be financially beneficial… The Hagerty Index tracks various classic cars over years. ‘Affordable classics’ have grown for the last seven years – even last year. These are vehicles between R300 000 and R600 000. On Line classic car purchasing at auctions have grown hugely in the last year. People stuck at home, looking to invest in something slightly different. The VW Beetle is proving very popular. There are lots of parts for it… and it won’t break the bank if something goes wrong.
The Beetle is definitely riding a wave right now, and affordable classics might become the answer to the question of how to attract younger people to the Classic car movement. Ford Escorts are another Marque that is seeing lots of interest right now, along with Cortinas of all types. Sheridan Renfield of Sedgefield Classic cars can’t get enough of the Escort and is exporting many to the UK. From the almost frenetic activity on Facebook advertising, Gumtree and the like, Mercedes Benz saloons of all decades have also become sought after as have the BMW saloons of the 80’s and 90’s. If you have some spare cash to invest, you might want to invest or speculate?