Tired of Stocks? Try Classic Cars

Quick. What’s more fun to invest in than bullions of gold or a fistful of stocks?

Classic cars, of course.

1928 Isotta
Glenmoor Gathering of Significant Automobiles
1928 Isotta

But does owning a 1960 Lambo Miura increase your bottom line, or simply give you something awesome to behold?

“You can keep a car for 10 or 15 years, and sometimes quadruple your money,” Michael Prichinello, co-owner of Classic Car Club Manhattan, told CNBC Thursday.

If you’re pulling your money out of the market and have no immediate need for your cash, sinking it into a car could be the way to go, said the club's other co-owner Zac Moseley.

As with any investment, know how to spot a trend and understand what you’re buying before you commit to a new [old] set of wheels. It’s important that potential buyers assess the car’s condition and whether it needs a restoration; confirm the mileage and make sure the vehicle's equipment is period-correct.

Also, find out how many cars were produced and whether it might be the first or the last one off the assembly line for that model and year.

Alternative Investing - A CNBC Special Report - See Complete Coverage
Alternative Investing - A CNBC Special Report - See Complete Coverage

Another value "driver" is whether the car has an interesting history.

Ahead of the so-called muscle-car trend, for instance, Prichinello bought a 1966 Mustang Fastback—one of 90 produced for Ford assembly-line workers only and priced then at $2,400. The charcoal-grey car has a red accent line along the sides and a red interior. Since Prichinello purchased the Mustang, it has doubled in value and is now worth more than $40,000.

What’s also special about the Mustang is that it mimics the lines of Alfa RomeoGhias from the 1950’s, including a 1954 model that Prichinello and Moseley showcased to CNBC.

This one-of-a-kind car, with a light exterior and red-leather seats, is worth a half-million dollars today. (You can see both the Mustang and the Alfa Romeo in the video left.)

“This is the very car that inspired the entire Mustang line,” said Prichinello. “[When investing in a classic car] those are the very things you look for—cars that have a story—such as one that competed in LeMans, for example.”

Some of the best places to find investment vehicles are auctions and classified ads.

On the downside, it might, at times, be tough to find a buyer exactly when you’re ready to sell your investment.

But unlike bullions or stocks, a car possesses the beauty factor: You can admire your baby’s lines, cruise down the boulevard or simply enjoy sitting behind the wheel in the driveway, while fantasizing you’re at the 23rd-hour mark of the daylong LeMans.

Learn about investing in art and wine in our "Anything But Stocks" segment, Friday, May 21 at 11am ET on 'The Call."