Is it worth investing in an E-Type?
One of the most important things to do when choosing a classic car is to make sure it’s a wise decision. It’s easy to cling on to nostalgic memories, or to forget about the financial implications when you’re about to purchase a car you’ve been desperate for your entire life. You’ll want to consider the amount of work a classic will need done, if you’re able to carry out the work yourself, and if not, if you can afford to pay a restoration specialist to undertake the project.
Many people view their classic car ownership as a hobby, and for good reason. There are plenty of perks that come along with buying a classic car, including the pure joy of driving it, the social interactions at shows and group gatherings, as well as the sheer joy of caring for and maintaining such a beautiful piece of machinery.
Other people consider their classic car as an investment. Many classic car owners purchase a car with the intention of watching the value rocket up over the years, and this value can be increased further by restoring the vehicle. Classic cars have proved to be a reliable investment over the years, and according to the Knight Frank luxury Investment Index, the value of classic cars has increased drastically over the past decade – by 362% to be exact.
So, is it worth investing in an E-Type if you’re considering a classic car as a luxury investment? Our answer is yes, and we’ll walk you through some of the reasons why.
E-Types have always been considered an iconic piece of British automotive history. For many, when they hear the term “classic car,” it’s an image of the E-Type they conjure in their mind. For this reason, it’s one of the most popular classic cars that generates a great deal of interest, and there don’t seem to be any signs of this changing any time soon.
The fascination that has surrounded the E-Type from the very beginning has only strengthened, with phenomena like barn finds fascinating people more and more.
When the E-Type Series 1 was introduced at the Geneva Motorshow in 1961, people couldn’t believe how affordable the car was, costing just over £2,200. Even at the time, this made the E-Type a classic that was attainable to more people than a lot of other models.
It’s true that the value, and therefore, price, of E-Types has skyrocketed since then. Just last year, an ultra-rare Lightweight E-Type sold for $8,000,000 at auction in America. While this sale price is certainly outside the norm, it goes to show just how valuable an E-Type can be.
E-Types in need of restoration can be purchased for as little as £18,000, depending on the model and the state of the vehicle. From there, the choice is yours in terms of how far to take the restoration, meaning you can spend the amount that is right for you, and you’re still likely to see a profit when you go to sell the car on. Even if you do not restore the vehicle to pristine condition, there is little doubt that you will find a buyer, such is the demand for E-Types.
The British engineering of the E-Type has been praised for decades. The inner workings of the E-Type are often praised, especially in comparison to the lack of reliability found in some if its more exotic counterparts. The E-Type is a classic car that can be driven daily, and in fact driving the car only improves the mechanics of the vehicle. Though, as with any classic car, you don’t want to drive it too far, as excessive mileage can affect the vehicle’s value.
While E-Type’s typically come with great room for return on investment, it’s important that you choose the right vehicle and make sure it’s one without issues that will cost you further down the line and affect your investment. If you’re interested in purchasing an E-Type, get in touch with us today and we’ll be glad to help.