Collectors purchasing vintage or classic cars should buy what they like rather than buying for investment, according to a Donegal-based collector.
Mr Jim Bradley of the Motor Museum, Buncrana, says that while some cars can appreciate significantly in value over the years, the value of others can decrease. "It's important to buy what you like. If we're talking from the hobby point of view, your criterion must be buy what you like rather than buying for investment.
"But generally speaking you won't lose money if you're any kind of a reasonable purchaser - if you're stupid and go out and spend all kinds of money on the first thing that you see, that mightn't be so wise," he says.
"But if you're reasonably prudent and know what you're doing and you buy a good article, be it a piece of jewellery or a nice painting or a vintage car or a classic car, you usually won't lose money. But in all mediums, at the present time property or e-tech stocks, you could make a fortune. But two years from now, you might lose a fortune. So the same thing applies to cars."
If the car you like and buy does appreciate in value "they aren't going to make you a fortune. From the investment point of view, they're not as good as they were but they're still nice to have."
If you spent £5,000 (#6,349) on certain cars 25 years ago, they would be worth in the region of £40,000 today but equally had you spent £55,000 for certain motorcars five years ago, they might now only be worth £35,000.
The Buncrana museum has about 16 "nice cars", including a number of Rolls Royce motorcars, such as one from 1929 which was used on many occasions by King George VI, he says.
It also houses a 1957 Chevy, immortalised in classic American movies of the Buddy Holly, James Dean, Elvis Presley, Bill Halley and Marilyn Monroe era and about which the song They don't build cars like they used to was written, he says.
The museum, which is open in summer and off-season by appointment, also has a 1967 Mustang two-plus-two fastback, the car used in the movie Bullet with Steve Maqueen, "the most famous car chase ever filmed", he says.
Mr Duncan Abbott, head of the classic car department at Phillips auction house in London, says the highlight of a fine car auction on May 29th next at Brighton is a 1969 Lamborghini. Describing it as a "supercar", he says it was "the first car that knocked Ferrari into touch, when they brought it out in 1966".
It's the first car in the film The Italian Job, starring Michael Caine. "It would have been the ultimate car when it came out. . . It fairly stunned the world," he says, with its massive B12 engine transversely mounted behind the driver, giving the car superb balance.
"They're very, very expensive to maintain. . . but, if it's well-maintained, it will certainly hold its value. It's a kind of blue-chip investment. Prices do go up gradually. Obviously they went down in the late '80s, early '90s but now they're very much holding their value." The car is estimated at £75,000 sterling (#122,000).
A "barn find" - something that turns up in a person's garage - 1937 Armstrong Siddeley is estimated at £1,000 to £2,000, while a very rare left-hand 1974 BMW 2002 turbo is estimated at £10,000 to £12,000.
The Motor Museum, Buncrana, Co Donegal, Telephone: 077 61130.
Phillips auction house, 101 New Bond Street, London W1Y 9LG. Telephone: 0044 207 629 6602.
jmarms@irish-times.ie
