Classic Cars Increased in Price 60 Percent in Three Years - Alternative Investing - Special Report

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Classic Cars Increased in Price 60%: Hagerty Index

Published: Wednesday, 21 Oct 2009 | 9:35 AM ET

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By: CNBC.com

Classic cars are increasing in value more rapidly than stocks and residential real estate, according to one index.

Hagerty’s Cars That Matter Index, which tracks the prices of the 25 most sought after post-war, classic cars, found that the index retained its value as home prices and the Dow Jones Industrial Average dropped in a three-year period.

Since October 2006, values have increased 60 percent. Gold prices are the only other investment that has stayed on par with the index.

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McKeel Hagerty, CEO of Hagerty Insurance, which publishes the car pricing guide Hagerty's Cars That Matter, thinks prices have risen because of more awareness and acceptance of car collecting as an investment.

"Baby boomers have accepted driving in a classic car as a sign of success," he said.

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“Even though we’re living in this kind of frugality era, owning a ‘67 corvette is not considered piggish to some, Hagerty adds.