Classic car enthusiast Cory R. Cole of Brielle, NJ, delves into the market as values continue to soar in 2021.
In the last decade alone, classic car values have reportedly increased by as much as 300 percent. Even amid continued economic uncertainty stemming from the ongoing global health crisis, prices remain strong. A classic car enthusiast from New Jersey, Cory Cole of Brielle, NJ, takes a closer look at the market.
“Classic car values have never been stronger than they are at the moment,” explains Cory R. Cole of Brielle, NJ, speaking from his home in Monmouth County, New Jersey. Cole is a lifelong fan of classic cars with a particular passion for restoring some of the most sought-after models.
Classic car enthusiast Cory is right to suggest that the market is at an all-time high. A recent study undertaken by New World Wealth, a leading global wealth intelligence group, found that values had increased by up to 300 percent between 2010 and 2020.
“Some of the most desirable classic car models have increased in value dramatically in recent years,” adds expert Cory Cole of Brielle, NJ. This increase comes, he says, as demand for certain models continues to outstrip supply.
According to Cole, some of today’s most desirable classic cars include pristine examples of the Plymouth Barracuda and late 1960s Dodge Chargers. “Particularly rare examples, such as the 1971 Hemi ‘Cuda convertible, have increased in value the most,” he adds.
European models now among the most valuable, says Cory R. Cole of Brielle, NJ
While classic American muscle remains in high demand, there are still opportunities to acquire good examples for sensible money, Cory R. Cole reports. However, the same cannot be said for many European models, he goes on to reveal.
“Cars from European manufacturers such as Ferrari, McLaren, and Lamborghini continue to top the charts when it comes to classic values,” explains Cole. “Why? Because they simply do not come to the market like they used to,” he adds.
With many of the most sought-after makes and models already in private collections, it’s becoming increasingly rare for them to change hands – especially on the open market. “When they do, it’s for astronomical sums of money,” says Cole Cole of Brielle, NJ.
New World Wealth’s recent study found that, should potential buyers be able to find one, a classic McLaren F1 may set them back over three times what it would’ve cost just ten years ago. Other iconic models, such as the Lamborghini Countach and Ferrari 250 GTO, have all grown similarly in value, the same report shows.
“Older and rarer models like the Ferrari 250 GT California Spider and Lamborghini Miura,” Cole points out, “may have increased in price even further during the same period.”
Cory R. Cole of Brielle, NJ, is a graduate of Rutgers University from Brielle, New Jersey. Further to his passion for restoring classic cars, sports fan Cory regularly plays soccer and works out on a daily basis. His other interests include surfing, snowboarding, and diving.