Not all cars lose thousands of dollars off their value as soon as you drive them out of the showroom. Classic and vintage cars are fast becoming a hot investment in Australia.
Worth more than diamonds
Figures from the annual Knight Frank Wealth Report released in 2015 showed a, "truly investment-grade car" bought in 2004 would have appreciated by up to 487% over the past 10 years.
That makes classic cars easily the best "passion" investment you can make, according to the report, outperforming popular luxury items such as fine art (252%), wine (234%) and coloured diamonds (167%).
Outstripping property prices
From that perspective, some of those cars have actually outstripped property prices and a large number of prestige classic cars in the past three years have now exceeded the $1 million mark.
For those who want to invest and also love buying cars, buying collector cars is a very enjoyable way of making money.
A classic love affair
Todd, a Geotech Engineer from Wollongong won his classic car on Gumtree in a fierce bidding war.
Here he talks about why he bought it, why he loves it more than any new car on the market and why he initally struggled to insure it.
Disclaimer: Always read the Product Disclosure Statement available from NRMA Insurance.