According to the new economic order and the currently financial crisis around the world, those wealthy people which knew what to do with their money, concentrate on investing in a variety of asset classes. What was the focus point you wonder, well classic cars.
We already saw some of the most expensive classic cars in the world so it is actually logic that they’ve made this decision.
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Big investors from Middle East, especially in the GCC, are focusing on classic or vintage cars as a new investment opportunity. This is actually a global trend, because we know how loved cars are so this was something of a matter of time. In 2014 cars were announced to be some of the newest collector items.
According to The Kinght Frank Luxury Investment Index, after a closer look at the last year capital, they agreed that appreciation for classic cars increased by 25% during the last year and watches with 3%.As a result, classic cars have become now a phenomenal investment and of course marvelous piece of art to own. What is nice at these is that you can invest in them and drive them at the same time.
The president of the Automobile and Touring Club of the UAE and President of the Emirate Classic Cars Club,Mohammed Ben Sulayem, is happy to affirm that more and more people start seeing the true value of classic cars and more than that they want to invest in them, fact demonstrated by their increase presence on the street.
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“One of our members commented recently that there are so many classics seen here in the UAE at present that it is almost as if a film is being made on motoring in Cuba, which is renowned for roads full of classic vehicles from the 1950s” says Mohammen Ben Sulayem.
The Automobile and Touring Club of the UAE is one of the leading motor sport authority and the official representative of the FIA, motor sport’s. It owns motorcycling, karting and classic car counterparts, here in Emirate.
In 2012 they introduced a new licensing service, which permits vehicles in six categories. Everything was done with Dubai’s Road and Transport Authority. Since then vehicles older than 30 years old are permitted to quality for FIVA licenses if they are lucky to pass the stringent mechanical and safety tests organized by the Club.
The ECC also organizes many other events, all dedicated to the remarkable classic cars passionate. The event is is organized to make people more aware of the sublime automobiles.
The Emirates National Auto Museum in Abu Dhabi, is hosting a private collection which belongs to Hamdam bin Hamdam Al Bahyan, who is the owner of a remarkable majestic collection of cars that includes classic cars, customized vans, several Mercedes-Benz vehicles, each of them in a different color. The sheikh gained the title of ” Rainbow Sheikh”
The Sharjah Classic Car Museum will also make you proud, because it is hosting more than 100 classic cars which were manufactured somewhere between 1917 and 1960. Its purpose is to maintain and showcase the historic art of classic cars.
You also appreciate the vintage car musem in Bahrain, Saudi Arabia and the marvelous collections found in Kuwait and Qatar.
The famous Emaar Boulevard Classic Cars show, ECCC organizes, held in Downtown Dubai, it is more and more popular and many participants come here and proud themselves with vintage and classic cars.
“We started with approximately 150 vehicles and last year, there were more than 400 cars” says Nizar Madani, the founder of classicars and the event Emaar.
He also claims that classic vintage cars are very stable in price, and not even during the crisis, they didn’t reduce their prices and value.
” I started buying one car after the other, getting them restored and enjoying myself then I found that I’m getting really involved, like an addiction”
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” Classic cars are an investment in Western countries, but has not reaches the level yet in the GCC” says Mashfique Chowdhury, Editor in Chief and Founder of Drivearabia.com