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.
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.
“Even though we’re living in this kind of frugality era, owning a ‘67 corvette is not considered piggish to some, Hagerty adds.
Among the cars included on the list include the 1960-63 Ferrari 250 GT, the California Spyder SWB and the 1965 Shelby GT350.
The cars selected in the index are chosen by how much in demand they are, and how accessible they are to collectors.