The classic-car market has always been an exercise in irrational exuberance, a field day for a behavioral economist. The brilliant thing about crappy Cold War-era cars is that they don’t have to make much financial sense. The decent ones cost about as much as a new car, and may appeal as an investing experiment to anyone who’s had a good run in the stock market.
“It takes little justification,” Klinger said. “You’re not going to lose your shirt on it. And it’s not like buying new vehicles where you immediately take that depreciation hit." Similar to Tesla shares, these vehicles occasionally do burn-outs.
Even Justin Bieber is cleaning out his garage a bit. In Arizona last week, the pop star sold his 2011 Ferrari 458 for $434,500. Maybe he figured out he’s an El Camino guy. I mean, deep down, aren’t we all?
This article was provided by Bloomberg News.