Even though the U.S. economy has some low points and areas that are pretty unstable, there are two areas that continue to hold strong: real estate and classic cars. Experts are seeing an upsurge in both collector car and residential real estate investments – and those areas continue to experience growth leading to projections that when it comes to sinking your money into a venture, these two areas are safe bets.
Despite the economy’s downturn, this past decade has seen the wealthy population grow exponentially. Since 2006, the number of people who have $30 million or more has increased by 61 percent. What’s more, that number is expected to continue to grow, increasing by 41 percent by 2026.
As a result, certain things that may be considered luxury items such as coins, art, furniture, and wine have more than doubled in sales while watches and Chinese ceramics are not too far behind.
Classic cars take the prize though, carrying an appreciation value that averages 490%.
As millennials come into their own and baby boomers fade into the shadows, this surge in the market may subside. Experts say that millennials are not as interested in vehicles as the baby boomer generation is and that interest is what has been sustaining and driving the market. If the interest is not there, the market could easily die off, crushing the classic car market.
Then again, the millennials are a massive population with the oldest portion hitting 35. Generation X is also expected to keep the market afloat for a very long time – for decades. Plus, cars just seem to have a draw, an enticement that fascinates people. The classic car market is not likely to every completely die out.
The residential real estate market is also enjoying a thriving market – giving it something in common with classic cars. Who would have thought?
At Woodside Credit your investments matter to us. We can help you get invest in the hottest collector cars on the market, making it easy for you to strike while the iron is hot. Visit our site today and complete an application so you can get started on your way to making smart investments on great cars.