Auction Record: Most Expensive Classic Car
The highest price ever paid for a classic car as of May 5th, 2022 is a mind-blowing $143 million. And it’s not just the world’s highest price for a car; it’s also one of the top ten most valuable items ever sold at auction. Why such a high price? Because in 1955 Mercedes-Benz made a beautiful, remarkably advanced car named the 300SLR Uhlenhaut Coupe — and they only made two. Still you may say, ‘How can a car be worth so much money?’. The answer lies in a long established truth: Classic cars are a great investment!
Before the elite Mercedes-Benz took the stage, a 1963 Ferrari 250 GTO held the record, selling for $80 million in 2018. Interestingly, in 2014 a similar 1962 Ferrari 250 GTO sold for $38 million. So in the course of four years, the perceived value of these Ferraris may have increased by up to 4 million dollars. Though the price of classic cars fluctuates some, it continues on a vertical course. Take for example, Shelby Cobras. They’ve enjoyed steady appreciation for over 50 years. In 1965 a Shelby Cobra 427 retailed at $7,495. The average retail currently stands at $1,651,400. And, although the low is $1,142,700 and the high is $2,137,800, the Cobra continues to stay well over the $1 million mark. Clearly a Shelby Cobra is a great investment, as is a Ferrari, Mercedes or even a Mustang.
The beauty of American Muscle Cars is their emotional appeal. Beyond the timeless lines of a ‘67 Mustang fastback, or a “split-window” 1963 Corvette Stingray, most enthusiasts find the exhaust note from a well-tuned V8 preferable to a 4 cylinder Honda with a fart pipe. Or, to paraphrase a racing cliché, “it’s not how well you go fast, it’s how you look and sound when you do.”
Yes, classic cars are a hard “passion” asset, and a great hedge against inflation. This “passion investment” has outperformed the S&P and Dow Jones in recent years, and continues to do so today.
If you’d like to know everything you can about the world’s priciest car check out this article!
