Jeremy Clarkson: forget Isas. Classic cars are the best investment
The journalist and The Grand Tour presenter Jeremy Clarkson penned a column in The Times on the 5th of August that echoed something we’ve been saying here at Hexagon Classics for a long time; ‘Forget ISAs. Classic cars are the best investment.’
Clarkson extolls the virtues of classic car purchases over other investments, not simply for the potential tax-free financial opportunities, but for the fact that unlike other investments such as ISAs or wine, a classic car can still be used and enjoyed – a sentiment we couldn’t agree more with.
Clarkson wrote; “I think we are all aware that they (classic cars) have gone up in value in recent years, but I’m not sure most people realise just how enormous the leap has been.” wrote Clarkson. “I have a friend who bought a Ferrari 250 GTO in the early Seventies for £9,000. Last month it was reported that a similar car had been sold for $70m (£52m). And, unlike wine and gold ingots and bits of paper with numbers on them, his investment can be used. He races it, takes it on tours of Europe and lets small boys sit in it at events. And here’s the amazing bit. If he were to sell it, there would be no tax to pay at all. It’d be a clear and straight profit of more than $69.9m.”
Clarkson ends the article talking about the financial opportunities in new car purchases too, citing the recent Ferrari 488 Pista and Porsche GT2 RS as two examples.