Can investing in a classic car be better than investing in bonds or stocks? Sometimes the answer may be yes. During a period of intense inflationary pressure, many are also looking at alternative investments such as art, rare wines or classic cars to invest in favorite collectibles on the one hand and enrich their portfolio with other assets on the other. on the other hand, to mitigate the impact of inflation on their investments. In particular, classic cars, which are the passion of both ordinary people and millionaires, have undoubtedly made a lot of money in recent years due to their rarity and distinctive features. The HAGI Top Index (Historic Automobile Group International), which tracks the cost of 50 models from brands ranging from Porsche and Ferrari to Bugatti and Alfa Romeo, increased by 33.8% in 2019, by 6.19% in 2020 and by 3 % in 2021. the height of the pandemic. According to the Knight Frank Luxury Investment Index, which measures the average performance of 10 rare assets such as gems, collectible furniture, wine, etc., vintage car performance has increased by 165% over the past decade. This is the second most profitable after rare collection whiskey (428%). “This is definitely an interesting market right now,” says HAGI founder Dietrich Hatlapa in a study by consulting firm Knight Frank. “Many collectors have become richer since the end of the pandemic, and some have chosen to invest in cars rather than jittery stock markets,” he adds, warning that not all popular classic cars are showing the same level of return.

Last May, collectors were surprised by the sale price of the legendary and rare 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe. all previous entries. It is currently considered the most expensive car ever officially sold in the world, with the highest bidder being offered by Simon Kingston, a British consultant and classic car collector who bought it on behalf of an unnamed client.

Investments in classic cars have attracted the interest of Greek shipowners and businessmen from time to time, but there are also people who want to keep them for purely emotional reasons. “If you love cars you think they have a soul, if you take care of them they will last a long time and if you don’t they will fall apart. Now, new electric vehicles don’t create the same connection as classic cars, as they are more sterile, quieter and many of their parts are digital.” – Miltos Patronis, Head of Social Media and Communications at the Hellenic Museum, commentary on “K” Car (Hellenic Motor Museum), as it tells about the unique exhibits of the world automobile industry stored in the museum (1906-1987). The Greek Automobile Museum is located in the center of Athens next to the National Archaeological Museum and was founded in 2011 by Theodoros Haragionis. In the Capitol of Athens, on an area of ​​4000 m2 on 3 floors, 110 rare historical models (classic, vintage, etc.) are exhibited, most of which were purchased at auctions and are in working order. Among the exhibits stand out cars that have passed through the hands of legends of the world music scene and Hollywood actors, or cars that are more than a century old, such as the 1906 Ford Model N, the oldest vehicle in the museum’s collection, which was purchased at an auction in the UK. Among the exhibits, one cannot fail to single out a pink 1959 Chrysler Imperial, which belonged to rock legend Robert Plant, the leader of the famous musical group Led Zeppelin. The spectacular Chrysler Imperial, a four-seater convertible with a white leather interior and a faux leopard fur hood, competed at the time against General Motors’ pink Cadillac, rock and roll legend Elvis Presley’s favorite car. At the time, manufacturers were inspired by the wings and lights of airplanes and rockets because of their influence on the race to conquer space. A little further on the same floor, you can see the presence of a 1939 Rolls Royce Wraith Sports Sedan, owned by British Hollywood actor Sir Laurence Olivier before it entered the museum collection. “Rolls-Royce had a reputation for producing the most advanced cars in terms of build and quality. To emphasize this perfection, an element from Ancient Greece was applied to the front of the car, namely the facade of the Parthenon. When we look at a Rolls Royce, it’s like looking at its facade.” The Wraith on display at the museum was bought in Greece by Alexandros Andreadis, one of the biggest collectors of historic cars from the 70s and Christina Onassis’ first husband.

A rare 1955 Mercedes-Benz was sold in Stuttgart for 135 million euros, breaking all previous records.

Also notable among the exhibits are historical and expensive Bugatti (Bugatti Type 44, Bugatti Type 57 Ventoux) from the 1930s, as well as older cars that hit Greek roads a century ago, such as the Willys Whippet 6 imported to Greece. in the late 1920s with registration number 30 721. Equally impressive are more modern cars such as the Ferrari Dino 246 GTS, a sports car built in 1974 that occupies a prominent place on the 3rd floor of the museum, as well as cars with “Greek” roots, such like the Enfield E8000 Electric. . This is an electric car manufactured by the London company Enfield Automotive, which was acquired by the Goulandris brothers in 1972. They later renamed it “Enfield Neorio EPE”, transferring the production line to Syros Shipyards.

Meanwhile, historical cars are not just a sightseeing attraction or a profitable investment for wealthy collectors and billionaires, because there are people who keep such cars at home. In addition to their impressive appearance, they have come under the spotlight in recent years due to the ambiguity that has defined their circulation in Greece over the years, as well as the process that has been used to classify them as of historical interest. Department of Transport and Infrastructure legislation provides for the daily legal circulation of historic vehicles within the small ring, a change that satisfies both owners and the federation, given that there were strict restrictions that either ended up driving them illegally or fixing them in parking lots. . Of course, many owners of historic vehicles, especially those who own more than one vehicle, are concerned about the annual cost of using and maintaining a vehicle. This is due to the fact that from now on, their vehicles will circulate on the condition that they pass through the CTEC, are insured and pay a transport fee in the future, with the exception of vehicles over 45 years old. Fees are lower compared to modern car counterparts, and as far as CTEA is concerned, MOT will finally be carried out every 2 years instead of the 1 originally provided by law, as these cars are not often in circulation. It is noted that the Ministry of Transport, possibly in the near future – after the new institutional framework is first operational – may consider the possibility of exemption from the payment of tolls and compulsory insurance of those historical vehicles that are not in circulation and in no way will they ever be on the road. road. In these cases, along with license plates, an additional sign may be issued stating that the vehicle is not in circulation.

The most important change is the issuance of license plates by the transport services of the Ministry, since until now they were issued by the federations (EOOE, FILPA, formerly ELPA). They will be issued against a fee, reportedly 30 euros, in order to create a clear framework for the issuance of license plates and the establishment of a register of such vehicles. According to rough estimates, there are about 10-15 thousand such cars in Greece. Ministry sources note that various federations not aligned with international standards had the right to classify vehicles as historic, noting that some certificates for vehicles of historical interest were incorrect. According to a recent ministerial decision, at the proposal of the international federations, 3 bodies will from now on be able to certify and certify as historical cars that are at least 30 years old, which caused a reaction from other federations such as EOOE, who will no longer be able to certify old new generation cars. These are the Hellenic Motorsport Federation (OMAE), the Hellenic Sports Motorcycle Federation (AMOTOE) and the Hellenic Federation of Friends of Old Cars and Motorcycles (EOFILPA). In addition to issues yet to be resolved, historic car enthusiasts insist that older generations should pass on their knowledge of historic car maintenance to younger mechanics, as their glamor and history will be preserved in this way.