Motoring

These are the classic cars South Africa’s millionaires want in their garages

Staff Writer

 ·8 Apr 2018

Classic cars were the best-performing asset classes over the past decade, a new report by New World Wealth shows – and South Africa’s super wealthy are getting in on the gains.

New World Wealth has published its 2018 South African Wealth Report, showing exactly how the country’s richest people are investing and spending their money.

The group looked specifically at investment avenues being taken in South Africa, highlighting the best and worst-performing asset classes over the last 10 years – with classic cars being the stand-out investment.

Collectables like classic cars are a growing segment in the country, NWW said, as they form part of the category of luxury items that hold their value reasonably well over time.

Other prominent examples of this include: art, fine wine and stamps. Collectables do not include yachts, private jets and new cars, however, as these items are unlikely to hold their value.

According to NWW, the global classic car market is valued at around $5 billion, with the group’s in-house indices showing that classic car prices have risen by a strong 160% over the past 10 years (in US$ terms), making it the best-performing investment class for wealthy people globally.

Wealthy car lovers in South Africa are also in on the action, often taking part in local classic car auctions in Johannesburg, Cape Town and Knysna on a regular basis, the group said.

These are the most popular classic cars for SA millionaires:

Porsche 911 (1960s) – $130,000

Ferrari Dino (1970s) – $260,000

Jaguar E Type (1960s) – $300,000

Lamborghini Countach (1980s) – $500,000

Lamborghini Miura (1970s) – $800,000

Ferrari F40 (1990s) – $1,000,000

Aston Martin DB5 (1960s) – $1,100,000

Aston Martin DB4 (1950s) – $1,400,000

Porsche 959 (1980s) – $1,500,000

Mercedes Gullwing 300SL (1950s) – $1,800,000

Porsche 550 Spyder (1950s) – $2,000,000

McLaren F1 (1990s) – $8,000,000

Ferrari 166 Barchetta (1950s) – $9,000,000

Porsche 917 (1970s) – $10,000,000

Bugatti Type 41 Royale (1930s) – $16,000,000

Ferrari 250 Testa Rossa (1950s) – $18,000,000

Ferrari 250 GT California Spider (1960s) – $20,000,000

Ferrari 250 GTO (1960s) – $24,000,000

Read: These are South Africa’s 10 best-selling cars right now – and how much they cost