The Value of a Classic Car

When a classic car drives by on the road, you cannot help but to stop and admire it. They are breathtaking, unique, and coveted by many. For some people, a classic can bring back memories from their youth and for others it inspires a dream to own one of these fine cars. Classics do not come cheap and you will pay a pretty penny to own one, especially if it has been restored. So what makes a car a classic and why are they so valuable?

A classic can be defined as a car that is twenty five years or older, but this is a very vague classification for a classic. There is more to it than simply the age of the car. Older cars that were really popular during the time they were manufactured can now be classified as a classic. Old cars that are hard to find because they are rare or were limited editions are often called a classic. A lot of muscle cars, rare, and limited edition models are often classics.

The value of a classic increases as the desire to have one goes up. There is an inverse relationship between desirability and rareness and the amount of value they are worth. Limited editions are often the most valuable classic because a lot of people want them but there are few available. Some common classics that are widely available because they used to be in mass production are less valuable.

Askmen.com came up with a list of the ten most expensive classic cars. To make the list, the cars had to be at least twenty years old and had to be on the market for a "quantifiable amount." Here is the list of expensive classics and the value that was compiled by askmen.com starting with number ten.

10. 1956 Ferrari 860 Monza - Valued at $2.5 million
9. 1933 Alfa Romeo 8C 2300 Monza Spider Corsa - $2.53 million
8. 1937 Mercedes-Benz 540K Special Roadster - $3.63 million
7. 1937 Alfa Romeo 8C 2900 - $4.07 million
6. 1964 Shelby Cobra Daytona Coupe - $4.4 million
5. 1932 Alfa Romeo Tipo B - $5.6 million
4. 1962 Ferrari 330 TRI/LM - $6.5 million
3. 1931 Type 41 Bugatti Royale - $8.7 million
2. 1962 Ferrari 250 GTO - $16.6 million
1. 1954 Mercedes W 196 - Valued at $24 million

As you can see, these classics are worth millions of dollars. If you have a rare or limited edition car in your garage, it could be worth millions twenty years from now.

Greg Chapman of Greg Chapman Motors is a knowledgeable and leading provider of used cars, trucks, and SUV's. Since 1959, Chapman motors has supplied reliable Austin used cars: gregchapmanmotors.com. and is known as one of the best used cars in Austin dealers. For more information please visit