Cars can get expensive; most folks know that. There’s maintenance, spare parts, and of course, the purchase price wrapped into the ball of car ownership. But then there’s a league above – the elite upper echelon of car ownership that transcends all besides collectability. At this level, such blue chip iron is acquired for its rarity, beauty, and historical value rather than its role as transportation.
The data nerds over at Priceonomics decided to assemble a list of the top 50 most expensive vehicles ever sold at auction. Why at auction? Well, it’s nearly impossible to track private sales, and a large percentage of high-dollar cars tend to trade hands under the gavel at places like RM Auctions and Barrett-Jackson.
Even the most seasoned gear head cultured in classic cars might be taken aback by the appreciation in value cars posses as opposed to other common collectibles. Over a 10-year period, the value application of key automobiles have surpassed watches, jewellery, wine, art, coins, and stamps. Surprisingly enough, stamps have the next highest growth in value, topping some 250 percent in appreciation. Cars, on the other hand, outshined stamps by a whopping 200 percent, resulting in an increase in value greater than 450 percent over values in 2005.
Those key cars go on to outperform the S&P 500, NASDAQ, and even gold.
So what cars are raking in all this cash? In short: Ferrari. Eight of the top 10 most expensive cars are of the Prancing Horse variety. Ferrari goes on to dominate 60 percent of the top 50 list. Mercedes is the next highest with a 14 percent share.
What makes Ferraris gain such incredible value? Keep reading to find out.
Continue reading for the full story.
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