Investors turned to used cars

Oct 3 2008

In the wake of the credit crisis and the collapse of several financial institutions, a growing number of investors are turning away from the stock market and buying classic used cars, it has been claimed.

London-based car auctioneer COYS has reported an "unprecedented" level of sales of used cars following the bankruptcy of Lehman Bros.

So far, the firm has overseen the sale of a 1996 Ferrari F50, which was custom-made for the Sultan of Brunei, and a 1955 MERCEDES-BENZ 300SL Gullwing.

Chris Routledge, managing director of COYS, said the firm had recorded "very strong sales" since midway through September.

"It would appear that people would rather buy a historic car and put it in the garage, than brave the current highs and lows of the stock market," he remarked.

British Car Auctions reported in August that its classic cars events had attracted some large bids from used car buyers.

At a sale held at Blackbushe, a buyer paid £18,425 for a 1979 Ferrari 308 GTS.

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